A record low inventory of homes for sale combined with increased buyer demand has resulted in a frenzied market the past few years. Not surprisingly, last year buyers viewed an average of 8 homes prior to purchasing. If this sounds like a low number, well it is. In fact, this is the lowest number on record, according to new research from the National Association of Realtors® (NAR). In comparison, buyers viewed an average of 12 homes before buying in 2009 and 2011. Of course, the housing inventory was more plentiful during those years.
Changing times
As mentioned above, buyers in 2021 viewed an average of 8 homes prior to purchasing. Interestingly, on average, 3 of these home viewings were done virtually online. The reason for the increase in virtually showings is twofold. For starters, many buyers and sellers have tried to limit their in-person encounters during the pandemic. Needless to say, virtual showings have grown substantially in popularity. In addition, increased competition has forced many buyers to simply view homes virtually as quickly as possible in order to submit an offer in a timely manner. In South Florida, many of these home buyers are viewing properties virtually online from other states. Rather then having to fly down each time a new listing hits the market, they simply opt for a video tour with their real estate agent.
Summary
It is safe to say that home buyers today do not have the luxury of time to contemplate an offer on a home. With many listings receiving multiple offers above asking price on their first day on the market, buyers need to be prepared to act swiftly. For buyers and their real estate agents that are knowledgeable in the local market, sight unseen offers are typically implemented. It is important to remember that as a buyer you still have your inspection period to fully vet the property. In this ultra-competitive market, the most important step is to secure the property with an executed contract. Then you should have a little more time to make decisions during the inspection period (assuming you have an inspection period).
At Live South Florida Realty, Inc. we have assisted many clients with their real estate needs. Are you looking to buy or sell a property in South Florida? Now more than ever, it is critical to have a qualified real estate team and the proper search tools behind you. Live South Florida Realty, Inc., has been a leader in the South Florida market for many years. Let our team of professionals assist you with buying or selling your piece of paradise today! In addition, our recently launched “Florida Home Search” app is now available on the Apple App Store and Google Play Store. With real-time MLS feeds, this app lets you set your own alerts to notify you as soon as a property meeting your needs hits the market. Furthermore, it will also let you know of recent closed sales in your area so that you may be even more educated on the market. Be sure to download this app for your smartphone or tablet today!
