Northeast Florida Real Estate Tips for Buyers and Sellers by Chris Snow

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Since our market has been changing the last couple weeks, I’ve seen more and more contingencies out there. What do you need to know about contingent offers? How should you handle them?

There are usually two types of contingencies: contingencies upon the sale of another property and contingencies upon the closing of an existing property.

The first contingency means that the house is either on the market or is about to go on the market, but there is no contract on it. This is a very open-ended contingency because we don’t know how long it could take for that property to sell.

The second contingency means that the property is on the market, it has a contract, and there is a defined closing date. This contingency is a lot more typical in the marketplace. You see this a lot with move-up buyers who have a home to sell and can’t qualify for both mortgages, so they get their house under contract and go find another house, and it’s still contingent on the closing of that property.

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How to handle a contingency depends on the market you’re in.

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How you respond to either contingency depends whether you’re in a fast-moving or slow-moving market.

If you’re in a fast-selling market (e.g. houses are selling in 90 days or less), I would not advise that you put yourself in a position to accept a contingent offer upon the sale of another property, but I would advise that you consider a contingency on the close of an existing property.

If you’re in a slow-moving market, you have to weigh factors like how strong the offer is, whether you’re getting terms and conditions that are acceptable, and whether you can define the amount of time you’d give the buyer to sell their property. A good amount of time would be 30 to 45 days to get their house under contract. If they’re giving you a good price, then it’s something you should strongly consider.

If you have any further questions about contingencies or have a topic in mind you’d like me to address in the future, please feel free to email me or give me a call. I look forward to hearing from you!

Looking to sell your home? Click here to use our home evaluation tool.

Looking to buy a home? Click here to search all Coastal Florida homes for sale.

If you're in a buyer's market, you want to respond to the offers as quickly as possible and keep the buyers engaged; we don't want them moving on to the next property. If you're in more of a seller's market, we will sometimes say that no offer should be accepted in the first seven days. 

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Identifying the state of your market can guide your decision making.

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Looking to sell your home? Click here to use our home evaluation tool.

Looking to buy a home? Click here to search all Coastal Florida homes for sale.

I wanted to take just a moment out of my busy holiday schedule to wish you and your family a merry Christmas and a happy holiday season.

This is one of my favorite times of the year to reflect on the past year and what has happened. Hopefully you get a chance to spend some time with family and friends, as well.

We appreciate everything you’ve done for us and we appreciate you keeping up with our videos and blog posts. We look forward to bringing you even more helpful content in the new year.

If you have any questions for me in the meantime, I’m always just a phone call or email away. Happy Holidays!

Looking to sell your home? Click here to use our home evaluation tool.

Looking to buy a home? Click here to search all Coastal Florida homes for sale.

Lately, a lot of sellers have asked me about waiting for spring or summer to put their houses on the market. Today, I thought I would let you know that winter is actually a great time to buy or sell a home.

For sellers, waiting until spring to put your home on the market may not be in your best financial interest. Why? Everyone else will wait until spring or summer, so if you wait along with them, there will be more houses for sale, more inventory for buyers to choose from, and more competition for you. If you put your home on the market now, there will be fewer sellers for you to compete against.

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Get ahead of the competition

by entering the winter market.

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If you’re a buyer, it might not be in your best interest to wait for the spring inventory. You actually have a great opportunity to purchase a home during the winter. Winter and holiday sellers are highly motivated. The more motivated the seller is, the more flexible you can be on price.

If you have any other questions about buying or selling in the winter, give me a call or send me an email. I would be happy to discuss your options. I look forward to hearing from you!

Knowing how to live in the same home that you’re trying to sell is as easy as following these four tips. Looking to sell your home? Click here to use our home evaluation tool. Looking to buy a home? Click here to search all Coastal Florida homes for sale. Living in your home while trying to sell it doesn’t need to be a complicated or stressful experience. Here are four tips you should follow to make sure you don’t get overwhelmed: Start packing. Moving day is going to come before you know it, and you want to make sure that you’re organized and not doing everything at the last second. Make sure the house is squeaky clean. It’s important to remember that buyers are seeing all kinds of properties out there, including model homes that are in perfect condition. We know that you have to live in the house, but it has to be as clean as possible for every showing. “ Make sure your house is clean and available for any showing. ” Maintain your privacy and safety. Make sure you remove all valuable items and any weapons and store them in a secure location. Make your house available to be shown. Clear your schedule and do everything that you can to accommodate any showing that’s going to happen. Whether you’re in a slow or fast-moving market, you want to make sure that the house is always available to be shown within reason. Our general rule of thumb is to leave a one-hour notice if someone calls requesting a showing. If you have any more questions or have a topic you would like me to cover in our next video, please feel free to email or give me a call. I look forward to hearing from you!

