It's No Secret....You Can't Find a Home To Buy In Florida

Mortgage and Lending with Canopy Mortgage - Leo Namiot 89769

It's No Secret....You Can't Find a Home To Buy In Florida, well it sure seems that way.

House sales in Florda are soring, sellers are putting their homes on the market and in most cases if you have a home to sell in a desirable area you are getting multiple offers and over asking within days and in some cases the same day the house goes live! -The bidding war to buy a home in Florida is on!

Flash back to the early 2000's when house prices had sky rocketed, when paying over asking price was the norm. We are seeing that same trend right now in current the Florida housing market.

One thing for sure that differentiates the housing market in the early 2000's and now is the mortgage insustry. In the early 2000's it was like the wild west, it seems anyone with a pulse and could sign the closing documents was able to get a mortgage, the sub prime industry was born and 100% financing was easy to come by. Fast foward to todays mortgage industry; The guidelines are much more strict, minimum credit scores have been raised and DTI (debt to income) has been capped. Let's not scare anyone off .... This does not mean it's super difficult to obtain a mortgage and it does not mean that 100% financing doesn't exist any long, it just means you need to have decent credit score and meet guidelines that are set in place to help minimize the risk of defaults / forclosures. 

So how do you get the upper hand in this market when out shopping for a home. Here are some tips.

  • The very first thing you need to do before you begin the shopping process is get a strong pre-approval GET PRE APPOVED NOW  This is one thing that youmust have! Not having a pre-approval or not having a strong pre-approval will cause you to lose out to buyers with the proper pre-approval! Be prepeared, the pre-approval is free, get it done!
  • Don't choose the wrong lender. I have been helping people buy homes since 2003, I have been through this type of market  and know how to work with Realtors. I know what they are looking for from buyers so they can present a solid case for your offer. Don't under estimate what a good lender can do to help you get an offer accepeted.  
  • Please don't just choose any Real Estate Agent, just because they have a license does not mean they are good at their job. Chosing a the right Real Estate Agent can make a world of difference. If you would like me to refer you to a Local Expert just contact me, I will be happy to connect you with a Great Florida Realtor.
  • Know the market, if the area you are thinking of moving to is a hot market, know what as much as you can about the area's and the market you can get lot's of great information on the area you are looking at by using this link HOME BUYERS . Don't waste time looking in the wrong area, you could lose the home of your dreams wasting time where it's not a fit for you!
  • Don't hesitate if you really really really love the house, in this market it my be swept out from under your feet if you hesitate..... I know there is a lot of pressure when home shopping, you don't want to make the wrong decision. With that said you need to pre-pare, do your home work, be sure the are's you think you want to move in are really were you want to be which is why you should use this HOME BUYERS  link. The more you know the better off you are when you find a house you think you want to turn into a HOME. 
  • Be responsive..... If Your Real Estate Agent is doing their job to help you find a house, be sure to respond quickly.

While I do not encourage anyone to rush into buying a house just because the market is super hot, these tips can help you win the house of your dreams. Shop carefully.I suggest that you always get a home inspection on any home you buy. 



#flordahomesforsale #homesforsaleinflorida #getpreapproved #leolends

Comments (2)

Andrew Mooers | 207.532.6573
Northern Maine Real Estate-Aroostook County Broker

No homes to buy means buy land, build Leo Namiot !

Feb 10, 2021 07:06 PM
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Leo. In today;s market you can't compete without a pre-approval letter which is only subject to an appraisal. Without it you are not in the hunt. Enjoy your day.

Feb 11, 2021 05:24 AM