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| Buyer's Rejoice or Buyer's Remorse? |
| The real estate market has had a great run and now evidence is
mounting that the party may well be over for residential
properties in many areas of the country. With a growing
inventory of both resale homes and new construction along with a
clear slowdown in houses being purchased, what is the
prospective buyer to do? Is the market in a traditional seasonal
pause to be followed by an upward spiraling of prices? Is the
market on the cusp of a deluge of homes coming on the market
from investors, speculators and realtors getting increasingly
nervous that they may be missing the window of opportunity to
offload properties? With a typical lag of 30 to 90 days between
a house going under contract and the closing, how does the buyer
determine |
what is really happening with prices? Even after the
closing, it may be 30 or more days before the actual selling
price is recorded in the public record. If the house has been
listed under MLS (Multiple Listing Service) the selling price is
generally available to any realtor being a member of the MLS
system where the house was sold. If the property was not listed
in MLS then the actual selling price will not be available until
recorded by the public entity responsible.
Buyers with timing flexibility and who are working with a
seasoned real estate professional are in the best position to be
well informed on market conditions and local trends. However
regardless of timing flexibility, here are 8 questions you
should be asking your |
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realtor!
1. What are pricing trends in percentage terms and actual
increases/decreases in the general market area you are looking
in and the purchase price range you are considering?
2. What is the inventory of homes currently within your market
interests and how has it changed in the last 90 days?
3. What are the buyer incentives being offered by the builder
(if new construction) or seller?
4. What are the realtor incentives being offered by the builder
(if new construction) or the seller?
5. Is the property you are considering owner occupied and/or
investor/realtor owned?
6. What is the listing history (if listed on MLS) of the
property including changes in terms, price and |
broker?
7. For re-sales, what was the original purchase date and price
paid by the seller?
8. For re-sales or new construction, what has the pricing trend
been over the past 24 months for homes within the areas being
considered?
Being well informed can make a huge difference when preparing an
offer to purchase a property.
About the author:
Carol Lorenc & Richard Lorenc
(http://www.homeinjacksonville.com) sell condos and
single-family homes for Watson Realty Corp., and live in St.
Augustine, Florida. The Lorenc's have lived and worked around
the world in Asia, Europe and Latin America and specialize in
working with foreign real estate buyers.
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