Every day we get questions from buyers and sellers. We thought we’d provide expert answers to common real estate questions we hear often and inform readers because they may have similar questions.
What is Definition of a Sellers Market? Most experts agree that 5.5 months’ supply of inventory is a balanced market. Anything less than 5.5 months’ supply is considered a seller’s market and anything more is considered a buyer’s market. Keep in mind the same local real estate market can have sectors. Certain price ranges in SW Florida for instance could be a seller’s market while other are balanced or a buyer’s market.
How Much Money Do I Need to Purchase a Home? We sell homes ranging from 0% down all the way to 100% cash. There are various loan programs available to buyers. Knowing who has the programs and what income and credit scores you need to qualify are the key. There are even down payment assistance programs and bond money available. The best thing to do is call the Ellis Team and we’ll put you in touch with someone who can help.
Do I Need to Sell My Current Home to Buy Another? Not necessarily. We’re seeing a resurgence in bridge loans and equity loans. Scoring that dream home in paradise can be difficult with low inventory. A bridge loan is a loan from the bank to cover an interval between two transactions. It’s a bridge to get from one transaction to another, thus how it got its name. We have people who do these loans so you can buy your dream home, then we sell yours for Top Dollar.
How Many Homes Do Most Buyers View Before Purchasing? NAR says it’s 12. It really depends on the market and price range. For instance, if you’re shopping in the $200,000 price range in Fort Myers, there may only be 4 homes that match your criteria. Other price ranges may offer more or less. If you’re working with a great real estate agent who listens to your initial needs, you may not need to see more than 3 or 4. Viewing more homes doesn’t make you a smarter shopper. It just takes more time, and as time slips by, so do the homes you’re thinking of purchasing. Speed wins. You’re in competition with other buyers, not the seller. You want to identify the best home as quickly as possible and snag it before another buyer does.
Should I Get a Home Inspection? We recommend them. You want an expert who can identify problems you might not see with the naked eye. Inspectors offer years of experience and wisdom. Not every finding is a cause for concern. An inspection can be peace of mind even if it identifies maintenance items you should be aware of down the road. When something major is found a request to either repair or replace it can be made to the seller. Failing that the buyer may cancel the contract the contract depending on how the contract was written. An experienced agent can walk you through your options, before and after the inspection.
Do I Need an Agent For New Construction? Yes, you should use an agent always. Experienced agents are aware of discounts and opportunities the builder may not tell the public. Additionally, the developer wants to sell one product, but is that the right new construction product for you? Agents can show you all the new construction projects that meet your criteria, not just one. Whether you’re looking at new construction, resale, or both, you should always use an agent. It doesn’t cost more to use one, but it sure could cost you if you don’t.
If you have more questions, Always Call the Ellis Team at Keller Williams Realty. We’ll be glad to answer your questions. You can search the MLS like a pro for Free at www.LeeCountyOnline.com Or call us at 239-489-4042 We’re here to help!