The spring/summer buying season always means a surge in the number of those on the hunt to purchase a home, but in Central Florida those conditions can last all year long. And even though the tri-county area has recently welcomed increases in inventory, many prospective buyers are still having trouble finding a home.
This situation is not limited to Orlando; a new survey by the National Association of Realtors® reveals for the first time that difficulties finding the right property have surpassed challenges obtaining financing as the most cited reason clients are not purchasing homes.
Throughout the country there simply aren’t enough homes available to purchase, which creates a market in which buyers must compete with each other.
Fortunately, the market is showing signs of improvement for buyers. Housing inventories here have seen several months of increases that are creating choices and easing competition.
So now that future is looking brighter for potential buyers, what should they be doing to increase their chances of securing that dream home?
First off, carefully evaluate your finances and get prequalified or preapproved for a mortgage. You’ll be able to make a firm commitment to buy and your offer will be more appealing to the seller.
Making a clean offer with as few contingencies as possible can also help buyers who find themselves competing with multiple bidders. The best offer isn’t always the one with the highest price. It’s often the one with the fewest hassles and restrictions. A Realtor® can suggest actions such as eliminating or reducing specific contract contingencies like pre-offer inspections to make their buyers’ offer stronger.
That’s just one example of how working with a Realtor® can benefit you during the home buying process. Learn more by visiting www.orlandorealtors.org, “Consumers/For Homebuyers.”