Buying a Wellington Florida Home? Check out your Competition

If you are looking to buy a home in Wellington Florida it is imperative to understand the current market conditions and learn about your possible competition. Right now Wellington Florida is experiencing a SELLER’S MARKET and with the lack of home inventory multiple offers on new listings is common place.

The 1st quarter Wellington real estate stats show 55% of home buyers paid cash, 33% obtained conventional financing while only 9% obtained FHA financing. Not only are cash buyers dominating the Wellington real estate market, but you will find them in EVERY price range and as you will see by the chart below the 1st quarter price range was from $50,000 up to $12,500,000.

What do you need to know if you are a cash buyer purchasing a home? First and foremost it is important to understand you are not the only cash buyer out there, for well over a year roughly 50% of home buyers have paid cash for their new Wellington home. Also, be aware if a home is priced right many cash buyers are willing to pay full list price or even more.

Since you might not be the only cash offer being presented to the seller it is important to focus on secondary terms as well; amount in escrow, inspection contingency period and close date. A few months ago one of my Wellington home sellers received multiple offers and it boiled down to the inspection period, the winning offer had a 3 day inspection period while the buyer offering a 5 day inspection period came in second.

What do you need to know if you are obtaining Conventional or FHA financing? Well if you are competing with a strong cash offer(s) it can be impossible to win in a multiple offer situation, but don’t give up. I have assisted several financed buyers obtain their dream home over the last year even in multiple offer situations. Regardless if you are paying cash or obtaining financing it is important you have an experienced Wellington REALTOR by your side who understands the current market conditions and who can guide you through the process from start to finish.

Besides hiring an experienced REALTOR it is also important to be pre-approved for a mortgage prior to looking at Wellington homes for sale and learn about the process; how long it will take to close, what your estimated closing costs will be and what information and documentation the lender will require from you.

If you are buying a Wellington Florida home and need assistance contact us today! We can be reached via e-mail @ Contact@WellingtonHomeTeam.com or call 561-333-0446.

For the latest market trends visit: Wellington Florida Real Estate Market Reports