A few random thoughts about options and potential problem when making an offer in a sellers market.
Cash. Cash offers without a doubt gives the buyer an advantage. In Ocala though cash offers are not that unusual. We see them often. Cash with no contingency other than an inspection can’t be beat.
Contingencies. Contingencies are a disadvantage. An offer with a contingency on the sale of an existing home is the worst. Even before the current sellers market list agents and sellers were nervous about the sale of a buyers home. Finance contingency will lose out to cash every time. A loan with a local lender is usually look on as better than a big national bank.
Inspections. I put this in it’s own category instead of as a contingency. I have heard of buyers in super competitive situations skipping an inspection and I think that is just crazy. Maybe and just maybe if a house was a year or 2 old but even then I think an inspection should be done.
AS IS. An AS IS contract means that you do an inspection but the seller makes no repairs. The buyer can take it or walk away. Some list agents don’t like AS IS because unlike the traditional contract that locks the buyer in unless the repair limit is exceeded, in an AS IS the buyer can walk away during the inspection period. If a seller is open to AS IS it can be an advantage for the buyer.
Sight Unseen. By that I mean making an offer based on what you see online without actually visiting the house. I’m not a fan and don’t think I would buy a house like this but some people do. I have sold 6 or 7 sight unseen homes. I do a walk through looking for things that you can’t see on MLS images. I have also done short video walk throughs to get a feel for the property. I only do walk throughs and videos for buyers who are drop dead serious about making an offer on a specific home.
Renting. There are few to none short term rentals here in Ocala other than an Air B&B. Ocala 55+ communities have various restrictions against renting short term. Renting long term is hard to find and during the lease term home prices will go up and you’ll be spending $1500 to $2000 a month during the lease. I’ve been told there are short term rentals down in the Villages but that’s all I know. I don’t do rentals at all.
https://www.ocalarealestatetalk.com/2016/wp-content/uploads/2015/12/header.jpg00Valerie Ostromhttps://www.ocalarealestatetalk.com/2016/wp-content/uploads/2015/12/header.jpgValerie Ostrom2021-04-05 11:33:422021-04-05 11:33:42Buying in a sellers market
The real estate market here in Ocala has changed dramatically since the fall. For example in the 55+ community I live in, Del Webb Stone Creek, last October there were at least 40 listings and today there are just 7.
I had a couple of buyers over the last couple of weeks. The first buyers had their house in another state under contract. They found 3 homes to see. When I went to make appointments 2 had contract but weren’t put as Pending into the MLS yet. They did like the one we saw and made an offer that was accepted. The 2nd buyer from South Florida found 4 homes. Once again when I went to make appointments 2 had just got under contract. A third stated in the Realtor remarks that they had multiple offers. My buyer decided to postpone her trip.
Inventory is limited. The lower your price range the harder it’s getting to find listings and when you go they go fast.
https://www.ocalarealestatetalk.com/2016/wp-content/uploads/2015/12/header.jpg00Valerie Ostromhttps://www.ocalarealestatetalk.com/2016/wp-content/uploads/2015/12/header.jpgValerie Ostrom2021-03-24 16:21:542021-03-24 16:26:19A sellers market here in Ocala
My real estate career has come full circle. I got my license in 2006 during a crazy real estate boom. In 2008 the bubble burst. I survived the next few years selling cheap homes for low commissions. Finally things picked up and prices went up and things were good. Now here in Ocala we are in a serious sellers market. By that I mean low inventory and homes selling in a few days in some cases.
In a sellers market you sell high and generally in a short time. BUT then what do you do? Unless you’re headed to the nursing home or planning a backpacking trip to Tibet you’ll probably have to buy another house. You go out into a sellers market with few choices and pay top dollar for your next house.
Now in a buyers market you may sell lower than you’d like and maybe a lot lower. But you can go out into a buyers market full of inventory and pay an equally low price. That’s why I think a buyers market is actually better than a sellers market………….
The real estate crash in 2008 was not at all the same as today. In 08 a lot of people were buying homes with no down payment and poor credit. In Ocala people were actually speculating by putting money down on a new house and planning to flip it in 6 months after it was completed. There is none of that now.
Today is more supply and demand. A lot of people are leaving northern states and even South Florida because Ocala still has reasonable home prices when compared to other areas. Actually compared to my home town in Massachusetts prices in Ocala are cheap.
https://www.ocalarealestatetalk.com/2016/wp-content/uploads/2015/12/header.jpg00Valerie Ostromhttps://www.ocalarealestatetalk.com/2016/wp-content/uploads/2015/12/header.jpgValerie Ostrom2021-03-23 14:57:172021-03-23 14:57:17Sellers Market vs Buyers Market
We are in a serious sellers market here in Ocala. There is only 1.6 months of inventory. Active listings are own 55% from February 2020. Prices keep going up.
https://www.ocalarealestatetalk.com/2016/wp-content/uploads/2015/12/header.jpg00Valerie Ostromhttps://www.ocalarealestatetalk.com/2016/wp-content/uploads/2015/12/header.jpgValerie Ostrom2021-03-22 10:24:162021-03-22 10:24:16Ocala Real Estate Market Report February 2021
This winter has been the coldest one since I moved to Ocala in 2004. According the the tv weather man it was the coldest in Florida in 20 years. By cold I mean several frosts and a couple of light freezes. Day time temperatures in the high 50’s is freezing here. The grass which often stays green all winter is brown and dormant. Plants that generally survive in this zone look pretty much toasted.
