Bidding wars are becoming very common all over the nation right now in the home buying market. Homeowners are listing homes at a specified price and it some cases, selling for more than $250,000 more than they were asking. Tampa Home Talk’s real estate blog explains what happens in bidding wars for home buying in Florida, as well as through their real estate radio show.
We all may have heard of bidding wars before in the housing market happening in places such as California and New York, but it now could be spreading to Florida.
Bidding Wars For Home Buying In California Happens Everyday
A normal example of a story you may have heard is about Marianne Jackson. Marianne is an eBay executive looking to purchase a home in Oakland, as she currently works near Silicon Valley not far away. She found a 3-bedroom home listed at $699,000. Marianne knew that the current homeowners would not be selling at that price. Instead, she went ahead and offered $200,000 over the asking price, as well as not having any contingencies, and offering to pay in cash. Jackson’s plan of attack worked as she beat out 11 competing offers and closed on the house last month for $900,000.
Now just because Marianna Jackson went ahead and offered over $200,000 more than the asking price does not mean everyone has to do the same. Oakland is currently soaring with prices and is a very competitive market.
Florida Real Estate Competition
Florida on the other hand is a buyers market currently, but may soon become a sellers market as competition continues to come to the state for bidding wars for home buying.
More affordable homes and first-time buyers will have to handle the compeition first. Homes ranging from $200,000 to $400,000 are currently facing competition of multiple offers 55 percent of the time in California and New York. Florida on the other hand is still growing and does not have as fierce of competition yet. South Tampa has been the first to head into this competitive housing market though. Homes are receiving multiple offers well above the asking price as contractors and firms plan to plow down the walls and build the lot into a new house or condominium complex. Ybor city in the past month has seen over two-dozen brownstones purchased in preparation to be torn down or remodeled.
Home Buying Heads To St. Petersburg-Clearwater
As more corporations continue to move their home bases to the upcoming city of St. Petersburg, the housing market will begin to become competitive. There are only so many waterfront properties, and old-Florida homes will begin to be demolished to make way for townhouses and condominiums for employees to call home.
How To Profit On Bidding Wars in Real Estate
Currently, it is a home buying market. Plenty of homes are available for purchase in Florida, as well as renovation, and bidding wars for home buying has not begun yet. Katrina Madewell and the Tampa Home Talk team not only know how to sell houses, but constantly bring in professionals in all areas of the real estate business to make sure homebuyers and investors know exactly how to renovate, keep up-to-date, and maintain their homes.
Tampa Bay Real Estate Radio Show – Tampa Home Talk
Katrina Madewell is live every Friday morning at 9am on Money Talk AM 1010 bringing in new professionals every week to discuss your questions on Tampa Home Talk Radio Show.
If you are in the market for buying a home, selling your home, or just seeing what you can be approved for or afford, Tampa Home Talk is a good place to start. We can provide a wide array of listing with our real estate map on our website, help you contact a mortgage lender, move from your old home to new home, and guide you through the process of purchasing a home, renovating a home, or maintaining your current home.
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Tampa Home Talk Leading Tampa Bay Real Estate Discussions On Bidding Wars For Home Buying
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