There is nothing worse than having to call a customer and say, "You know that house you were interested in? The one you were considering putting an offer on....? The one you loved....? Well it just went under agreement with someone else." {{GULP}}
In changing markets Realtors have to reveal, explain, and educate their clients. Not so easy. How do we say, "You better hurry on this one" when for the last several years it's been a buyers market?
Southwest Florida is seeing some changes. Let me explain:
Are prices still ridiculously low? Yes.
Are investors back? Yes, but it's the professional investors. Not amateurs.
Is there a lot of buyer competition? Yes.
Are some homes being sold for over asking price? Yes.
Are multiple offers a common occurrence? Yes.
Have prices stabilized and in some cases increased? Yes.
Are ‘Mom and Pop' sellers back in the picture? Yes.
Are there still deals to be had? Yes.
Foreclosures are slowing down though there are a lot of people who believe that there will be a large amount dropped on the market soon--I would tend to disagree. The banks are not going to ‘drop' a large amount of foreclosures in the market all at once because this would only devalue their assets (the property). Why would they do that? Plus, banks are starting to leverage modifications.
Working in the trenches everyday I see ‘trends' all the time....right now....it's the banks working the modifications ...I believe the foreclosures are slowing because ‘Stimulus' money has finally hit Main Street. Banks are actually contacting homeowners to work things out.
Short Sales are getting tougher too. With the improving economy banks are taking a second and harder look which means they are taking even longer to make a decision.
Even though the market is changing, it doesn't mean it is too late. It just means buyers need to be a bit more aggressive and know a deal when they see it. But most importantly be prepared to make a move quickly when you find the right home. There is nothing worse for a Realtor than having to make that call, "You know that house you were interested in? The one you were considering putting an offer on....? The one you loved....? Well it just went under agreement with someone else." {{GULP}}
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