How to buy a Southwest Florida home in a tough market
FLORIDA – If you’re in the market for a new home, you have to act fast. Houses are selling in days, not months. The housing market is a frenzy just about everywhere, but especially in Southwest Florida where families are flocking.
If you’re not offering over market price and paying with all cash, someone else is.
Agent Nancy Brown with Starlink Realty called the market, “unbelievable.” Over her 40 years in the industry she’s sold more than 975 homes.
“I have never had 13 sales in two and a half months. Never,” Brown said.
About three months ago she listed a house. Within five hours she had two offers.
“Very high priced offers. We decided not to do anything that day and said let’s open up again tomorrow … We had four offers in less than 48 hours,” she said.
“From a buyers side I have seen and noticed a lot of frustration from a qualified, wonderful buyer,” said Agent and Real Estate Advisor Michael Cantasano. He also works at Starlink Realty.
He recently put up a condo in Estero.
“Within 24 hours we had over ten full price or greater offers. A lot of those were cash buyers, sight-unseen. Individuals coming from up north looking to relocate,” Cantasano said.
So how do you compete?
“First, I think you really have to have a really diligent realtor. Someone who’s going to see the listing the moment it happens,” Cantasano said.
To make your offer stand out in this market, go in with your strongest offer first. If you can’t offer all cash, get pre-approved for a mortgage. Experts also suggest removing as many contingencies as possible.
Economist and Florida Gulf Coast University Professor Dr. Shelton Weeks said this market has been building for a few years. He said it’s similar to 2006 but there’s one major difference.
“That was fueled by very loose money and rampant speculation where we had naive investors using a tremendous amount of leverage.”
When asked if this is this the perfect storm for a housing market crash, Dr. Weeks said, “I don’t think so.”
In laments terms, unlike 2006-08, people have money. Dr. Weeks and other economists told NBC2 they expect things to level off.
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