The current confluence of low-interest rates and pandemic anxiety has flipped the housing market on its back in Orlando, Florida, and surrounding areas. While lots of people want to buy homes, fewer people are willing to sell. It’s what real estate agents call a low inventory landscape, and navigating it can be a challenge, wrapped in frustration, inside an obstacle. But with a few tips in your back pocket — and the right real estate agent by your side — closing on a great home is achievable.
Central Florida Low Inventory Real Estate Tip #1: Secure Financing Before
Before house hunting, set up financing. Secure a mortgage pre-approval and gather the necessary documentation. Doing so allows you to pull the trigger immediately when you find the right property. Plus, it’s a plus in the eyes of sellers.
Moreover, when interviewing lenders, ask how quickly they’ll be able to close your purchase. The shorter the closing time, the better.
Central Florida Low Inventory Real Estate Tip #2: Be Financially Realistic
Living above one’s means is so 2007. And though you may have an image of a “dream house” in mind, remember that practicality should trump perceived perfection when it comes to entering the housing market. The most important thing is to get in, ideally when interest rates are low.
So keep an open mind. Find a property that fits most of your needs, and be flexible if it doesn’t have all of your wants.
Central Florida Low Inventory Real Estate Tip #3: Don’t Focus at the Top
Low inventory housing markets are fiercely competitive, and final sale prices typically exceed asking prices. As such, it’s unwise to focus on properties at the top of your price range. If you’ve been approved for a $500,000 loan, steer clear of homes being offered for more than $480,000.
Central Florida Low Inventory Real Estate Tip #4: Go Bold Quickly
In a low inventory central Florida real estate market, quickly submitting your best offer could be the difference between closing and losing the deal. So go bold fast, and trust your agent’s suggestions!
Central Florida Low Inventory Real Estate Tip #5: Pre-Plan Your Move
Contract lengths are much shorter in cycles where demand is high and inventory low, which means buyers must be ready to move quickly. Our advice is to start packing once you start looking — or at the very least have your packing materials or moving company on standby.
If you’re in search of homes for sale in the St. Cloud, Kissimmee, Winter Garden, or Windermere areas, our team of real estate professionals can expertly guide you through the home-buying maze. Get in touch today. Let’s start the conservation and talk about strategies that work!