I am planning on relocating to the Gulf side of Florida. I like the southwestern area. I am paying cash. I

Asked by Mary Maden, 27949 Sun Mar 1, 2009

don't think the bottom has hit yet. Should I wait until late summer to buy?

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16
xxx, , Florida City, FL
Sun Mar 1, 2009
Hi, Mary -

We all wish we had a crystal ball to know exactly when the bottom will hit. If you are looking under $300K, you have quite a bit of competition for the best properties, as this is the most active part of the market. There was a very good article in the Herald Tribune concerning the market that I would be happy to forward to you.

It is always more convenient and cost effective to move directly into a home you purchase, so I would base your timing on what best meets your needs. If you have very specific "wants", then it may take awhile to find the perfect property.

You can search all area listings on my website and/or request an automated search http://(www.VeniceFloridaRealEstateSearch.com. I am happy to assist and discuss your personal needs, to make your search the highest and best use of your time. I hope to hear from you and see you in sunny Florida soon!
1 vote
joegourmet, Home Owner, Venice, FL
Mon Aug 20, 2012
Even though you are paying cash you should carefully investigate the market here in Florida. The realestate "professionals" are working with sellers who are severely under water in their houses. The market is still a long way from recovering - the ratio of forclosures and short sales is about 4-1 in most markets. Unless you have money you would like to throw away-buying into a sinking market do your own reasearch. Look at the actual sales not the listings. Listings are 20-30% higher than the sales prices. Remember that Florida is the spawning ground for world best circuses and as Barnum once said "there is a sucker born every minute." Work the short sales and be patient.
0 votes
Hi there I am reading this post from August 2013. I was wondering how you felt now. My family is considering relocating in may 2014 to gulfside somewhere. Appreciate any response.
Flag Thu Jan 23, 2014
Tim Page, , 99037
Mon Jul 16, 2012
If you are paying cash, make sure you have a good Realtor or hire an appraiser before you bid on the property.

If you pay lots of cash down, the bank considers you less risk and an appraisal will not be required.

This may sound good, until you pay $30,000 too much for your home. Check all of the closed sales before you make a bid and negotiate from this point.

I appraised a home a few years ago when the buyer put down 1/2 cash for the home. The bank did not need an appraisal (only hired me to make sure the home is standing) and I found out that the new buyers paid $30,000 too much.

Don't let this happen to you.
0 votes
Michael Putn…, Other Pro, Venice, FL
Tue Sep 29, 2009
Hi Mary,
Even as an agent, my wife and I are also looking to buy a house so I can relate to your question. Unfortunately, due to unemployment not recovering yet, there will be more foreclosures on the horizon. Home sales have increased recently in volume but not in price. Prices are still falling. Personally, I am going to wait until the spring time, my opinion is that will be rock bottom. Feel free to contact me soon so I can set you up on my website with your own account.
Michael Putnam
Coldwell Banker
Venice FL 34285
941-662-9941
0 votes
Lynda Pennin…, , Port Charlotte, FL
Tue Sep 29, 2009
Southwest Florida includes Sarasota, Venice, Nokomis, Osprey and further south to North Port and also Port Charlotte which has been rated one of the most affordable places to live. The housing prices have stablized some but they could go either way. The area has many great buys waiting for someone to call them home. If you don't mind waiting for a while to close there are still many short sales that are incredible bargains that may not be possible in the future. Please contact me at lyndapennington@prudentialpalmsrealty.com for 941-487-5101 for any home listings in Southwest Florida. It's hard to find a more beautiful sunset than we have here in Southwest Florida!

Thanks,
Lynda Pennington
REALTOR
Prudential Palms Realty
Sarasota, FL
0 votes
Chris Moon,…, Agent, Sarasota, FL
Wed Sep 9, 2009
Hi Mary,

Sarasota was recently named one of America's Best "Undervalued" Places to Live. To me that says it all! My fellow Realtors and I can't say for sure when the bottom will hit - maybe it already has, but one thing I can say for sure is that Sarasota is a beautiful place to live and the quality of life here is priceless.

Here is the article from US News & World Report:

http://www.usnews.com/money/personal-finance/slideshows/amer…

Come on down to Sarasota and see for yourself - I would be happy to show you around!

Chris Moon, Realtor
Allen Real Estate Services
chris@chrismoonrealtor.com
(941) 586-0722
http://www.chrismoonrealtor.com
Web Reference:  http://www.BuySarasota.com
0 votes
Diane Fuchs, Agent, Venice, FL
Thu Jul 23, 2009
If I have a crystal ball I wouldn't be selling real estate, but I certainly hope that the market in our area has bottomed out. There are I'm sure many homes that are still over priced and the sellers do not need to sell and can hold on. We've been told it could still decline until fall 2010. That would be devasting for any of us that own a home here. Our town is the best kept secret on the gulf and people will always want to be moving to Florida. That will not change. You will always have people from the colder climates that want either a winter break from the cold and they move here permanately. The deals are still out there, the inventory is decreasing and when season kicks in your selection will not be near what it is now. Late summer call me and we'll talk.

