This graph is of Jan 2012, Jan 2013 and Jan 2014. Â It shows the median sales prices of the area I live in and the area where my office is located. Â These values are of single family homes sold on the MLS in those months.
As the graph clearly shows the prices in both Maitland and Altamonte Springs have risen. Â This is great news for sellers but not so good for buyers. Â We expect the trend to continue through 2014. Â During this same time period interest rates have also risen. Â Starting at 3.83% in Jan 2012 and hovering around 4.5% today. Â
I am sharing these figures to point out that if you are looking to buy and the trends continue you may not be able to wait any longer. Â These two factors limit your purchasing power unless there is some other factor to offset these increases. Â Unfortunetly incomes are not rising as quickly as these other factors. Â There is no need to panic unless interest rates skyrocket however, make sure you meet with a quality lender to review how increases in interest rate and home prices could affect your american dream.
Getting your offerÂ acceptedÂ in today's market is no small task. Â There a different techniques or tactics that an agent can use to give you the edge as they present their offer. Â I do a few things differently that others in my field. Â One is that I like to present the offer to the agent instead of just emailing or faxing it and hope that they look at it. Â I call them to let them know that it is on it's way over. Â Then I confirm that they have it. Â At that point I take them through the highlights of why my offer is better than any others. Â The number one reason is that I have never had a deal fall apart and not get to the closing table. Â My customers what to buy a house so I pull out all the stops to make sure that is what they do.Getting your offer acceptedÂ
Â might not be that easy if it isn't a good offer. Â The reality is that we are in a seller's market so they days of offering 80% of asking price are behind us. Â I advise my customers not to overpay for a home but you need to be prepared to be aggressive. Â For those that are very price sensitive you can do other things to make your offer attractive like reducing or removing inspections contingencies Â (Removing an inspection contingency is not right for everyone)Getting your offer acceptedÂ might be as easy as putting your entire down payment as the escrow deposit. Â As long as you adhere to the terms of the contract there is little to no chance of this backfiring on you. Â When I personally buy houses I put the entire purchase price down in escrow.I can't give away all my skills in this article because I don't want you educating your Realtor with my techniques. Â I'd love for you to have me use them on your behalf. Â I'll throw one more tip out there for you. Â Shhhhh...Don't tell my competition. Â Write a personal letter to the seller to tell them WHY they should pick you. Â Talk about your family, your plans for the future, how much you love the house. Â If your offer is the same as another, I have no doubt that this will set your offer apart. Â Sometimes it helps so much that they will take your offer even if it isn't the highest. Â I'd love to share more with you onÂ getting your offer accepted so please contact me.You can also see me onÂ YouTubeÂ orÂ Facebook
This was my first attempt at a video.Â I promise they will be much better in the future.Â The homes that I am talking about are HUD homes.Â For those that may not know those are homes that are owned by the federal government.Â Any home that was originally an FHA loan can become a HUD home.Â When most people think of HUD homes they don't have a pretty picture in their head.Â A couple of weeks ago I was in one in Sanford that was beautiful.Â It was well priced and all it needed was a deep carpet cleaning or carpet replacement.Â I can provide you with access to this homes if you are interested.Â Contact me any time.