How to buy a home in such a dynamic market?

How to Buy a Home in Such a Dynamic Market? This weekend, I passed by a street and saw a long line of cars and people. I thought it was some kind of community event. But when I asked around, all those people were waiting to see a property for sale that, they said, had four bedrooms and a pool.

Well, the real estate market seems unstoppable. In Miami-Dade in January 2021, total home sales increased by 19.1%, from 1,857 units sold in January of last year to 2,211 this year.

Also in January of this year, Miami-Dade was able to sell 9.1% more single-family homes than the same month last year.

Condominium transactions were not left behind, rising 28% from 970 to 1,243 sales.

While the coronavirus has negatively affected much of the economy, the real estate sector has skyrocketed. According to the Association of Real Estate Agents, this trend has been driven by increased demand, extremely low mortgage rates, and the arrival of buyers fleeing from states overloaded with taxes.

However, nationwide, in January 2021, total sales increased by 23.5% compared to the same month last year. The average price of homes was $303,900, a 14% increase over January 2020, marking 107 consecutive months of increases.

In the particular case of single-family properties, the state average price was $305,000, a 15% increase over January of the previous year, according to the Florida Real Estate Agent Research Department.

Seller’s Market

Everything seems to indicate that we are in a seller’s market, which means that there is more demand than homes for sale. In a market with these characteristics, sellers have the advantage in the buying and selling negotiation, and they will benefit from bidding wars. How to buy a home in such a dynamic market?

If you want to buy a home in a seller’s market, you must understand that time is crucial. Properties usually sell faster. Therefore, try to see the homes you like as soon as possible. Don’t wait for weekends. If you can, take a virtual tour, and if you are sure you like the house, make an offer. Sometimes, the seller chooses the first good offer, rather than the highest one.

It is also important to have a budget and stick to it. To do this, it is smart to obtain a mortgage pre-approval letter from your bank in advance. This way, you’ll know how much you can afford.

Don’t forget that the best option for your homeowner’s insurance can be found at Univista Insurance, regardless of whether the market is a seller’s or buyer’s market.

Call us today for a full qualification! (305) 267-7138. You can also quote for free here.