For patient investors and home buyers, opportunities are still plentiful. There were over 110,000 foreclosure filings in Florida in just the first 3 months of the year and while banks are trying to mediate with homeowners to avoid the lenghtly and costly court process, this is not always possible. So, expect the massive numbers of foreclosures to continue unabated throughout 2010 and beyond. For investors, this spells enromous opportunity to purchase investment units that can bring returns of up to 10% per annum.
For home buyers loking in a specific community or subdivision, patience pays off. I've worked with 2 buyers from the Northeast recently who wanted to buy second homes in an exclusive country club community in Palm Beach Gardens Florida. My first buyer bided his time for almost 8 months until a deal appeared on the market that was 25% lower than current market value for similar homes in the community. He snapped up the deal without even flying down to Florida to see it. My second buyer came to view homes about 8 weeks ago, selers were being a litle unreasonable, so none of our offers were accepted. On Thursday a home was listed in the community at an amazing price as the Selers needed to move quickly. We got the deal done in 24 hours, once again with the buyer not wasting time to come down to Florida to view the home. While the house floor plan is slightly smaller than what he was looking for, the amazing price made the deal worthwhile. Keep in mind that if you want to snag a great deal you have to move fast.
So, the bottom line is that buyers should not give up or make rash decisions, in this market, the right deals will come if you are patient and prepared to move quickly once the deal appears on the market.
Remember that I work with buyers to get the best deals in Florida real estate.
Call me or check out my website:
Tali Wolder
561-866-9372
tali@floridianinternational.com
http://www.talisellsflorida.com/
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