Did the frequency and intensity of bidding wars over the past two years make you put your home search in Port St Lucie on hold?
If so, you should know two things that might help you:
1. the hyper-competitive market has cooled this year as buyer demand has moderated and
2. housing supply has grown.
Brenda and I are watching the data ourselves here in Port St Lucie.
We see the numbers.
When I wrote this, supply is up 133% in the county.
And it is taking longer to get an offer.
This means you may see less competition from other buyers.
With less competition comes more opportunities for you to get your offer accepted.
Here are two comeback trends in offers that strengthen your buying power now.
1. The Return of Contingencies
A recent article from realtor.com points out more sellers are accepting contingencies:
92% of home sellers are accepting some buyer-friendly terms (frequently related to home inspections, financing, or appraisals), . . .”
Brenda and I have seen this in our own transaction in the last few months here on Florida’s Treasure Coast
2. Sellers Are More Willing To Help with Closing Costs
Before March 2020, it was a common negotiation tactic for sellers to cover some of the buyer’s closing costs to sweeten the deal.
This didn’t happen as much during the peak buyer frenzy over the past two years.
Today, data suggests this is making a comeback.
A realtor.com survey shows 32% of sellers paid some or all of their buyer’s closing costs.
This may be a negotiation tool you’ll see as you go to purchase a home here in Port St Lucie.
There are limits on closing cost credits that are set by your lender and they can vary by state and loan type. We’ll help you discuss with your lender what you can ask for.
Brenda and I have seen this kind of closing cost help in several of our last transactions as well.
Bottom Line:
Reach out to us and start a conversation about how we can walk you through the offer process when it comes time to buy your home in Port St Lucie.
