For a change we’re not talking about home values but rather the lack of homes for sale. It wasn’t long ago that communities, even sought after communities like Dr Phillips, were littered with distressed properties, today there is a whopping 15! Not a typo, there are 15 distressed single family homes available for sale in Dr Phillips, 5 bank-owned homes and 10 short sales.
Of those 15 distressed homes in Dr Phillips 7 of the 15 came on the market this past week and 4 of the 15 came on the market this past 30 days. So what’s this telling us? Buyers in the market looking for Dr Phillips homes will have some stiff competition due to the lack of inventory.
Real estate is still about supply and demand, the bottom being 2007 where Central Florida had over 26,000 properties for sale. Compare that number with today’s available properties hovering right around 7,000 and that’s a huge reduction in inventory.
Next let’s look look locally at new construction and Meritage Homes pre sales event that was held last week for its new community Parkside going up in Dr Phillips. Meritage Homes held the FIRST new construction lottery in the state of Florida in over 6 years and sold its first 20 homes sites over the weekend. So what options do today’s buyers have?
The first thing I would recommend to home buyers is find yourself a local expert, a Realtor that specializes in the markets you are looking to purchase in. What’s the benefit for a buyer? Realtors that specialize in markets know value, they know about listings coming on the market before they hit the MLS and they know the local real estate market like the back of their hand. Don’t take a local expert for granted, not all Realtors are the same!
The second thing buyers should do is be aggressive, not to be confused with desperate. Buyers that are aggressive with the purchase price and terms are getting their offers accepted. It’s not unusual for today’s purchase prices to go right at list price or over, this is where your local Realtor comes in who specializes in the communities your are looking to purchase in. Your Realtor can do a market analysis to determine value and where a great deal is, right at value and when you are over paying for the home.
Many of today’s buyers pay to much attention to the list price, remember the list price is not value and should not be a starting point. Determine value FIRST then start your negotiations and walk when the counter comes back over that pre determined value, it’s not a guessing game for a local expert!
Take a look at Dr Phillips Bank owned and short sales and because there are only 15 we added a few from surrounding areas.
[Dr Phillips Distressed properties]
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