If you’re just starting your new home search, you’ll be quick to find it’s no longer a “buyer’s market”. Bargains are rare, and the lack of inventory—especially for existing homes—has made it difficult for buyers to find what they want. In some cases, you may even find yourself competing with multiple buyers.
Florida Realtors® tracks two key metrics, Total Active Listings and Month’s Supply of Inventory, and comparisons to this time last year show a decrease in numbers across the state.
What story does the decrease in numbers really tell? Simply put, the drop in supply means there is less for buyers to choose from—which usually signals higher prices.
So, what should you do if you’re in the market?
Before you do anything, make sure you are pre-approved
. Getting pre-approved ensures you know the amount you’re qualified for and lets the real estate agent and seller know you are serious. Some buyers are even taking the extra step of supplying income documentation at pre-approval. Traditional pre-approvals only look at your credit and stated income for qualification. By providing your income documentation upfront, you will be one step ahead and likely viewed more favorably by a seller who is considering multiple offers.
Next, make sure you have an experienced real estate agent who knows what you want and can help you navigate our current market. A lot of people rely on friends and family to provide recommendations only to find themselves stuck with an agent who isn’t meeting their needs. To help our members with this process, we have teamed up with HomeAdvantage. By registering for HomeAdvantage
, our members get exclusive access to search for homes online and connect with experienced real estate agents who have years of proven success. The best part of using a HomeAdvantage agent is you receive 20% of their commission as a cash reward for utilizing the program.
I wish you well in the search for your next home. Remember, we’re always standing by to assist you in any way we can.
VP of Consumer Sales & Investment Services