We’ve experienced many changes as we adjust to the new normal. Real estate has been impacted greatly by the pandemic, and with the existing low inventory on and off the slopes, the demand is incredibly high. So, how does a seller or buyer best navigate this shift?
Buying
Working with a dedicated buyer agent has never mattered more. In this highly competitive market, a clear strategy will make all the difference. First, you need to be the first to know when a listing hits the market. Second, you need to have a complete understanding of the area, which in some cases means an in-depth knowledge of all the on-mountain condo complexes like square-footage, layout, amenities and fees. Thirdly, you need to have a strategy in place to make your offer the most desirable. Lastly, personalizing your offer can help you stand out from the crowd of buyers competing for the property. A good buyer’s agent can help you prepare and compete in this market of multiple offers.
Selling
This “seller’s market” can be just as tricky to navigate even though you are in the driver’s seat. An experienced and savvy seller’s agent is crucial. One of the most important jobs of the listing agent is to position the seller to receive as many “highest and best offers” as possible. This can best be accomplished by allowing a fixed timeframe of typically 6-7 days including a weekend, for all the area brokers to show the property in person or virtually to their buyers. Do not take the first offer or believe you need to move quickly. This dedicated period of time is crucial for the seller to receive the most competitive offers. It also reduces the stress for seller and buyer, by providing buyers time to do their research and prepare their offer to be competitive in a multiple offer situation. It also gives the seller piece of mind that they are reviewing the best offers available to them. This usually results in sale prices over asking price with little or no contingencies.
The challenge for both buyer and seller is to make a fully educated decisions that best suits their needs. Having a strategy in place with your broker before you start will make this competitive market work for you.
