In my local community, Poinciana, there are over 1,566 homes that are listed in the MLS. Not to mention the additional homes for sale by owners (FSBOs). Of those homes, there are quite a number that are listed as 'pre-foreclosure' And many are also listed as 'owner motivated'. Owner will contribute X$ amount towards closing cost etc. Yet, with all these great incentives, these homes continue to sit on the market for months on end. Why? One of the reasons is that many local buyers still cannot afford some of these homes. Another reason is as we all know, too much sellers, and not enough buyers. Also, many first time investors cannot afford to continue paying a second mortgage on these investment properties.
Despite the drastic cut in home prices, despite the great incentives, despite the new construction, many of these buyers are doing their homework first - smart buyers. They are not as eager as they were before. Yes, they are willing to buy, but some want to make sure they can afford the payments. They want to make sure that the area that they select is where they want to live. With that been said, things that are here today will might not be there tomorrow. So sometimes when one sees a good deal, they need to consider it seriously.
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