Homebuyers in many
areas of Lake County, FL are finding themselves in a seller's market right now. More often than
not, buyers are reporting bidding wars. Mount Dora, Tavares, Leesburg, Eustis and surrounding cities are seeing a surge in multiple buyers vying for fewer available homes.
How can you improve your odds of winning?
It may take more than just offering a little more than the asking price. Here
are some ways to enhance your chances:
Get a strong pre-approval letter. This is considered a must-have because it proves you
can close the deal. Ideally, a comprehensive review of all your
financial documentation and credit is performed before you make an
Be prepared to act quickly. Bidding early can sometimes be just as important as
offering the right price. Settle on the type of home and the location
you want so you'll be ready when a property is available.
Understand home price vs payment. You could lose the house you really want if you won't
budge over a certain price. But price is only one factor in your
payment. Thousands of extra in price may make only a small difference in
your monthly payment.
Consider full price of ownership. If the home you're bidding on is newly built or
renovated, you may spend less in maintenance or utility costs. The
savings could offset a higher monthly payment.
Want to be sure
you’re as prepared as possible to win the bid on the house you love? Reach out, and we’ll be happy to review or
update your documents to assure you’re comfortable and know your true limits
for price and payments.