How to buy a home in such a dynamic market?
How to buy a home in such a dynamic market? This weekend I passed a street and observed a large line of cars and people. I thought it was some community event. But when I found out, all those people were waiting to see a property for sale that they said had four bedrooms and a pool.
Yes, the real estate market seems unstoppable. In Miami-Dade in January 2021, total home sales increased 19.1%, from 1,857 units sold in January of last year to 2,211 this year.
Also in January of this year, Miami-Dade managed to sell 9.1% more single-family homes than the same month last year.
Condo transactions were not far behind, they rose 28% from 970 to 1,243 sales.
While the coronavirus has negatively affected much of the economy, the real estate sector has exploded. According to the Association of Realtors, the present trend has been driven by increased demand, extremely low mortgage rates, and the arrival of buyers fleeing tax-burdened states.
However, at the national level, in January 2021, total sales increased 23.5% compared to the same month last year. Median home prices were $ 303,900, up 14% from January 2020, marking 107 months of consecutive increases.
In the particular case of single-family properties, the state average price was $ 305,000, 15% higher than January of the previous year, according to the Florida Department of Investigations of Realtors.
Everything seems to indicate that we are in a seller’s market, which means that there is more demand than houses for sale. In a market of these characteristics, the advantage in the negotiation of sale is the sellers, who will benefit from the bidding war. How to buy a home in such a dynamic market?
If you want to buy a home in a seller’s market, you must understand that time is of the essence. Properties generally sell faster. Therefore, try to see the homes that you like as soon as possible. Don’t wait on the weekends. If you can, take a virtual visit, and if you are sure you like the house, launch the offer. Sometimes, the seller chooses the first good offer, before the highest.
It’s also important to have a budget and stick with it. To do this, the smart thing to do is to obtain a mortgage loan pre-approval letter from your bank in advance. So you will know how far you can aspire.
Don’t forget that the best option for your homeowner’s insurance can be found at Univista Insurance, regardless of whether the market is for sellers or buyers.