Buying a Home in a Hot Market
Buying a home is almost always a great investment, and of course it’s exciting to find and close on a home that you will get to call your own. To help ensure that feeling of joy and confidence continues after you move in, here are a few tips to consider prior to making a purchase…
Get to know the neighborhood
Tour the neighborhood and if you see folks outside, stop and chat with them. We’ve found that neighbors love to talk about the neighborhood and will share both the good and the bad.
You will want to consider factors like crime rate, commute times, and distance to things that are important to you like parks or restaurants. These things will have a big effect on how you feel about your new home once you are actually living in it.
There’s no getting around it – the market is hot and buyer competition is fierce. Chances are you might make offers on more than one home, prior to getting an offer accepted.
Think about what you really want in your home. Keep an eye out for red flags and be okay with walking away if a home does not meet your standards. Buying a home is a huge financial decision.
Remember your budget
Bidding wars are pretty common, but it’s important to balance what you want with what you can afford. A bank may approve you for more than you want to spend every month, but outspending your budget will not improve how you feel about your home purchase down the line. It’s up to you to know what your true budget is, and factor in future maintenance costs, insurance, etc.
Work with experienced professionals
Working with a team you trust can help you avoid major regrets. Pick an experienced mortgage lender and loan officer that will help you evaluate all your options. Choose a knowledgeable real estate agent who has a proven track record in the market, listens to your needs, knows the area well, and knows what it will take to get an offer accepted and the purchase of your new home closed – I pride myself on these traits and would love to demonstrate my value to you.
Southwest Florida Real Estate Market Update
Sellers receiving multiple offers remain prevalent this spring and Buyers continue to face competition as homebuying demand is still outpacing supply. In March, Single Family Home Active listings in Lee County saw a slight uptick with 141 more homes listed compared to last year, while Condo & Townhouse listings were down 34.6%. That relates to a 1.1-month supply of inventory for Single Family Homes and a 0.8-month supply of inventory for Condos & Townhouses. Still very much a Seller’s Market, March’s Median Sales Price for Single Family Homes in Lee County was up 24.3% and the Median Sales Price for Condos & Townhouses was up 34.4%.
During the 3rd week of each month, the Florida Association of Realtors releases the official numbers from the prior month’s activity. Below are some of March’s numbers, for your reference. If you are interested in learning more about market activity in a specific neighborhood, development, city, or zip code, please let me know. I would be happy to provide you with a customized market analysis.
Lee County Single Family Home Sales – March 2022
Closed Sales 1,659 (Mar 2022) 1,841 (Mar 2021) -9.9%
Median Price $429,000 (Mar 2022) $345,000 (Mar 2021) +24.3%
Average Price $604,884 (Mar 2022) $486,925 (Mar 2021) +24.2%
Active Listings 1,651 (Mar 2022) 1,510 (Mar 2021) +9.3%
(Source Florida Association of Realtors, Data released April 20, 2022)
If you are looking to sell your home quickly and on the best possible terms, now is the time. Let’s connect to discuss how you can secure a speedy, top-dollar sale of your home, and net you more proceeds.
Although we are in a great Seller’s market, I don’t cut corners. My marketing plan and strategy to sell your home is solid. I’ll help you make a knowledgeable real estate decision you will feel good about, and I will make the process as easy as possible for you. Call me at 239-699-3498 or email me at sue.jones@C21.com.
3409 Del Prado Blvd S #103,
Cape Coral, FL 33904