If you’re just starting your new home search, you’ll be quick to find it’s no longer a “buyer’s market”. Bargains are rare, and the lack of inventory—especially for existing homes—has made it difficult for buyers to find what they want. In some cases, you may even find yourself competing with multiple buyers.
Florida Realtors® tracks two key metrics, Total Active Listings and Month’s Supply of Inventory, and comparisons to this time last year show a decrease in numbers across the state.
What story does the decrease in numbers really tell? Simply put, the drop in supply means there is less for buyers to choose from—which usually signals higher prices.
So, what should you do if you’re in the market?
Before you do anything, make sure you are pre-approved. Getting pre-approved ensures you know the amount you’re qualified for and lets the real estate agent and seller know you are serious. Some buyers are even taking the extra step of supplying income documentation at pre-approval. Traditional pre-approvals only look at your credit and stated income for qualification. By providing your income documentation upfront, you will be one step ahead and likely viewed more favorably by a seller who is considering multiple offers.
Florida Realtors® tracks two key metrics, Total Active Listings and Month’s Supply of Inventory, and comparisons to this time last year show a decrease in numbers across the state.
What story does the decrease in numbers really tell? Simply put, the drop in supply means there is less for buyers to choose from—which usually signals higher prices.
So, what should you do if you’re in the market?
Before you do anything, make sure you are pre-approved. Getting pre-approved ensures you know the amount you’re qualified for and lets the real estate agent and seller know you are serious. Some buyers are even taking the extra step of supplying income documentation at pre-approval. Traditional pre-approvals only look at your credit and stated income for qualification. By providing your income documentation upfront, you will be one step ahead and likely viewed more favorably by a seller who is considering multiple offers.
