Buyers Have More Room to Negotiate This Fall

Halloween is all about tricks and treats. For home buyers in Central Florida this fall, the market itself is not much of a trick. There are plenty of homes to choose from, prices are mostly steady, and sellers outnumber buyers, so buyers have time to think. Here is what that means and how to use it.

What the numbers say right now

Here is how September looked across our area for homes, not counting condos:

• Orlando area: Homes sold for a median $415,000, compared with $420,000 a year earlier. There were 12,757 homes for sale at month end, or 4.5 months of supply at the current pace of sales.
• Tampa Bay: The median sold price was $377,990, compared with $375,000 a year earlier. There were 15,492 homes for sale, or 4.3 months of supply.
• Lakeland–Winter Haven: The median sold price was $308,990, down from $316,240 a year earlier. There were 5,546 homes for sale, or 5.2 months of supply.

Months of supply is a simple idea. It is how long it would take to sell every home on the market if no new ones were listed. A higher number usually means buyers have more choices and less pressure.

This trend is not just local. Nationwide, the number of homes for sale reached its highest level since November 2019. A record 41 of the 50 largest metro areas are now buyer's markets. In the Tampa area, there were about two sellers for every buyer in September.

What more choice means for you

When there are more sellers than buyers, sellers often have to work harder to get an offer. In the Tampa area, 27.5% of listings had a price cut in September. That does not mean every home is a bargain. Well-priced, well-kept homes still sell. But it does mean you can take your time, compare homes side by side and ask for more in your offer.

Mortgage rates also eased in mid-October. Rates change every day, so it helps to talk with a lender about your own numbers rather than going by headlines.

Smart things to ask for

Every seller is different, but in a market like this one, these requests are often on the table:

• Help with closing costs. A seller credit can lower the cash you need on closing day.
• Repairs after the inspection. If the inspector finds a problem, you can ask the seller to fix it or lower the price.
• A closing date that works for you. More time can help if you need to sell a home or end a lease.
• Appliances or extras. A washer, dryer, window treatments or even a golf cart can be part of the deal.
• A lower price. If a home has been on the market for a while, there may be room to talk.

How to ask without losing the house

Having room to negotiate does not mean every offer should be low. A strong offer still matters, especially on a home that just came on the market or one that is priced right. A few habits help:

1. Get pre-approved before you shop, so sellers know you are ready.
2. Look at how long the home has been listed and whether the price has changed.
3. Pick the one or two things that matter most to you, and ask for those first.
4. Keep your inspection period. It protects you if something big turns up.
5. Get an insurance quote early, so your monthly cost holds no surprises.

Your October to-do list

Fall is a pleasant time to shop in Central Florida. The heat starts to ease, and many sellers would like to close before the holidays. Before the porch lights come on for trick-or-treaters, try these steps:

• Check your credit and gather pay stubs, tax returns and bank statements.
• Talk with a lender about a monthly payment you are comfortable with.
• Make a short list of must-haves and nice-to-haves.
• Drive through a few areas on a weekend evening to get a feel for them.
• Ask your agent for homes that have had a price change or have been listed a while.

If you are renting now and wondering whether it is time to buy, this is a good season to run the numbers. Your agent can help you compare homes, ask for the right things and make an offer that fits your budget. No tricks, just a clear plan.