Keeping Up in a Quick Market

Things are moving quickly in the Northeast Florida housing market right now, here are a ways
you can avoid getting left behind.

In August, the average Jacksonville area home spent 12.5% less time on the market than in
July. So far in 2017, homes spend 5% less time on the market than last year. The median sales
price in 2017 is up 9.2% year-to- date. This is great news if you are a seller, but it can cause
challenges if you are trying to find and buy your dream home.

1. Get Prequalified for a mortgage. Be in a position to make a firm commitment to buy. This
will also make your offer more attractive to the seller.
2. Stay in close contact with your real estate agent to find out about the newest listings.
You need to be ready to see a house as soon as it goes on the market. The good ones don’t
last long.
3. Scout out new listings. Your realtor can set you up to get notifications of homes coming on
the market that meet your criteria. If there is a particular area you like, take a look around for
signs. Some for sale by owner properties are not on any lists nor websites.
4. Be ready to make a decision. Spend time in advance deciding what you and your family
must have in a home so you will not be unsure when you have a chance to make an offer.
5. Bid competitively. No one wants to pay to much for something, but bidding too low in the
current market could cause you to lose out on a home you really want.
6. Keep contingencies to a minimum. Restrictions, such as needing to sell your home before
buying or needing to delay a closing until a certain date can make your offer less appealing to
the seller. In a tight market, a well priced home will likely sell quickly. You can also talk with your
lender about a bridge loan to cover both homes for a short period of time.
7. Do not get caught up in a bidding frenzy. The presence of multiple interested parties does
not, on its own, mean that you should just pay up and buy the house. There is a difference
between making an offer attractive and paying too much. Things like inspections and appraisals
need to be considered.