Vernica Delancy explains: Buying in a sellers’ market

#TurksandCaicos, April 2, 2021 – A Sellers’ Market is basically a market where demand exceeds supply. Currently there is a demand for beachfront land as beachfront rentals and residences are popular, also there is a demand for low income properties in the Turks and Caicos Islands.

With this said, if you are buying in a seller’s market there are a few things that you should be prepared to do:

Be prepared to make your best offer, if it is a property that you are truly interested in getting.

Be prepared to offer full price or above asking price again if this is a property you feel like you must have.

Your real estate agent can advise you on the most recent comparable sales which you can use as a basis for your offer. However, be open to the advice of your agent, in the case of multiple offers on a property, due to the lack of inventory and the demand for properties you may have  make an offer higher than the compared sale if you want to win the bid.

If you are not prepared to make a higher offer, then perhaps you would want to consider tightening your conditions on the offer making your bid more attractive to the Seller. For example, instead of using a commercial bank where you may need approximately 30 business days to obtain a mortgage, you may want to look at using a mortgage company who can approve a mortgage in less time.

Sellers look for the best price for their property, however, they also look for clean offers as well as quicker closings.

In a Seller’s market you have to be on your game and prepared to move quickly if you want to secure that dream property.