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Market Shift: More Houses Get Multiple Offers

Julie Holt of Tarpon Springs, Fla.-based Anclote Title Services says 10 percent of the homes for sale are generating more than one bid.

Experts say markets hit hard by foreclosure are seeing more multiple offers, as residential price declines make homes more affordable and banks low-ball asking prices on distressed properties.

"If a house is in a good neighborhood, is maintained and is a good value, it'll get multiple offers," says Holt.

Although many markets are far from fully shaking off the downturn, the pick-up in multiple offers is a reason for optimism.

"When you begin to see people willing to fight for a property, that's a good sign," says Beth Peerce, treasurer of the CALIFORNIA ASSOCIATION OF REALTORS®. "We are beginning to see the beginning of the end of a disaster time."

Source: USA Today, Julie Schmit (5/6/09)

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Bargains Hard to Find In Attractive Areas

 

Potential buyers in areas that were hard hit by the housing downturn have read about bargains, but only find it disappointing when they go shopping.

"Every open house I've been to has been a zoo," says first-time home buyer Sam Rivero, who has looked at 35 properties during the last three months. "If you follow what the media say, you'd think sellers are desperate to sell a house, but when you get there it's totally the opposite."

When the real estate bubble burst, it didn’t affect the mid-priced market, said real estate information firm MDA DataQuick. Instead, it created opportunities in troubled neighborhoods and slowed sales in the market of homes priced above $1 million. But in areas where most of the homes sell for $400,000 to $800,000, there are few discounts to be found.

Even the foreclosure market has slowed, says University of Southern California Professor of Real Estate Tracey Seslen. Seslen said lenders with foreclosures are supporting market stabilization and releasing only a few homes at a time to avoid flooding the markets.

"The biggest problem," says Phyllis Harb, an associate with RE/Max Tri City in La Canada, Calif., "is that people are overreacting to housing statistics, thinking they can come in and make an offer 20 percent below price."

Source: Los Angeles Times, Chip Jacobs



 What Opportunity Looks Like




Can you spot the challenge with this OPPORTUNITY?


Yes,  there is a real challenge when trying to invest or purchase real estate during the "Prime Opportunity"  curve.  The challenge is that it is NOT prime.  The reason....  During the period between "Media Attention" and "Greed" it is a Sellers Market.  There is a Buyers frenzy to catch the market on the way up and Sellers are demanding and getting premium prices for their properties.  This curve holds true in virtually any market weather the Stock Market or the Real Estate market. 

Now lets look at the period of time between "Delusion" and Denial".  Here is where the shift from a Sellers Market to a Buyers market takes place.  Because the market has not been able to sustain the inflationary bubble,  inflated prices adjust .  A correction back to levels of support has been occurring.  But, where is Support....?  Support is always found where VALUE is.  In Real Estate,  a good indicator of VALUE is historical appreciation of Equity.   Sometimes referred to as "True Equity".


So, what we see during the "Prime Opportunity" portion of the curve is Sellers have realized that the market is now turning in their favor and the tendency is now to hold out to get that premium price.  This makes negotiation very difficult  if not impossible.  The best time to buy is not at "Prime Opportunity" but somewhere before.  Ideally, between "Fear" and Despair". 

Today,  depending on which housing market (waterfront, condos, Golf etc.) and what geographical area you are shopping,  you may be closer to "Fear"  then to "Prime Opportunity".  Just keep in mind that another Paradigm shift is now occurring. 

   "Ownership and Rental Costs  and the Prospect for Building Equity"
From the Center for Economic and Policy Research May 2008 

In May, the Center for Economic and Policy Research reported that a person buying a home in the Tampa Bay area today with a 6% mortgage would create EQUITY in the amount of $41, 847  in 4 years.  This equity includes projected cost to sell the home but does not include the TAX advantages of ownership.

The average cost to rent the same home was $1,150 per month or  $55,200 over the same 4 year period with NO EQUITY accumulated. 

 Today's Opportunities

   Waterfront Deals and Foreclosures


Foreclosures - Pre-Foreclosures - Short Sales - Bank Repo's - Owner Liquidation's
More Waterfront Home Foreclosures Here


How -To Buy Distressed Property

All good Buys, by their very nature go quickly.  Today, sellers of distressed properties require that you show that you have the ability to make good on your offer.  They require either a letter from your bank stating your account balance has sufficient funds or to be pre approved for a loan in the amount of your offer.  Once you make an offer the seller can just  ignore it if is to low or the seller can make a counter offer if it is close enough to their bottom line price to interest them.  Our Suggested Offer Price is designed to get the sellers attention.



We Don't Represent Property Owners or Sellers
To avoid Conflict Of Interest with our Buyers

The properties and information presented on our sites is provided to prospective buyers without charge or obligation.  We are licensed Florida Real Estate Agents and Mortgage Brokers providing a complete array of services for our buyers.  Because of the inherent Conflict of Interest in representing both Sellers and Buyers, we represent Buyers exclusively.  The properties on our web sites are the listings of Listings Agents that have contracted to represent the Seller.  By representing only Buyers, we can show all properties and negotiate the very best purchase possible... for you. We are happy to show you any property, but do not provide physical addressees for drive-bys for security reasons and to protect the owners privacy.  Prices shown are our Suggested Offer Price. When you request information on properties from our web sites, you agree to enter into an Exclusive Representation Agreement with us on that property and sign a showing agreement.   Requested information provided you is confidential and our work product. This agreement allows us to receive compensation paid by the seller if and when you decide to purchase the property.

Call WaterFrontInFlorida
1-866-200-5836 or 727-815-9114
Email  Aileen@WaterfrontInFlorida.com



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