Many Buyers Wonder What It Is Like To Purchase In Today’s Sellers Market?
From multiple above-asking offers to homes going pending in a matter of minutes many it can be quite a process to purchase a home in today’s market.
Per the WSJ nationally the market is 3.8 million homes short of buyer demand.
The severity of the housing shortage is significant. Buyers need to be aware of what to commonly expect if you engage in purchasing a home in this current market here in Orlando:
- Multiple Offer Situations – These are homes where there is more than one offer being placed on the home.
- Above Asking Offers – In highly desirable locations expect to offer above list price.
- Shorter Inspection Periods – Sellers are looking for shorter inspection periods to lock in buyers into the transaction
- Homes Going Pending On The First Day – With the shortage of inventory homes are going under contract many days faster than in the past.
- Presenting Site Unseen Offers – With homes going under contract quickly many buyers find the need to put an offer in on prospective homes prior to viewing them.
- Competing with Cash Buyers – Buyers are relocating from many destinations to move to Central Florida. Some from states with higher purchase prices and are bringing cash offers that are above asking. This can place pressure on financed deals
Here is a great video that one of our buyers sent to us about the current market which is 100% accurate.