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Feb 2008 - In the Tampa Bay Florida On Average - Property under 250,000 is in a stable buyers market. $250,000 to $500,000 is in a good buyers market. Property over $500,000 is in an extreme buyers market...meaning more price reductions and better negotiating.
The market has stabilized in certain areas of Tampa Bay Florida. Overpriced properties still exist and sellers are hoping for an uniformed buyer to show up. That will not be you, when you use exclusive buyer representation.
Two years ago many Investors played musical chairs with investments and bought overpriced real estate they intended to 'flip' or sell for a profit. Many since....have sold for losses...sometimes substantial. I represented and negotiated a deal recently for a buyer and the seller took an $85,000 loss on a $425,000 investment property that was a vacant and on the market for over 9 months.
Proper research and facts in this current market are critical. Don't judge real estate nationally...but locally.
Remember, you are probably considering buying only one property at this time.
Listing Agents represent the Sellers....so have a Buyers Agent find out......
How much did they pay and when?
How much mortgage debt remains on the property. Was it a secondary residence?
Is it vacant?
What did others pay going back to when the unit was first built.
How many days has it been on the market with the current listing agent?
How many other listing agents marketed it and for how long?
What are comparable properties selling for in the last 6 months.
What is the condition of the property?
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