According to a recent article on Inman News, today’s buyers must be “swift, ready and aggressive.” Why is that? Because inventories of homes for sale are at record lows, so if you find a home you like, you must be prepared to compete for it.
Throughout Naples, there are only approximately 4,800 residences for sale as of October 10, 2012 (excluding Golden Gate Estates). This truly is a record low for our area.
In a post I wrote a few weeks ago, I encouraged buyers not to get discouraged when looking to buy a Naples home. Rather, come prepared. You may have to adjust your criteria, compromise on the features you want or the condition you prefer, or rethink your time frame.
With so few existing homes on the market, you could easily find yourself in a multiple offer situation. It’s getting competitive out there and it is best to know beforehand that it could take a few offers before one is accepted.
Then again, you may have to consider new construction, which means having to wait a few months before taking possession of your new home. In Naples, builders are back and there are great floor plans at great prices available.
I agree with the article with respect that buyers must be pre-approved for a loan, educated about multiple offer situations, and informed on how to make their offers more appealing … all before starting their house hunt. Even if you are a cash buyer, which the majority of our deals here in Naples are, it is best to include a Proof of Funds letter with your offer.
Timing is more critical now than ever. As the article points out, there’s no time to be “wishy-washy” now. Buyers that are ready to write a reasonable offer are getting great homes at amazingly low interest rates.
It doesn’t necessarily mean you have to go above and beyond the asking price. More often than not, less contingencies spell less hassle to the seller. That combined with a reasonable offer based on what’s happening in that particular area of the market could win you the contract.
Alysia Shivers Realtor | Naples Florida Real Estate | 239.877.9732
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