Lake Mary Homes are for sale, but buyers, especially first time home buyers cannot buy them. Why? Because investors are back in the market. The chosen method of payment for Lake Mary investors is Cash and in this market cash is KING. Many first time home buyers find themselves scrambling to take advantage of the $8000 first time home buyer tax credit, only to be meet with little inventory and heavy competition on those homes, generally beat out by an investor willing to pay cash for the home. Lowering the risk for most bank owned properties.
First Time Home Buyers are frustrated and with the scrabble comes the necessity to make multiple bids on different properties before one sticks. One client of mine had to submit 8 offers before we finally got her the house she wanted and won the deal. Unfortunately I think this created frenzy in the market is a very bad thing. There are many foreclosed homes not in our inventory that were held back because of the moratoriums and to "Not Flood the market" as most experts put it. However what they did was again create a false sense of supply and demand. As we come upon the Holiday season the unspoken moratoriums will be in place lowering our inventory even more.
If you are looking to purchase one of those lake mary homes there are some rules to keep in mind.
- Dont submit low ball offers on homes that just come on the market, Go with your highest and best off the bat, you normally only get the one shot
- You will need to make you deal look as good to the bank as possible,
- Dont ask for closing costs and if you must up your asking price even if it means going over asking, but becareful a too high of an offer and the bank will worry if the home will even appraise an even bigger issue in our market.
- Keep your time for inspections very low and dont ask for home warranties or other extras
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