How to Buy a Home in the South Florida Sellers Market

Entering April 2012, the housing market in South Florida is now recognized in the mainstream media as a seller’s market, according to news stories now appearing. This confirms what agents in the field have been seeing for a couple of months already.

As the season heats up, we’re finding many more buyers than sellers in the market. Plenty of people want to buy homes in Florida, many coming from out of state to do so, only to find we have very little inventory coming onto the market, and the good homes are getting snapped up FAST – very often in the same day.

The successful buyers have learned the hard way that when a new listing appears on the market they need to be prepared to write an offer immediately if they like it. And loan approval obtained in advance (or cash) is crucial for a seller even to consider the offer.

There is no longer time to spare in the buying process to view and ponder – buyers have to pounce. Sadly this also means there’s often not enough time for a good agent to develop the trust necessary to act sight unseen on the perfect property. I do have clients both locally and out of state who count on me to find them their perfect property as it appears, get their immediate approval to write the offer, and then afterwards have them make arrangements to come out and view. This takes a finely tuned relationship between principal and agent.

I’m advising all clients to do ALL the preliminary work before they enter the market with intent to buy. They must:

1. have determined what they’re truly seeking,
2. with my help be able to recognize it when it appears, and
3. be ready to write an offer as soon as they start viewing properties.

The article I wrote that outlines my winning formula for How to Plan your Showings is worth absorbing – the successful buyers are those clients who’ve read it and understand how important it is to do your learning on your own time first. When we go out together and view properties for sale, this is prime decision time: the looking is over, the finding has begun, and the race to secure is in the air.