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Thursday, April 16, 2015

Home Buyer Strategies in a Seller's Market

How is the Brevard County, Florida housing market?   One way to summarize the market for buyers is through this advice I recently read:  "Don't sleep on it or you won't sleep in it."

The Brevard County, Florida housing market favors sellers with more motivated buyers competing for fewer homes.   Decreasing inventories with rising prices are also creating more multiple offer situations.  Are we headed to the days of buyers commonly paying more than list price again?  I don't think so yet.  

So how should a motivated buyer in search of a move in ready home approach this market?

First, be prepared.  Have your mortgage pre-approval in place before shopping for a home.  This does not take long to get done.  If you need a local Brevard County mortgage reference, just ask.  If you are paying cash, obtain a proof of funds letter.

Know your requirements.  Begin with the thing you can't easily change - location.

Then further refine the physical characteristics of the property you want (must have, can't have, age, construction, size, HOA, etc.).

Put together a plan.  The home buying process can be stressful - especially if time becomes a factor.  The closing process takes about 30-45 days for the normal mortgaged home purchase (inspections, appraisal, survey, etc).  Give yourself time. 

Select your local real estate expert who knows your targeted area and understands your requirements. Then start your search.

Finally, submit a well reasoned, document supported, timely offer.    If you don't someone else, may.  With the number of move in ready homes low you may not have the time to sleep on it.

If you have thought about buying a home in Melbourne, Florida, consider doing it now.  Prices are rising, inventory levels are low and interest rates are still very attractive.


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