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Wednesday, March 11, 2015

Real Estate Markets: Serious Buyers, Motivated Sellers

In real estate you often hear the term "serious" used to refer to a buyer more often than a seller.  Similarly, you will hear the word "motivated" more often used to describe a seller.

Like most words in the dictionary - use does not make them so.

When on a listing appointment and a seller tells me they are motivated I can pretty quickly decide if that is really the case. 

How does a buyer judge a seller's motivation?  It could be the price and/or the lack of barriers to showing the property (none of that 24 hour notice stuff).  It could be the preparation or lack thereof.

The current 2015 Brevard County, Florida residential real estate market definitely favors the seller side of the transaction.  Offers seem to come very quickly when a seller is really motivated - often in twos or threes!

Although it may not be spoken an offer, when received, proclaims a buyer's interest.    Once received the quality of the offer determines the level of buyer interest.  

How does a seller judge the interest?  First, it may be price but not always just the price.  It can be other things like the supporting documentation (mortgage pre-approval letter, absence of excessive contingencies, closing date, etc.).

This is key for the buyer to understand.  The quality of the offer will determine if a seller believes the buyer is a real prospect or just fishing.

There is still one word that I consider to be more important than serious or motivated.  

That word is... realistic.

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