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The Real Estate Market in 2006 (For Buyers)
from: Richard A. LorencMany individuals and investors buying real estate in 2005 and
still owning the property had a bruising year in many markets
albeit not all. Many got caught up in a seller's greediness and
overpaid the true market value. Some found themselves in a
multiple offer auction trap and ended up paying well above the
original asking price for the property. Or new construction was
purchased that was on a builder's spec list and subject to
continuing price increases unrelated to increased costs. The
rationalization for many buyers was "who cares" the market is
spiraling upward and when it comes time to sell, all will be
well, we hope...
Investor Owned Real Estate
The evidence continues to mount that a correction of sorts is
afoot in many real estate markets. Investors and real estate
agents themselves who have properties they own on the market are
getting increasingly nervous and this is and will translate into
lowering prices particularly during the next few months. Keep in
mind these lowering prices may well be off of grossly inflated
asking prices. Many investor owned residential properties now on
the market may have been purchased 1 or even 2 years ago and
have been tenant occupied. Typical leases run for one or two
years and the property is likely to be put on the market 2 to 4
months from the termination of the lease thereby minimizing
negative cash flow.
Owner Occupied Real Estate
Most homes that are owner occupied and for sale aren't owned by
investors or real estate agents. Most states require real estate
agents to divulge their ownership regardless of whether they are
occupying the property or not. However investors are not subject
to the same requirements.
Buyer Considerations
Once you have narrowed down the number of homes you are
potentially interested in it's time to do your own due diligence.
1. Whether you are using a realtor or dealing with a
seller directly, find out what type of seller you are dealing
with and whether investor, real estate agent or owner occupied.
2. Particularly with newer construction but with any
property, determine what the last purchase price was and the
last sale date. This information is a matter of public record
and most county property appraisers have the information readily
accessible on the internet, usually through the county
maintained website. The information will include the actual
property address and the name(s) on the property deed. Be
advised most systems are not maintained real time and there may
be a lag of a few months before a recent sale is reflected in
the property records. If you suspect the property has been
recently purchased and immediately put on the market for sale,
call the county property appraiser or tax assessor's office with
the exact property address and ask for the latest available
information that may not be posted on their website. If you are
working with a real estate agent and the house under
consideration was previously listed and sold from the Multiple
Listing Service (MLS), your realtor can find out the actual
selling price.
3. Find out what the sale prices for comparable
properties have been in the neighborhood you are considering.
Start with the same street and then expand to sub-division and
then reasonable proximity to the property under consideration.
Here working with a realtor makes this step easy, if not the
information is public record however more difficult and time
consuming to obtain.
4. Find out what the asking prices for comparable
properties are in the neighborhood you are considering. Again,
look at the same street, sub-division and a reasonable proximity
to the property you are looking at. A key factor here is the
days on market (DOM) and what the listing price history has been
if on MLS. This information is generally only available to
realtors and is not available to the consumer and is not
available to realtors or consumers if the property is non-MLS.
Also many variations in that a home may have been listed with
different brokers and under different MLS numbers and even
different MLS systems.
5. Knowing the available inventory of homes on the
market in the area under consideration, length of time on the
market and recent (over the past 6 months) sales will provide
valuable information when formulating an offer to purchase.
6. When considering an offer price, take into account
all the due diligence you have done and all the information you
have collected. The asking price of the property you are
considering can fall into many categories. Grossly overpriced,
overpriced, market priced or under valued. The asking price is
driven by many factors and obtaining the property for what you
believe to be a fair price (to you) should be your ultimate
objective.
About the author:
Carol Lorenc & Richard Lorenc
(http://www.homeinjacksonville.com) sell condos and
single-family homes for Watson Realty Corp., and live in St.
Augustine, Florida. The Lorenc's have lived and worked around
the world in Asia, Europe and Latin America and specialize in
working with foreign real estate buyers.
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