Jul 7, 2008 8:11 pm US/Eastern
Educated Buyers Hitting Real Estate Market
MIAMI BEACH (CBS4) ―
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Home sales, real estate, mortgage, foreclosure, foreclosed generic
Selling and buying property is tough these days, but a new trend may be making it more difficult to close the deal. As sellers are becoming more desperate, buyers are becoming more educated. CBS4's Jorge Estevez found out that the trend may be affecting South Florida's real estate market.
"Welcome to the best unit at 2001 Meridian," said realtor Nate Miller as he gave a tour of his latest listing to one of his clients. Miller is working hard for the money. "This is beautiful here," he said about his Miami Beach rental to his client as they both toured the property.
Miller told CBS4's Jorge Estevez how an educated consumer is becoming a realtor's reality.
Jose Garcia is the prefect example of the latest trend.
"I am really doing my do diligence checking documents," said Garcia who is looking for the perfect spot on Miami Beach.
"What are the monthly fees," he asked Miller during a tour of the Miami Beach 2 bedroom loft. Jose said lately, he will review the condo documents and review the building financials and will talk to people in the building.
Nate Miller has been selling property for years and realizes buyers are protecting their investments more than ever. "There is not the time pressure to jump into something and potentially regret it later," confirmed Miller.
Garcia almost jumped into a deal on another unit last week. Luckily, he did his homework.
"A friend of a friend knew someone in the building and say hey you need to ask about this," Garcia admitted. So now, Garcia has more information to make his decision which he is working on.
"I would have definitely backed out cause there is so much out that something else will pop up on the list," Garcia said.
But good thing for the client and Miller who are both working hard for their money.
If you are a seller with a great property like this, realtors say don't hide behind anything. Leave everything out in the open, after all, buyers are going to find out.
(© MMX, CBS Broadcasting Inc. All Rights Reserved.)
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