<a href=”//GulfPointeProperties.com/wp-content/uploads/2011/04/2.4.11-Buy-Now-and-Wait-it-Out.pdf”>As Seen in the Naples Daily News and Bonita Daily News</a>
Is our real estate market getting better or worse? Well, that depends on who you ask. The upswing of the stock market and general economy over the last year makes us feel like things are improving. Now that we are in “season” here in southwest Florida, the roads are jam- packed, Publix is bumper-to-bumper with shopping carts and all the restaurants in town are on 1 hour or more waits. I personally don’t think we should be so quick to think we’re out of the gutter yet. There’s still blood in the streets and every day I talk to unfortunate homeowners who are about to lose their house or need to do a short sale to get out from underneath it. No matter what we see on the outside, I think you still need to tread carefully. If you are serious about buying right now, the question is: is this the time to do it?
Our market has become a very interesting one. There is a crazy buying frenzy right now and customers are coming out of the nooks and crannies to get their slice of paradise. Multiple offers are very common on foreclosed properties since the banks are coming in so low on their list prices. Will our market go down further? Will prices continue to drop? All good questions, but who really knows? You’ll read one article saying the market is going to go down this year, then next week you’ll read another one saying it’s going to go up.
Basically, it comes down to your timing. If you are looking to purchase a home as a long term investment, I think now is a great time to get in the game. Our prices are so depressed right now – 50% to 75% below 2005/06- that you need to take advantage of this market. Prices are much cheaper than renting, so what do you have to lose? Second homes can be bought for cents on the dollar. Retirement in Florida is now a viable option for hoards of people who were priced out of the market. Don’t let this time pass you buy.
You can never time it perfectly unless you have a lot of luck. Yes, maybe the market will keep going down, that’s a risk you’ll have to take. But if you find the right property, then act on it. Don’t let it pass you by. Today is the day to buy at rock bottom prices and then let time hopefully work to your advantage and create a nice investment for you.
You’ve all heard “Don’t wait to buy real estate; buy real estate and then wait.” This truly is one of those times.