I want to Buy a Steal -

By
Real Estate Agent with Keller Williams Realty Professionals BK694889


This is a line that many realtors will tell you they hear almost everyday in this new real estate market. Personally I feel solace in the fact that we are all hearing it everyday. I am not sure I fully understand the definition of a "steal", but I find comfort in knowing there are so many potential buyers out there are interested in Fort Lauderdale Real Estate, and are all looking for one.

I have asked many clients to help me define a steal. Sometimes it leads to the word foreclosure. So just maybe a "steal" is a property that has been on the market, nobody else has wanted it, and now a bank owns it. The bank is willing to sell it at a lower number and because a bank owns it, it is a Steal. For many reasons this concept simply doesn't work for me, certainly if a great property went into foreclosure I would call all my hunting clients, but just because a property is in foreclosure doesn't make it great. I assure you when in come to Waterfront Homes in Fort Lauderdale there are no foreclosurer sitting on the market. The average days on market for a "good" foreclosurer is 5 days, so if you want one, call me an lets discuss how we make it happen.

Its post dinner now, at Fort Lauderdale's self proclaimed "most famous waterfront restaurant" Shooters, and the bar conversation was about buying real estate and finding a "steal", and still no definitive answer as what a "steal" is. The good news is many locals at Shooters are looking for one as well. Everyone seems to be talking Fort Lauderdale Real Estate these days.

I have asked another client about this word a "steal", and I was told clearly that they want $100,000 off the asking price. Now I feel like I'm getting somewhere, if I find a $2,000,000 waterfront home willing to sell for $1,900,000 I have a steal. If I find a $150,000 apartment willing to sell for $50,000 I have a steal. Even though the asking price of the $2,000,000 home has risen 100% in 5 years, and the $150,000 home has risen 10%, their both a steal. My concern here is, however, that I always find sellers willing to ask too much for their properties. Doesn't a realistic seller deserve a little consideration, when they have priced their home correctly to sell, and have taken care of it knowing someday they would sell.  I know in my heart that asking price has never been a test of the true value for a piece of real estate. How could I possibly use asking price, or how much they are willing to give off of it to define the value of a piece of property. The word "steal" remains a bit elusive for me but I assure you there are some great deals in Fort Lauderdale.

Oh no another client has just said, "I WANT A STEAL", "I'm not buying until I can smell the blood of the seller". For a moment I thought a steal had something to do with finding a crime scene. Simply the metaphor of "blood" bothered me. The client and I spoke at length and his definition of a steal was a client who came to the table owing money, a seller who had to write a check to sell. As of late, sellers in this condition have been easy to find, but simply I could not understand how a seller who bought at the peak of the market, and now needed to sell, indicated anything about value.

It is a wonderful time to be a buyer in the Fort Lauderdale Real Estate market, and there are great deals to be had. I try very hard to remind buyers that our market has returned to normalcy and we need to be careful to pay attention to the things that truly value real estate. The first is no secret, Location, Location, Location. The others are cost of ownership, quality of construction, and the laws of supply and demand. If you're buying a home in South Florida work with a realtor who knows the ins and outs of every neighborhood. Find the neighborhood or building you wish to live in, and then find the most motivated seller. I assure you by buying well in the neighborhood which is right for you, someday it will feel like you found that illusive steal.

Thank for taking the time to read my blog, and remember we are always here to help you find a "steal"

visit us on line at http://ftlrealestate.com

Comments (5)

Home Design
Alpharetta, GA
Home Design and Real Estate

Hey Eric, nice post!  I am all for helping my clients get a great deal on property, but we all need to be realistic.  People that want to write offers knocking 50% off a home that is prced correctly are just wasting everyone's time.

Feb 27, 2010 01:15 AM
Ritu Desai 703-625-4949
Samson Properties - Ashburn, VA
Northern Virginia,Washington DC & Maryland Realtor

Eric, very well written. Even in Virginia we run into buyers who want to "smell the blood of seller bleeding" they forget if they purchase that brings the market value of the neighborhood down. Also as you mentioned supply & demand defines the market place and not steal. Again, well written hopefully your buyers read the post.

Feb 27, 2010 01:16 AM
Elite Home Sales Team
Elite Home Sales Team OC - Corona del Mar, CA
A Tenacious and Skilled Real Estate Team

Sorry,

The best deals in our market are the standard sales.  Not the short sales or the REOs.  They look like a better price, but when you have bidding on the home it goes up higher than market.  The standard home sells at or below the market.  It is interesting.

Feb 27, 2010 01:18 AM
Team Honeycutt
Allen Tate - Concord, NC

Interesting blog. I enjoyed the different interpertations of what people mean by a "STEAL".  Guess it really does mean different things to different people.

Feb 27, 2010 01:20 AM
Anonymous
Eric Miller

THANK YOU ALL - You made my day :)

Feb 27, 2010 09:13 AM
#5