I have noticed, within the past month, a significant increase in the amount of inquiries and showings of our listings compared to what we have seen over the past year. We are getting a greater number of calls daily on a wide range of properties in Mount Dora and the surrounding Lake County. Our website PierceRealty.net is seeing increased traffic. And we are presenting more and more offers to our sellers. This sounds like a good thing right?! In actuality, it is becoming more of a frustration for our sellers, than a Godsend.
People are looking to buy instead of rent. Good thing...Yes!
People are actually making offers on properties for sale. Good thing...Yes!
People are looking at Real Estate as a viable investment again. Good thing...Yes!
This uptick in Buyers indicates that the market is "bottoming." Good thing...If its true, Yes! (I'll explain later)
Offers are coming in at 70% of list price. Good thing...NO!
Offers are based on non traditional financing, wrap around mortgages, seller financing, property exchanges, etc.. Good thing...NO!
It is true, Buyer activity has increased. But its either the types of Buyers, those still trying to make a buck without spending a buck, or the sheer unavailability of credit, that are dictating that sellers are to be bombarded with lowball offers and "suspect" financing terms to say the least. Yes, we as agents representing sellers, and those sellers who have been trying to sell a property for a while now, are appreciative that the properties are at least being looked at, it is becoming incresingly more and more frustrating to encounter situations that truly are stabs in the dark at getting a "deal."
Until, this recent trend changes and there a Buyers and Lenders willing to spend a buck to make a buck, i fear that there will not be a "Bottom" soon.
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