Top Ten Reasons
It’s a Great Time to Buy Real Estate!

1. Selection, selection, selection. There are about resale homes on the market in the Tallahassee area. Regardless of the price range a buyer desires, there are plenty of homes from which to choose. Just a few years ago, the resale inventory dropped below homes. A buyer was forced to make compromises if they were going to locate the home of their dreams. There is a great selection of attached homes, condos, and townhomes. You can find acreage homesites, small homesites, and a homesite that will accommodate your boat or RV. There are lots of options in this market.

2. No Bidding Wars. In 2005, we had one client that made an offer on ten homes. They lost the first nine to the ‘feeding frenzy’ that existed. Other buyers bid the properties up substantially from the original listing price. There were escalation clauses where buyers authorized their agents to outbid other offers by thousands of dollars. There is no competitive bidding in this buyer’s market.

3. You can make an offer. A few years ago when you made an offer, the only question was how high above the list price could the buyer reach in hopes of being the best offer on the table. Today the sales price vs list price ratio is about 96%. A seller will not be insulted if you make them an offer they can’t refuse.

4. Patience is tolerated. In the hot seller’s market that existed, everything was rushed. Find a home before other buyers did. Hurry up and make the offer. Today a buyer can take their time. Look at several homes and think about your decision for a few hours.

5. Due diligence is welcomed. In this market a buyer is encouraged to obtain a home inspection, termite inspection, and appraisal. In 2005, many buyers waived these contingencies in order to gain an advantage with multiple offers.

6. There are plenty of builder model homes available. In the not too distant past, a buyer had to play games if they wanted a new home. There were lotteries and waiting lists in order to obtain new construction. Some buyers slept in their cars in order to get to the head of the lines.

7. Repair requests are welcomed. After a buyer completes a home inspection, they are allowed to submit a repair request to the seller. In the past, a seller might insist the home was sold "as is".

8. Few, if any investors. It is estimated that one third of all sales in 2005 were to investors. These non-owner occupied buyers caused the market to inflate and affordability to decline. Mortgage fraud became commonplace. It’s a great time to buy without having to compete with hundreds of prospective landlords.

9. Location, location, location. Today’s buyers can find homes closer to work. In the past, buyers flocked to Wakulla and Gadsden Counties in order to find affordable homes. In this market, reasonably priced homes are within biking or walking distance to schools, bus lines, and friends and family.

10. Real financing is available. The "wink, wink" zero down, no doc, adjustable, sub-prime loans are going by the wayside. Fixed rates are back. FHA financing, First Time Homebuyer Bond Programs, Special Loans for Teachers and Police Officers are back in business.

Life runs in cycles and real estate runs in cycles. One of the benefits of getting older is that you begin to see these patterns emerge. Hindsight is 20/20 and we’ve all been there. Don’t let it happen to you! There are good things about this real estate market, if you learn to recognize and take advantage of them. It’s true what they say…Timing is everything!