It is a Buyers Market. In Osceola County, in particular St. Cloud market activity has appears to picking up. When doing a search on single family homes for sale, the news was encouraging. Twenty homes were available under $150,000 that number swells to 131 under the $200,000 price range. While most of these are smaller, homes, they are great starter homes. The historic district named like a Monopoly Board. In a one week period and 105 went under contract or were sold. Compared to the 925 single family homes available.
The return of the first time home buyer seems to be in direct response to the lower asking prices. Over the weekend, I had the pleasure of showing several lovely homes to a couple, seeking their first home. Most were in very nice shape, only a few were in need of work. After viewing seven properties, they found the one that met all of their needs as well as their future needs and had been recently reduced to an appealing price. As a result of that reduction they made a full price offer.
The couple had prior to the showings, gone to a local lender, gotten their financials in order, and had a pre-approval letter in hand. When they found the house they wanted, they promptly wrote a full price offer, and left a deposit. For buyers serious about finding a home, having the lender pre-approve you, will streamline the process, and show sellers you are ready, willing and most importantly able to purchase their home. Don't go see homes empty handed.
We had little difficulty obtaining homes to show at their price limit or below, and the selection was good. This was an encouraging sign.
Sellers are rapidly reducing asking prices after months of a stagnate market, these reductions will open opportunities for the buyers who are out there. Buyers are showing a willingness to look at older homes, which have been well maintained or recently refurbished.
A sign the times maybe changing in favor of the buyers. It creates a win/win scenario. Buyers can afford the homes, and seller can sell the homes.
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