b"With Terry Story, 27-year veteran Real Estate Agent with Coldwell Banker in Boca Raton, FL
It might seem like you need a divining rod to predict the way the real estate market will go at any point in time, but, from all her years of experience, Terry Story usually can foresee the future highs and lows all by herself.
Citing some information from the fall 2016 Housing and Mortgage Market Review published by Arch Mortgage Insurance Company, Terry says the likelihood of home prices declining over the next year or so is very low. Speaking specifically of the South Florida market, although prices are still rising and inventory is relatively flat, the housing market is in a period of stabilization. Since there is a need here for more inventory, the risk of declining seems to be minimal.
In those parts of the country affected by the coal, oil, and natural gas industries, those areas which are economically sensitive, Terry says there is evidence of some softness in housing prices.
One thing to remember is that because many people coming out of the last recession who received loan modifications that have now reached their time limits, you may see a bit of an increase in short sales if those individuals haven\\u2019t
been able to build up enough equity in their homes to be able to sell.
Terry interjects that of all the best areas for real estate investors to invest, Florida again dominates the top 25 list. These are the places with the largest year-over-year rental rate increase.
A recent and frequent topic of discussion among realtors and their clients has been the idea of multiple offers coming in for a single property. Terry offers some useful tips for negotiating these multiple offers:
* Offer an increased amount of earnest money upfront.
* Send the offer with a bank statement or such verifying you actually have the funds.
* Give the seller some flexibility moving out, perhaps allowing them to remain in the house after closing.
* Don\\u2019t include contingencies like the sale of your own property.
* Don\\u2019t ask for home warranties and termite bonds.
* Don\\u2019t demand the seller pay part of your closing costs.
As an agent, Terry says, \\u201cyou're not allowed to discuss motivation, unless the seller allows you to do so. Getting that kind of information may be difficult. It'd be great if you have it, but that's all part of the negotiating.\\u201d
That being said, a good real estate agent can make the negotiations much easier. After all, experience counts."