If you’ve been keeping track of the Orlando real estate market lately you’re probably aware that housing recovery is in full swing. Lenders are advertising aggressively and new housing developments have been popping up all over Central FL. Mortgage companies are offering qualified buyers loans as low as 3%.
“Where are the sellers?” Realtors in Orlando ask. Inventory continues to drop at an alarming rate and the homes that do hit the market are flying off the shelves. I feel bad for buyers agents because even if you have 100 buyers ready-to-go, your in trouble if there’s nothing to show them. From our own experience, the Orlando homes that do become available are usually under contract within the first week of being on the MLS.
For home buyers looking for their dream home it can be challenging to say the least. And even if they do find what they’re looking for, they’re sure to encounter some heavy competition. As a matter of fact, competition is such that the days of taking a week to decide if you want to make an offer on it are long gone.
It appears that consumers are buying off the top and as soon as a house hits the market, it’s sold. Lately, when we show houses to potential buyers in certain neighborhoods, we bring a contract ready to go at the initial showing just to try and get an edge on the competition.
Hang In There Buyers!
In our experience as Orlando realtors, seller activity historically picks up during the spring season. This should give buyers a spark of hope in finding the perfect home. Many Orlando real estate agents that have been targeting buyers are now starting to hunt for sellers to try and help boost the inventory.
Tips On Making Your Offer Stand Above The Competition
Don’t send a low ball offer thinking that the seller will counter. With Orlando homes getting multiple offers low ball offers will be the first ones out. Submit a strong and fair offer right off-the-bat. This will ensure that your offer will stay on the table.
Have your financing ready to go. By being prepared with a pre-approval letter from your lender, you will be ahead of the game and your offer will be taken more seriously by the seller.
Add a personal touch. If this is truly the house for you, write a letter to the seller explaining why you want to live in the house so badly. For some sellers, it really does make a difference knowing that the person buying their home will love and enjoy it as much as they did. And if you have kids, talk about them also. If not, then get a puppy… lol!
Put down a larger deposit. By giving the sellers a larger deposit then they are asking for, it will show that you are truly commited to making the deal happen.
Many realtors in Orlando remain optimistic about the upcoming spring and summer seasons even though the supply and demand is soo out-of-whack right now.
If you or someone you know is considering selling right now or if you just want to find out how much your house is worth , please give me a call at 407-902-7750.