Fort Lauderdale Real Estate Homebuying Tip
July 10, 2008
If you are looking to buy a home or condo in the Fort Lauderdale real estate market here is another tip you need to keep in mind when negotiating.
There is a bit of key data you are going to want to find out about the Fort Lauderdale home or condo that you are interested in buying. this information provides you with additional leverage in coming up with an offer price and substantiating it to the seller.
Often times you are going to need a Fort Lauderdale real estate buyer’s agent representing you to obtain this information. Why? The agent whose name is on the sign or in the ad does not work for you and he or she are more than likely responsible for protecting the best interests of their client, the seller.
This information you are about to learn is data they don’t want you to know. It shoots their pricing strategy full of holes. What is this information that affects the legitimacy of the seller’s pricing? Days On Market. (DOM)
The DOM is tracked on every property marketed for sale in the Fort Lauderdale real estate market. It shows how long a property has sat unsold. Make sure when you ask your buyer’s agent for this information that you get the DOM for the current listing and the preceding listings if the listings are consecutive. Why? Well in a slow market as we are thought to be in right now (the prudent buyer knows otherwise), sellers often have listings expire.
In fact it has been said that nearly 7 out of 10 listings terminate unsuccessfully. So let’s say a seller began the process of selling their home on December 1, 2007. He listed the home with an agent and the agent put it on the market for 90 days. On April 1, 2008 the seller, frustrated, cancels the listing with the agent and tries to sell the property with a new agent.
The new agent puts the home on the market on April 1, 2008 and in your course of driving around you find the house on July 1, 2008. You’ve read this article so you ask about the DOM and your told it’s only been for sale for 90 days, the period between April and July. However, that’s not true. The property has actually been for sale since December. So it has actually been on the market for twice as long as it has been represented.
Think that might make a difference in what you want to offer? Think it might make a difference in the motivation level of the seller? You now armed with this information can ignore the listing price and offer with confidence, that which you are willing to pay as a ready, willing and able buyer. Such is the power of being in control in a Buyer’s market.
The truth of the matter is that homes take longer to sell in the Fort Lauderdale real estate market and throughout South Florida, than anywhere else in the entire USA.
This information is garnered from the most recent reports on housing sales activity from the data firms of Real IQ and Altos Research.
Their research determined that homes here in the Fort Lauderdale real estate market take an average of 154 days to sell. Did you hear that? The average DOM…just the average…is over 5 months! This is very important information to have at your disposal.
Make sure when you are house hunting that you find out what the Days On Market has been for the property you are interested in buying.
If you have trouble ascertaining this information or if you are being met with resistance, give me a call or drop me an email and I would be more than willing to get that information for you.
Buying a home in the current Fort Lauderdale real estate market can be a very good financial opportunity, if you know what you are doing, are armed with the right tools and information, and having someone with experience and competence guiding you.
Here some other posts you may find interesting...
Fort Lauderdale Real Estate
Fort Lauderdale Homes And Condos For Sale
If you are interested in learning more about buying a home or condo in Fort Lauderdale or anywhere in South Florida; or if you need any information about the Fort Lauderdale real estate market, please feel free to contact me and it would be my pleasure to assist you.You can contact me at the number shown below or please feel free to contact me by the form below and I, or one of my assistants, will be sure to get right back to you within a few hours, if not sooner.
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Robin Sing-Cunningham
robins@robinashley.com
Access USA Realty
Local Fort Lauderdale | South Florida : 954-709-7461
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Barry Johnson: bjohnson@robinashley.com
