When looking for a home, especially in this market, the general tendency is to look for the lowest price. But although we love getting deals as much as the next guy, we need to throw in a word of caution.
There are many homes for sale in Sarasota that have unbelievably low prices. They generate a lot of interest and inquiries. So why aren't they selling? I'm sorry to be the bearer of bad news, but even in THIS market, if it looks to good to be true, it probably is.
1) Location - a beautiful home won't sell if its in an ugly neighborhood. Sounds harsh, but it's true. During the boom, many speculative investors and builders scooped up any patch of grass they could and built a home on it. However, if every other home in the neighborhood is 60 years old, run down or abandoned, a beautiful new home simply won't sell.
A similar problem is a home in a distressed area. If an area has alot of foreclosures, no services or amenities or is far from the beach, they may have trouble selling it with so many homes available.
2) Inherent problems - If a home needs new plumbing,, a new roof, new air conditioning and is prone to flooding, it doesn't seem like such a deal anymore, does it? Often paying more for a home is well worth it if all the major components are in good shape.
3) Environmental/neighborhood concerns - Make sure you do your due diligence on a home - are there any major construction projects palnned? Major assessments coming down the pike? Prison being built nearby? Sometimes homeowners are trying to get out of the area prior to something that may affect their market value - although that will be disclosed as you negotiate, they may hope that the price will lure you in.
The good news is, there are some excellent deals out there. You just can't go by price alone.
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment