Do you still think its a Buyer’s Market?
Do you still think its a buyers market
I met with a buyer yesterday for a home in Margate Florida. This home was a foreclosure listed for a Whopping $128,900. It had 3 bedrooms and 2 bathrooms. It also has a pool with a nice size yard to go with it, all new kitchen appliances, new carpet in all the bedrooms and freshly painted throughout the entire house.
When I walked through the house before they got there, I thought to myself, “wow this home is just perfect, there is nothing to do but move in!” Then I thought,I must have looked at the wrong price, this can’t be listed for only $128,900. I went back to get my paper to check it, and sure enough that’s the price it was listed for.
When the buyer came, she walked through the house and liked it very much. I then told her the price. She asked, how much lower can I put in an offer for. I explained what the house came with, explained that this was a foreclosure and I am sure that more than just ourselves were looking at this home. Putting in a low ball offer will decrease the chance of getting it accepted.
She said she wanted to think about it. I told her that’s fine, but the chances that this house is still available when you ar ready may not be. So I will wait to hear back from her today. Crossing my fingers that it will be there for her.
This market we are in now, is not the market we were in back in 2008. Homes are not staying on the market for 6 months, I tell you I am seeing homes that are on the market and scooped up in a matter of days.
What you should have with you….
As a buyer, if you are ready to purchase a home you must have your mind-set. When you are out with your agent have a few things on hand:
Have your list of homes ready
A notebook to write down what you like and don’t like about that house you are visiting.
A camera
An open mind..some homes have lots of clutter and you have to see past that.
Low ball offers are being rejected left and right. Sellers are sitting still till they get what they want for their home. But it doesn’t sit long trust me……
If you are interested in looking to buy in Broward County, contact me at 954-993-4104.
Do you see the market as a buyer’s market or a seller’s market? Leave comment and tell me what you think….
I actually saw the Margate home she is referring to. It was a beautiful home, but for us the bedroom were way too smal. When we were thinking about it our agent told us to bid at least $145,000. I didn’t have a problem with that because I had been out looking and I knew not to underprice the market value, but due to th size of the bedroom, we did not make an offer. Many of the homes I looked at were purchased by cash buyers so we didn’t even have a chance. I made 4 offers and finally the last one took! Yes, it is a home in Margate flipped by an investor, but trust me when I say he did minimal work. Both bathrooms need to be redone and he purchased the cheapest stianless steel appliances you can buy, but at least they are new. I had an inspection and the house also needs an air conditioning unit as the one there is 27 years old and not functioning. As a matter of fact, the day we viewed the home there was no air conditioning in the home because it was and is broken We found multiple things that needed to be fixed in the house after the inspection but we were told “we are not fixing anything, we have multiple offers.” This home was priced $190,000 and we gave them full price, because we already knew, if you don’t you give full price then you don’t even have a chance to buy the home.
So to answer the question, no I don’t think it’s a buyer’s market. Yes, you can finance at a great rate and get more home for your dollar but definitely not a buyer’s market.