If you’re looking to move into a new home, should you try the resale route or buy new construction? Today I want to discuss the advantages and disadvantages of electing to do new construction. Here are the advantages: You get what you want. If you’re a meticulous person and you’re always finding something wrong with resales, new construction is definitely in your best interest. Everything is brand new. This means, of course, that you don’t have to worry about again appliances or decrepit roofs. Everything is going to be covered under a builder warranty.You’ll typically have more choices. Everything from the layout to the lot location is up to you.“ If you have a tight time frame, new construction isn't the best option. ” Here are the disadvantages: Lack of aesthetic value. If you’re a person who appreciates the artistic character an older neighborhood typically offers, new construction neighborhoods will probably turn you off. Not only will you be around a lot of building equipment all the time, but the neighborhood itself will lack panache. Builders will typically put all closing costs on the buyer’s side of the transaction. Everything the seller would normally be paying for on a resale is considered a buyer’s cost. The builder will also likely require you to use their title company and lender, thereby limiting your choices in that regard.  The time frame in which to build is flimsy. Builders do their best in trying to predict when they can get you into your new house, but like anything else, construction schedules can get disrupted. If you have a tight time frame, new construction may not be the best option. If you have any questions or a future topic in mind you’d like us to discuss, please feel free to give us a call or shoot us an email.

The first thing you’re going to want to do to sell your home faster than your neighbor’s is update the landscaping. Even if you already have a beautiful layout, just adding a little bit of mulch or replacing some old vegetation can pay huge dividends. It can all be done with minimal cost, whether you want to do it yourself or hire a landscaping company. The second tip is to make it appear as if you’ve moved out of the house. When we’re out showing homes to buyers, they tend to react better to homes that have a lot of open space. Attaining this aesthetic usually means decluttering the home and purging it of all large furniture. If it’s an option to move out of the house completely, I would definitely make that recommendation. If it’s not, you can also look into renting a storage facility for a temporary period of time. “ Not pricing the home right can lead to a longer sales cycle and a lower selling price. ” The third tip is to repaint and install new flooring. If you’re asking yourself whether you need to repaint or refloor, the answer is always yes. If a house has been lived in, it will inevitably acquire scuff marks and other unsightly blemishes. From a painting standpoint, make sure you’re using neutral colors. From a flooring perspective, don’t use anything unique, as that will limit its likability. The fourth tip is getting professional photos done. If your house is listed with low-quality photos, that will definitely impact buyers’ opinions of it in a negative way. Make sure you have a professional photographer that provides the right lighting and the right angles to make each room look the best it possibly can. Buyers make snap judgements based on these photos, and the saleability of your home depends on whether they can convince people to step away from their computer and pay a visit. The last and most important tip is pricing your home right. If you don’t price it right from the beginning, it will lead to a longer sales cycle and a lower selling price. When we start looking at values, there are two numbers that we deal with: what we can prove, and the market value. A lot of times those two numbers are very different, so trust your Realtor when they go through the process and handle the pricing. If you have a topic you’d like us to cover or have any questions regarding real estate, please don’t hesitate to give us a call or send us an email. We’ll talk to you soon.

A lot of buyers are uncertain or conflicted about hiring a buyer’s agent. A lot of people think they should just work with the agent listing the home, and give them a call. This is a mistake. The person listing the home has a fiduciary responsibility to the seller to get the highest and best offer they can for the property. How is that in your best interest as a buyer, knowing that the other party wants the highest and best offer? It’s not.“ They have access to all kinds of properties. ” Another reason to hire a buyer’s agent is because their services are free to you! The seller of the property is the one responsible for paying commission to both agents in the transaction. Finally, a buyer’s agent has access to all kinds of properties that are available. They can represent you in pretty much any situation, including bank-owned properties, For Sale by Owner, and new construction. A buyer’s agent has access to information that tells you how much you should be paying for a property. A seller may have a great home, but it also might be listed at an unrealistic price. A buyer’s agent will do whatever they can to determine the property’s value so you don’t overpay. If you have any questions for me, don’t hesitate to reach out. I would love to hear from you. Give me a call or send me an email today.

Buying a home? Click here to perform a full home searchSelling a home? Click here for a FREE Home Price EvaluationCall us at (904)-250-0805 for a FREE home buying or selling consultation.  I wanted to get you caught up on the current market trends with all the activity we're seeing. A lot of people have been asking me lately if we're in a buyer's market or a seller's market here in Northeast Florida. We're currently transitioning from a buyer's market to more of a seller's market. Currently, inventory is low with about 8,300 homes for sale, with an average of about 2,000 homes being sold per month. That means we're working with about 4.6 months' worth of supply. That limited supply has shown us prices inching up each month. We're seeing an increase in values as a result, some bigger than others. If you're curious about your area and how it affects your home's value, let us know, and we can help you determine it. Single-family home prices have gone up for the last two years and continue to do so because of the lack of supply. Sellers get to command a little bit more of a premium for their properties, and interest rates have an effect as well. With rates as low as they are, more buyers are out in the market looking to buy a home and lock in these historically low rates. If you're looking to buy a home, it's actually a great time, because the interest rates this low mean more buying power for you. “ We're transitioning from a buyer's market to a seller's market. ” The current rate for a 30-year fixed mortgage stands around 3.5% right now. If you're looking to sell, the good news is that you'll have plenty of buyers out in the marketplace bidding on your home. Additionally, with the lack of supply, homes are selling in about 60 days or fewer. If you're buying or selling a home and are interested in any more information, please feel free to reach out to me via phone or email. Let's talk soon!