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Old 07-16-2016, 12:37 PM
 
Location: Central Mexico and Central Florida
7,154 posts, read 3,678,122 times
Reputation: 10381

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While your income is good, cash is king and may trump offers that include financing. Be sure you are pre-certified!!

As far as demand falling off in fall/winter, there is the snowbird buying season which starts in January. Someone mentioned weather...if it is a bad winter in other parts of US, more snowbirds are willing to purchase. I think 4BR + homes are mostly sought by families, whereas 2-3BR homes suit most snowbirds. Though I know many snowbirds who bought 4+ BR so they can have extended family for visits.

Also, be NOT afraid of FSBO's. We bought our last home via Zillow, NO realtor involved and it was the smoothest house transaction ever in 9 sales/10 purchases we've had over 40 years. Just as travel agents have become extinct (or at least endangered species), so will real estate agents. Especially as they continue to charge the same commission they did 40 years ago when the average property sold for 30K, not the current 300K...what's wrong with THAT picture?!?!? These days there is LESS cost to list a home for a realtor; most buyers read the MLS, do drive-bys, aren't reliant on a realtor to 'find' a home.

Last edited by dothetwist; 07-16-2016 at 12:52 PM..

 
Old 07-16-2016, 01:25 PM
 
1,443 posts, read 1,550,992 times
Reputation: 554
Quote:
Originally Posted by FLHfan View Post
Pure jibberjabber. Housing prices are continuing to rise. If you wait until Sept you will see the cost per sq ft. go up. Prices are predicted to rise another 20% before they level off. Another bad winter up north will have house prices jumping up sooner rather than later.
At interest rates this low, the home price will climb. Renting looks possibly (personally) ok right now... debating this.
 
Old 07-16-2016, 01:42 PM
 
2,056 posts, read 2,576,787 times
Reputation: 3814
I have no idea about Tampa, but here in St Pete the housing market looks ultra hot. Lots of new construction, major developments downtown, all that. Thank goodness we own our little mobile home in a senior park because I am sure we would be priced out of here soon the way things are going. Things don't stay on the market long, that's for sure. Both rentals AND sales.
 
Old 07-16-2016, 01:54 PM
 
7 posts, read 7,894 times
Reputation: 20
We are renting a 2 br/2 ba in Town n Country for $1340/month which isn't much cheaper than what we paid in DC. Things have definitely changed in Tampa.
 
Old 07-16-2016, 04:04 PM
 
26,504 posts, read 40,211,265 times
Reputation: 14502
Quote:
Originally Posted by dothetwist View Post
While your income is good, cash is king and may trump offers that include financing. Be sure you are pre-certified!!

As far as demand falling off in fall/winter, there is the snowbird buying season which starts in January. Someone mentioned weather...if it is a bad winter in other parts of US, more snowbirds are willing to purchase. I think 4BR + homes are mostly sought by families, whereas 2-3BR homes suit most snowbirds. Though I know many snowbirds who bought 4+ BR so they can have extended family for visits.

Also, be NOT afraid of FSBO's. We bought our last home via Zillow, NO realtor involved and it was the smoothest house transaction ever in 9 sales/10 purchases we've had over 40 years. Just as travel agents have become extinct (or at least endangered species), so will real estate agents. Especially as they continue to charge the same commission they did 40 years ago when the average property sold for 30K, not the current 300K...what's wrong with THAT picture?!?!? These days there is LESS cost to list a home for a realtor; most buyers read the MLS, do drive-bys, aren't reliant on a realtor to 'find' a home.
Cash is King is not so much reality in today's market as sellers rather see higher offers even with a mortgage than lower cash offers and it has happened many times that cash offers have been refused by sellers.

Since the inventory is lower sellers often choose the highest offer and in the price range the OP is looking for that means a Conventional loan which is easier than dealing with FHA as the latest requirements are killing many deals. That is aside from PMI for the life time of the loan making FHA not so preferable anymore for any loan.

Luckily I don't believe that realtors will be extinct as you would agree with me if you would see how many hurdles sellers/buyers often go through as it is not like a plane ticket you buy but a huge investment and with the many home inspection, sink hole issues and that is aside from clouded titles, etc. than I know for sure realtors will not extinct.

Many FSBO sellers sell that way so they can get away with not disclosing material facts they are aware off but try to hide and of course some will only sell it that way to avoid paying commission but usually they end up having to pay a buyer's agent for bringing a client to what is often an overpriced listing.
 
Old 07-16-2016, 04:52 PM
 
Location: Central Mexico and Central Florida
7,154 posts, read 3,678,122 times
Reputation: 10381
Bentelbee......

Home inspection is not a problem for FSBO....insist on it in your offer. If seller refuses, walk away. Though doubtful they will.

It's NOT the real estate agent, but the Title Company that handles issues with the title....and Title Companies are bound by law to do their due diligence. And you can buy title insurance, FSBO or not.

You realtors like to try to scare us simple folk. I don't think I'd recommend FSBO for a first time buyer, but for those of us who have been through this dance several times, FSBO is a way for both parties to save $$$. On a 300K house, the 6% commission is $18,000. When we went FSBO, we closed in under 4 weeks (cash sale); because the sellers were both working and we are retired, we did all the running around....a grand total of 2 trips to the Title Company office, 3 miles away. Everything else was scanned, emailed.
 
