We are continuing to see a shortage of homes for sale in the Orlando housing market. This is resulting in higher prices; shorter time on the market; and occasional bidding wars.
Normally, a six-month inventory represents a balanced market – with enough houses available to provide a reasonable range of choices at reasonable prices. Currently, we have only a three month supply. This results in buyers submitting offers quickly – often on the same day – to competitively bid on the home of their choice.
Erin and her team have already been busy this year working with buyers and sellers, and have been working on several strategies to succeed in the current Orlando housing market.
Probably the most important preparation for finding and purchasing your new home, is to make sure that you have a funding strategy in place.
- If you are purchasing your first home, you need to become familiar with the process – everything from selecting a home until closing. You can review the home-buyer’s guide here.
- If you intend to finance, then it is vital to have a pre-qualifying letter from a lender. This will be needed when you submit an offer, to convince the seller that you are ready (and qualified) to purchase the home.
- If you are a cash buyer, the seller will require “proof of funds” when you submit your offer.
If you are not prepared to demonstrate the ability to fund the purchase, then your offer will probably lose to other better-qualified buyers. In this Orlando housing market, the houses are going under contract so quickly that everything needs to be prepared in advance.
Next step is to find the right home. The problem is that when homes are moving so fast, it is difficult to stay ahead. At this stage, it is important to focus only on the homes that meet your particular needs. Erin (and her team) routinely meet with buyers to plan a search strategy. After discussing your needs, they create a customized search, and target homes of interest. Often, it is best to view a home as soon as it comes on the market.
Once you have found the home which meets your needs (and which you like – of course), it is time to submit an offer. Once again, in a fast-moving market, it is important to understand all the factors involved, such as the interest level of other buyers; seller’s motivation and timing needs; etc. This is when your agent can add lots of value. Erin and her team are not only very familiar with the current market, but will work with the seller’s agent (often behind the scenes) to ensure that your offer will be fair, and competitive.
Of course, one of the most important factors for you is to be kept informed – you can be sure that Erin and her team will keep you informed every step of the process.
After your offer is accepted, the hard work begins (for your agent). Many details (such as inspections; loan approval; title search; etc.) must be tracked to ensure that everything is prepared and moves smoothly toward closing.
The Erin Realty team has a checklist to ensure that every detail is covered and completed in preparation for closing.
And that is how you successfully buy a house in the low inventory Orlando housing market!
Contact Erin – call or text 407-913-9581 to get started on your home-buying strategy.