There are some basic statistics that buyers need to know in any current real estate market:
The average days on market (DOM), the comparable sales numbers and the average list to sales price ratios. Internet sites like Trulia, Zillow, Realtor.com are good places for research but not so good for finding available properties and making final purchase choices and decisions.
Here in South Florida, we are definitely in a Seller’s market. A “Seller’s market” is simply a time when demand is stronger than the current inventory. Great properties priced right are gone before you know it so this definitely presents some unique challenges for serious buyers. In turn, those challenges (e.g., multiple offers, super short DOM, way over-asking sales prices) can be met by several good strategies depending on the situation. This is where our expertise and experience come in to play for you. Data points will give you the power to manage your expectations and our strategies will help exceed them.
Unsuccessful offers are the norm in this market and there are a lot of discouraged buyers out there. If you do not know what to expect, you may want to just stop the process entirely. However, with interest rates at historic lows, this is not the time to give up. You are not alone.