Are you interested in buying a home in the Sunshine State?
Florida’s residential market has quickly become one of the hottest in the country. Driven by strong economic growth and perfect year-round weather, people from across the United States are moving to Florida for work or to retire. But there’s just one small issue – people aren’t selling their homes.
Low inventory has made housing markets in Florida more competitive, which means that potential buyers need to be extra mindful when placing offers on a home so that they don’t get rejected.
Let’s look at how you can increase your chances of buying a home in Florida.
Keep Your Offers Reasonable
Price negotiations can often feel like a battle; sellers want to get as much for their property as possible, while buyers want the cheapest deal available. Going back and forth on price often leads to a breakdown in communication that can result in having your offer rejected. As a buyer, you can help prevent this from happening by agreeing to pay fair market price when you bid on a home. This will start your negotiations off on the right foot and could lead to the seller being more flexible later in the buying process.
We recommend buying your home with the help of a licensed real estate professional who’s familiar with the local market. They can help you come up with a fair price that works for both parties, so that you don’t end up overpaying and the seller doesn’t feel like they’re being lowballed.
Keep your Inspection Period to 10 Days
Inspection periods give buyers a “cooling off” time where they’re free to withdraw their offer in the event that the home isn’t up to their satisfaction. While important for keeping buyers protected from purchasing damaged or defective homes, no seller wants to agree to a long-term inspection period because they stand to lose money if you suddenly withdraw your offer.
As a general rule, 10 days is a reasonable inspection period. Home inspections are usually done within two to three days, so a 10-day period is more than enough time to have the home looked at without alarming the seller.
Have your Financing Secure and Ready
Another common reason why offers get rejected is due to long-term financing contingencies or 45 days or more. Most sellers aren’t interested in working with someone who may or may not be able to qualify for financing. Secure your financing ahead of time by working with your lender and providing income, credit and asset verification. And if you must use a loan contingency, it should be for a maximum of 30 days.
The Bottom Line
Sellers want to work with someone who they can trust. Entering negotiations with a fair market price and with your finances in order tells the seller that you’re serious about buying their property, which increases your likelihood of purchasing the right home for you.
If you’d like to learn more about how you can buy a Florida home, contact the Edge Group at Keller Williams today. Our agents in Jacksonville, Ft. Lauderdale, Orlando, Debary, and Tampa are happy to help you acquire your Florida dream home.