Regards,

Diane Fuchs
Broker Associate
Michael Saunders & Company
941-266-8006
http://www.PropertiesInVenice.com
0 votes
Bob Harsch, Agent, Venice, FL
Wed May 20, 2009
As you can tell from all the answers, there are many professional REALTORS over here to help you. I would suggest you start with a community, Sarasota, Venice, Englewood, Port, Port Charlotte, are a few. All of these are pretty much Gulf Side communities, and, as such we tend to use "Beachy" terms, including: If we're not at the bottom, we can at least touch. The only way the true bottom will be viewed is in your rearview mirror. By summer the good ones will be gone, don't wait. Our inventory is shrinking and is at a 39 month low. It is still a buyers market, take advantage now before the inventory is all the left overs

The Harsch Team
Michael Saunders & Co.
941 223 3690.
0 votes
Shannon Moore…, Agent, Port Charlotte, FL
Tue Mar 17, 2009
Hello Mary!

In some parts of Southwest Florida, it would seem that the real estate market has hit rock bottom, and won't get much lower. In others, however, you may be right to wait until late summer. What "bottom" is to you will be different than it is for someone else - you should create your own wish list for a home and decide what you would be willing to pay for a home with everything you want. Then, start searching. To search for homes will be a little easier than it used to be - all of Southwest Florida is on the same MLS system now, so if I were you, I'd connect with an agent that seems, to you, to know the most about the area and the current market situation. An experienced and savvy Realtor is key! The agent can put you on an extensive MLS search that will email you properties that match your description. You can just sit back and look at properties that come across your email and decide for yourself when the time is right. If you see a home that has all of the amenities that you desire for a price you are willing to pay, then buy it. Right now, almost everything is a good investment!

One thing to remember though is that with all the foreclosures on the market, you may actually have to put in an offer for MORE than the MLS listing price to have any chance of having your offer accepted. Lately, the banks have been pricing homes so competitively that they are receiving multiple offers, so naturally it becomes a bit of a bidding war and the bank will always choose the best offer.

Good luck!

Shannon Moore, Realtor®, 941-276-8142
Roxanne Moore, Realtor®, 941-626-3926
Re/Max Anchor Realty
0 votes
xxx, , Florida City, FL
Sun Mar 15, 2009
Hi, Mary -

Good question! It depends on where you plan to purchase and price range. Many properties in the Venice area (especially under $300K) are under contract. The prices here are really good and Venice is close to the beach. If you are purchasing further away from "the water" and in a higher price range, that's a different story. The "experts" are predicting a soft market through the end of the year, but that's an "overall" prediction and individual markets can vary greatly.

My advice would be to find a professional Realtor that can do a regional search for you in the price range you desire and start getting properties by e-mail that fit your needs. Also, subscribe to local newspapers and/ or receive my monthly newsletter that talks about the local market. Everyone has an opinion, but nothing replaces drawing your own conclusions and educating yourself about the area real estate market. Over 500 people receive my newsletter via e-mail and the subscriber base is growing rapidly.

You can register on my website to receive my newsletter starting immediately and request such a search: http://www.VeniceFloridaRealEstateSearch.com. I would be happy to consult with you in person anytime. Happy hunting!
0 votes
Jim Soda, , Sarasota, FL
Sat Mar 14, 2009
I tell my Buyers to make their own "Bottom." We have been very busy with Buyers and working offers. There are certain price ranges that have a great value, now. What type of property, are you looking for, condo, villa, single family home? How many bedrooms and baths do you need? What price range? Gated community? Golf course or waterfront? You should start your search on the Internet and decide on some of the above questions. Realtor.com or Truilia are terrific sites and our website at: jimsoda.com

What are you looking for as a Life Style? You can save a lot of time and aggravation by doing your homework now, then plan to visit the areas. Interest rates are low and there are many excellent properties to choose from. Value Properties, Bank owned properties and short sales offer a Buyer many choices. Cash Buyers have an advantage. Good Luck, come and visit us in Sarasota.

Jim Soda 941-809-7759
Jim@JimSoda.com
Soda BLOG at: http://sodasells.wordpress.com/
Prudential Palms Realty
Sarasota-Lakewood Ranch-Siesta Key-Longboat Key-Immobel
Web Reference:  http://www.jimsoda.com
0 votes
Bill Eckler, Agent, Venice, FL
Sat Mar 14, 2009
Hi Mary,

In some cases, waiting will not accomplish a thing other than reduce the inventory and deminish your options.

Here's a sinerio to consider. We just sold a 1,700 sf home constructed in 2001, 3/2/2, fenced yard and move in condition for $59,500. Waiting on this opportunity woul have only accomplished allowing someone else to obtain this home.

Now is the time to start collecting information and preparing yourself for being able to move on the opportunity, when it presents itself.

We have similar opportunities and would appreciate the chance to share them with you.

Best regards,

The Eckler Team

Michael Saunders & Company
billeckler@michaelsaunders.com
941-408-5363
0 votes
Regina Brass…, , 34238
Tue Mar 3, 2009
Hi Mary - My colleaugues have offered some great insights. Fact is, we cannot know when absolute bottom is - who will buy the one home "at the bottom" before they start climbing again? Someone very shrewd! A few thoughts, though.

