There is nothing worse...{{GULP}}

By
Real Estate Agent with REMAX Realty Team-Cape Coral, FL

There is nothing worse than having to call a customer and say, "You know that house you were interested in?  The one you were considering putting an offer on....?  The one you loved....? Well it just went under agreement with someone else."  {{GULP}}

 In changing markets Realtors have to reveal, explain, and educate their clients.  Not so easy.  How do we say, "You better hurry on this one" when for the last several years it's been a buyers market? 

Southwest Florida is seeing some changes.  Let me explain: 

Are prices still ridiculously low?  Yes. 

Are investors back? Yes, but it's the professional investors.  Not amateurs.

Is there a lot of buyer competition?  Yes.

Are some homes being sold for over asking price? Yes.

Are multiple offers a common occurrence? Yes.

Have prices stabilized and in some cases increased?  Yes.

Are ‘Mom and Pop' sellers back in the picture?  Yes.

Are there still deals to be had?  Yes. 

Foreclosures are slowing down though there are a lot of people who believe that there will be a large amount dropped on the market soon--I would tend to disagree.   The banks are not going to ‘drop' a large amount of foreclosures in the market all at once because this would only devalue their assets (the property).  Why would they do that?  Plus, banks are starting to leverage modifications. 

Working in the trenches everyday I see ‘trends' all the time....right now....it's the banks working the modifications ...I believe the foreclosures are slowing because ‘Stimulus' money has finally hit Main Street.  Banks are actually contacting homeowners to work things out. 

Short Sales are getting tougher too.  With the improving economy banks are taking a second and harder look which means they are taking even longer to make a decision. 

Even though the market is changing, it doesn't mean it is too late.  It just means buyers need to be a bit more aggressive and know a deal when they see it.  But most importantly be prepared to make a move quickly when you find the right home.  There is nothing worse for a Realtor than having to make that call, "You know that house you were interested in?  The one you were considering putting an offer on....?  The one you loved....? Well it just went under agreement with someone else."  {{GULP}}

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Topic:
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Location:
Florida Lee County Cape Coral
Tags:
cape coral
florida
sw florida
fort myers
southwest florida
west florida
lee county
vacation home
short sale

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Ambassador
2,042,636
Silvia Dukes PA, Broker Associate, CRS, CIPS, SRES
Tropic Shores Realty - Ich spreche Deutsch! - Spring Hill, FL
Florida Waterfront and Country Club Living

Hi Debbie, I can concur with your statements for our area of West Central Florida.  If as a buyer, you really want a particular property, do not hesitate.

Oct 12, 2009 12:42 AM #1
Rainer
209,593
Dennis Duvernay Broker/Owner
Hillview Realty - Northbridge, MA

Well said....although I do have concerns about many more foreclosures....while in theory what you say about banks might be true I still find that many of them just don't care and will foreclose without batting an eye or negotiation....hope you are the one who is right....

Oct 12, 2009 12:44 AM #2
Ambassador
2,083,743
Fernando Herboso - Broker for Maxus Realty Group
Maxus Realty Group - Broker 301-246-0001 - Gaithersburg, MD
301-246-0001 Serving Maryland, DC and Northern VA

You snooze . . you lose. . I love the fact that our market coming back. . great news for all of us!

On my market, short sales are picking steam and they are getting approved faster by the banks.

Oct 12, 2009 12:45 AM #3
Rainer
146,222
Debbie Cullen
REMAX Realty Team-Cape Coral, FL - Cape Coral, FL
Your Cape Coral, FL Specialist

Fernando....interesting that your short sales are getting approved faster....hmmm....what would you say the average time is?

Oct 12, 2009 12:49 AM #4
Rainer
146,222
Debbie Cullen
REMAX Realty Team-Cape Coral, FL - Cape Coral, FL
Your Cape Coral, FL Specialist

Dennis...me too~

Oct 12, 2009 12:49 AM #5
Rainmaker
3,497,062
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo and Home Specialists

Debbie, True stuff, seems as though buyers don't want to believe the market may be coming back and they think they can "Steal" it and then lose out on the opportunities out there!

