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Home Buyers' Market More Competitive
Housing Sales Increase In South Florida
POSTED: Tuesday, May 11, 2010
UPDATED: 7:03 am EDT May 12, 2010
HOLLYWOOD, Fla. -- South Florida's housing market is picking up again, and as sales increase, it is becoming more competitive for buyers to land the home of their dreams.
Shannon Alfele said she and her husband, Scott, have been searching for a new home for about a year. She said they thought this would be the perfect time to sell their three-bedroom Hollywood home to find a bigger house.
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"We thought we would have a good opportunity to buy now," Alfele said.
But Alfele said she and her husband were shocked when they were outbid by $180,000 for a home, after they made an educated, reasonable offer.
Realtor Ann McQueen, of Elite Coastal Properties, said situations like Alfele's are occurring in single-family home sales in many South Florida neighborhoods.
"We have a young couple. We put an offer in on six different properties, above asking price on all six. We knew that we had to come in above asking price, and we got outbid on all six," McQueen said.
Affordable pricing, low interest rates and low inventory have turned the buyer's market competitive.
“We actually in the past four months have sold 75 percent of our inventory. That is huge," McQueen said.
Experts said buyers should bring their highest offer to the table from the start. Try to avoid contract contingencies such as having to sell your home first, and make sure your financing is set.
The good news may be for sellers who have been squeezed by dropping property values. Experts said sellers should not get greedy and should keep the pricing realistic.
Luckily for Alfele, she plans on being both a buyer and a seller.
“We have three potential buyers that are waiting on us to find another place in the neighborhood to move to and we just haven’t found the right property yet," Alfele said.
