The real estate rules for home buying in Fort Lauderdale have changed yet again. If you have been searching for a new home, or even just checking up on the market, likely you have noticed the change. Gone are the days when there was an over-abundance of amazing real estate deals, like in 2008 and 2009. Also gone is the lack of competition from home buyers.
The latest Greater Fort Lauderdale Real Estate News reveals a shortage of homes listed for sale, when compared to the number of people interested in buying a home. It is not unusual for bargain-priced properties to receive multiple bids or offers over the asking price. If you are thinking about purchasing a home in Fort Lauderdale before interest rates and home prices rise in earnest, take a look at the following strategies that work.
Home Buying Strategies
1) Re-think Low Ball Offers – Submitting low-ball offers (an amount much lower than the fair market value for a home) can lead to your offers getting ignored, or worse, you might miss out on a a terrific property. For a more sound approach, work with a knowledgeable Realtor whose expertise in Fort Lauderdale neighborhoods will allow you to check on recent comparable sales, then submit a serious offer.
2) Consider Imperfect Properties – The degree of your success for home buying in Fort Lauderdale can depend on starting with a reality check: only very rarely is a property totally perfect for you and priced absolutely right.
3) Highest and Best – The tempting low prices listed for some bank-owned homes in Fort Lauderdale also means it is more likely other interested home buyers will submit offers as well. Work with your Realtor to determine the fair market value of the property and submit your highest and best offer – you may only get one chance.
The recent changes in the Fort Lauderdale home buying market doesn’t mean we are headed into the kind of fever-induced ‘bubble’ we saw in the mid- 2000’s. The housing market does not seem to be waiting for those seeking a deal and waiting for the bottom of the market before buying a house in Fort Lauderdale. Home prices are on the rise and competition amongst fellow home buyers is heating up. If you would like the help of an experienced Realtor, whose focus is the Fort Lauderdale real estate market, contact us! We can help you find a terrific home and submit a sound offer.
