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Friday, April 28, 2017

Ten Things a Buyer Must Know When Shopping for a Home in a Seller's Market.

The Florida real estate market is a seller's market.  I read an article yesterday that discussed how buyers are getting frustrated.  I have had recent buyers express frustration about the one that "got away!"

As one prepares to enter the fray known as buying a home in Florida, consider these ten suggestions.
  1. Be prepared to compete.  You will not be the only shopper in the market for a move in ready house in Melbourne, Florida! 
  2. Don't start at the top of your budget.  If your maximum affordable (read as mortgage approval) is $250,000 then do not start at the $240-$250,000 range. (See #1 again). 
  3. Identify your requirements - not your wishes.  When the inventory is tight finding requirements is challenging enough.  Clearly understand your needs so when you see them you don't just say "next!."
  4. Be ready to jump.  Move in ready homes are not on the market very long in Brevard County, Florida.  If a house is "active" for more than a few weeks then it may have issues (price, competition, uncooperative seller (or tenants) making it hard to be viewed.  Time is of the essence.
  5. Know the realities of the market.  Your real estate agent should be able to tell you where you will most likely locate the property you are seeking within your budget. Restricting potential areas to a few deal areas will limit chances of success. 
  6. Be visionary. Don't get hung up on the cosmetic or easily fixed.  There is no accounting for bad taste.  If it can be fixed with paint, cleaning or even replacing later, and it is not a major issue, see beyond.
  7. Know the numbers.  Your home purchase is more than the mortgage payment. Consider taxes, insurance, association fees, maintenance and upkeep.  
  8. Emotions can be bad.  Just the facts should be considered.  Emotions can blind to the realities of price, condition, location!
  9. Trust your agent.  If you have the right buyer's agent (local, knowledgeable, listens, communicates clearly) then trust them.  A good professional agent knows more than Uncle Joe, your know it all friends.
  10. Trust your gut.  Your decision will be one you must live with for the foreseeable future. 
  11. (BONUS) The price is low for a reason. Sellers usually do not price way under the market unless they must.   There are occasions when a seller will price at or under market to entice multiple offers.
Ready to buy a home in Melbourne, Florida?  Call or text me at 321-693-3850 if I can help in any way!

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