Foreclosure Real Estate
It’s just murder out there this time of the year. Homes priced under $200,000 are tearing it up in the market. The closer the price of the home gets to entry level pricing the faster new listings hit and leave the market. Buyers snap them up fast when they’re a great deal or in particularly good condition. There isn’t a moment to spare when they’re priced right or someone else will swoop the home up.
Contrary to whatever the news has told buyers back home, up north or where ever the buyers are from, real estate still is selling and banks are still lending money. When the typical out of state buyer comes to southwest Florida they’re often of the mindset that there’s tumble weeds rolling around here, they’re going to steal a property and do everybody a favor by buying real estate.
The “buy now, it won’t last” warning the professionals give them may make buyers worry that they’re getting the hard sell but it only takes missing out on a couple of offers before they get to serious and start striking like lightening.
The multiple offer situation is becoming more and more common especially since the inventory in the entry level market has started to shrink. In a normal market it would be easy to look at the days on market a property spends from listing though close to indicate how swiftly real estate is selling. In our current market you’d have to look at the days on market between listing date and pending sale date.
Those short sales seem to collect days on market, which are really unrelated to market conditions versus desire to purchase. While the short sale lender is busy losing files and taking its sweet time approving a short sale the days rack up.
As far as foreclosures are concerned, that’s where the big scramble is. Multiple offers are generally common place and there are usually a lot of unhappy campers when the dust settles.
There are credit worthy buyers yearning to purchase a foreclosure and they just can’t compete with the cash buyers or they get lost in rush off offers that come in on the bank owned homes.
If you’re on the outside looking in and shopping for entry level real estate, one of the best kept secrets to keep in mind is that there are two multiple listings sites; Sunshine MLS that primarily covers Collier County, Bonita Springs and Estero and Fort Myers MLS that covers Lee County and Bonita Springs.
If you’re searching for foreclosures and you’re on the real estate market like white on rice, here’s a tip: the banks that list their foreclosures with REO agents often don’t understand access to the local multiple listing services and will list a Naples or Bonita Springs home with an agent in Fort Myers that doesn’t have access to the multiple listing website most used in the area and vice versa.
It’s the slyest way to find a publicly listed foreclosure or preapproved short sale with the lease amount of competition in this area. Get set up on a hot list or Listingbook™ account outside of your general area, too.
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More Photos from “The Foreclosure” at The Foreclosure Notes.
Real Life in Bonita Springs is a project by Chris Griffith dedicated to writing useful blog posts for consumers about the Bonita Springs, Florida area. Find out what it is really like to live in Bonita Springs, Florida by reading about our fair city. You’ll get the latest in local real estate information, Bonita Springs real estate market reports and a little bit of humor. If you have topic ideas, feel free to request a story about the idea, after all, this site is just for you.
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