The housing market is certainly experiencing an incredible challenge in North Central Florida.
The passing of the Economic Bailout Deal is not going to give us an instant band-aid. It will hardly ease the pain. There are currently over 2500 pre-foreclosure and Bank owned properties in the Ocala marketplace according to RealtyTrac, Inc which follows all the foreclosure and lis pendens (pre-foreclosure) transactions around the country. This is all represented in the failure of many banks and financial institutions along Wall Street. Many sellers are having to take the route of short selling their homes back to the bank as they are buried in debt, experiencing challenges with home owners insurance and increased property taxes and are unable to make mortgage payments.
How is this affecting the Ocala marketplace?
Buyers are very skeptical. They are slow in making decisions and concerned that the prices will continue to decrease. The media states loans are difficult to obtain, but we have not had any challenges with banks. If a buyer has good credit, a secure job and a twenty percent investment, they can get a loan. There are also some FHA programs allowing smaller down payments to qualified buyers
Sellers must price their homes competitively with like properties. Many home owners still believe they are excluded from what is happening in the money market along with the housing market. In order to offer a competitive sale, the property has to be below what has already sold and terms are essential. We are seeing owner financing reappear in the housing market and cash is always the best way to deal.
Daily evaluation and re-evaluation is essential for Realtors to keep up and inform the home owners and buyers of these current marketplace trends. Experience and knowledge are the key to being well represented in a ever changing market. If you are needing counseling or advice as to what to do whether buying or selling, it is imperative that you contact a very skilled and experienced professional to represent your interest.
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