BOBBY FREEMAN: Bidding Wars in Decline, Navigating Pitfalls in Today’s Brevard County Real Estate Market
By Bobby Freeman, Realtor // August 3, 2023
the average property stays listed for 30-45 days
BREVARD COUNTY, FLORIDA – Participating in a seller’s market brings a certain thrill, especially when one has a property up for grabs. When available properties are scarce, even houses with multiple flaws become arenas for the fierce bidding seen recently.
But, with hints of a slowing economy and rising interest rates, sellers are starting to question whether the days of bidding wars are now in the past and what this signifies to them as sellers.
It’s important to state that intense bidding has been a feature in all kinds of real estate environments. Well-situated properties have invariably drawn attention and bids.
The unique attribute of a seller’s market is the purchaser’s rush to secure a home, such that multiple offers on each listing seem commonplace. As things cool down, sellers will need to recalibrate their strategies and evade common traps.
Here are the pitfalls sellers should avoid in a balanced real estate market:
■ Ignoring the Local Market Trend – Failure to comprehend the local market dynamics and pricing your property accordingly can lead to underprice or overpriced listings. Tracking recent transactions, current listings, and demand levels in your specific area can help you price correctly.
■ Lack of Staging – The importance of home staging cannot be understated. Staging allows potential buyers to visualise how the space can be used and can accelerate the selling process.
■ Limited Marketing – In a balanced market, a simple listing may not be enough. Employing various marketing techniques, including social media promotion, professional photography, and engaging videos can make your property stand out.
■ Ignoring Necessary Repairs – Overlooking minor repairs can be a turn-off for potential buyers. Ensure all necessary repairs are done before listing the property for sale.
■ Being Unavailable for Showings – Potential buyers will want to view the property, sometimes on short notice. It’s important to be flexible to accommodate these showings to avoid missing out on potential sales.
■ Refusing to Negotiate – In a seller’s market, it’s common to stick to the listed price but in a balanced market, buyers are more likely to negotiate. Sellers must be prepared to engage in negotiation to reach an acceptable sale price.
■ Incomplete or Inaccurate Listing Information – In a balanced market, attention to details in your property listing is key. Make sure every detail is accurate and clearly conveys the property’s features and benefits. Incomplete or incorrect information can lead to missed opportunities.
■ Failing to Disclose Known Issues – Make sure to disclose any known issues with the property, as failure to do so can lead to legal issues further down the line. Honesty is the best policy.
■ Choosing the Wrong Real Estate Agent – Not all agents are equal. The right agent can make the difference between a quick sale and a prolonged listing. Make sure to select a real estate agent with a proven track record in your specific market.
Lastly, patience could prove to be your best ally. In a typical market, the average property stays listed for 30-45 days. Though this is a shift from the recent past, a stable real estate market is beneficial to all involved parties.
All these missteps can be avoided with a mindful strategy and careful planning, making the transition from a seller’s to a balanced market smoother and more profitable.
ABOUT THE AUTHOR
Bobby Freeman, a lifetime resident of Brevard County, has been a top Realtor in the area for over two decades. In his first year as an agent, Freeman received a Rising Star award from his Brokers. Since then, he has achieved numerous sales awards from some of the largest real estate firms in the world.
Freeman, Jennifer McCoy and Nikki McCoy-Freeman are family owners of the McCoy-Freeman Real Estate Group on Florida’s Space Coast. Together they have more than 40 years of extensive experience in all aspects of the real estate industry, have sold over $420 million and are ranked in the top 1% of all Florida Realtors.
Among McCoy-Freeman Group’s achievements are Certified Luxury Home Marketing Specialist (CLHMS), Certified Distressed Property Experts (CDPE), Accredited Buyer’s Representative (ABR) and voted Best Realtor in Brevard County. The group has been featured in many news publications including CNN Money Magazine, CNNMoney.com, WFTV 9 News, News 13, WKMG News 6, Coastal Condo Living Magazine, Hot Retirement Towns Magazine and SpaceCoastDaily.com.
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