Here is the simple answer Yes and No. Yes it is a buyers market being that almost every home listed out there is already a great affordable price and interest rates still low.
No it is not a buyers market if you believe you can ask below 10% of the sellers asking price and believe you are the sellers only option, many homes are now again facing multiple offers, especially the homes that are move in ready and priced right. Homes are selling in the Brandon, Valrico, and Riverview areas. There really is not much inventory out their once you take in consideration the criteria you are looking for.
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That’s good to know, it’s a great time to find good deals on rentals as well. The Baltimore apartments I live in are very in an awesome location and the rent rates are great!
@Dan – I like the way you have put the studiopress agent theme to work here. I like it as well as the new magazine theme which I am using on the link I posted here. I think it is great to see the market looks like we maybe seeing the bottom. Even though I think we are likely to see see it scrape along for awhile. Soon enough the true buyer’s market will be gone. As inventory gets absorbed. I am glad to hear that your market is realy stabilizing.
Seems like there are still buyers out there, but they all want a 200k dollar house for 100k dollars…in today’s dollars. Its very annoying. Plus, when you finally find a home that is a good deal, there are 4 offers on it and the buyer thinks you are making things up because they keep reading in the paper how bad the market is.
Great point. By definition, many markets aren’t really a “buyer’s market” anymore, as sellers are finally starting to see many more options.
Ok I know that there is still tons of bad news out there and plenty of reasons to believe it but here are a few things that MIGHT indicate that the real estate market is starting to firm up in Phoenix.
1. A mortgage lender friend of mine says that April will be his best month since 2005.
2. I wrote purchase contracts on two different properties today and received offers on two different listings this weekend. This constitutes the busiest weekend I have had in four years. One of the offers I received was for full price.
3. My wife, an escrow officer, says that April will be her busiest month since 2005. About 50% of the transactions are refinancing of existing mortgages and 50% purchase contracts. Yes, most of the contracts are of lower priced foreclosures but its still promising to see that so many people believe prices now “make sense”.
4. We have received more buyer leads over the last two weeks than we have in four years.
5. We are finding properties priced low enough that one can easily enjoy positive cash flow if they buy and then rent the property out.
I’m not saying that we can now declare that the bust is over and full steam ahead but if things keep going in this direction we very well may be seeing the beginning of a recovery.
It is no longer a broad market but it is the new normal and always has a chance to make profit.
In our market, the homes in the best condition with the best price still move- lesser homes are going for much less, often 10% or more less.
do you have anyone putting in simultaneous offers on sevarl houses, awaiting the counter to see which way to take it? I’ve had 2 of those this year.
Greeting from Medellin, Colombia!
Glad to see the bottom has been found in Florida. I have alot of clients from Florida looking to buy here in Colombia but can’t until their property has sold. Good news for all!
Thanks,
Justin
It is somewhere between a buyers market and a sellers market here in the Dallas area. Our inventory is around 6 months
I agree with Venice Florida Real Estate Agent.And it is justified as well. At this point of time and according to the market scenario people are ready to buy house,that is much more important and obviously they want a house at a cheaper rate.But this is a great insight for me.
nice to know. seems that there are still interested buyers out there..
I love that ” Yes and No”
There are good deals, however some clients want a steal, not happening.
Dan,
Are homes selling in River Wilderness and if so, any idea of the range of prices? I’m a Realtor in Jupiter, Florida, but I used to play a lot of golf out there when I was living in Sarasota….I really liked that neighborhood, it’s quiet and quaint!