1) While we may not be rock bottom (and we may be!) prices are very low in comparison to several years ago. There are great deals and people are taking advantage of the market conditions to purchase well under market value. Will it go down another percent or two? Maybe. But in the long run, you should come out smelling like a rose. Therefore, if you want to flip a property, dont buy. If you want to buy one and enjoy it, now is a great time.

2) As William indicated, alot of people got caught because they couldnt predict the top of the market. I suspect that many people will miss out because they cannot predict the bottom. That is, by holding out and holding out, you may be missing some great deals. And then one day, you turn around and prices are rising. Actually, once that starts happening, its already a bit too late. Once the media tells you its safe to buy, prices are on the rise.

3) The people who make money are always the innovators, the leaders. Right now, we are seeing multiple offers on good properties , and even properties selling in a couple days if they are priced well. Who's buying? Those who know the first rule of investment - buy when everyone else is selling, sell when everyone else is buying.

Of course I cant guarantee that if you bought a home now, it wont dip in value before it goes back up. But it will go back up...and one last word of advice - dont concentrate as much on the list price to indicate a "good deal" - find out what the home is worth, and then buy for less than that! Im happy to help.
Web Reference:  http://venicebuyeragent.com
0 votes
Edith Karoli…, Agent, Winnetka, IL
Mon Mar 2, 2009
Dear Mary,
In this market you are in a lovely and wonderfully safe situation to be able to pay cash for your next property on the gulf side of Florida. Congratulations to YOU!
Wondering about the market and the pricing - I wish we as Realtors would have a crystal ball to predict what will happen. But truly even those who may tell you truly do not really know. Nobody does.....

I think your very best approach would be to connect with a good, experienced Real Estate Agent in the town you like most (if you like me to recommend a trusted Realtor Colleague of mine, e-mail me and let me know which towns interest you the most! edithsellshomes@gmail.com! I would gladly do so!), have this agent not only assist you in finding the right size, location, floor plan etc. for you in your preferred price range, but then also provide you with a market overview, what has sold most recently, what before, where the trend is going, then compare your preferred property you may want to make an offer on, to those that have very recently closed, what else is offered in the same area and then make use of the Agent's negotiation skills to negotiate on your behalf the very BEST purchase price. As you are paying cash and as there must be sellers who just want to or need to sell their property, you should be able to negotiate a great purchase price, without having to worry if the prices may go down still a bit in that area of interest.....

In areas where the prices went up a lot and swift because everybody wanted to move there or buy there for one reason or another, the drop in property prices also dropped faster and at a higher percentage.

If you would like me to recommend a Realtor Colleague of mine just e-mail me and let me know which towns you would consider to explore with that agent and will gladly connect you.

Hoping to hear from you soon!
Edith YourRealtor4Life! Working always in the very BEST interest of her clients!
and so do her partner agents/trusted colleagues....
edithsellshomes@gmail.com

PS if you ever come across anyone you know who is moving to Chicago, the larger chicagoland areas or anywhere in Northern Illinois would you send them my way! I promise first class real estate services!
0 votes
William H Gr…, , Sarasota, FL
Sun Mar 1, 2009
Mary,

Congratulations on your decision to seriously consider the Gulf Coast region of Florida as your next home site. We, those of us who live here, think the Sarasota area is the best location in southwest Florida to live in because of the multiple cultural, recreational and living opportunities that are available.

In regards to waiting or buying now I would offer this information for your consideration. First, no one really knows or can accurately predict the bottom or top of a real estate market. Many smart investors were caught holding numerous mortgages a couple years ago because they thought they could tell when the right time for flipping would occur.

Now many folks are trying to guess when the bottom will occur. I don't think they will have any better luck then they did two years ago.

Having said that let me pass on the statistic form the Florida Association of Realtors that might help in the decision process. The figures indicate that we have had more sales and poundings in each of the last 6 months then we did in the six months preceding. Additionally, with current prices almost back to year 2000 levels and interest rates hovering at historic lows it can be expected this trend will continue. What does that mean? It means that the inventory is falling and the selection of nice homes at good prices is starting to shrink. The time to buy? You betcha!! Come on down and let me help find your new home in our little slice of paradise.

Regards,
William Gregory, Realtor
941-504-3404
williamgregory@michaelsaunders.com
0 votes
Jim Soda, Agent, Lakewood Ranch, FL
Sun Mar 1, 2009
It depends on your price range and needs. We have some terrific BUYS here in the Greater Sarasota-Manatee area. Even the Banks are turning down low offers on Foreclosures and/or Short Sales. Our market has been very steady under the $500,000 level and with the Bad weather this year, people are here and Buying. Just need to know your home reqirements and price range. Leave the rest up to us.
Visit JimSoda.com to search our wonderful Gulf coast area.
Jim Soda 941-809-7759
Jim@JimSoda.com
My BLOG: http://sodasells.wordpress.com/
Prudential Palms Realty Web site: http://www.JimSoda.com
Sarasota-Lakewood Ranch-Siesta Key-Longboat Key
Web Reference:  http://www.jimsoda.com
0 votes
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