John R. Wood

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Across the nation and in the Southwest Florida, the house hunting task is becoming more competitive.

In an article posted by the Washington Times, it was cited that buyers in a growing number of areas are finding much competition while house hunting. The article states that with housing affordability high and mortgage rates low, home buyers who are ready to buy are plentiful. Bidding wars are becoming more common, particularly as the inventory of for-sale homes remains constrained across the country as it is in the Southwest Florida real estate market as well.

The article also interviews real estate agents who say that “buyers have to change their attitude about the way the market is” because many buyers still mistakenly want to make a low offer and ask for closing-cost assistance. Agents advise buyers that they instead need to come up with a good, realistic offer and be prepared to pay their own closing costs.  Real estate professionals are now helping to prepare their buyers for the increased competition by encouraging the, to get financing in order before they look for a home and go through the mortgage-approval process, not just the lender’s pre-qualification letter.

It’s important for buyers to find a lender who will be able to provide them with a new approval letter within an hour of finding the home they want to purchase. The new letter should include the address of the property and the exact amount they plan to offer so they can attach it to the offer. Home buyers also need to have their earnest money deposit and down payment ready to go.

The article also says that some agents compare today’s competitive housing market to the process of dating. “You need to win on both looks and personality,” says Phil Bolin, a broker in Alexandria, Va. “The ‘personality’ part is the fundamental issue of financing and down payment, but the ‘looks’ part doesn’t cost you anything. It can be as simple as making sure there are no mistakes in your contract. If there are mistakes or missing items in your offer, you don’t look like a serious buyer.”

In the Southwest Florida real estate market, many agents are reporting multiple offers coming in as well. John R. Wood Agents are experienced and understand today’s dynamics of the Southwest Florida real estate market.

If you’re looking to buy this season, be sure to contact a John R. Wood Agent to ensure you’re prepared to face the competition in this market, as well as get the property you want!

John R. Wood Realtors Naples Florida

Source: “Strategies Shift as Buyers Again Face Competition,” Washington Times