Present homeowners are the group contributing most right now to the monthly increase in existing home sales.
They are an especially big factor in the uptick in midprice home sales. Additionally, they are reducing the national inventory of unsold homes, according to the National Association of Realtors.
First-time buyers are playing a role in allowing homeowners to move up to larger or more expensive homes. When first-timers buy an existing home, the owners are free to trade up.
It’s a great move for both buyer and seller. The first-time buyers can take advantage of the government program that subsidizes their purchase. Homeowners moving up have many choices, some of which are priced well below what they would have sold for a few years ago.
Multiple offers
The bargains are not so cut-and-dry. If the home is in a good neighborhood and is a good value, it could draw multiple offers. Title service companies say one in 10 such homes draw multiple offers at this time, as opposed to one in 30 last fall.
Multiple bids usually indicate a market in which prices are rising and buyers outnumber sellers. Right now, however, most properties that receive multiple bids are distressed or foreclosed homes on which buyers are competing while still looking for a bargain.
Bidders need help
Bargain hunters can be deceived about the true value of a property. They could end up saddled with one in a declining area or one that has basic construction flaws.
Going it alone in a property search takes a great deal of time and expertise the buyer probably doesn’t have.
A real estate agent can make important recommendations, arrange for inspections, and guide the buyer through the entire buying and financing process.
With the agent’s help, a successful and trouble-free purchase can be arranged.
If you’re looking to purchase a home on Florida’s Treasure Coast, we know our neighborhoods, why not visit our website GabeSanders.com or call us at (772) 888-2885.
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