Janie, we have the same situation here in St. Pete Florida. Our phones are ringing off the hook
Wow, I feel like I have whiplash! It seems that all of the people who WANTED to buy but were just waiting are entering the market! I have written 2 offers today, have 2 more to go and a few in the wings. The general consensus from the buyers is that we finally have some REALLY GOOD DEALS now! Mostly short sales and foreclosures, the pricing is finally where they are ready to get off the fence.
For the most part, the current wave of buyers are:
2) Buyers who could not enter the market at the height with the inflated values of 2003-2006, but who now have the opportunity to purchase
3) Buyers who have owned their own homes for a longer time and are using some of the equity to buy a rental(s)
4) Move-up and move-down buyers
With so much movement (no pun intended) in the market, we are seeing for the first time in a long time such occurrences as
1) Bidding wars!
2) Offers OVER List Price
3) Homes selling after 1, 2, 3 days on the market
If the trend continues like this, our excess inventory (4 years of homes vs. 6 months of homes) should finally start to shrink, helping us to stabilize.
I’m ready! Are you? I’m up on my most current contracts, financing options, aligned myself with a few great mortgage professionals, know the ins and outs of submitting offers on REOs and more. As Lenn Harley said, “Agents have the Mojo!”
Miami and Florida was one of the first areas to be hit by the slow down, so I am hoping that our turnaround will be a sign for better things to come for our area and the rest of the country.
Stabilized pricing is good for everyone, especially sellers, as it will help “stop the bleeding”.
With the first buyer tax credit, stimulus incentives on lending, rock bottom prices, there is no better time to be looking for a new home!
Call Janie Today to get started 786-252-4970