I have spoken to many realtors who agree that we are beginning to see the more “serious” buyers contact us for information, show up at Open Houses, view our listings online, etc. These buyers truly “get” the current market conditions and want to take full advantage — good for you!
And yet, there remains this “wait and see” attitude among another group of potential buyers that have many people wondering just what are they waiting to see?
A market correction? Great news: it is happening! Housing prices are down 3.11% compared to April 2006. Price is always a factor however, we must remember a number of market influences. When you consider that Orlando is a national and international relocation destination for 1200 people each week, our property values are in the eyes of the beholder and therefore probably will not track much lower. Now is definitely the time to identify your “must-haves” and let a licensed real estate professional help you narrow your selection and monitor new listings coming onto the market.
More deals on foreclosures and pre-foreclosures? While there are a number of foreclosures and pre-foreclosures on the market, we are also seeing mortgage companies and banks working with borrowers to help circumvent foreclosure. Opportunities are around but they may not become as plentiful as some buyers expect! Become well versed in your local market conditions so you can fully capitalize on an opportunity.
Are buyers waiting for interest rates to come down? Unfortunately, interest rates are rising in slow but steady increments! If you feel your credit is less than stellar and are unaware of your financial options, please seek the professional advice of a mortgage broker! Get pre-approved for a mortgage and put a financial gameplan in place for this important investment.
Buyers currently have great leverage to negotiate many facets of a contract. We encourage you to seek out a professional Realtor who has market expertise, strong negotiation skills and a wide range of resources (financial, home inspectors and repair, interior and exterior remodeling, etc.) to help you see full potential and provide long range planning! This may be your largest investment ever — get the right team on board and then take full advantage of the opportunities available! And yes, BUY!