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Monday, March 20, 2017

Best Home Buying Strategy Can Still Fail

The Brevard County, Florida real estate market is a seller's market. Buyers are competing with each other for move in ready properties.   In this environment it is critical prospective buyers approach the home buying process with a well mapped strategy in order to have the advantage over competitors.

What is a well mapped strategy?  It begins with identification of requirements.  Note requirements are not the same as "wants" which are a plus but not a "must have" feature.

A buyers requirements may include things like:

  • the real target area (if not the specific neighborhood at least a general area). 
  • the real budget - not some pre-approved up to maximum amount but what you really are comfortable with spending. 
  • the mandatory "must have" characteristics have been identified. 
  • the time frame will determine whether short sales are a consideration.
  • if condition is a factor (move in ready or if you are willing you do some cosmetic repairs).
The above requirements is not all-inclusive as each buyer is different and will have their own list.
With a clear understanding of the requirements it will not take long to identify the target property.  Once identified the competition favors the best prepared buyer.

What makes for the best offer?  I tell buyers that the best offer is a reasonable price, fewest contingencies, verifiable documentation and realistic time-line.

But sometimes the best offer never gets considered.   

Why?  Because a buyer must be committed to moving as soon as a house is found.  For example this past weekend I showed buyers two houses.  Both met all the requirements.  On Sunday the decision had been made.

But it was a bust!   

Why?  Because both acceptable properties were already under contract!

The Brevard County market is one where the median days on market is about 30 days.  That means good houses at a reasonable price move much quicker.  Both of these houses were on the market for less than a week.

The best home buying strategy in the world will still fail if the decision making process is delayed... paralysis by analysis.

Ready to buy a house in Viera, Florida?  Call or text me today at 321-693-3850.

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