With September starting, we are only about a month away from the beginning of “season” here in Southwest Florida. This is the time of the year when we peak in tourists visiting our area, as well as seasonal residents. For those currently in the market to buy a new house, this means more than just extra traffic. If you want to buy or sell a home, it’s important to know if it’s a buyer’s market or a seller’s market. Most years, our friends from the North come down and make it a seller’s market. Here is why, and why it matters:
More potential buyers means there is a supply and demand problem. A seller’s market occurs when demand exceeds supply. Basically, there are more buyers seeking to purchase properties than there are available homes on the market in Cape Coral, Bonita Spring, Fort Myers Beach, Sanibel, and Naples. This often leads to multiple buyers interested in a single property, resulting in bidding wars. This is great for those selling their home, but not so great for those looking to buy.
Homes sell quicker, and for a higher price. Based on the basic economic laws of supply and demand, sellers have the upper hand during this time. They will likely sell their place quickly, perhaps for even above asking price, with minimum pushback from buyers. Sellers may even get away with putting all of the closing costs onto the buyer. Meanwhile, potential home buyers in seller’s markets face a tough road ahead. Due to increased competition, you will have to act fast, bid high, and really trust the real estate professional you are working with.
You could lose out on buying a house all together. If you’re buying a home in a seller’s market like during the Southwest Florida winter season, it is important to be aware that the seller has the advantage. If other buyers are interested in the same property you’re making an offer on, trying to get a lower sale price probably won’t work to your advantage. This simply isn’t the time to haggle over the purchase price. In fact, you could lose the opportunity to purchase the property altogether if a competing buyer makes a higher offer and accepts terms more agreeable to the seller!
So, what does this mean for you? If you want to get a home you absolutely love, for the lowest price possible, your time is limited. It would be smarter to act now, before season is in full swing, or else you are risking missing out on your dream home in a bidding war to someone else. Contact The Beattie Realty Team today and we will get to work right away showing you houses that meet your search criteria and writing up an offer on your favorite. Experts recommend getting under contract now, before your competition arrives. In another month or two, the house you like today may be out of your reach.