Cape Coral, FL Real Estate news
How our current real estate market relates to Black Friday.
We all know Black Friday. The day after Thanksgiving that so many rush out in the wee hours in the hope of finding that AWESOME deal on some electronic or other great Holiday gift.
We’ll compare the glossy store circulars to the real estate websites.
A couple will be lucky & will be able to buy one of the 3 50″ flat screen t.v.s for $50.
We’ll call that an under valued short sale that got lucky. You know the $50,000 home that exists in Cape Coral. You look at the photos online and can’t believe your eyes. But you get down here to see that the house needs a lot of work (of course there were no pictures of that), the neighbors houses all look the same and it is very far away from every convenience.
Quit a few others will be able to buy that same t.v. for $500.
We’ll call that a bank owned property that didn’t get proper marketing. Maybe a listing agent called another agent or buyer right out the door on it. Maybe the listing agent didn’t provide enough photos to entice buyers so only one offer came in.
And several others will miss the boat and have to pay $750 the following day.
We’ll call that the typical great buyer deal. Bank owned; short sale or private seller. The buyer got a great deal. Their agent did everything to help them find the best deal. The buyers are still very happy with their purchase and realize that the real estate market is MOVING in Cape Coral. The house that they bought for $175,000 sold for nearly $400,000 in the peak.
Everyone knows that we are in a buyer’s market. But that’s a little misleading. How so? Well because; properties that are priced correctly are moving quickly and often times with multiple offers. So if you are up north looking at a house for $50,000 and you think you can buy it for less than that chances are you can’t. If anything you’ll probably have to pay more. I know it seems strange but that is what is happening. It happens time and time again when I work with buyers to find them deals.
A little trick to try: Look at homes listed slightly higher than other comparable properties. Offer just under what the others are asking and you may just get it. Or at least a decent deal. Why? Well because the homes just over market value are not getting any attention. Many sellers want to stay high to ‘give themselves wiggle room’.
To conclude, a very small percentage of buyers made a quick decision and were lucky enough to purchase a 3/2 pool home for $100,000. Many were lucky enough to purchase one for $125,000 but most paid upwards of $175,000 and more.
So with Black Friday coming up in conjunction with our busy season; I hope this guide assists you with your investment in Cape Coral real estate.
Yours in Success,
Florida Future Realty, Inc.
Copyright 2008 Susan Milner Florida Future Realty, Inc.