Seems like every property that isÂ a great deal is beingÂ scooped up by savy investors. The Miami market is like no other. During its peak we saw tremendous hikes in pricing and in 2008 we saw the exact opposite. It is now 2012 and the Miami Market is a hot one.
Over the past several months I cannot tell you how many offers I've submitted and have been over bid. Investors recognize the value in Miami and will not let a property pass for a few thousand dollars. So what they are doing is simply over bidding. At times they over bid by 25%, Is this good or bad? For the overall market I think this is great. However, for your first time home buyer or owner occupant buyer this can be very stressful and unmotivating. I have to constantly convince my clients that we will find the property that they want even though we have been outbid on previous properties several times.
I try to keep my buyers
informed and motivated. Sometimes buyers get the feeling that agents are saying
things to make a quick sale. This could be true in some cases but not in recent
occurrences. If I tell my buyer that this is a good deal and we have to move
fast. It is because I sincerely think that the property will not be availible
for a long time. As a matter of fact while I am showing a property it has come
My advice to all buyers is. Move fast. If you like a property and it is listed at a fair price move fast and don't be affraid to over bid. What is an extra 5k-10k in the 10+ years that you will be enjoying this home?
Feel free to comment and ask questions.