Cindy Abraham, A Team Florida, Keller Williams Realty Professionals

Hollywood State of the Market

           

As most of you know, my primary farm area is Hollywood homes.  Buyer agents call me first for info and I direct them to the best listings – even if they are not mine.

The majority of my recent listings have received offers within the first two weeks.  This is the year of the buyer.  Hollywood has a great reputation partly thanks to our “Crown Jewel of South Florida” campaign.  Most homes sell within the first 90 days.

Now that the real estate bubble has popped, the time is ripe to move from renting to owning.  Interest rates are at an all-time low and inventories are still adequate.  No matter what you hear in the news, not every area is the same.  Here in Hollywood, home prices are not only stabilizing but inching up.  This is the Year of the Buyer.  However, you need to shop smart and so your homework.

HIRE A PROFESSIONAL REALTOR! A professional will do an in-depth consultation with you to refine your search and save you time.  Also, a professional Realtor knows how to negotiate price and navigate the legalities of the contract and closing.  The seller pays the commissions so why on earth would you go it alone?!  Call me for a professional consultation.

STUDY THE NEIGHBORHOODS – drive around so you know exactly where you want to be.  And also realize that there may be deals but there are no “steals”.  Anything that is a great value will be snapped up by a cash buyer before you can write out a contract.  The investors are hovering like vultures and they have done so much research, they know exactly when that great short sale or foreclosure will hit the market.

KNOW THE TRUE VALUES – I will thoroughly educate you on market values.  If you fall in love with a house or condo, chances are others will feel the same.  Bidding wars are becoming fairly commonplace.  It is not unusual to pay full list price or even higher for a great property. 

STAY WITHIN YOUR BUDGET – Choose a home/condo that is no more than 2 ½ times your yearly income.  If the annual cost of your mortgage and other debts exceeds 40% of your income, think twice.  If you pay cash for a condo but are on a limited fixed income such as Social Security, you should at least have matching funds – the same amount of money that you paid for the property - in savings.