Oct 12, 2009 01:33 AM #6
Rainmaker
861,575
Gabrielle Kamahele Rhind
KGC Properties LLC, Tucson Property Management & Real Estate - Tucson, AZ
Broker/Owner

GOOD MORNING DEBBIE!  Always hard things to say - and hear! -- Gabrielle

Oct 12, 2009 01:34 AM #7
Rainer
44,014
Lisa Matykiewicz
United Brokers Group - Gilbert, AZ

I agree with all your comments as well.  I have a few first time home buyers that are really struggling to find a home before the November deadline for the tax credit because of the competitive price range they are in.

Oct 12, 2009 02:27 AM #8
Ambassador
3,930,938
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

Hi Debbie!  Excellent post and oh, so true!  Just as Larry and Sheila said, many want those 'steals' and they're few and far between.

Oct 12, 2009 02:35 AM #9
Rainmaker
289,359
Jay Beckingham
Christensen Financial Mortgage - Port St Lucie, FL
Seniors ROCK!

the investors are back, it's the speculators who are gone, and hopefully not returning.

i'm in the same boat when i have a strong preapproved borrower and try to help them understand that they must be prepared to act when they found a property that they want.

they think it's just about the $$$$$. that's just not the case. it's about helping them with their needs and goals. the $$$$$ will come when you help others attain their needs/goals. 

Oct 12, 2009 04:47 AM #10
Ambassador
520,144
Stanton Homes
Stanton Homes - New Home Builder - Raleigh, NC
Design/Build Custom Home Builder in North Carolina

I talked with someone recently who had $80K "cash" and wanted to offer on a $300K new construction home.  In this area, new construction is still selling, on average, at 97% of asking price.  Some a bit more, some a bit less.  "Bargain" foreclosures are tough to find and very competitive.  You may have cash, but so do many other PROFESSIONAL investors, and they are all over the few true bargains, usually on the courthouse steps or within a few days of release for sale.  $80K cash will buy you a 900 sq ft 2 bed 1 bath approximately 50 years old home in an "undesirable" neighborhood - but then you're going to need some more cash to get it into the kind of condition you're looking for!  Work with an agent, know what you're looking for, and be prepared to act within hours when you find it (AND have that preapproval letter ready!). 

 

Oct 12, 2009 11:40 PM #11
Rainmaker
1,317,857
Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services

Hi - nice to meet you and I thought this post was very good.  Hope to see you dancing in the rain.

Oct 13, 2009 02:18 PM #12
Rainer
408,935
Gabriela Agostinelli
RE/MAX100 - Leonardtown, MD
your full time agent!

Hi Debbie, It is very common that the first-time homebuyers take more time to make a decision and ending on loosing the house they want. But they learn the lesson fast too...

Oct 15, 2009 01:50 AM #13
Rainmaker
112,753
Claude THOMAS
Rossman Realty Group - Cape Coral, FL

Let's face it: SWFL is a seller's market...

Oct 21, 2009 09:51 AM #14
Rainer
146,222
Debbie Cullen
REMAX Realty Team-Cape Coral, FL - Cape Coral, FL
Your Cape Coral, FL Specialist

Claude....Finally! 

Oct 21, 2009 10:09 PM #15
Ambassador
2,306,103
1~Judi Barrett
Integrity Real Estate Services 118 SE AVE N, Idabel, OK 74745 - Idabel, OK
BS Ed, Integrity Real Estate Services -IDABEL OK

Very good post.

I love doing the kinds that says, "you waited too long." 

In fact,

I have a couple that I need to do.

Hot properties but they're gone!

Oct 29, 2009 12:28 AM #16
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Rainer
146,222

Debbie Cullen

Your Cape Coral, FL Specialist
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