It's a difficult market for home buyers, but...
Here are 7 things you should know when buying in this market to help you set the stage for what is going on right now:
- You may have to submit 6-10 offers in this market before you get one accepted because of the demand and low inventory. Be patient with your agents!
- You may find out it’s pending on Zillow or Realtor.com before your agent tells you. It’s not their fault, they just haven’t received a response from the listing agent because the listing agent was slammed with offers. It doesn’t excuse it on the listing agents part, but understand if they’ve received more than 10 offers, they’re weeding through a lot of information and didn’t get back to your agent before trying to stop showing requests so they just switched it to pending.
- You’re competing against cash offers and big hedge fund investment companies. You’ll need to submit a true highest and best, not full price. Unfortunately, that doesn’t fly in this market for highly desirable homes. I’m truly sorry buyers.
- Offerpad and OpenDoor have a large percentage of the inventory in Central Florida and they are consistently overpriced by tens of thousands. Most of the time they don’t want to budge on pricing which is why they’ve been on the market so long. They also don’t disclose anything about the property that would be of value to a buyer. Buyer’s just do your due diligence if you pursue one of these as you would any other home.
- This is not the time to look for a dream home. This is time to find a realistic purchase that you can redesign later. Just get into a home before rates go up because pricing will not crash.
- Be realistic with your expectations. In other words, don’t have as many or you won’t be able to find a house.
- Don’t give up, but you will need tough skin. Don’t get married to any one property just in case it doesn’t end up working out.
Unlike any market
This is a market I’ve never seen before ever. As a real estate professional, I’ve seen prices soaring, inventory high, market crash, foreclosures and short sales in abundance, a balanced buyer and sellers market, a buyers market, and then a sellers market with rapidly shrinking inventory…but this by far is the lowest inventory I’ve ever experienced.
In 5 counties in Central Florida, we have under 1500 homes for sale. That’s insane. But even so, we continue to get our buyers under contract and into homes.
It’s possible, but please make sure to pay attention to the 7 things a buyer needs to know in this market to succeed.
For more questions on the real estate market in Central Florida or to SELL or BUY in Orlando, Oviedo or surrounding areas, contact us at 407.801.9914.
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