Disclaimer: This Inside South Florida segment is sponsored by Coldwell Banker. All opinions and views are of the advertiser and does not reflect the same of WSFL-TV.
The housing market this fall is anything but typical, according to Mary Lee Blaylock, president of Coldwell Banker Affiliates.
"It's not quite as quiet as a normal fall market," Blaylock said. "Don't fall prey to listening to the typical headlines. Look to your local real estate agent to understand what's happening in your local market."
Blaylock said some markets have seen prices increase slightly from August, while others have decreased slightly, making local knowledge more important than ever.
"It really warrants paying attention to the hyper-local information and getting educated and associating yourself with an agent that can help you," Blaylock said.
Life events drive the market
Beyond mortgage rates, Blaylock said personal life events are the primary driver of buying and selling decisions.
"Life events happen. They don't follow a calendar, and they don't follow mortgage rates. They just happen," Blaylock said. "And so those life events cause consistent movement in the market at all different times of the year."
Tips for buyers
For those looking to buy, Blaylock said preparation and education are key.
"Please educate yourself on what is happening in your local market," Blaylock said. "Where are you looking to buy? What's happening in that market from a price perspective?"
Blaylock also recommended working with both an agent and a loan officer to get pre-approved before beginning a home search.
"Get yourself pre-approved to understand what monthly payment you can afford, then back into the priced home that is associated with that monthly mortgage payment," Blaylock said.
"That way, you'll be able to sustain it and enjoy a lifestyle within that home that is warranted, including, you know, eating in the home and enjoying furniture and things like that. You don't want to overbuy."
Tips for sellers
For sellers, Blaylock said the biggest mistake is waiting too long to prepare.
"Prepare sooner than you think," Blaylock said. "If you're a seller looking to put your home on the market this spring, you should be starting to talk with your agent now."
Blaylock said getting contractors lined up early is also important, noting that people often underestimate how long it takes to get a home market-ready.
"We're all human beings that underestimate the time it takes to do projects," Blaylock said. "So doing it now will prepare you to get your home on the market effectively and efficiently in the spring."
More information is available at coldwellbanker.com.
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