Here in our marketplace, first time homebuyers as well as repeat traditional buyers are creating a bidding war with investors in the short sale and bank owned markets.
Many of these purchases are required to be bought in as is condition, and traditional buyers are taking on the repair issues at hand. Of course, the home inspection clause does give them an out, if the issues are major.
In recent years, lst time home buyers and traditional buyers were on the fence while investors scooped up properties lower priced than current.
Bidding wars do create higher prices in the market place. However Florida is still a major bargain.This message has been edited. Last edited by: real estate lady,
don't know about investors but homes have finally hit a return...the sub that dd2 lives in (she paid a whopping $360,000) new builder came in and charged $250,000 for same house...finally, the price on the last of the division is $300,000
se michigan, oakland county...
Posts: 8113 | Location: se mi | Registered: Sep 25, 2002
My friends in Tampa said that there was an article in the paper last weekend that said for the first time in a very long time, there was a small improvement in the housing market - in both Tampa and Miami. I'm guessing Miami was hit harder (SO many empty condo buildings sitting there), but there does seem to be a little nudge in a positive direction... Will be down there 1 July to see it in person
One of the things helping first time home buyers and owner occupants are the FNMA and FHLMC requirements for the First Look periods of up to 2 weeks for owner occupants before investors and 2nd home buyers can make an offer.
