How Can I Get The Best price On The Market?
[ORLANDO, FL]
By: Jake Johnson
Here in Central Florida there are tremendous amounts of bank owned properties on foreclosure and short sale, new construction developer incentives at all time highs and traditional resales fighting to stay competitive. So how does a new Orlando resident choose which avenue gives them the best value for their dollar?
In today's marketplace, you need a real estate professional with a keen understanding of the local pricing to guide you in your decision. Even a bank owned property on foreclosure could be priced higher than a motivated seller down the street with a tremendous amount of equity in the property. It all comes down to analyzing the current market and making logical predictions about the near future.
In order to do this, you need to sit down and take a mathematical approach. Find out which properties have sold in the neighborhood or condo building lately (usually 12 months, but in today's market 6 months is much safer). Also find out as much information about properties that are currently pending contract and waiting to close (i.e. sale price, seller concessions, closing date, etc...). Finally, take a long look at the other properties for sale in the area. Look at how long they have been for sale, price drops they have done, incentives they are offering, and what they have that adds or subtracts value in comparison to the property you are buying.
Compile all of this information to get an average price or price range that you should be paying for your property. Normally, this would be the offer you would submit. However, in today's real estate market I would suggest subtracting an additional 5 – 10% from that price to try to steal a property from a motivated seller.
Most licensed real estate agents will perform this process on your behalf as part of their due diligence and often refer to it as a comparative market analysis. Keep in mind that most agents also have access to much more information on the sales of properties as part of their Orlando Regional Realtor Association membership. This combined with local expertise on the market should leave you in a good position to buy at a great price.
Remember to be patient and try not to fall in love with one particular property. Having multiple properties of interest will enable you to maximize your savings and leave you with the best price possible.
The only way to ensure you get the absolute rock bottom price on a property is to be aggressive with your offers, diligent with your research and patient in your negotiations. In the end, it does not matter if the seller is a bank, developer or individual owner.
Orlando Condos For Sale
By: Jake Johnson
Here in Central Florida there are tremendous amounts of bank owned properties on foreclosure and short sale, new construction developer incentives at all time highs and traditional resales fighting to stay competitive. So how does a new Orlando resident choose which avenue gives them the best value for their dollar?
In today's marketplace, you need a real estate professional with a keen understanding of the local pricing to guide you in your decision. Even a bank owned property on foreclosure could be priced higher than a motivated seller down the street with a tremendous amount of equity in the property. It all comes down to analyzing the current market and making logical predictions about the near future.
In order to do this, you need to sit down and take a mathematical approach. Find out which properties have sold in the neighborhood or condo building lately (usually 12 months, but in today's market 6 months is much safer). Also find out as much information about properties that are currently pending contract and waiting to close (i.e. sale price, seller concessions, closing date, etc...). Finally, take a long look at the other properties for sale in the area. Look at how long they have been for sale, price drops they have done, incentives they are offering, and what they have that adds or subtracts value in comparison to the property you are buying.
Compile all of this information to get an average price or price range that you should be paying for your property. Normally, this would be the offer you would submit. However, in today's real estate market I would suggest subtracting an additional 5 – 10% from that price to try to steal a property from a motivated seller.
Most licensed real estate agents will perform this process on your behalf as part of their due diligence and often refer to it as a comparative market analysis. Keep in mind that most agents also have access to much more information on the sales of properties as part of their Orlando Regional Realtor Association membership. This combined with local expertise on the market should leave you in a good position to buy at a great price.
Remember to be patient and try not to fall in love with one particular property. Having multiple properties of interest will enable you to maximize your savings and leave you with the best price possible.
The only way to ensure you get the absolute rock bottom price on a property is to be aggressive with your offers, diligent with your research and patient in your negotiations. In the end, it does not matter if the seller is a bank, developer or individual owner.
Orlando Condos For Sale
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