How to Find the Best Florida Home Mortgage Deal in a Buyer’s Market

As home sales in the state continue to drop, buyers find the market tilting more and more in their favor. Sellers will have to start lowering prices soon. For those that are waiting to apply for a Florida home loan until this occurs, here are a few tips:

1. Stay informed. With the housing market in transition and prices fluctuating, it’s important to understand what’s going on in the marketplace at all times. What do Florida mortgage rates look like? Where can you get the big deals? How can a Florida mortgage broker help?

As a quick example, possessing updated information helped Robert J. Mullin, a financial consultant with firm RBC Dain Rauscher, save at least $30,000. In May, Mr. Mullin moved from his $750,000 residence in Basking Ridge, N.J. to one priced in the $400,000s in Clemmons, N.C., he says.

“The ability to do a market analysis helped us find a home that was appropriately priced,” he explains. Thanks to his real estate agent, who sent emails and photos about new Clemmons-area listings regularly during his search, Mr. Mullin says he “saved money by making the process more efficient,” negating the need to rent temporary housing or pay for storage.

2. Jump on a good deal. Consumers aren’t snapping up homes as quickly as they did during the housing boom, but that doesn’t mean buyers can take their time. Attractively priced homes still draw plenty of interest, so don’t play around: if you see a deal, seek approval on a Florida home mortgage and just go for it.

“It’s the same scenario [as it was during the housing boom], except that we wait longer for properties to be at a price where a buyer will take it,” said Chris Kelly, a broker associate with Coldwell Banker Residential Brokerage in Center Harbor, N.H. Once a property is priced correctly, there should be plenty of buyers vying for it, he says. “If priced properly, a home will sell in days.”

Make sure you beat other buyers to the punch by getting pre-approved or pre-qualified for a Florida home loan. Also, line up a home inspector before you make an offer.

3. But … don’t move too fast. You have to move quickly if you spot a house at a good price or if the house of your dreams comes along, but the housing slowdown also means that buyers have time on their side while looking for a property, as the number of properties for sale is mounting, providing consumers with more choices.

“There is no longer a feeding frenzy for homes, so buyers can wait for what they want [to come on the market] instead of compromising just to get a house,” Mr. Davis says.

Take the time to think about what you want in a home and what neighborhood or geographical region you prefer. With so many houses available from which to choose, “be very specific about what you want.” YOU’RE in control of the Florida mortgage process now.

4. Get tough. It’s now easier to convince homeowners to come down on a price or make other concessions than it was in recent months, so don’t be shy about offering what YOU think the house is worth.

Buyers are requesting - and receiving - price reductions and concessions from sellers, Mr. Davis says. While you should always ask for concessions, the best time to get them is when a property has been on the market for 30 days or longer. These days, sellers are more likely to give in to your requests than risk losing a potential buyer.

In some parts of the country, sellers are willing to accept less than what their neighbors got for their homes, he says. “Sellers are motivated,” he says. “Some are making two mortgage payments.”

The bottom line: The important thing to remember is that you’re in control. As prices fall, the time to apply for Florida home loans grows ever more prominent. Don’t let it pass you by.