How The Tides Have Changed In The 180 Market !
The housing market is significantly different
than it was a year ago. No longer can a seller
drop a sign in the yard and have multiple, above asking-
price offers before they get back to their
door. The number of homes on the market in
central Florida has gone from around 3,200 last
summer to about 19,000 today.
It seems that buyers have realized this, but many sellers are
ignoring the change and are trying to pretend
they are still in the other market. (Good news
for sellers that have a good agent advising them
because they will have an edge over the
competition.) The big winner though? Buyers.
Buyers have infinitely more negotiating power
than they did 12 months ago and are seeing
sellers willing to come down as much as 5-10%
on their asking prices whereas last August the
number may have been 1%... or even higher than
asking price! Because of this phenomenon, we
are actually seeing a reduction in the values of
homes as well.
With appreciation having been
rampant over the last two to three years, sellers
are still in a pretty good position, but buyers are
finally getting a break. If you are buying, you
needn't worry about the long time prospects of
your new investment, however. The pulse of
Florida real estate over the next twenty years is
quite strong. Why? The baby boomers just
turned 60, and most of them are not moving to
Wisconsin when they retire. (No offense
Wisconsin.) We are just experiencing a minor
correction in the market. For example, take the
home that I now have for sale. I would have
been better off if I had sold it in late 2005, but I
didnt.
Where the market is now, is kind of like someone
playing with a yo-yo while walking up a flight of
stairs. The trend is upward, but the correction
has given buyers a chance to get a deal... for now.
Looking deeper at my home, I have it for sale for
almost $10,000 less than it has been appraised for.
Why? Competition and good Realtor advice.
(Emphasis on good.) Trina Willhoit (407-808-
4586) also has a home for sale on my same street
in Lake Mary. She is representing her seller quite
well by creating an environment where the buyer
gets a fair deal while diligently representing her
seller... a rare broker indeed! (I hate to turn this
into a sales pitch for my house, but my loyal
readers would be disappointed if I didn't at least
mention it. If you want more info on my house,
contact this months Tried-N-True agent.) I
digress. Forgive me?
For more insight on
current loan programs
and which may be right
for you,
by: shaikh munaf
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