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Tips for Buying Miami Beach Real Estate Making Offers in a Seller's Market
Jamey: Hey I'm Jamey Prezzi at miamicitydiggs.com and I'm with my partner.
Ognjen: Hey everybody. I'm Ognjen Prezzi.
Jamey: We're luxury realtors in Miami Beach, Brickell, Downtown Miami, and Coral Gables.
And today, we're here to talk to you about a topic that's coming up very often with a
lot of our buyers and the topic is when you're putting an offer in on a Miami Beach home
or Miami Beach condo, how much should the offer price be according to the listing price.
So...
Ognjen: So I mean, it's very important to know we are in a seller's market right now.
That's where we are right now. So clearly one thing we have to look at when you put
an offer, you have to look at probably like three to six months back. Now you as a buyer,
you need to understand the market is moving so quickly. So some prices that were six months
ago, they're closing on certain price, they're completely closing different. So some of our
buyers they have a little bit of hard time when they take into consideration what the
numbers then and they try to do the same thing right now, it may seem like a low ball offering.
Jamey: Right.
Ognjen: A lot of sellers they're not prepared to sell the property with these type of numbers.
So you have to be ready to put an offer like a reasonable for probably sometimes close
to the asking price or even to the asking price.
Jamey: Yeah. And this is what you need to know as a buyer. Listen, I mean clearly, we're
buyer agents, we're here to represent your best interests and we want you to get a good
deal. So we don't want you to feel pressured and feel pushed to make an offer -
Ognjen: Correct.
Jamey: - above what you're comfortable making, but there are only so many buildings here
in Miami Beach and if you have fallen in love with a very specific building and you start
making low ball offers, you're going to be very very disappointed when you're offers
are not getting accepted.
Ognjen: Correct.
Jamey: And I don't care I'll write an offer all day long but I think the sort of the point
is at the end of the day to make a decent offer so you can actually purchase the property.
So in a seller's market like we are today you really have to go in with a different
mindset and understand where the market is going, be confident and I'll be honest with
you, some of our most successful clients today, they purchased properties last year when the
market started really going crazy.
Ognjen: Correct.
Jamey: And a lot of people looking back said, "Oh, my God. Thank God, I made an offer. I
made that offer." And that offer many times was at asking price or above.
Ognjen: Or a little bit above.
Jamey: And...
Ognjen: I will say it's very important that you go with a mindset, don't waste your time
because there are a lot of buyers out there. Go with your highest and best and you'd have
better chances of getting a property.
Jamey: Yeah. Okay, so that's it. It's definitely something that we discuss with our buyers
all the time. It's not a situation that as buyers-agents that we really want to be in
Ognjen: Right.
Jamey: - and we don't want you to be in that either but the good thing to know is our market
is very very strong. There's a lot of interest in buying here. So ultimately, you'll end
up with a great investment and a great property over the years.
Ognjen: In a great place.
Jamey: Yeah. So you have any more questions, please feel free to check our real estate
blog miamicitydiggs.com or give us a call at (305) 793-8965.
Ognjen: 8965. That was good, Jamey.
Jamey: Yeah. Great. Have a good day.
Ognjen: Thank you.