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The Tampa Real Estate market is one of the top “Buyer’s Markets” in the U.S. right now! It is THE time to buy. But, how does a buyer know how to get the BEST possible deal in a saturated housing market.
I recently negotiated a contract for a client on a waterfront condominium. The property will sell for nearly $225,000 less than the last sales price, and over $20,000 less than the original builder price! We saw the property the first day it came on the market! That savvy buyer is already in a great equity position!
How can YOU get a great buy in the Tampa Real Estate Market?
1. You must be AHEAD of the market, not behind it. By the time everyone agrees that we have reached “the bottom”, the prices will have started to rise. Choose an experienced agent who can help you to identify the best neighborhoods, or condominiums for future resale.
2. View all of the properties in those areas and compare the “price per square foot” for each of them. A low “price per square foot” in a desirable area, if it is in good condition, will be the best value in this market.
3. Buy a property that is in the “mid”, or “low” price-range for the neighborhood. That means, you want to buy a home for $400,000 in a neighborhood with most of the homes in the 500–800K range.
4. Identify 4 or 5 properties that might work for you, without getting emotionally attached to any particular one! When a buyer is “emotionally attached” to a property, is becomes very easy to pay too much for it.
5. Start to make offers of 10% below the asking price on the properties that you have identified and keep the offer “simple”. A closing within 30 days, with few expenses to the seller in terms of repairs or closing costs will give you more negotiating room in the price. Don’t ask for personal items, or furnishings as part of the deal.
If the first offer doesn’t work out, move on to the next property. Ultimately, you will find a nice property for the right price.
Of course, you need to work with an experienced agent and get pre-approved with a lender, to be considered a serious buyer.
If you need help buying a home in the Tampa Real Estate Market, I am happy to assist you!
You can read my previous articles about Buying, or Selling, in today's Tampa Real Estate market: Navigating the Waters in a Buyer’s Market Selling Your Home in a Buyer’s Market If you are looking for a home in the Tampa Bay Area, or need to sell your home, please contact me. I can help with your move to any Tampa neighborhood, including: South Tampa, Harbour Island, Davis Islands, Beach Park, Sunset Park, Hyde Park, Channelside, Culbreath Isles, Palma Ceia, Westchase, Waterchase, Odessa, Cheval, Avila, Brandon, Riverview, FishHawk, New Tampa, Tampa Palms, Hunter’s Green, Arbor Greene, Apollo Beach, South Shore, MiraBay, Golf Communities, Waterfront Homes, Luxury Homes in Tampa, Condos in Tampa and International Real Estate…contact me!
Real more of my articles on my blog: www.RealEstateSizzle.com
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