SOUTH FLORIDA HOMEBUYERS-READY FOR BIDDING WARS?

By
Real Estate Agent with Sellstate Partners Realty

Well-priced, updated homes in South Florida are selling very quickly. Lack of available properties and low interest rates are driving the super-charged housing demand. Many home sellers are receiving offers above list price and/or with no contingencies.  

 

Buyers: Are You Ready for a Bidding War? | MyKCM

With businesses reopening throughout the country and some experts indicating early signs of a much-anticipated economic recovery, more home buyers are actively entering the housing market this summer. Today, housing is truly driving the U.S. economy forward. With so many buyers looking for homes to purchase & so few houses for sale right now, there's a disconnect between supply & demand.  This imbalance is pushing home prices upward while driving more bidding wars & multiple-offer scenarios. 

Danielle Hale, Chief Economist at Realtor.com explains:  

“People are surprised that prices are rising, not falling, because in the last recession, home prices fell, the difference this time is the severe shortage of homes for sale...We are seeing bigger price increases with [a limited] number of homes...That is likely to lead to more competition and potentially multiple offers & bidding wars."

According to the recent Realtors' Confidence Index (RCI) survey conduted by the National Association of Realtors (NAR), this trend is growing: 


“On average, there were about three offers on a home that closed in May, up from just about two in April 2020 and in May 2019 (2.3 offers).”

HousingWire also indicates:


With more people returning to work, we'll continue to see the number of interested buyers increase. So, if you're among the many people looking for a home to buy this Summer, it's important to ensure you have the right guidance from the start. This way, you make sure that your offer stands out from the crowd when it really counts. Here are two tips to follow:


1. Hire a Trusted Local Expert

A trusted local real estate professional matters more than ever right now, as noted in a recent survey shared by NAR.

In fact, according to respondents, 54% of buyers and 62% of sellers indicated that “Particularly during the pandemic, a real estate agent’s guidance is especially valued.”

We’re not in a normal market. We are in one of the greatest health crises our nation has ever seen. The pandemic has had a dramatic impact on the journey consumers must take to purchase a home. To successfully navigate the landscape today, you need a true expert on your side.


2. Get Pre-Approved for a Mortgage

When there are more buyers than sellers on the market, the process to find a home becomes much more challenging. One way to show you’re serious about buying a home is to work with a lender to get pre-approved for a mortgage before starting your search. With a pre-approval letter, sellers will see your true desire to buy this year, potentially helping your offer rise to the top.

Bottom Line

If this is the year you’re ready to buy, let’s connect to get the process started so you can make sure your offer is a strong one when the competition heats up.

Posted by

 Your blingual residential real estate guide. Certified Probate Real Estate Specialist (CPRES) and Certified Distressed Property Expert (CDPE).  Serving Pembroke Pines, Fl.  and surrounding communities.   


Dalia Kibby, PA
  Direct 954-610-7864| email me
website www.daliasellshomes.com | search for homes

 

If you are Buying, Selling or Relocating to the South FLorida area and need help from a professional REALTOR®, I would be happy to assist you! I also work with  estate Executers, Personal Representatives and Administrators .     Please visit my website for property searches, to sign up for free listing alerts and other information.   

 

Comments (3)

Richard Weeks
Dallas, TX
REALTOR®, Broker

Great information, thanks for sharing. I hope you have a great day.

Jul 15, 2020 03:32 AM
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Aug 25, 2020 12:44 AM
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Aug 25, 2020 12:44 AM
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