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Henri Frank Group at Remax | Ft Lauderdale | Wilton Manors Realtors

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Fort Lauderdale – Wilton Manors Realtors

Henri Frank Group at Remax | Ft Lauderdale | Wilton Manors Realtors

Florida Real Estate Buyers Must Act Now

written by Frank Vigliotti, Realtor, CDPE, Blogger, PA

 

 

The Henri Frank Group brokered by Remax Preferred works with many buyers in Fort Lauderdale, buyers in Wilton Manors, Oakland Park and all throughout South Florida. Going into 2013, our real estate market becomes more and more heated up with the number of buyers, bringing a large number of multiple competitive offers. The Group has closed over 100-transactions in the last 52-weeks. Each of these closings have their own circumstances and by having this number of closings, the Realtors of the Henri Frank Group; Henri Vezie, Frank Vigliotti, Jimmy Cunningham, Robin Passman and Dan O’Brian now have experience to better serve their buyers and sellers.

 

Some examples that I would like to share with you that demonstrate why starting the Buying Real Estate process now is more important than ever before.

 

Wilton Station, a luxury mixed-use community in the center of Wilton Manors, for example, a townhome in Wilton Station sold in early 2011 at $201,200 recently resold in 2012 for $325,000. That unit when it was first placed onto the market in 2011 had more than a half dozen of offers according to the listing agent hired by the bank who owned the unit in 2011.

 

“A 2-bedroom condo unit in Coral Springs, Florida was recently sold on the market for $53,000. What was different about this listing compared to various other condo sales throughout South Florida is that this unit came with no restrictions and the new owner would be permitted to rent the unit out within the first year of ownership. The surprisingly low price and the lack of rent constraints made this bank-owned condo unit in Napoli Gardens a fast seller that attracted 54 offers over the course of a couple of days. This Napoli Gardens unit was eventually purchased by an investor who ended up outbidding other potential buyers by over 10%, paying $71,000.” – Information taken from the Greater Fort Lauderdale Realtor Association Multiple Listing System

 

“A real estate agent by the name of Martha Dupree from the Keyes Company stated that the interest acquired from this home sale was the most that they has witnessed in her 33-year career. The increase in the amount of first time home buyers, investors, and the lack of housing inventory in South Florida has created a huge demand for homes which creates a market with multiple offers. The South Florida housing market is currently booming which is a complete turnaround from a few years prior when home prices were declining and the large amount of homes on the market left many sellers distraught hoping for just one offer on their properties.” – Taken from the Florida Association of Realtors Blog

 

A representative from the Henri Frank Group at Remax Preferred based out of Wilton Manors and Fort Lauderdale speaks about how sellers now have options when it comes to getting offers for their homes and that buyers are less likely to settle for just anything. Just a year and two years ago, potential home buyers were urged to get pre-approval from a lender before searching for homes. Now the Realtors in the group working with potential buyers make it essentially an obligation to attain pre-approval before they even begin searching for homes.

 

Many agents agree that in today’s housing market  potential buyers that make cash offers are more likely to be considered when there are multiple offers on the table because cash offers typically close faster than non-cash offers. Prospective buyers that are pursuing mortgages can stand out from the crowd if they are willing to put down at least 20% on their mortgages. Those prospective buyers out there who may need the financial assistance of the Federal Housing Administration {an FHA or VA loan] may find it difficult to make an impression because they may not have stellar credit and will be making smaller deposits on the home.

 

An experienced broker based out of West Palm Beach shared that many sellers and lenders use the concept of “drama pricing” in order to appeal to more buyers and attract multiple offers. The concept of dramatic pricing is when sellers or lenders list a property at a shockingly low price with efforts to create a bidding war that will ultimately drive the selling price higher.

 

A couple of months back, a seller was advised by their Realtor to list his average West Palm Beach home under $40,000. This sellers originally had plans of listing the home at over $40,000 based on his observation of home listings in the community. The home was in fair condition and didn’t include any appliances, yet it still managed to attract 70 showings,, 22 offers and eventually sold for $53,000.

 

Some real estate agents are obligated to continue taking offers on the property until the seller has formally accepted an offer in writing. In many cases, brokers encourage their clients that have attracted multiple offers to refrain from taking any more. We recently listed a home in Oakland Park – Fort Lauderdale. On day #1 we had 12 showings, three offers to purchase this property and day #2, eight more showings and two other offers. According to the listing agreement we must continue to market and actively market the home until an offer is officially accepted by the seller and all parties have signed and initialed all of the paperwork. And until such time, the listing agent is required to keep the MLS listing active in the system. Many critics of the MLS disagree that a home should be kept in the active status as it gives the subsequent buyers looking at the property false hope they can purchase the home.

 
The South Florida Real Estate market is on the upward trend and with projections for 2013 this will continue. If you are even thinking of buying a property in South Florida, it is now that you need to start the process.

CLICK HERE FOR THE BUYER CHECKLIST

Contact the Henri Frank Group at Remax by emailing, texting or calling us at 954-604-9999.

CLICK HERE TO MEET THE HENRI FRANK GROUP

 

Henri Frank Group at Remax Preferred

 

 

 

 

 

 

 

 

Areas of South Florida that the Henri Frank Group at Remax Preferred serves:

The following cities in Broward County:

Fort Lauderdale, Lauderdale Lakes, Oakland Park, Wilton Manors, Tamarac, Lauderhill, Plantation, North Lauderdale, Lauderdale Isles, Weston, Cooper City, Southwest Ranches, Pembroke Pines, Pompano Beach, Coral Springs, Coconut Creek, Margate, Parkland, Lighthouse Point, Hollywood, Margate, Hillsboro Beach, Hillsboro Shores, Davie, Lauderdale Isles, Sunrise,  Dania Beach, North Lauderdale,  Pembroke Park, Lauderdale-by-the-Sea, Mirimar, Pembroke Park, Pembroke Park, Pembroke Lakes, West Hollywood, West Park, Cooper City, Deerfield, Deerfield Beach

 

The following cities in Palm Beach County,

Boca Raton, West Palm Beach, Lake Park, Singer Island, Palm Springs, Mangonia Park, Riviera Beach, Juno Beach, Haverhill, North Palm Beach, Riviera Beach, Royal Palm Beach, Palm Beach Gardens, Green Acres, Wellington, Royal Palm Beach, Green Acres, Haverhill, Boca Raton, Briny Breezes, Ocean Ridge, Boynton Beach, Coral Point, Delray Beach, Lake Worth

 

The following cities in Miami-Dade County,

Miami, Doral, Coconut Grove, Coral Gables, Miami Shores, El Portal, Fisher Island, Venetian Islands,  Miami Beach, Sunset Island, Normandy Isle, Normandy, North Bay Village, South Miami, West Miami, Sweetwater,  Key Biscayne, Bal Harbour, Indian Creek Village, Surfside, Bay Harbour Island,  Pinecrest, Kendall, Gables by the Sea, Cutler Bay, Palmetto Bay, Perrine, Village of Palmetto Bay, South Miami Heights, Aventura, Golden Beach, Sunny Isles, Sunny Isles Beach, Biscayne Park, Uleta, North Miami Beach

 

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Fort Lauderdale RealtorHenri Frank Group at Remax | Ft Lauderdale | Wilton Manors Realtors

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