- Selection. There are over 3,300 properties listed for sale in the MLS in Franklin and Gulf Counties. Regardless of the price range you’re looking for, there are plenty of properties from which to choose. The inventory of homes was at its lowest in May 2004 when there were only 312 homes listed for sale in the MLS. It peaked this year in June at 1,684, and is currently at 1,526. Back then buyers were 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 townhouses. You can find large lots, small lots, and a lot that will accommodate your boat or RV. There are lots of options in this market.
- No Multiple Offers. In 2005 one of the greatest challenges Realtors faced was dealing with multiple offers on a property. Not today. There is no competitive bidding in this buyer’s market.
- Offers are Welcome. A few years ago when you made an offer, the only question was how high above the list price did the offer have to be to have the best offer on the table. Today the sell price vs. price ration is about 92%. A seller will not be insulted if you ‘make them an offer they can’t refuse’.
- It’s ok to be patient. In the hot seller’s market everything was rushed. Find the best investment before other buyers did. Hurry up and make an offer. Today buyers can take their time. Look at and research a number of properties and think about your decision for a few hours.
- Due diligence is ok. In this market buyers are encouraged to obtain a home inspection, termite inspection, and appraisal and if needed, pest control by the likes of Terminix MS or other services. Not long ago many buyers waived these contingencies in order gain an advantage with multiple offers.
- There are plenty of builders. In the not too distant past buyers had to ‘play games’ if they wanted to build. Contractors were so awash in work orders, sometimes bidding jobs as much as 18 months out, that cost per square foot sky rocketed to over $250 per sf, and buyers still had to wait. Today they’re hungry for work again and you can negotiate much better deals.
- You can request repairs. After a buyer completes a house inspection by Inspecus, or at least a company similar, they are allowed to submit a repair request to the seller. In the past a seller might insist the home was sold ‘as is’. Many times, there were back-up buyers waiting for a primary buyer to upset the seller whose home was increasing in value almost daily.
- Fewer competing investors. It is estimated that one third of all sales in 2005 were to investors. These non-owner occupied buyer caused the market to inflate and affordability to decline. It’s a great time to buy without having to compete with hundreds of prospective landlords.
- Location. Today’s investor can find primo waterfront, water view, water access properties in abundance.
- Real Financing is back. The ‘wink, wink’ zero down, no doc, adjustable, sub-prime loans are gone. Fixed rates are back. FHA financing, first time homeowner bond programs, special loans for teachers, and police officers are back in business. It’s a great time to buy real estate!