Thursday, January 19, 2006

Bottom Fishing for Bargains

Things have picked up considerably since the first of the year. I have written offers for 4 different buyers in the last 2 weeks with 3 of those buyers getting accepted contracts. I am seeing sellers more willing to respond to low offers than last season but I haven't found any seller yet willing to sell for under market value. Two bits of advice if you're making a lowball offer; first, don't expect a warm reception from the seller. Second, if you're offering considerably lower than asking price, the terms of your offer better be attractive to be considered. A seller will be more tempted to respond to a low, cash offer with a quick close than an offer contingent on a high loan-to-value mortgage or other troubling contingencies such as the sale of another property or a delayed close. If you plan to do some bottom fishing, get pre-approved for a mortgage, make your offers as clean as possible and be prepared to lose out on a few.

Our inventory is still climbing with each week seeing a new record high number of listings. Here are our current stats for Cocoa Beach and Cape Canaveral. One caveat; there are many duplicate listings as agents learn our new MLS, so, the actual number of listings is less than the numbers below. Even adjusting for the errors we are still at record high inventory.

MLS listed properties, Jan. 19, 2006

condos all prices__815
_over $500,000___206

homes all prices__117
_over $500,000__58

New condo listings since Jan. 1 - 182
New single family listings since Jan. 1 - 34