5 Tips for Buying in a Tight Market

f you have been following us we recently published our June Housing Statistics for Hillsborough County and the results confirm that we are suffering from a lack of home for sale. we actually have 15.9% less homes available to purchase than we did in June 2016. So how if you are trying to find your new home do you accomplish this? We have 5 tips for buying in a tight market to assist you in getting your new home here in the Tampa Bay area.

5 Tips for Buying in a Tight Market

Before you do anything you should speak with a lender and determine what you are qualified for, so you have an idea what your monthly payments are going to be. This does two things, lets you determine what price range you want to purchase and be comfortable with the monthly obligation. And with the market being so competitive, without be pre-approved for a mortgage it is like going shopping without your wallet. You can look, but that is it.

Knowing where you want to live is crucial, you have heard this before; location, location, location. Different areas are selling at different prices per square foot, and even more importantly, the tax rate varies throughout the Tampa Bay area. Wants vs Needs is a tough one. We will share with you, when we purchased our home we had vinyl floors, green carpeting and Formica cabinets and counters. It wasn’t because we wanted them,  but with our budget back then, to get the other needs we had, that is something we had to contend with.

We know that those are things you can always do later, but the needs have to outweigh your wants, especially when your buying with such a tight market.

Be ready, because when a home comes on the market and you walk in and say this is the one. Chances are you will not be the only one who thinks the same thing. This may sound cliche, but buying in a sellers market it is true. What you think about today and make a decision tomorrow on, someone else thought about it yesterday and decided on it today.

We have the ability to have your offer prepared, signed and delivered to the seller while sitting in the driveway of the home if need be.

How many times have you seen this happen, you submit an offer, they ask for highest and best, you submit your offer, the seller selects another offer, then you see that the home sold for less than what you offered for it?

We will explain this. Someone else bid more, but something happened during the mortgage process. And normally it is the Appraisal came in lower and then they negotiated and the home was sold.  When we do our analysis for you to determine  what you should offer, sometimes you may have to bid above where the value is and include an Appraisal Contingency with your offer.

We are a family run Real Estate Team that is not part time, not full, we are All the Time! There is always one of us available to assist you in finding your home.

To get a copy of our tips: 

Ready to for us to help you find your new home? Nick & Cindy Davis with RE/MAX Premier Group are here to assist you. We are always a just a click here away

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(all data current as of 11/17/2024)

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