Summer time is always notorious for being hot, sweaty, and having a slow real estate market. However, this summer the deals around SW Florida are definitely heating up!
One would think with all the wonderful news blasted on our TV’s every day: the oil spill, the lack of financing, the economic collapse, that we would be putting nails in our coffin. Fortunately for us all in SW Florida – buyers seem to be resilient and quick to gobble up any good deal that comes their way, unfazed by external events.
We have seen a decrease in our inventory of foreclosures, short sales, and any property that has some added value at the current price. More specifically, all the good properties are moving very quickly. It is really becoming a challenge to find an aggressively priced home on the market that is in decent shape; these properties just don’t last. Multiple offers are still happening daily. Houses and condos are being sold for over their asking price. If the property is priced high and not in line with the market it will just sit there, but if priced accordingly buyers are all over SW Florida ready to pounce.
The rental market has been going “gangbusters” as well. There are so many more people looking to rent a home than there are enough homes to lease. Rental properties are not staying unoccupied for very long in today’s environment. (For all you investors out there, this may be a smart option!) A main reason for this is because SW Florida has seen so many foreclosures that homeowners now need a place to live and rentals are the best option for them.
For all the sellers out there, it’s unfortunately the same old story. Values are low and it’s not that fun to be a seller today, but if you price your property in alignment with the market hopefully it will not be your property much longer.
So how do you capitalize on this hot and sweaty summer? Keep looking for those deals, there are more coming! It appears there is a large backlog of foreclosed homes that banks are holding onto before they release them on the market for sale. I am still talking daily with people who have just now stopped paying on their mortgage because they can no longer afford it. There is another wave of homes that will be going through the short sale / foreclosure process. If you’re a buyer don’t stress, there are plenty of properties coming. If you are a seller, do your best to consult with good legal counsel and a good Realtor to see what all your options are.
Keep looking for those deals; they pop up every now and again! And make sure you’re ready to act because they will not be around for long.
If there’s anything I can do to assist you and your family’s needs, please feel free to contact me.