PALM BEACH GARDENS, Fla. – It’s no secret that finding a home in a booming real estate market has presented many challenges.
Homebuyers are not only faced with limited inventory, they are also faced with competitive offers and rising interest rates. But one family was not discouraged.
In fact, they found a new strategy for finding a home, opening the door to possibilities.
Ryan Rochford has been looking for a home in Jupiter for his family of four. It was a difficult search.
“We learned to be a little cold about it and not get too attached to anything,” Rochford said. “Buyers don’t have the same leverage, and for that I guess they would have to let go of their traditional habits.”
His family moved to the region from Canada four years ago.
They recently decided to purchase a home in the midst of a rapidly changing market.
“It’s no surprise, like everyone else,” Rochford said. “It’s quite shocking how much the prices have gone up.”
He remained open to several options.
“There are many different recipes that can work for us, and a condo is one of them,” Rochford said.
He tweaked his strategy along the way.
“We had to give up funding,” Rochford said. “We have learned that people are giving up on inspections.”
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Andrew Levy, Realtor at Echo Fine Properties, guided Rochford through the home buying process.
“It’s a rock-and-roll seller’s market. The sellers have extreme power, extreme leverage to really call all the shots,” Levy told WPTV.
Levy thinks buyers are most successful when they forgo the possibility of financing.
“If it’s undervalued, the buyer has to make a decision,” Levy said. “They either have to increase their down payment or increase their sale price, and the buyer has to decrease their sale price.”
Rochford eventually waived the possibility of financing a home in Palm Beach Gardens. This strategy worked.
“It was under contract for someone else, didn’t work out, came back because we were the most competitive,” Rochford said. “We were the strongest non-cash offer.”
His advice to homebuyers is to be flexible and remain patient throughout the process.
“Every time we weren’t successful on a property, we started tweaking the strategy until it worked, and we did,” Levy said.
The Rochford family said they had more success expanding their search and looking outside of their current school zone.
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