Most Buyer's Dilemma
When you are looking for a Condo or a House, you will have more questions than answers:
One story or 2 stories? Fenced Back yard, or no back yard at all?
Are there any restrictions? Age, Pet , Rental Restrictions?
Do we have an assigned parking space or a car garage, if so, how many?
Does property offer a private pool or does the community have one or two?
How much are the monthly association fees?
Does the association have reserves or open litigations (that can prevent financing?)
How long does it take to close a Transacition?
As you can see, the real estate topic brings way to many questions and it can be split in various directions, depending on your lifestyle, wants and needs.
Most buyers start their House Search
with firm, non negotialble goals: such as
a very specific location, type of propety or price.
However after viewing several houses they may start to consider other types of property. Shortly after the location they originally told the realtor...may not matter as much, and in many cases, it gets to the point that location now does not matter at all!
They are now just focused on finding the space they need at the price that works for them... where ever that might be.
Most Buyers come to terms with one or more of these three conditions:
Location - Space or Price
One the key factor among these choices is Time. you might need to be extra patient or on the contrary you could be in extra hurry!
A side note that is worth mentioning.
When Money is not a problem and the buyer can buy any property they want, then the time factor will be combined with with a major factor: inventory.
But today I want to share about "Most buyer’s Dilemma!"
Embarking on the journey of finding your dream home and becoming a homeowner is an exciting chapter in your life.
As a first time buyers, it is vital important for you to know as much as you can about this process!
Here are my tips mainly in regards of Mindset to buyers.
1- Be Focus: First, keep in mind that the road to homeownership may have its ups and downs.
You may have to see multiple houses, make numerous offers, and wait for months, but don't lose sight of your goal. Stay cheerful and keep pushing forward.
2 Be faithful: In this journey, you will experience challenges along the way, including high competition, self-doubt, disillusion, disappointment, and delays. However, don't let any frustration discourage you. Becoming a homeowner is one of the best decisions you'll ever make, and it's worth persevering through all obstacles. Tune out the noise, stay focused on your goal to buy this year, and keep going. You will achieve homeownership, and the sense of pride and accomplishment will be worth every effort!
3) Be wise: Many homebuyers are often forced to confront a tough decision:
THE BUYERS DILEMMA!
The great location, ample space, and an affordable price in today's competitive real estate market, it's becoming more and more challenging especially for First time buyers.
Most buyers often find themselves having to sacrifice one of the three:
Compromising on the location, compromising on the space desired or stretching their budget to meet the price.
Can you have the ideal location without compromising on dream space or breaking the bank? Or do you prioritize affordability and compromise on location and space? It's a dilemma that requires careful consideration and decision-making, as buyers come to terms with the fact that having it all might not be always possible with the very first house purchase.
4) Be prepared: As I always say: You have options. While the Buyer's Dilemma of choosing between location, space, and price can be challenging, the mere fact that you are now reading this information, literally provides you with an advantage. You can increase your negotiation power by
A) Being open to expanding your search criteria to other zip codes, cities, counties, or even states! By being flexible with your location preferences, you can potentially find the space you want at a price that works for you. Example is if you are definitely interests in a single family house. I saw this 2023 house one offered for $265K Where? in OCALA. !
B) considering other types of properties. It's important to keep an open mind and explore different possibilities, many buyers will start with a condo, I know association! You don’t an association. However if price works for you… then you can at least stop paying rent and then in the future you can consider upgrading to your dream home.
5) Be PRE approved! , have money in escrow and be ready to go! Most realtors work with direct lenders! I had a training last week with my mortgage broker and they have so many services to help you win bidding wars, for example, they don’t just give a pre-approval , but a loan commitment, because they have their own underwrites in house. And if these sounds like I am speaking in Chinese or any other language is because Real Estate has its own vocabulary and many times sounds completely foreign language for buyers and sellers alike. That is the reason you have to be prepared and willing to learn as much as you can, and hopefully you will be learning from the right source.
With the right mindset and strategic approach, you can navigate the Buyer's Dilemma and find a home that meets your needs and budget. Let’s make the most of your home buying journey!" :)
Many current homeowners are grateful, happy, and proud of their decision to buy a home years ago.
And soon you will too, feel grateful, happy and proud, that you accomplished homeownership and ever effort was worthy. So be focus, be wise, be prepared, be pre-approved, don’t lose faith, and never give up.
The ironic legacy of Covid is the realization that people can work remotely, allowing them to choose where they want to live.
South Florida is no longer a retirement or vacation destination.
Well-known brands and private capital have already chosen Miami and Broward Dade County, as per The Knight Frank Wealth Report 2023.
Despite interest rates, with aprox 3 months of inventory and pending demand, the residential real estate market in Broward County. FL remains a strong sellers' market.
If you are a seller and have decided to sell your house due to personal situations, needs or wants, then it does not matter how is the market now or the forecast for the future, because you are ready to move ... now .. ..
When you are a situation that you have to sell, you will sell, regardless of market condition.
On the contrary, if you do not have to sell, then it does not really matter how the market is performing.
On the other hand, if you are a buyer, and you are already pre- approve for a loan, but you prefer to wait, keep in mind that there is a cost of waiting .
Most buyers are happy that they bought 5 years ago...
The COST OF WAITING or C.O.W. could be in tens of thousands of dollars. As even with current interest rates, not buying could end up costing more than what it saves.
Call me so I can show you the true cost of waiting.
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My MLS shows Active for sale April 2023
2,593 Houses ( 84 houses LESS than last week:)
3,598 Condos ( 31 Condos Less than last week)
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#Broward,FL
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