Home buyers or sellers entering the market after many years may be shocked to find the workings of real estate transactions. Offers are being made within less than a day, homes are on the market for less than two weeks, escalating clauses — offers to top the highest bidder — have become the norm. For buyers, it can be a disheartening experience. For sellers, it’s all about strategy.

Some of the area’s top Realtors have a few words of wisdom that will help clients on both sides of the fence make the most out of this fast-paced market.

Buyers: Super speed is key

It used to be that a young couple buying their first home would shop around, look at many possibilities, think about it for a few weeks, then negotiate a price break for their top choice. No more. Thinking about it is no longer affordable, and negotiating a price break is practically unheard of as far as good-quality, well-priced homes are concerned.

“Don’t go home to think about it overnight because the guy who saw it last night thought about it overnight and wrote the offer today,” says Penny McLaughlin, broker owner with Penny’s Team in Poulsbo.

“Be ready, willing and able to purchase when I call you and tell you a particular home meets your needs,” says the Dean of Kitsap Real Estate, Don Pennington, CRS, CRB, ABR, SRES, an associate broker with Windermere Real Estate in Silverdale.

Being ready means being pre-approved, not just pre-qualified, for a loan, having the approval letter in hand, having enough earnest money, knowing your budget, and other factors.

But immediate action doesn’t mean buying for the sake of buying. After all, a home is probably the biggest investment a person will make. “Don’t get so excited in the frenzy and make an offer on something you don’t want,” says Susan Felten, associate broker with RE/MAX Unlimited on Bainbridge Island. “Prepare to be aggressive… (but) be sure about what you want.”

Sellers: Put on a show
With homes flying off the market in a the blink of an eye, sellers may be tempted to simply list the home, kick back and sip a latte while waiting for the offers to flow in. That may be partially true in this healthy seller’s market, but the term “curb appeal” is even more of a favorite with agents than it was before.

“If it looks good from the outside, it will sell quickly,” says Joe Sullivan, associate broker with RE/MAX Unlimited on Bainbridge Island. “The ones that look best go quickest.” But don’t ignore the inside, he adds. Simple things like fresh paint, removing clutter and making sure the home is clean and fresh-smelling could go a long way in making a good impression.

“To get the best price possible, really prepare the home for the sale. Stage it… Don’t show it until it’s ready,” Felten says. “Always make sure you don’t sell it before it hits the market.”

Selling it before it’s listed means the seller could potentially lose out on higher offers; many homes that are priced right and don’t have any major obstacles like repairs receive multiple offers, often selling for more than the listing price.

“If they have prepared and priced the home correctly, they should see an offer the first week,” she says. “If you overprice it dramatically, people won’t touch it. Price it competitively and push the envelope a little.”

Both buyers and sellers have to work with an agent they trust; a good reputation helps but compatibility is the key. “Look for an agent you can get along with and who will be there for you,” advises Sullivan.