WHICH NICHE IS VANISHING?  Is it the luxury market?  The commercial market? The first time home buyer?  Vacation home?  Any or all of the above?

In My Market of St. Cloud Florida, If you are a first time home buyer looking for a three bedroom two bath home priced 75,000 or less.... you may have missed your opportunity time.  Supplies of homes in this bracket are in great demand and short supply indicating that the market has taken a significant turn from a Buyer's Market to a Seller's Market.

WHY IS THIS IMPORTANT?

First time home buyers working under the assumption that it is still a Buyer's Market, are grossly under estimating their competition.  In this niche, there are an abundance of buyers looking to cash on the tax credit incentive, as well as investors looking to purchase rentals. The turn over rate is very high and the supply at the present time is very low in St. Cloud, Poinciana and Kissimmee

WHY BUYERS WAIT ....UNTIL IT IS TOO LATE                                               

There is a term in Real Estate called "Time of the Essence"- basically it means actions must be done within a specific time frame.  First time home buyers are often afraid to make a quick decision regarding the purchase of a home- as a result, they are learning here in St. Cloud, Florida that the home they wanted, was also seen by someone else who wanted it more and was ready to make that offer first.

More Importantly- The offers they are making are at FULL PRICE.

POSTERING YOURSELF TO WIN

There are a few things you can do that are simple and easy to win in this market.

1. BE PREPARED-

Have a Pre-Approval Letter from your lender in hand before you begin viewing property.

2. BE READY TO BUY-

Previewing property online is an excellent way to narrow down the homes you really want to see. 

Once you visit the home that is most appealing be prepared to write the offer then and there.

Too often, first time home buyers want to wait and think it over only to discover the home they wanted, went under contract that same day.  If you find a home YOU really like, chances are someone else has seen it too.

3. ASKING FOR CONCESSIONS IS LIKE HAVING YOUR HAND OUT

      IF YOU ARE LOOKING  FOR SELLER CONCESSIONS YOU ARE COMING TO THE TABLE WITH YOUR HAND OUT.

      CASH BUYERS IN THIS NICHE ARE MORE PLENTIFUL ESPECIALLY IF THEY ARE INVESTORS-

      THEREFORE IF YOU ARE FINANCING THE PURCHASE, ASKING FOR THINGS LIKE CLOSING COSTS MAKE YOUR OFFER LESS ATTRACTIVE TO THE SELLER.

      "As-Is" means no repairs. What you see is what you get.

HOME INSPECTIONS: Once your offer has been accepted-get one right away.

They are the best investment you will make in the purchase process.  As long as nothing severe comes up, like structural damage,  expect to have to make some repairs to homes in this price range.  

EXPECT TO PAY FULL PRICE OR ABOVE

If you love to haggle, you may be haggling yourself right out of the deal.  Recent Market stats in this niche indicate that sales price to listing price ratios are at 100%. 

This means sellers are getting the asking price or above consistently. 

A Sellers Market Means: There are more buyers than there are homes available.  In this niche of 75K or less multiple offers are not uncommon.  

My buyers are given a market stat report so they have the information they need to make an informed decision.

In St. Cloud, Floridaas well as parts of Kissimmee and Poinciana the Market Recovery has begun. Prices are steadily inching upwards in month over month sales.  There are still some excellent opportunities out there, but if you wait...it will be too late and the market will pass you by.

Allison Stewart, Licensed Real Estate Broker/Associate/REALTOR® 407-616-9904

Florida Pines Realty, LLC

REAL PEOPLE  , REAL DEALS ,   REAL ESTATE