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Where Have All The Buyers Gone?
December 4th, 2013 10:24 AM

Beginning in October, we usually see an increase in sales volume as snow birds return south and many from foreign countries settle here for the winter. It is called our "busy season" in real estate.  However, the past couple months have been unusually quiet.  Where have all the buyers gone?

Earlier in the year, inventory was at an all time low and our personal listings were down to only two, but many buyers were still in the area.  Now with a rebound in home prices, more sellers are comfortable with putting their homes on the market at fair value only to find that there are few buyers looking.  We are now up to 12 lovely homes in our inventory but with very little showings.  Even inquiries by phone or e-mail have dropped considerably.

Part of the reason for a hold on resales is the resumption of new construction in several communities around Davenport and  Ridgewood Lakes.  There are many incentives being offered by builders and lots of upgrades included in some of the base prices.  However, there are usually much higher closing costs involved and possibly higher HOA or CDD fees involving the development of brand new communities. 

A resale home holds its value when it is maintained properly, updated to current standards, and is located in a well developed and pristine community.  There is much more negotiating room with a private owner on price or incentives than with a developer. Closing costs are much less and the sale can be finalized much faster than on a new build.  Landscaping is already mature and elaborate offering beauty to the community.  There is no construction noise, dirt, or machinery and equipment to hinder the enjoyment of the resale home. 

There are many great bargains still to be had in resale homes and interest rates are still at reasonable levels.  Ridgewood Lakes, in particular, is one of the most beautiful and serene gated, golf course communities in the Davenport area with five separate subdivisions, offering homes in all price ranges to both families and seniors.  So where have all the buyers gone?

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Posted by Barbara Doeringer on December 4th, 2013 10:24 AMPost a Comment

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