Spring 2016 Real Estate Market is Heating up in Spring Hill Florida

Spring 2016 Real Estate Market is Heating up in Spring Hill, Florida

It's been a very active Spring real estate market for homes in the Spring Hill, Florida area thus far. 

Low inventory of homes for sale and properties going under contract in just a few days after coming on the market put many buyers in a scramble to find a home and make their offers before someone else.  Even then, they find themselves in competing offer situations.

Currently, three bedroom, two bath homes around the $100,000 price point or below receive multiple offers and easily go under contract in the first two or three days. 

Homes in higher price ranges may have a little more staying power but even they go under contract within the first week on market. 

At the beginning of April, there were still 1019 homes for sale in Hernando County, Florida including Spring Hill.  Current inventory of homes for sale has now fallen to well below the 1000 mark for the first time in many years.  

There are currently 637 homes under contract either pending or waiting to resolve contingencies.  

With such demand, the market is moving into a sellers market and sellers are finding themselves in  good negotiating positions.  

What are buyers to do in such a strong, competitive market?

Read some tips about Do's and Don'ts in Multiple Offer Situations in a previous post.

The phrase "time is of the essence" applies today more and more. Buyers need to be ready, able, and willing to view homes as soon as they come on the market and make their offer right away.  

While cash offers are always welcome, buyers who can provide a strong preapproval letter with their financials already having been reviewed and approved by a lender will also be in a good position to compete. 

Finally, buyers should also consider to expand their search criteria. If you are looking for the home that fulfills all things on your wish list, you may miss out on the one that may need just a few minor changes or improvements to make it yours.  This is especially true when cosmetic differences rather than major improvements are involved. 

For example, a home that has an updated roof and air conditioning system but features carpet on the interior rather than the desired hard flooring such as wood, tile or laminate may still be more advantageous from a cost standpoint for desired improvements than the one that has the desired interior features but will need a new roof or other major and pricey components.

Are you Looking to Buy or Sell a Home in Spring Hill, Florida?

I have been serving the real estate needs of buyers and sellers in Spring Hill and surrounding areas for over 11 years.  

Please call me at 352-584-7441 or email me for more information about homes for sale in Spring Hill, Florida or a complimentary consultation about how to market your Spring Hill home for sale!