How Buyers Can Be Better Prepared During The Current 30A Sellers’ Market
by Jamie Conley
on Monday, October 19th, 2020 at 4:08pm.
As long-time market specialists along 30A and South Walton, we have many years of direct, first-hand experience and knowledge with navigating both the highs and lows of market trends. We have been there, right beside our clients to assist and guide them along every step of the way; helping ensure they were able to reach their real estate goals. That’s what we do every day with each and every client we work with!
All the current activity that we are experiencing here at the beach right now definitely are in favor of a strong seller’s market. How long with that last? No one really knows the answer with certainty. The answer will not be clear or obvious about the market change until we “look in the rear-view mirror” and the change has already taken place.
As we were reviewing the market stats and weekly activity today, one statistic we found for Single Family activity, speaks volumes for the current Seller’s Market. While there are 307 homes available for purchase along 30A today; MLS showed that 421 homes are under contract (aka: “pending”) right now. You may say be saying; “What do market statistics about homes that I can’t purchase, have to do with me, as a buyer?” Stick with us here because the more significant statistic is up next. Are you ready? Of those 421 pending homes . . .. a whopping 65% went under contract after being on the market 30 days OR LESS! 65%! That means homes are moving very quickly right now and it’s not uncommon for sellers to be receiving multiple offers.
So, here is what it means to you and the 30A home buying process in a Seller’s Market. Because we are experiencing a Sellers' Market it's more important than ever to be well prepared and ready to put your "best foot forward" when it's time to make an offer. Once you have made the goal and a priority to purchase a home at the beach, your journey is just beginning. Before you fall in love with a home that may not be available once you’re ready; spend some time to do your homework, get your goals and finances all ready. So, when you do locate a property you love----you’re ready to go and increase your odds that you won’t miss out!
Decide what type of home you are buying and how it aligns with your long-term financial goals. If you are purchasing a second home or vacation rental investment property each type of property has its own set of pros and cons for ownership. Additionally using 1031 Tax Exchanges for a purchase has its own set of requirements and timelines.
We can provide local info and resources including cost to own for planning purposes. We are here to help you navigate questions and strategies to consider.
Will you be financing your new beach home?
If you are financing your new home at the beach we suggest checking several local bank or mortgage lenders to work with. They can assist with preparing a “Prequalification” statement for you. Because they are most familiar with our local market, they know how to navigate the loan process efficiently and smoothly from a local experience. They also work with many qualified appraisers with in-depth knowledge of 30A and South Walton values versus and an out of area professional who may not be familiar with our market. While you may have a trusted financial source that you work with out of the area, they are unlikely to know our market like someone locally. Using an out of area or out of state financial source can sometimes create unexpected delays and unnecessarily prolong buying/closing process.
Become familiar with all the local areas and neighborhoods along 30A so you know where to focus your real estate search.
There are 18+ miles along 30A and many hyper-local neighborhoods and beach communities along the way. Areas located along the Bay and north of Hwy 98 are well suited and popular locations for primary full-time residential or second homes areas. So, depending on whether you will be looking at a primary, full-time residence, a vacation home or second home may make a difference on where you may want to search for homes. Our team can provide help with market reports, availability of local amenities and all the local info to assist in your search. Reach out to let us know how we can help.
Once you have done all your “30A Home”-work, have your finances in line, are pre-qualified and know where to focus your search you will be better prepared and one more step toward realizing your dream of owning a 30A home.
We would love to hear what questions or curiosities you have about our 30A Real Estate Market today. No question is too small or trivial so go ahead and reach out! We are here for you!