How to Buy a House in this Crazy Market

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I wanted to share two stories about our market that happened to me recently:

 

Last week, I went to view a single family home that was a foreclosure and new to the market.  To say it was in pretty rough shape is an understatement.  The light colored carpet was now black, the house smelled, it was outdated, it needed a complete paint job, and new landscaping.  But I thought I struck gold! With some work, I could resell it a few months later and make a profit.  That’s where I was wrong.  I made an offer and so did 21 other people!  Isn’t that nuts?  21 offers!  So the house ended up selling for over the listing price and I was not the lucky winner.

 

A few days ago I was showing houses in Bonita Springs and my buyer fell in love with a well kept foreclosure.  I knew this one wouldn’t last long, so we made an offer on it right away.  I’m sure you can guess what happened next – multiple offers!  Other buyers liked the house too.  So the listing agent asked for all offers to be “highest and best” and my buyer revised his offer and bid over the asking price.  He was disappointed when he found out the bank took another buyer’s offer.
How do you handle this stress as a buyer looking to get into your first home, vacation home, or even an investment property?

 

  1. Know that this is out of your control.  I recommend making a realistic offer in the first place to avoid the hoards of buyers behind you that at any point could put your offer into a multiple offer situation.
  2. Be prepared.  Have your cash and bank ready to act immediately.  If you drag your feet getting your financing together, the seller won’t deal with you and you’ll lose the sale.
  3. Don’t become attached.  For as many buyers as there are that you’re competing against, there are as many houses coming onto the market.  So don’t worry.  Stay persistent and eventually you will gain ownership of a great house to call your own.
  4. Be alert!  Have your Realtor sign you up on an automated alert matching your criteria of the type of home you want to buy. As soon as it hits the market, go see it and make an offer!
  5. Stay focused and positive.  Our market has a ton of deals right now and if you are patient it will pay off for you.  But get in the game and make offers – if you sit on the sidelines for too long, you could miss your chance!

 

Good luck!

Need help Selling, Buying, or with Property Management?  Please contact Gabe for advice at:  239.825.2234, Gabe@GulfPointeProperties.com or www.GulfPointeProperties.com Gabe Mellein is the broker of Gulf Pointe Properties,   He has 8 years experience in the SW Florida Real Estate Market.  He is a member of The Naples Area Board of Realtors, Bonita Springs – Estero Association of Realtors, Realtor Association of Greater Fort Myers and the Beach, The Florida Association of Realtors, The National Association of Realtors, and is nationally certified in Feng Shui for Real Estate.

 

 

 

 

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