HOW LONG SHOULD IT TAKE TO FIND THE RIGHT HOME?
September 8, 2016 | Richard Sites
Looking at homes for sale in Jupiter? During the summer real estate activity really takes off as families scramble around to find and move into the right house in time for school. So, how much time should you allow when searching for a home? Here are some thoughts that should help you make the right decision.
Usually there are around 700 – 800 homes on the market in Jupiter and Tequesta. Right now, there are 839 listings in Jupiter/Tequesta. They sell at about the same rate that they come on the market, that is about 175 -200 per month.
But, the market is red hot again and nearly 10% of the homes sold within 3 days of hitting the market.
Most agents will invest unlimited time in a potential buyer waiting for that right moment when the buyer wants to make an offer. This home search could go on for days, weeks or months waiting for the buyer’s emotions to “feel” right about a house. In this kind of a market you don’t have days, weeks or months. Sometimes you have only hours.
I listed a house in Tequesta which was under contract by noon the first day it hit the market with a backup offer in place too. And a Loxahatchee River home priced near $8 million went under contract in just 4 days.
So what’s the best strategy to allow the proper amount of time to find and purchase a home?
You should do all the proper preparation before even looking at the first home. How do you prepare?
- Get your financing in order. This means choosing a lender and getting a pre-approval, or better yet a pre-qualification, letter in hand. This lender should be local, not someone you found on the Internet. BTW-Some of the best known internet lenders will not provide a written mortgage commitment, a condition which you want to investigate thoroughly before you get into trouble during the transaction.
- Find the right agent and they will find the right house. Buyers seem to think that the order of things should be find the right house on the Internet, then use whatever agent they might happen to contact about the listing. This is backwards. You should spend your search time looking for the right agent and talking to several before choosing one. All you accomplish by hopping from one website to the next is you guarantee your inbox will be flooded with listings and the situation could get confusing. Then sign a Buyer Brokerage Agreement with that agent so they know you are making a commitment to work with them.
- Do all your homework beforehand. Use all the tools available on the web: Google Earth, PAPA, Palm Beach County Schools website, read blogs, check You Tube and really understand where you want to live. This needs to be a lot more specific than just “in Jupiter”.
Now, You Are Ready to Look at Houses
After spending time on the computer looking at houses virtually, your agent should be able to narrow the choices down to no more than 6 houses that meet your requirements. Ask the agent to arrange showings several days in advance and let him/her know that you plan to make an offer on one of them the day of the showings. Lender letter in hand, comfy clothes and shoes, iPad/iPhone and folder in Evernote with all your information, oh, and some cold water, you are ready to do your field work (really just verifying what you already know).
If you have done your homework as outlined above, and found the right agent, you should be able to buy a house in just one day. In this market, you may not have any more time than this.
If you would like to have a conversation about moving forward with your plans to purchase a Jupiter home, contact me at 561.762.4073.