Seller's market

It’s a Seller’s Market!

Stacey Heighes Home Buying, Uncategorized Leave a Comment

By now you know this but read my new article to find out why this is also a good thing for buyers!

Hi everyone,
In case you have not heard, we are living in an extreme sellers’ market here in Jacksonville! In a balanced market, we typically have at least a three-month inventory of homes at this time of year, whereas we currently have less than 3,000 homes listed for sale. This basically equates to less than a one-month supply with homes selling as fast as they are added, resulting in acute competition. Multiple buyers looking at the properties, multiple offers coming in, and as I have said before, everyone doing their best to have the winning bid. With buyers now being willing to offer above the
asking price, we are needing to take steps to protect sellers from inflated offers being used just to win the bid. As a measure of serious intent, listing agents are asking the buyers to sign an appraisal waiver stating that if the
home does not appraise for the price accepted by the seller, the buyer will bring the difference to the closing in cash in order to honor their offer. Buyers are also personalizing their offers by sending letters to the sellers,
letting them know how much they love their homes and how they foresee living there. Some sellers react to the personal touch of a letter like this while others just want the best net figure. All of this is incredibly stressful
on the buyers, especially those who need to move quickly and, in some cases, have lost the bid on several homes that they really wanted to purchase. It is a crazy market!

So, what other options do we have? Enter the world of new construction! Most builders have been forward-thinking and have started to build homes that will be ready for faster delivery. These ‘spec homes’ tend to
have all of the upgrades that a current buyer might be looking for in a popular floorplan and neighborhood. To make them even more attractive, the builder is often offering an incentive, perhaps some flex cash or help with closing costs, things that a resale seller usually cannot compete with. Choosing to purchase new construction has less competition for a buyer because the builder’s agent knows exactly which properties are available, which are in the process of being built, and the approximate delivery date. If those options do not work, we can always build from scratch.

Now we are into dream home territory!! After all, if a buyer is going to build a new home and move to temporary accommodations while this happens, why not build exactly what they would love. Select the finishes, adapt the floor plans, pick a lot that is perfect for your needs, and even shop builders to see which one you prefer! This may be the right time to embrace the moment to go all out, upsize, downsize, move to a Medical Real Estate It’s a Sellers’ Market!

We are very fortunate in Jacksonville because we have many top drawer custom builders, each with their own style and each with their own ideas to wow you! If this is the route that you decide to take it will be exciting but it will take time. I always recommend that my customers make a list of “considerations” before we sit down with the builder. The consideration list is made up of “must-haves” and “nice to haves” that you would like in your new home if money were not an object. You would be surprised what builders and architects can do once they understand your vision. Small spaces can be made to feel much larger and highly functional. They can increase the amount of natural light, maximize those amazing views, as well as hide things less desirable. Yes, it takes time and effort to build, but the opportunity to have a home that is perfect for you is very worth it. A final note if you go the construction route, make sure you take your Realtor along to view the models and meet with the builders. As with seeing the value in a resale, we have extensive experience dealing with builders and we can help you see the quality of the underlying home product through the model home furnishings designed to capture your attention. Much more importantly than that, when it is time to make a deal, we are used to negotiating with builders to your best advantage, providing the combined value of all previous customers we have brought them and the potential for future business too.

Whichever path you decide, your dream home might be closer
than you think!!

Here is a link to the magazine if you would like to check other wonderful information they’ve included in this month’s issue.

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