Sorry I haven’t had time to write any articles lately. I’ve been extremely busy with foreclosures representing both buyers and sellers. (Sellers being banks).
Investors and first time homebuyers are picking up all the deals it seems. Many agents that I’ve been speaking with in the Orlando area are telling me the same story, busy busy busy.
Last month, the Greater Orlando Association of Realtors President, Leslie Simmons, announced the bottom of the market. I would have to agree. Of course I refer to this area only, since real estate cycles are localized. The bottom of the market has come and gone in many parts of the country already. I do wonder about the rash of foreclosures that the government has stalled, (Freddie Mac and Fannie Mae.) Since they put a moritorium halting foreclosures on these government backed loans, I’m wondering since this has recently been lifted, if we’ll see any significant changes in our market.
Recently I’ve represented a bunch of buyers in all price ranges who’ve ran into bidding wars with the homes they’re interested in. It’s common now to have 5-10 offers in on one property at the same time. Banks are pricing aggresively and it seems buyers want the best deals. Good idea but do you have the stamina? One buyer had to put in 5 offers with me before he got one accepted. One offer was $20,000 higher than list price and this poor buyer still didn’t get it!
Since there are so many investors out there now snatching up the best deals before prices increase again, there are more buyers out there then ever with cash. Buyers with cash often win out over financed offers because the banks realize that more deals are falling through because of tighter lending restrictions.
I’ve taken a few bank owned foreclosure listings recently and have seen it from both sides of the real estate fence, representing buyers and sellers on these foreclosures so I can tell you that cash does talk. Sometimes when we’re lucky, we’ll find a house that no one else is interested in, make a decent offer and get it accepted.
Not too worry if you did miss out on the exact timing of the “bottom of the market”. Typically, the market rebounds at a much slower pace on the way back up.