The last week of February warmed up. We had several days in the 80’s. March is spring. The day time temps will be in the 80’s and nights in the 60’s. There will be little or no humidity until May. Spring which is a lot like summer up north is great here in Ocala.
https://www.ocalarealestatetalk.com/2016/wp-content/uploads/2015/12/header.jpg00Valerie Ostromhttps://www.ocalarealestatetalk.com/2016/wp-content/uploads/2015/12/header.jpgValerie Ostrom2021-03-01 11:27:302021-03-01 11:27:30Ocala Florida weather report March 2021
Buying in a sellers market
/in Ocala 55+ communities, Ocala Golf Course Communities, Ocala Home-Buyers, Ocala Real EstateA few random thoughts about options and potential problem when making an offer in a sellers market.
Cash. Cash offers without a doubt gives the buyer an advantage. In Ocala though cash offers are not that unusual. We see them often. Cash with no contingency other than an inspection can’t be beat.
Contingencies. Contingencies are a disadvantage. An offer with a contingency on the sale of an existing home is the worst. Even before the current sellers market list agents and sellers were nervous about the sale of a buyers home. Finance contingency will lose out to cash every time. A loan with a local lender is usually look on as better than a big national bank.
Inspections. I put this in it’s own category instead of as a contingency. I have heard of buyers in super competitive situations skipping an inspection and I think that is just crazy. Maybe and just maybe if a house was a year or 2 old but even then I think an inspection should be done.
AS IS. An AS IS contract means that you do an inspection but the seller makes no repairs. The buyer can take it or walk away. Some list agents don’t like AS IS because unlike the traditional contract that locks the buyer in unless the repair limit is exceeded, in an AS IS the buyer can walk away during the inspection period. If a seller is open to AS IS it can be an advantage for the buyer.
Sight Unseen. By that I mean making an offer based on what you see online without actually visiting the house. I’m not a fan and don’t think I would buy a house like this but some people do. I have sold 6 or 7 sight unseen homes. I do a walk through looking for things that you can’t see on MLS images. I have also done short video walk throughs to get a feel for the property. I only do walk throughs and videos for buyers who are drop dead serious about making an offer on a specific home.
Renting. There are few to none short term rentals here in Ocala other than an Air B&B. Ocala 55+ communities have various restrictions against renting short term. Renting long term is hard to find and during the lease term home prices will go up and you’ll be spending $1500 to $2000 a month during the lease. I’ve been told there are short term rentals down in the Villages but that’s all I know. I don’t do rentals at all.
A sellers market here in Ocala
/in Ocala 55+ communities, Ocala Home Sellers, Ocala Home-Buyers, Ocala Real EstateThe real estate market here in Ocala has changed dramatically since the fall. For example in the 55+ community I live in, Del Webb Stone Creek, last October there were at least 40 listings and today there are just 7.
I had a couple of buyers over the last couple of weeks. The first buyers had their house in another state under contract. They found 3 homes to see. When I went to make appointments 2 had contract but weren’t put as Pending into the MLS yet. They did like the one we saw and made an offer that was accepted. The 2nd buyer from South Florida found 4 homes. Once again when I went to make appointments 2 had just got under contract. A third stated in the Realtor remarks that they had multiple offers. My buyer decided to postpone her trip.
Inventory is limited. The lower your price range the harder it’s getting to find listings and when you go they go fast.
Sellers Market vs Buyers Market
/in Ocala 55+ communities, Ocala Home Sellers, Ocala Home-BuyersMy real estate career has come full circle. I got my license in 2006 during a crazy real estate boom. In 2008 the bubble burst. I survived the next few years selling cheap homes for low commissions. Finally things picked up and prices went up and things were good. Now here in Ocala we are in a serious sellers market. By that I mean low inventory and homes selling in a few days in some cases.
I wrote this in May of 2009 and it holds true today. Sell high and buy high or Sell low and buy low
Is now the time to buy a house in Ocala FL ?
Think of it this way.
In a sellers market you sell high and generally in a short time. BUT then what do you do? Unless you’re headed to the nursing home or planning a backpacking trip to Tibet you’ll probably have to buy another house. You go out into a sellers market with few choices and pay top dollar for your next house.
Now in a buyers market you may sell lower than you’d like and maybe a lot lower. But you can go out into a buyers market full of inventory and pay an equally low price. That’s why I think a buyers market is actually better than a sellers market………….
The real estate crash in 2008 was not at all the same as today. In 08 a lot of people were buying homes with no down payment and poor credit. In Ocala people were actually speculating by putting money down on a new house and planning to flip it in 6 months after it was completed. There is none of that now.
Today is more supply and demand. A lot of people are leaving northern states and even South Florida because Ocala still has reasonable home prices when compared to other areas. Actually compared to my home town in Massachusetts prices in Ocala are cheap.
Ocala Real Estate Market Report February 2021
/in Market Reports, Ocala Real Estate, Ocala Real Estate NewsWe are in a serious sellers market here in Ocala. There is only 1.6 months of inventory. Active listings are own 55% from February 2020. Prices keep going up.
Ocala Florida weather report March 2021
/in Living in Ocala, Ocala WeatherThis winter has been the coldest one since I moved to Ocala in 2004. According the the tv weather man it was the coldest in Florida in 20 years. By cold I mean several frosts and a couple of light freezes. Day time temperatures in the high 50’s is freezing here. The grass which often stays green all winter is brown and dormant. Plants that generally survive in this zone look pretty much toasted.
The last week of February warmed up. We had several days in the 80’s. March is spring. The day time temps will be in the 80’s and nights in the 60’s. There will be little or no humidity until May. Spring which is a lot like summer up north is great here in Ocala.