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Monday, July 18, 2016

How To Be a Buyer in a Seller's Market

In a seller's market it often the swift who succeed.

The Brevard County, Florida residential real estate market is a seller's market.  A seller's market is simply a market where the inventory is less than three months thereby creating competition among buyers.

This is indeed a challenging time to be a buyer unless one is prepared in advance to be a buyer.

How does one "prepare to be a buyer?"

The first step is do the homework.  This means understand the buying process.  This means get your mortgage pre-approval in place and choose your buyer's agent as step one.

Your lender will discuss financing options, recommend loan products and provide a mortgage pre-approval letter.  In a seller's market a copy of the pre-approval should be submitted with the offer.  If a buyer is a cash buyer then a proof of funds statement should be provided.

Your real estate agent will help you focus your attention by assisting you with identifying your needs within the constraints of your budget and goals.

It is critical that "must have" characteristics be identified early on (size, age, price, school assignment area, etc.).   Just as critical  the "can't have" characteristics must be identified as well.

Now your real estate agent can find the homes that meet your critical criterion:
  • budget
  • must have characteristics 
  • can't have characteristics.
With limited inventory homes that meet the above criteria must be evaluated as soon as possible.  Limited inventory often does not provide the luxury of lining up homes to see next weekend or whenever.

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One final word about buying in a seller's market...  Waiting to see just a few more homes after finding "the one" that meets your criteria may result in losing "the one."

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