1. At the present time there is an abundance of homes for sale in Saint Johns County, Florida. Currently in Saint Johns County alone, according to the Saint Johns County Multi-list System, there are over 2000 homes for sale.
2. Compared to a few years ago multiple offers are few. Before 2006, multiple offers were common. In fact in many cases the seller actually sold the home for more than the asking price as a result. Today it is a buyers market and sellers are just hoping to get an offer at all.
3. Make me an offer! Those are the buzz words for today’s market. Sellers are just waiting to get an offer whether low ball or not. Surprisingly, sometimes those low-ball offers are accepted, in order for a seller to avoid foreclosure. In addition, banks will often accept less than is owed (known as a SHORT SALE) just to avoid going through foreclosure with a borrower.
4. Except for the fact that the federal tax credit is about to expire, there is no real rush to purchase a home. In a sellers market, when inventory is low and buyers are many one often has to compete for a particular property. However in a buyers market, when inventory is high and buyers are few, there is usually another property that will meet a buyers needs. Saint Johns County homes for sale are plentiful at the moment. Therefore, a buyer can take the time to find the right home.
5. Contingencies are okay. Home inspections, well and septic inspections, appraisals and even waiting for a buyer’s current home to sell are usually okay in this market. Sellers just want an offer.
6. New home builders are even negotiable in the Saint Johns County real estate market today. Buyers are getting prices on homes today equal to anywhere from 10-20 yrs ago. But building supplies have not gone down equally. Therefore, people are opting to buy existing homes. Consequently, builders are slashing their prices in order to stay in business.
7. Sellers are willing to make repairs to satisfy buyers, just to keep a deal together.
8. Location, location, location…the three most important things when buying real estate. Take your pick; inventory is plentiful. No need to be stuck in an area you don’t really like.
9. Financing is better than it has been for years in terms interest rates. FHA, first time homebuyers programs and fixed tem mortgages are still available with very little money down and very low interest rates.
10. Finally, although this blog is intended to help buyers relax in the process of buying a home, there is still time to get in on the repeat and first time homebuyers federal tax credit. But you must have a signed contract by April 30th and close on the home by June 30th.
Just an additional note, although there is no rush, this buyers market will not last forever. If you’re thinking about buying now is the time! My website is saintjohnscountyhomesforsale.com. On it you can access the Saint Johns County Multi-list System to search for your new home in Saint Johns County/Saint Augustine.
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