How exciting, you’re considering buying a home! Our homes are where a lifetime of memories are created and even stored. Our memories can be made around the Kitchen table as we gather with our family to devour our meals of the day; devour when we have a great cook in the family, that is! Perhaps, it’s not the great cooked meal you’ll remember, but the laughter shared, which is just as good as a delicious homemade meal. And it’s not just the Kitchen where memories are made as just about any spot in your home can be filled with memories. With this in mind, you realize the very big deal about buying a home, so you want to make sure that you get it right. No matter the season, and no matter whether you’re buying a home in Coral Springs or nationwide, this will help you have home buying success.
We’ll discuss here how to buy a home in a Sellers’ Market. Just how do you do it? Do you even know what a Seller’s market is? It’s important to understand the different Real Estate markets that will develop over different time periods. Currently here in my local Real Estate market of Coral Springs Florida, we are experiencing a Seller’s Market. This doesn’t mean that your local market is experiencing the same Real Estate market. It will be important that the Realtor you hire knows what type of market you’re in, so they can best guide you during the home buying process for your benefit in home ownership.
Let’s take a closer look at the types of Real Estate markets:
A Seller’s Market, as the name implies, is when the local Real estate market favors Sellers. Typically, the inventory of homes is less than a 6 months supply. Absorption rates measure this inventory. This is determined by knowing how many homes are active for sale and how many homes had closed the month before; this determines the supply of homes, as an absorption rate reveals. The last reported absorption rate for my local market of Coral Springs Florida came in at 3.67% when a year ago it was 2.09%. Even though the supply of homes has increased from a year ago, we’re still experiencing a Seller’s market with just under a 4 months supply of homes for Buyers to choose from. This article’s focus is on our current Seller’s market and how to be able to buy a home in a Seller’s market.
A balanced market is when the Real Estate market isn’t favoring Sellers or Buyers. It’s smack dab in the middle and balanced. This is typically experienced when there is a supply of 6 months of homes for sale in any local Real Estate market.
A Buyer’s Market, as it’s name implies, favors Buyers. A Buyer’s market will show active homes for sale typically over a 6 month supply. Loads of homes from which Buyers can select from in their home search; a Buyer’s dream, of course. There seems to be enough homes for everyone to buy, just take your pick!
Now that you know the differences between the types of Real Estate markets, we’ll go through what it takes to guide you to buying a home during a Seller’s Market. Knowing what to expect, how to prepare and how to win over the Seller can make all the difference in buying your home. I’ve listed a number of things below that you can do to help you win the home you’ve just found. Keep in mind, that this knowledge you’ll be gaining is part of the research process that you hopefully started when you first began to consider home ownership. What will help you to buy a home?