10 Top Reasons Why It’s a Great Time to Buy Real Estate
A recent article just came out about how “now is the time to buy real estate”. Given the fact that we have over 16,000 homes on the market in Orange County alone is overwhelming, to say the least. Word by the some of the media is, don’t buy now, prices are still going down. Well, it’s all a matter of opinion… You and I both know that no one has a crystal ball. This is definitely a buyers market and there are some very good buys out there.
#1 Regardless of the price range a buyer desires, there are plenty of houses from which to choose. Lots of options on the market today.
#2 Yay! No bidding wars. In 2005 we had multiple offers on a single home. This feeding frenzy that we experienced back then was horrible. The good news; there is no competitive bidding in this buyer’s market.
#3 You can make an offer. A few short years ago when you made an offer, the only question was how high above the asking price could the buyer reach in hopes of being the best offer on the table. Today this is not the case. Most sellers are grateful to get a fair price for their home.
#4 Patience is tolerated. In the hot seller’s market that existed everything was a big rush, rush. Today a buyer can take their time. Look at several homes and think about their decision for a few hours. Offer to purchase a home that they are “really happy” with. Not buying one out of desperation for fear they will not find another.
#5 This one is really crazy. In the not so distant past, buyers had to play games just to get into a new home. I remember several times I went to the model center at 5am in the morning for my out of state or out of country buyers and stood in line just to make sure my buyers had a chance at the lottery to build a new home. At one model center, there were homebuyer’s who slept on lounge chairs in front of the sales center doors at the model to ensure they were first in line. It was a crazy time and now builders have thousands of specs ready for anywhere from immediate to a few months down the road occupancy. Oh, did I mention how negotiable they will be on those specs!
#6 In this market even, due diligence is welcomed. A buyer is encouraged to obtain a home & termite inspection (which by the way we have always encouraged our buyer’s to order inspections. Back in 2005, many buyers waived these contingencies in order to gain an advantage with multiple offers.
#7 After a home inspection has been completed, the buyer submits a repair request to the seller. In the past a seller might insist the home be sold as is. And, in some cases you will find that today, but there are few back up buyers waiting.
#8 It was estimated that one third of all the sales in 2005 were to investors. Mortgage fraud became commonplace. We still have investors, especially on the foreclosure side, but the mortgage fraud has decreased dramatically.
#9 Location, location, location. How many times have you heard this. Well, it’s very true! Today many buyer’s can find homes closer to work and in areas that they are attracted to. In 2005, favorite communities were almost impossible to get into.
#10 Last, but certainly not least! Real financing is available… The “wink - wink” zero down, no doc, adjustable, sub-prime loans are gone. Fixed rates are back and FHA financing, first time homeowner bond programs, special loans for teachers, and police officers are back in business. Hip-hip-hooray! It’s a great time to buy real estate!!!
Source: Broker Agent News
Tampa Real Estate
Orlando Homes for Sale
#1 Regardless of the price range a buyer desires, there are plenty of houses from which to choose. Lots of options on the market today.
#2 Yay! No bidding wars. In 2005 we had multiple offers on a single home. This feeding frenzy that we experienced back then was horrible. The good news; there is no competitive bidding in this buyer’s market.
#3 You can make an offer. A few short years ago when you made an offer, the only question was how high above the asking price could the buyer reach in hopes of being the best offer on the table. Today this is not the case. Most sellers are grateful to get a fair price for their home.
#4 Patience is tolerated. In the hot seller’s market that existed everything was a big rush, rush. Today a buyer can take their time. Look at several homes and think about their decision for a few hours. Offer to purchase a home that they are “really happy” with. Not buying one out of desperation for fear they will not find another.
#5 This one is really crazy. In the not so distant past, buyers had to play games just to get into a new home. I remember several times I went to the model center at 5am in the morning for my out of state or out of country buyers and stood in line just to make sure my buyers had a chance at the lottery to build a new home. At one model center, there were homebuyer’s who slept on lounge chairs in front of the sales center doors at the model to ensure they were first in line. It was a crazy time and now builders have thousands of specs ready for anywhere from immediate to a few months down the road occupancy. Oh, did I mention how negotiable they will be on those specs!
#6 In this market even, due diligence is welcomed. A buyer is encouraged to obtain a home & termite inspection (which by the way we have always encouraged our buyer’s to order inspections. Back in 2005, many buyers waived these contingencies in order to gain an advantage with multiple offers.
#7 After a home inspection has been completed, the buyer submits a repair request to the seller. In the past a seller might insist the home be sold as is. And, in some cases you will find that today, but there are few back up buyers waiting.
#8 It was estimated that one third of all the sales in 2005 were to investors. Mortgage fraud became commonplace. We still have investors, especially on the foreclosure side, but the mortgage fraud has decreased dramatically.
#9 Location, location, location. How many times have you heard this. Well, it’s very true! Today many buyer’s can find homes closer to work and in areas that they are attracted to. In 2005, favorite communities were almost impossible to get into.
#10 Last, but certainly not least! Real financing is available… The “wink - wink” zero down, no doc, adjustable, sub-prime loans are gone. Fixed rates are back and FHA financing, first time homeowner bond programs, special loans for teachers, and police officers are back in business. Hip-hip-hooray! It’s a great time to buy real estate!!!
Source: Broker Agent News
Tampa Real Estate
Orlando Homes for Sale
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