top story

Surging real estate market could have investors looking to cash out

  • 0

NORTH PORT, Fla. -- Real estate investors have had a good run in our area over the past few years, with property values increasing by double digits. The market has been so strong, that local real estate experts say it's becoming harder to find a deal.

Local realtor Shannon Moore is the owner of Green Lion Realty in North Port. She says on average her clients make between $15,000 and $20,000 in about 60 days.

"Generally, investors could pick things up pretty cheap and make a good profit in a short amount of time," Moore says of the local housing market over the past few years.

It's believed there are more than 2,500 homes on the Suncoast owned by investors. Right now, though, she says it's not as easy to get in the game.

"The banks are listing them at higher prices. They are not willing to let them go now like they used to. It's a lot harder to get a property,” she says. “There is a lot more competition."

Some experts are saying that a portion of the investors who snatched up foreclosed homes are now ready to cash out and reap the rewards of a market seeing rising prices while struggling for inventory. Moore says it's an old story.

"I've heard that theory since I have been in real estate. That's always the rumor. We are going to get a big rush of foreclosures. I don't think so," she says.

Here’s Josh Taylor’s full report from Your Suncoast news: