Buying Real Estate in Bonita Springs, Florida
Bonita Springs and the surrounding area (including Naples and Marco Island) were all hit hard in the recession. Throughout the recession, several of Florida’s southwestern counties were listed in the top 10 lists of having the most foreclosures in the United States.Market prices dramatically fell and available homes shot through the roof. Fortunately, today it seems the market has hit a turning point.
For the first time in almost half a decade, the real estate outlook in Bonita Springs is looking up. According to the Naples Area Board of Realtors, the supply of real estate in the Bonita Springs area is lower than its ever been in the last five years. As supply decreases and as the economy strengthens and brings back demand, it’s only natural for Bonita Springs real estate prices to increase.
It’s not just increases in market price that home owners are looking forward to. Another important metric to look at is the sale of high-end real estate. More high-end real estate may be a sign that the local economy is improving, as only individuals with successful businesses or successful jobs can afford those properties. In 2011, real estate sales priced between 1 and 2 million rose by a whopping 9 percent.
How to Approach Buying in Bonita Springs
First of all, realize that as the buyer you still command the position of power. Yes, sellers are seeing home prices turn around, and yes, the real estate market is improving. However, it’s also important to realize that many sellers who have their homes listed have been waiting for weeks or months for their homes to sell.
Real estate agents may try to appear standoffish during negotiations, as if they are in no hurry to close a sale. In reality, many of the Bonita Springs property deals still go for 90% or less of the asking price.
Don’t be afraid to ask for a price below what is listed. Even though real estate markets are improving, it’s important to remember that real estate is a slow-moving asset. In other words, “improving” might mean prices are looking up and will be higher in 3 to 5 years. Your seller’s decision, however, is based on their current financial situation, not the market’s slow moving growth.
Picking Your Dream Home
While Bonita Springs isn’t a huge city, it’s not a small city, either. There are over 43,000 residents in Bonita Springs. At any given time around 1,000 single family homes and another 1,500 or so multi-family homes available on the market.
The market’s recovery is absolutely going to remove some of your options from the table, but you’ll still have hundreds of homes to choose from. Don’t let yourself fixate on the idea of finding your “dream home” before you’ve really taken the time to look around and make sure you’re truly buying the house you want.
Get to Know Your Neighborhood
By and large, Bonita Springs is a very calm and classy city. However, each and every part of it has its own style and feel.
Before you move into a house, try talking to the neighbors. Ask them about the neighborhood and try to get a sense for what the place “feels” like. Look up nearby schools and nearby parks. Ask people about whether there are a lot of barking dogs, noisy neighbors, parties or anything else that you need to be aware of before making your final decision.
Buying Short Sales or Foreclosures
If you’re looking to buy short sale or auction properties, make sure you set your eyes on several properties. There was a time where Bonita Springs foreclosures simply sat on the market for weeks and months. Those days are more or less over. Today, everyone is looking for a deal. Be willing to pay a little bit more and be willing to walk away from a deal if the bidding gets too high.
Don’t set your eyes on just one property. Look for several deals that might fit your criteria and work on them simultaneously.
As a real estate buyer, now is possibly the best time to buy. Real estate prices are picking up and all signs point to a change in direction, and yet prices haven’t actually changed to the point where they’re too expensive.Tags: Bonita Springs, Dream Home, Florida, Short Sales