Florida is not currently a buyer’s market because the inventory that’s available is much less than the demand. The inequality between supply and demand means that prices are higher and competition is fierce for buyers.
One of the most effective ways that home buyers can find a home to purchase is to use a real estate professional. Those who will use financing to make the purchase should ensure that they have everything in order for the mortgage. This may help their offer to stand out above others.
Homes in Florida have only been on the market for a median of two weeks. As is true in a seller’s market, homes are selling for 100% of the final listing price. On average, homes are selling for an average of $87,500 more than what the seller paid for them.
What’s the home search process like in Florida?
On average buyers in Florida are spending eight weeks looking for a home. These individuals look at an average of eight homes during their search. Of those eight, two of them were viewed only online.
The majority of buyers in this state looked online to see the available inventory of homes before they contacted a real estate agent. Only around 20% of buyers started their search by contacting an agent.
Over half of home buyers found that their real estate agent was the most valuable source of information. They also appreciated quality pictures and detailed information online as they were going through the home buying process. One thing that’s occurring in Florida right now is that buyers don’t have long to consider the benefits and drawbacks of homes on the market because sellers are getting offers quickly and homes aren’t staying on the market for long.
How is financing affecting the home buying process?
Financing has a major impact on how home buyers are handling the current market. When it comes to first-time home buyers, 94% financed their home purchase. This was much higher than the 80% of financed homes overall. The remaining 20% of home purchases were handled as cash purchases.
Overall, buyers noted that coming up with the down payment as the most difficult part of the financing process. More than half, 55%, of buyers used their savings for the down payment, and 42% used the sale of their primary residence to come up with the down payment.
How can home buyers improve their home buying experience?
Making sure you have the best financing for your home is one of the most important parts of the home buying process. The Potempa Team is here to help guide you through the process of obtaining a mortgage. Give us a call to discuss your needs and situation so we can help you learn your options.
