The Brevard County, FL housing market is booming! In fact, the February 2018 outlook says that inventory is so low, a great thing for sellers as it can drive up the price of your home, and potential buyers are having to wait to purchase a home. We are currently at a two-and-a-half-month low with regards to available inventory. The purchase price for current homes is over 200% above rock bottom pricing. It is time to sell folks! With the market being as it is and the possibility of rising interest rates, people are rushing to buy homes now, but many have to settle for what is available. This is tremendous for sellers but quite a drag for buyers. So, what do you do if you are one of the hopeful buyers looking for the perfect home in Merritt Island, FL? Well, the answer certainly is not simple. However, you do not have to lose hope or heart. There are things you can do in a seller’s market to up your chances of snagging your dream home. Here are a few tips from A Mother’s Touch Movers, professional movers in Melbourne, FL.
When you are in the midst of a seller’s market, it is incredibly important that you have your loan pre-approval in hand when the time comes to make an offer. Why? Because the seller may be entertaining multiple offers and is more likely to choose one that comes from a buyer who already knows they are covered financially. Pre-approval also lets you know what your monthly mortgage will be and give you a better idea of what you can reasonably afford. You may have to act incredibly fast once you find a property as well, so being prepared ahead of time will certainly help you out.
Choose an Experienced Realtor
So, your friend’s niece just became a Realtor and you want to help her get started. While we are all for giving people a chance, might we suggest that in a seller’s market you stick with a Realtor who is experienced and knowledgeable about the market at hand? You are going to rely on your Realtor to assist you every step of the way. It is crucial that you have confidence in their ability to work on your behalf. Newbies can be great, don’t get us wrong, just make sure you meet with several Realtors before you choose who to go with.
Be Reasonable with Your Offer
We are conditioned to look for the rock bottom price. However, in a seller’s market that simply isn’t an option. When you make an offer, make sure it is a good one. Be prepared to offer above asking price and even then, know that a bidding war may ensue.
Many buyers overthink and over analyze listing prices. You should definitely do your homework and know market value, however, if you wait too long to make an offer you could lose the home.
Buying a new home is an exciting time and if you are new to the Melbourne, FL area, welcome! We know this can be a trying time so set yourself up for success. If you need moving assistance, please do not hesitate to contact our office.
