Orlando’s Hot Housing Market
October 8, 2018 | Mark
To beat out other home shoppers here are a few suggestions.
It’s very important work with an experienced real estate agent. The real estate market can be tricky and is moving fast, with homes selling sometimes in days. You need an aggressive agent who understands your current local market.
Get a fully underwritten pre-approval from a strong local lender is not only imperative it’s most important. This is several steps beyond a standard pre-approval letter, and provides more assurance to the seller that your mortgage will be approved. Also putting down a larger down payment makes a stronger offer and puts you strides above the competition.
Sending a touching offer letter also helps. Tell the seller you’ll love and care for the home just as they did. This works surprisingly well!
Why are prices so high?
Buyers are faced with a lot of competition because of a limited supply of homes available. That makes the few houses that are up for sale more valuable. It’s just that there are not a lot of homes being built compared to historical rates and people aren’t listing their homes.
Interest rates are starting to climb after sitting at rock bottom for years. People who have mortgages at those low rates don’t want to give them up by selling, nor do they want to pay the high prices they’ll face if they become buyers.
How long can prices last?
The rise of home prices has started to slow in some markets, but it still remains a seller’s market. Buyers should still have some urgency to get a home under contract before prices rise further. There may be more deals in the fall when the market tends to cools off.
It’s hard to know the peak of the market until after it’s gone. Rather than waiting on the sidelines, adjust your expectations on how much house you can afford. You may be able to upgrade later. Your first house is never your last house, so you’ve got to set your expectations to reality.
I hope this helps and I appreciate your time.
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