Here are three important tips for buying a house in Jacksonville in the current market.
Currently, we are in a sellers’ market. What exactly does that mean for you when you’re buying a house? Simply put, it means if you sleep on a house that you’re interested in, you run the risk of losing out on the property.
Here’s why you need to move quickly when buying a house in this market:
- Limited showings. In a buyer’s market, showings usually last 30 minute. Currently, many showings are set at only 15 minutes. Buyers need to be ready to make a decision quickly.
- Sellers expecting multiple offers. Many sellers are setting one day that offers will be reviewed. This means they’re expecting multiple offers, and it sets the tone that there is no room for negotiation. Buyers have to be ready to lead with their best foot forward.
- Competing with cash offers. Many investors who used to buy in New York and California are now looking in Florida. Most buyers need a mortgage and they’re now competing with cash offers. That means buyers need to be ready with other incentives for the offer to be attractive to the seller.
That doesn’t mean you can’t still purchase the home of your dreams.
1. Find the Right Real Estate Agent to Buy A House
It’s important to choose the right real estate agent for this kind of market. You want to make sure your real estate agent:
- Advocates for you. In a seller’s market, buyers can be left to deal with major issues that come up in an inspection. Your real estate agent needs to know how to negotiate to get issues addressed even in a seller’s market.
- Knows how to negotiate a contract. In a seller’s market, you often need to be creative to make a deal. For example, some buyers will rent a house back to the seller post closing, allowing them to stay until they close on their next house. A good agent knows how to put that in a contract in a way that is attractive to the seller yet still protects the buyer.
- Has experience. With houses in this market selling for above list price, what do you do if your appraisal comes in under the purchase price? An experienced real estate agent knows how to find the middle ground so that both parties stay committed to the deal.
- Gives cash back at closing for your service if you are in the military, which we do at Hover Girl Properties.
2. Choose an Accessible Lender When Buying A House
Your lender choice is also important. You want to make sure you have a lender that’s easily accessible to you and knows the market. As your real estate agent, if we can’t get in touch with them quickly to change a preapproval or some other necessary change, you could lose the house you want.
Plus, some lenders are more adept to facilitating fully remote closings than others. No matter what your specific needs are, we know the lenders in the area and can help ensure you find one that’s right for you.
3. Shop Digitally First
Your real estate agent should set up a portal for you based on your needs and wants for your home, so you can start shopping digitally first. We love to do zoom calls on the front end so we can talk through properties together and get on the same page before we hit the road.
In Jacksonville, you can live in a revitalized area, at the beach, on a farm, on the water, etc. There are all kinds of shapes and sizes of the places you can live here. We encourage our clients to research ahead of time and we give them the tools to do so.