Buy a Foreclosed Property for Sale with Discount in Tampa

Buy a repo property for sale in Tampa, Florida where home price discounts are almost double the nationwide median discount.

According to an online real estate research company, the negotiating power of home buyers nationwide has dropped in August because of tighter supply of homes for sale in some markets, but in Florida, homebuyers still have great negotiating power.

Throughout the country, home buyers received a median discount of 3 percent or $6,525 from the listing price in August, a decrease from the median discount of 3.3 percent or $7,018 received by home buyers in July.

But in the Tampa metro area, homebuyers received much higher discounts in August. The median discount was $10,320, equivalent to 5.9 percent, which is almost double the nationwide median price discount.

Among the counties in the Tampa Bay area, Sarasota gave the highest level of discount to homebuyers, cutting off $19,782 or nearly 8 percent of the listing price. Sarasota also ranked third in price discounts compared to all metro areas in the country, next to Vero Beach and the Naples metro area.

Economists said homebuyer negotiating power is an indication of the current supply of homes in an area. With the continued entry of foreclosure properties into the Tampa Bay market, an investor looking for a profitable home can buy a foreclosed property for sale in the Tampa area and obtain substantial discounts.

While the national median discount is much higher than the median in the Tampa area, home price discounts nationwide are expected to rise again because of the expected release of foreclosures by lenders in the coming months.

One significant finding in the report is the behavior of home prices in August in two California areas hit badly by foreclosures. In Stockton, the city considered the symbol of the first wave of the foreclosure crisis, home buyers in August did not get a discount, but instead paid higher than the listing price by a median of 1.3 percent or $2,515. In El Centro, homebuyers paid 2.2 percent or $2,479 more than the listing price.

According to the home price discount report, the negotiating power of home buyers reached its highest level in January when home buyers received a discount of 4.5 percent or $10,096 from the listing price, providing any buyer of a low-priced foreclosed property for sale with further discounts and further profit opportunities.

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