Record-low mortgage rates, pent-up demand and a large selection of properties bode will for Buyers. http://www.tampabaycondosale.com
The Hot Florida real estate market from 2003 to 2005 has dissipated. From 2006 to the present, there has been an increasing inventory of listings with asking prices well below the actual purchase price. The majority were speculators that got caught up in the frenzy. No one can predict the bottom for national, regional or even local real estate.
The one thing that is certain is the amount of bargains that now exist...that may not be on the market for those waiting for the bottom. A detailed comparable analysis, days on the market, sellers purchase price, sellers current mortgage outstanding, use as an investment or permanent residence is the first step to review on any property that interests. The second step is not to deal with the Sellers Listing Agent...but to use a Buyers Agent... with strong experienced negotiating skills to help you determine an offering price on the property you want to purchase.
Each transaction is individual. Many recent sales were rock bottom purchases for the Buyers.
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