Are you planning to purchase real estate anytime soon? If so, be prepared for high-paced action for the duration of your search. With the U.S. recovering from the 2008 recession, more and more people are willing to get into owning property once again instead of renting. This means that you’ll face stiff competition for real estate in prime locations.
In competitive real estate markets, speed is the name of the game. To be able to land the property you want, here are a few tips to remember when looking for Cape Coral lots for sale:
Just Go and Look
Simply put, the best time to search the real estate market is when you know you’ll be staying put for a long time and have saved up enough money to purchase a home or lot. Trying to “time the market” can be a decision that backfires on you and cause you to lose property that you really want.
In most cases, people require financing to purchase real estate. If this is true for you, be sure to visit your lender and get pre-approved before looking at lots. Being pre-approved for a loan shows sellers that your finances are in order and that you are ready to buy as soon as an agreement has been reached.
This is especially important if you plan to construct a home in the near future. Your lender will want to factor this alongside your pre-approval.
Pay in Cash
There are numerous reasons why a seller decides to sell his or her property. Usually, however, money plays a huge factor. This is why sellers prefer cash payments as they get their hands on money faster. It seems as if people have caught on as a report from The News-Press indicates that Florida leads the nation in cash sales, with Cape Coral-Fort Myers leading the way:
Cape Coral-Fort Myers had the highest share of cash sales in the nation at 61.2 percent in June, according to a report released Tuesday by Irvine, Calif.-based financial data company CoreLogic.
Nationally, cash sales made up 33 percent of home sales in June, the lowest share since September 2008, according to the report.
Florida had the largest share of any state at 50.9 percent, followed by Alabama (48.1 percent), New York (44.6 percent), Kentucky (40.1 percent) and Nevada (40 percent).
Lastly, try to work with a brokerage, like Cape Coral Lots, that has experience in dealing with lots for sale in Cape Coral. A trusted broker can effectively save you time by suggesting lots that match your wants and needs, keeping you one step ahead of other buyers.
(Source: Cape Coral-Fort Myers leads nation in cash home sales; The News-Press; September 9, 2014)