It’s a Buyer’s Market. Apply for a Florida Home Mortgage. But, Wait, Don’t Overspend!

By now, you must understand why it’s a buyer’s market. Florida home sales are down, prices will soon drop, as well, because sellers will need to adjust their thinking - and those seeking property are in an ideal situation.

Therefore, you really ought to seek pre-approval on a Florida home mortgage RIGHT NOW. As you do, also take note of ways to ensure you aren’t ripped off. You’ll notice many “price reduced” hangers on for-sale signs, so the financial ball is definitely in your court. Don’t drop it.

Advice for buying in this market

Before you make a written purchase offer, ask your Florida real estate agent to prepare a written comparative market analysis, or CMA. This shows recent sales (not asking) prices of nearby comparable homes, current asking prices of similar neighborhood homes, and the asking prices of recently expired comparable listings.

From here, you and your agent can make value adjustments for the pros and cons of each house, compared to the house you want to buy, so you can arrive at an intelligent purchase offer price afer you’ve been approved for a Florida mortgage loan of some kind.

Because it is - for certain - a buyer’s market, it’s better to make a purchase offer on the low side than to offer too much. Remember: You can always come up in your offer price, but you can never come down.

Also, be sure your purchase offer contains contingency clauses for (a) a satisfactory lender’s appraisal of the house and (b) your approval of a professional home inspector’s report.

Even after this all takes place, you may still see a price reduction. It depends on what the inspector has to say. Just always keep in mind that you, THE BUYER, are in control. Banks should be making it easier to receive Florida home loan approval and sellers should be making it easier to receive the price you’re after.