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If you’re planning to buy one of the Davie homes for sale, you’re probably going to be buying in a seller’s market. It’s not a problem – people do it all the time. But, there are things you need to know to get the best deal.
Real estate markets are often defined as either a buyer’s market or a seller’s market. It’s important to keep in mind that these labels change as the market indicators change. To be a seller’s market, Davie realtors look at several indicator, including:
Right now, all three of the indicators above signal a seller’s market. The number of homes on the market is slowly decreasing, sales prices are increasing slightly and homes aren’t staying on the market as long as they have been in the recent past.
Any time you plan to buy a home, it’s important to get pre-approved by a local lender before you start looking. That preapproval will help you in negotiations, but it will also tell you the maximum price you should pay for a new home. In a seller’s market, some people are tempted to continue increasing their offer price if there is competition for a house. That’s not a bad strategy as long as you don’t offer more than the home is actually worth. In addition, it’s a good strategy unless you overextend yourself by offering more than you can reasonably afford.
When you’re buying in a seller’s market, you need to be very clear about the things you can compromise on and those you can’t. If you absolutely want your children to be in a specific school district, don’t even bother looking in another one. If you’d like to have a swimming pool, but could live without it, considering a home without a pool is reasonable. Don’t be tempted to give up on your “must haves” just because you want to buy a home. You’ll undoubtedly regret it later.
Things can happen very fast in a seller’s market. The perfect home you see one day may be sold the next. Work with a real estate agent who will keep you informed as new homes hit the market and make yourself available for a showing, even on short notice.
If you’ve found the home of your dreams, a seller’s market isn’t the time to try to get a great deal. If you don’t want to pay list price, keep in mind that there will be others who will. Make an offer quickly and at market value.
You may find some advice online saying that you should eliminate all contingencies from the offer. It’s true that would be very attractive to the seller, but there are some areas where you just shouldn’t compromise.
You need to make the offer contingent on an inspection. It’s always possible that a home will have hidden problems you need to know about in order to make an informed decision. You typically need to make the offer contingent on obtaining financing. Even when you’re pre-approved, you won’t know that the loan will go through until it does.
There are problems that can arise while your loan is in underwritten. Some of those problems have nothing to do with you. But, if you’re caught in a position where you must purchase a home and can’t get the financing, you’ll have a much bigger problem than simply losing out on the purchase.
You can do other things to make your offer more attractive. Perhaps you can offer an earnest money deposit that is larger than the standard. You might be able to offer the seller a day or two after close before you take possession. Work with an experienced real estate agent to ensure you make the best offer possible without jeopardizing your interests.
When you’re buying in a seller’s market, it’s even more important to choose an experienced real estate agent who knows the local market, like those on the Teri Arbogast Team. We can help you whether you’re a first-time home buyer, looking for NSU housing or relocating to Broward County. Call us at 954-242-8030 or send an email for the professional help you need to make your next real estate transaction a rousing success!
We specialize in Broward County homes for sale in the Cooper City, Coral Springs, Pembroke Pines, Plantation, Southwest Ranches, Sunrise and Weston communities, along with the following Davie Florida locations:
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As a longtime Davie REALTOR® and resident, I enjoy helping people discover Davie, Florida and all that it has to offer. This post includes a few news items that will give you a feel for the community and information about Davie’s 4th of July Family Fun Day to help you make holiday plans early!
Bob Roth’s New River Groves has been a landmark in Davie for about 50 years. The fresh Florida fruit and food stand, located on Griffin Road, is a favorite of locals. A friend of Roth’s and an amateur gardener, Steven Wain, got the idea to use the space behind the food stand to get special needs kids involved in gardening.
Wain started the group called Horticultural Therapy a couple years ago with a small group of kids from the Broward Academy School for Special Needs. Today, he works with 25 students from four schools. The kids grow mangoes, papayas, green beans, tomatoes, sweet potatoes, mint and oregano. They sell their produce at fundraisers and take some home to their families.
The kids love coming to the garden and seeing the results of their efforts. Teachers are enthusiastic, too. They see the kids increasing their self-confidence, taking responsibility, and learning new things.
For the past three years, Carnival Cruise Lines has been building a 44,500 square foot rehearsal studio in Davie. The facility, called Carnival Studios, was completed, and last month more than 500 of Carnival’s performers gathered to rehearse new shows they’ll perform on Carnival’s fleet of 25 cruise ships.
The facility includes eight music studios, five dance studios and offices. It will act as the creative development hub for Carnival’s entertainment department. This home base will give them a place to work with top Broadway talent, and headliners from London’s West End and Las Vegas, to name just a few. They’ll be working on designing innovative new ways to provide shipboard entertainment.
And, I have to believe that the new studio will have a positive impact on Davie’s local economy, too!
If you haven’t visited Davie’s website lately, you’re in for a pleasant surprise. They gave the site a facelift and it looks great. You can sign up to be notified about solicitation notices if you want to do business with the city, or information concerning things like special events, sports and general announcements. You can also sign up for Alerts related to road closures and notices about hurricanes and tropical storms.
There’s a lot of information for Davie residents that you may find useful, such as information about city departments and services, and the Parks, Recreation and Cultural Arts Department.
Independence Day is right around the corner. The town of Davie holds a Family Fun Day on July 4th at Pine Island Park. There will be special events at the Pine Island Pool throughout the day. Other activities include rides, craft displays, a petting zoo, face painters, live music and much more! The fireworks display will begin around 9 p.m.
You can also support the Town of Davie clothing, Shoes and Textile Recycling Program by bringing plastic bags to the event and drop them in the recycling truck. The Program is helping the Town with its commitment to being environmentally friendly, and it helps fund local nonprofits.
If you’re thinking of buying or selling homes in Davie Florida and the surrounding areas, the Teri Arbogast Team is always there to assist. We’re local experts who can help you whether you’re a first-time home buyer or looking for a luxury home in Davie. Call us at 954-242-8030 or send an email for the professional help you need to make your next real estate transaction a rousing success!
We specialize in the following Davie Florida Communities:
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