OCALA, FL (352today.com) – If you’ve shopped for homes at any point over the last few years, you are undoubtedly aware that inventory is low in just about every Florida community – and that’s certainly the case in the 352. While low inventory has affected home prices and priced some buyers out of certain markets, the good news for buyers is the tide may be starting to change.

A December 2023 report from the National Association of Realtors (NAR) indicated home sales rose by nearly 1% in November, a month during which single-family home construction also rose by 18% compared to October. Each of those figures could prove a harbinger of good things to come for buyers in 2024.

|LATEST DATA: REAL ESTATE MARKET REPORT FOR THE OCALA AREA

But it can still pay dividends for buyers to prepare themselves to purchase in a low inventory real estate market. So, we asked the experts at Coldwell Real Estate Services for advice. Scott Coldwell is the owner/broker. He’s been in the real estate business for more than 20 years and gave us four tips that can help you today.

Prepare to offer more than asking price
Data from the NAR indicates nearly one-third of all homes (28%) purchased in October 2023 sold for above asking price.

“When buyers have fewer homes to choose from, the competition for homes on the market increases, and that typically means buyers will offer more than asking price for homes they truly want,” said Coldwell. “It might not be necessary to offer more than asking price on a given home, but it’s something buyers in a low inventory market must be ready to do.”

|RELATED: Ocala is the #1 city people are moving to in the U.S., according to latest report

Prepare to find additional money
Offering more than asking price can be tricky, particularly if a buyer’s offer exceeds the appraised value of the home.

“Most lenders will not approve a mortgage for more than the appraised value of a home,” said Coldwell.

Conventional wisdom may indicate it’s never a good idea to offer more for a home than its appraised value, but that scenario has played out with greater frequency in the current low inventory market.

“Buyers who feel they need to offer more than the appraised value to get a home will have to come up with the extra funds to make up the difference that their mortgage won’t cover,” added Coldwell.

Flexibility can be your friend
A low inventory market is a seller’s market.

Coldwell says buyers who can be flexible in regard to seller’s demands and requests might be getting the keys to a new home faster than those who are not as accommodating. Some sellers may request a quick closing, while others may need extra time in the home until they can move into their own new property.

Entering the process with the intention of being flexible can be an advantage for buyers in a low inventory market, he says.

Patience can prevail
It might seem as though there will never again be ample inventory on the real estate market. However, the increase in single-family home construction and forecasts predicting mortgage rates will drop suggest the real estate market could feature more inventory in the months to come.

Coldwell urges buyers to avoid going over-budget or making a hasty decision. He suggests remaining patient if you cannot find a home that works for you personally and financially.

While the 352 has been in a low inventory real estate market for several years now, Coldwell says savvy buyers can still navigate such a market and find a home you love.