The Best Way to Handle Multiple Offers as a Seller

If you watch our testimonial videos, you’ll see that we’ve been able to get many of our sellers multiple offers on their homes. In fact, some of them have been able to sell above asking price.

In our current market, multiple offers are fairly common. That’s because prices are rising and there is a lack of supply in key neighborhoods with strong demand.

So, what happens when you get multiple offers on your home? Although it is ultimately your choice as to which offer is best, there are a few different ways to handle this.

We recommend asking buyers for their highest and best offer. With this strategy, you would give buyers and their agents notice to submit their highest and best offer by a certain day or time. Then, you can figure out which of those offers works best for your situation.

We recommend asking for each buyer’s highest and best offer.

There is no right way to choose the best offer. Everyone says that cash is king, but it really depends on your situation. Some sellers want to find a buyer who will take care of their home. Buyers often write emotional letters describing what the home means to them; this might help you make your decision.

While asking for their highest and best offer is a common tactic, it really depends on your situation. For example, you may want to just take the best initial offer rather than countering multiple offers. If you have five offers come in and four of them aren’t very good, you may be better off just working with the one best offer.

Again, it ultimately depends on your situation. What are you looking for in an offer? Why are you motivated to move? As professional real estate agents, we can guide you through this process, but the decision is ultimately yours.

If you have any questions about multiple offers or real estate in general, just give us a call or send us an email. We would be happy to help you!

International Real Estate Sales Declining in Florida and how Tampa compares to Miami

 

There are many Tampa Bay area homes for sale.  
Click here to perform a full home search, or if you're thinking of selling your home, click here to learn about our “Your Home Sold Guaranteed in 29 Days” program or for a free property valuation so you know what your home can sell for in today’s market. You may also call me at (813) 359-8990 for a FREE home buying or selling consultation to answer any of your real estate questions.

 

Andrew Duncan, Tampa's #1 Realtor talks about foreign investment and the Real Estate market in Florida. Although Florida is a hot bed for international investment, sometimes the Tampa Bay folks are misled in terms of how much investment we get in Tampa. It is certainly a significant piece of the market but not quite as much as people think.

Last year, $23.7B spent in Florida by people outside of the country. This year, it was $19.4B which was a drop of 24%. Nationwide, foreign buyers only made up of 7% of existing home sales dollar volume. Foreign buyers purchased 47,000 residential properties in the 12 month period compared to 44,000 in 2015. There was an increase in the number of sales but it was the prices that dropped with international buyers. The dollar volume decreased from an average price of $539,000 last year to $412,000 this year. Median price decreased to $253,000 to $297,000. Strong US Dollar impact of sales this year, 58% said the effect was significant. 30% of foreign buyers said that Florida's real estate prices were more expensive than prices in their home area. 70% thought they were less. Latin America and Carribean buyers are counted for the biggest share of 39% of Florida home buyers. It was a noticeable year over year decline as it was 56% last year. Top 5 countries whose residents invest in Florida by dollare volume - Canada ($3B), Brazil ($2.8B), Venezuela ($1.5B), UK (1.4B), and Argentina (1.4B). Foreign buyers pruchase properties accross Florida but the primary destinations are Miami, West Palm Beach (52%); Orlando-Kissimmee (12%); and Tampa-St Petersburg (8%). 72% of foreign buyers were all cash. 72% bought the property for vacation or rentals. Just over half bought a townhome or a condo instead of a single family. 40% of foreign buyers chose a central city or urban location.  

It is still an important part of the real estate market but it is still a small segment compared to the hundred of billions of dollars that were sold in the Florida Market.


To get more Tampa Bay Real Estate news and advice from Tampa Bay's #1 Realtor, tune in to The Duncan Duo Real Estate Show on 970 WFLA - Tampa Bay every Sunday at 10 am.

