How to Buy Real Estate in the Changing Market
Several years ago, when the City of Bonita Springs was about half of its size The Brooks of Bonita Springs was just being built. I recall taking a couple into Copperleaf at The Brooks to look at new construction coach homes being built by Pulte. Before we set foot on site I explained this to the buyers:
"The new product sales associates, at some point, will tell you that you need to reserve what you like right away or it will get sold out from under you. I want you to know that they're telling the truth. The product really is that popular. I wanted you to know in advance so you won't feel you're getting the hard sell."
Those buyers went into their purchase armed with that information.
- The were told exactly what I said the new product sales agent would say.
- They fell in love with what they saw and wanted to buy.
- They had to go back to their hotel (20 minutes away) to get the checkbook they had forgotten.
- While they were detained getting the checkbook, the condo they wanted to buy sold to another buyer.
The Bonita Springs real estate market has again cycled and become a totally different animal. I've been working with a few investors and foreign nationals who are hoping to take advantage of our "new improved real estate prices" and the value in leveraging their money against the US dollar. I only had to lose one deal due to buyer's remorse to realize that I have to prep the buyers for something totally different: Getting the offer accepted.
Now, in the 2008 Market, here's what you need to be ready for if you're buying real estate in Bonita Springs:
- For your own peace of mind, get your homework done before you ask your real estate agent to put ink to paper. Buying real estate in Bonita Springs isn't about buying the least expensive property available. The "low priced" find you see on the Internet doesn't mean its quality or a fit for you. Any old short sale isn't a deal if you aren't going to enjoy owning it. Find the neighborhood you can live in, that suits your lifestyle and hobbies and then find your deal. If you don't you're throwing darts blind folded. Plus, if you don't love the neighborhood you buy in, you'll be disappointed with your purchase. Do your homework. Listen to me on this one.
- If you throw out a low offer, the buyer just might say yes, right away, because they're grateful for the offer and they've waited long enough. Just because they took the offer quickly doesn't mean you've paid too much and should feel remorse that you didn't offer less. In this sea of heavy inventory, savvy sellers know you may be their only chance for a while.
- If you place an offer on a great deal, you may not be the only person that finds that great deal. Multiple offers are occurring on very well priced real estate in Bonita Springs. You need to be pre-qualified for a mortgage, have a Tax ID if you're a foreign national and be prepared to negotiate.
Now get out there and buy your Florida dream home. Just be prepared. It doesn't take luck to find a great home in Bonita Springs - Luck is nothing more than preparation and education colliding with opportunity. I think you're set on the opportunity part.