Old 07-16-2016, 05:38 PM
 
1,443 posts, read 1,550,992 times
Reputation: 554
Quote:
Originally Posted by smarino View Post
I have no idea about Tampa, but here in St Pete the housing market looks ultra hot. Lots of new construction, major developments downtown, all that. Thank goodness we own our little mobile home in a senior park because I am sure we would be priced out of here soon the way things are going. Things don't stay on the market long, that's for sure. Both rentals AND sales.
Yep, hard to find a 2+ bedroom 33703 or 33704 for less than $1500 this month. I thought July, August would be a bit slower for sales or rentals. Nope.
 
Old 07-16-2016, 09:47 PM
 
26,504 posts, read 40,211,265 times
Reputation: 14502
Quote:
Originally Posted by dothetwist View Post
Bentelbee......

Home inspection is not a problem for FSBO....insist on it in your offer. If seller refuses, walk away. Though doubtful they will.

It's NOT the real estate agent, but the Title Company that handles issues with the title....and Title Companies are bound by law to do their due diligence. And you can buy title insurance, FSBO or not.

You realtors like to try to scare us simple folk. I don't think I'd recommend FSBO for a first time buyer, but for those of us who have been through this dance several times, FSBO is a way for both parties to save $$$. On a 300K house, the 6% commission is $18,000. When we went FSBO, we closed in under 4 weeks (cash sale); because the sellers were both working and we are retired, we did all the running around....a grand total of 2 trips to the Title Company office, 3 miles away. Everything else was scanned, emailed.
I think you misunderstood me as I didn't meant to make it sound that FSBO don't allow home inspections.

It is more that FSBO and some investors try to get away with not filling out disclosures that we as realtors use. Some sellers think they can get away from disclosing items by either writing on disclosures "seller never lived at property" when they are investors or not using property disclosures and buyers getting hurt after closing when they find out items were hidden and not disclosed while a home inspector will not check for certain items.

I have no problem at all with sellers trying to save money as in all kind of fields people try to save money and just as many will indeed save while at the same time others get burned badly.

You can see people not using a doctor but some family friend, not using a lawyer but using online to figure it out and getting lucky that it works out well... or not and they pay the price for trying to be cheap.

That's life. I can only say that with the internet many people get smarter, especially the scammers and we have seen also a lot of bad homes that have been quick fixed to hide items that are not pretty if you are the next buyer and home owner of one of these homes.
 
Old 07-17-2016, 09:51 AM
 
45 posts, read 39,064 times
Reputation: 113
Real Estate sales people aren't your friends. They are not your attorney, accountant, banker, or confidant. They are the equivalent of used car salesmen only with the required license to write contracts under Florida law. That's it. Their job is to get a signed contract. Period. There is nothing evil with FSBO's if you certainly know what you're doing. Period.


Tampa Bay's market is priced full choke. Whether in Dunedin, Safety Harbor to Ft. Myers/Cape Coral. It's especially evident in the Sarasota-Manatee corridor, where the market is plainly 20-25% above where the retail pricing should be.


No markets go up in a straight line and forever. If any potential buyer can't determine for themselves that this whole Tampa Bay market is fully priced, they would have to be blind or a novice buyer. They certainly don't understand historical price models and the housing industry.


The hucksters are fanning the flames of price inflation because it serves them well. That's how hucksters create bidding wars through a variety of lying, and posing techniques. We've seen this artificial inflation before.


I agree. Make an offer. Be prepared to WALK, saying nothing, no counters, no nothing. Just WALK to the next property. Don't "fall in love" with any house. Keep you mouth shut. Show no emotion. This is business, not friendship.
 
Old 07-17-2016, 10:44 AM
 
Location: Not the end of the Earth, but I can see it from here
3,821 posts, read 3,958,917 times
Reputation: 3599
Quote:
Originally Posted by WickedBad View Post
I agree. Make an offer. Be prepared to WALK, saying nothing, no counters, no nothing. Just WALK to the next property. Don't "fall in love" with any house. Keep you mouth shut. Show no emotion. This is business, not friendship.
This is true in any business deal, whether it be a car, house or something else.

Too many people let emotion get into the equation, which ultimately ends up with coloring what could otherwise be a logical decision.

Simply saying "No" without explanation, apologies, nada, can have a far greater impact on the process and participants than anything else. For that matter, leaving a prospective buyer or seller without a rationale for your response tends to heighten or pique their interest due to them having no information to properly qualify the reason behind your response.

We've done it with cars, homes, any number of commodities we have purchased over the years. But, more importantly, we've done it using a logical and rational reason, too. To simply say "No" to be a d*ck accomplishes nothing.

You have to go into the deal with a clear cut idea of what you're willing to do or not, and most importantly, stick to it. It's when people start gravitating away from their original positions that things go off the rails.

This is a basic tenet for negotiating. If you can't do this, find someone to do it for you.

The last two homes we purchased both had situations like this. We made a fair (this part is critical) offer and presented our terms. We made it clear there would be no counter offers given or taken. We made it clear if the offer was not acceptable we would move on and there would be no further communication.

In both cases, the sellers accepted. Grudgingly, but that's not our problem. It's not a popularity contest, it's a business transaction. It doesn't always end up this way, but you have to be willing to accept that as a risk and realize that the next one could always be better.

RM
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