Yes, we all know the market in Cape Coral has tanked and this SW Florida city is the number 2 foreclosure capital of the country. Sales have been strong since June with September being exceptional. Most of these sales were foreclosures or short sales. The banks have finally gotten serious about getting these homes sold. The listed price is now the price the bank is certain to sell the home within 30 days. This is great news for today’s buyer. Short sales are also selling. 153 of the 451 homes sold in September were short sales. That is a dramatic turnaround in the lenders’ attitude.
Is there room to negotiate? On homes $125K and under, I would say no. There is little wiggle room here. Most are selling close to 100% of asking price, often over asking price. The competitive price invites multi offers and the banks know what the home is worth. If you plan to low ball, you will miss out on a great buying opportunity.
For example; a home was on the market for $12,350 (a fire sale- literally) it sold 6 days later for $27,000.
However homes on the higher have more wiggle room. Homes listed for $300,000 and above have more room for negotiation as there is less competition.
For example; a home was on the market for $1,850,000. It sold in 116 days for $1,412,500. That’s a steal!
Are lenders writing loans? Absolutely! The buyer has to have a good credit and a decent down payment. Your debt to income ratio has to work out.
If you’re thinking about getting into the market, now is definitely the time to buy. Take advantage of today’s market now.
To receive online listing visit: www.cape-coral-foreclosure.com
Barbara Klare
Gulf Coast Realty
239 292 1358
bklare@comcast.com