Recently, I've been asked by Southeast Florida prospective homebuyers to help them find the following: 1) a residential property, costing $100,000 or less, that needs only minor renovation and can be cleaned up and re-sold (flipped) at a profit; 2) a single family home, costing between $150,000-$200,000, that doesn't need major renovation; and 3) a brand new, one-story single family home in southwest Broward county, costing $500,000 or less. Short answer to those requests: the first two properties do not exist on the open market. There may be such properties but these may be sold privately or are quick claim deeded between family members, etc. The 3rd property, the new single family home in Southwest Broward county priced at $500,000 or less doesn't exist. New Southwest Broward homes are generally priced starting at $1.0 million+.
Homebuyers who consult realty portals such as zillow.com must understand that some websites do NOT update their databases. Since many of those realty websites still show properties listed for sale years ago, realty consumers who rely on them are often misled into believing available housing inventory is more plentiful that it is & that housing prices are lower than they actually are.
Bottom Line
A local, experienced realty professional will help prospective homebuyers understand the market, adjust their expectations & find the right property.
Comments(0)