With summer heading into its final weeks, officially, does that mean the peak of the real estate market is also fading away?
Real estate attorney Justin Clark and Orlando-area real estate agents Amanda Miller and Vivian Lehman discussed three main questions concerning the current real estate market.
1. Is the market cooling off?
In a word, no.
“We are not seeing evidence of pricing going down,” Miller said. “I believe it’s a supply and demand issue.”
Lehman added that there could be a 7% increase in prices next year.
It’s still very much a seller’s market, which has been frustrating for buyers who are competing with so many others when making offers on homes.
But there are still ways to make offers more attractive, such as including escalator clauses, among others.
“Don’t get discouraged,” Lehman said.
2. How do you choose the right real estate agent?
In choosing a real estate agent, there are several factors to consider, two of which are experience and knowledge of the market.
Miller said it’s also important to choose a real estate agent who’s working full-time in the industry, instead of doing it part-time.
“That’s what we live on day-to-day,” Miller said.
Lehman said making sure an agent will listen is another important factor when making a decision.
“Have that agent give you an idea what they can do for you,” she said.
3. Should you sell house to an ‘eye’ buyer?
An eye buyer is often known as a buyer -- especially companies hunting homes for people moving into a new area after a job transfer -- who agree to buy the house online without seeing it in person.
This can be dangerous for a seller, according to Clark, Lehman and Miller.
“As soon as the inspection comes around, they will nickel and dime you,” Lehman said.
Clark said eye buyers have one objective. “The eye buyer is coming to do one thing: They are coming in to take your equity so they can make money.”
To learn more, watch the video above.