First Time HomeBuyers in Tampa Bay Most impacted by Rising Interest / Mortgage Rates

 

There are many Tampa Bay area homes for sale.  
Click here to perform a full home search, or if you're thinking of selling your home, click here to learn about our “Your Home Sold Guaranteed in 29 Days” program or for a free property valuation so you know what your home can sell for in today’s market. You may also call me at (813) 359-8990 for a FREE home buying or selling consultation to answer any of your real estate questions.

 

Andrew Duncan, Tampa's #1 Realtor and expert gives advice to first time home buyers not to wait as the it becomes more and more challenging to compete in finding a home. With the  interest, mortgage and home values, the lack of inventory for homes in the $100-300k price range, plus competition with investors who are looking for opportunities in the affordable price ranges, it is important that first time home buyers buy now instead of waiting.

He also advised first time home buyers that they should expect to lose out on some homes. Because of the competition, you may see some bidding wars going on in some cases. 








To get more Tampa Bay Real Estate news and advice from Tampa Bay's #1 Realtor, tune in to The Duncan Duo Real Estate Show on 970 WFLA - Tampa Bay every Sunday at 10 am.

Tampa Real Estate Stats and Home Sales Data Analysis October 2016 Duncan Duo Radio Show 970WFLA

 

There are many Tampa Bay area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here to learn about our “Your Home Sold Guaranteed in 29 Days” program or for a free property valuation so you know what your home can sell for in today’s market. You may also call me at (813) 359-8990 for a FREE home buying or selling consultation to answer any of your real estate questions.

 

Listen to Andrew Duncan, Tampa's #1 Realtor and expert talks about the local real estate statistics for October on The Duncan Duo Real Estate Show.

In October, there were 2,578 homes sold with an average price of $240.906. An average home sold in 60 days and there were 3.1 months worth of inventory.

Seasonality might not come into play that much this year because of other factors like the rise of interest rates, the elections and other things that are going on locally and in the global economy.

In September to October, there was a decrease in number of home sales. There were 2926 sales in Sept while 2578 sales in October. The average sale price stayed flat at $239,409. Inventory increased a little bit because of the fewer number of home sales - 2.9 to 3.1.

What does that mean to you? It means prices are rising. We are seeing fewer homes on the market and fewer home sales year over year but not by a lot. As you climb the price charts, inventory rises which means higher priced homes take longer to sell.

To get more Tampa Bay Real Estate news and advice from Tampa Bay's #1 Realtor, tune in to The Duncan Duo Real Estate Show on 970 WFLA - Tampa Bay every Sunday at 10 am.

The Difference Between Inspections and Appraisals

Before we dive into today’s topic, we wanted to mention how excited we are that hockey season is right around the corner. As the official real estate team of the Tampa Bay Lightning, we’ll be giving out some great prizes during the season such as hats, sticks, and signed merchandise. Keep an eye on our various social media pages for your chance to win. Now, onto today’s question.

Recently, I got a question about the difference between an inspection and an appraisal. They are similar in a lot of ways, but they are two different processes for two different purposes.

A home inspection is where all major mechanical systems in a home are checked by a licensed inspector. This includes the roof, foundation, electrical system, plumbing, appliances, and other major components. The inspector wants to determine if they are working correctly or not.

They have similarities, but are two completely different processes.

The appraisal, however, is the lender’s ability to determine the market value of the home. This is one person’s opinion, but that opinion matters. The lender needs to know that the home they are helping finance is in proper working order. They will check many of the same mechanical systems as the inspector, but for different reasons. They are checking for health and safety issues more than anything else, and they are making sure everything is in working order. The lender wants to know they are loaning money on a good home.

While there is some crossover between inspections and appraisals, they are two drastically different things. The appraisal process is managed by the lender and mostly done for their sake. The appraisal is there to ensure that the buyer doesn’t overpay for the home and the lender doesn’t over-lend.

We have a lot of sellers that want to see the appraisals, but it’s up to the buyer’s lender. Typically, it is a buyer-protecting process. I hope this helps you understand the difference between the inspection and appraisal processes a little more.

If you have any questions, give us a call or send us an email. We would love to hear from you.