Home Buying in 33703>Question Details

Ms_kisa, Home Buyer in Saint Petersburg, FL

Investors in the area

Asked by Ms_kisa, Saint Petersburg, FL Thu Jun 27, 2013

My husband and I have been house hunting for the past 3 months, placed offers on homes only to be outbid by investors buying houses in cash AND above asking...so frustrating for a first time homebuyer. How long do you anticipate the market being like this?

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Answers

5
It is very hard to predict future markets. However most indictors and smart money investors feel we will be in growth market for the nest 3-5 years.
Supply is very tight and will likely remain that way since most homeowners do not have the equity to move up.
In all depends on the price range, area and style of home you are looking for. It may also help to look at homes from a different view point. Which is being very clear on the lifestyle you are looking for and what the key factors are that you must have not want.
Once you are able to do this you will discover the house that is perfect for you will work out. After doing this for 30 yrs I see it happen all the time.
Be patient and it will work out. Happy house hunting !
0 votes Thank Flag Link Mon Jul 8, 2013
Thanks Elaine and Liane for your answers. My realtor has given me access to MLS and we have current pre-approval from our mortgage lender...I'm learning patience is the key!

Annette, I never said the investors were overpaying for a house, just frustrated they have been at it for months and are not giving us "small fish" a chance to own a home and make it our own.

Thanks again!
0 votes Thank Flag Link Tue Jul 2, 2013
Low inventory plus low prices plus high demand equal competition among buyers. How long? Good question. When one of those factors shifts. It has long been true that when a well-priced house comes on the market, it gets snapped up quickly. And often for more than list price.

The statistics tell a lot. For example, more than two-thirds of REO/bank-owned single family homes that closed in Pinellas County in the last 30 days sold for 100% or more of the asking price; indeed 41.7% sold for MORE than 100% of the list price.

A buyer using financing needs to be prepared in advance with a solid approval that overrides a lengthy waiting period for applying for the loan. In other words, the buyer who can make an offer saying he or she has already applied for the loan is on much stronger ground. Underscore your intent by making more than a token escrow.

Don't give up. There is a home out there for you.
0 votes Thank Flag Link Sat Jun 29, 2013
1. Find a great agent who networks with other agents. The advantage to this is that they often hear about a listing before it hits the MLS and can tell you about it.

2. Make sure your agent has you set up as an "ASAP" search in the MLS - which means you get an email notification the second a new property matching your criteria hits the market. You might get a lot of emails this way, but its better than missing out.

3. Go see that house RIGHT AWAY, bring your checkbook and have your agent bring a blank offer form and pull comparable recent sales in advance. This way if you love the house, you can write an offer on the spot.

4. It goes without saying but put as much down as you can to make your offer more attractive, and have a strong preapproval letter if you are financing, or a proof of funds.

Good luck! I went through the same thing when I bought my house 6 months ago - outbid on 2 homes and the 3rd was the charm!

Liane Jamason, REALTOR
Jamason Realty Group
Smith & Associates Real Estate
727-755-3325
0 votes Thank Flag Link Thu Jun 27, 2013
Kisa,
Do you really think these investors are OVERPAYING for a house?
That is HIGHLY unlikely.
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When you make an offer to purchase a home, especially if the list price is "too good to be true', you MUST have a market analysis completed. This will allow you to determing the market value of the home. It is this number that investors are using. They are not misdirected by the list price. The list price is an advertising tool, much like the 'FREE iPad' for first visitor offers.
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It is VERY possible to make your offers competive. This however requires knowledge, quick action, and removing the poision pills. Have a meet up with your agent, do the research and start packing.

Best of success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, Fl
727.420.4041
http://RealEstateMadeEZ.us
0 votes Thank Flag Link Thu Jun 27, 2013
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