There are more buyers right now than there were in 2005. And there’s good reason for that. Prices have dropped 40-50%.
BUYERS ADVICE: If you able to buy real estate now, you are in a rather enviable position. There’s the potential for future appreciation, given the cyclical trends in real estate.
SELLERS ADVICE: If you among the many home-owners who purchased at the top of the market, your mortgage may exceed the equity in your home right now. A 50% mortgage may mean the equity is gone. If you are wanting to sell, how long will it be, before market turns around? If you can stay current with your mortgage payments and stay afloat… how long will you have to wait before you’ll see a return in equity, and an increase in property values?
No one has a cystal ball but the experts do agree that 2011 will look much like 2010.
Historically real estate has been a solid long term investment…Real estate values will increase, but it will take awhile. When will values increase? Which areas will see the quickest appreciation? The rebound will be neighborhood specific and it will be building specific.
As a seller, what are the options ?
1)Take less today so you can move on? 2) Hold on and wait it out?
What should you do? We agree with the vast majority of top real estate experts , all of whom are predicting that 2011 will be much the same as 2010 in South Florida. If you are selling now, and buying something else, it’s may well be just a simple paper exchange. Mortgage rates are at an all-time low. In our opinion, the single family market has already bottomed out and it will likely be 3-5 years before real estate values increase.
Whether you are buying, selling or investing, we are more than happy to talk with you and answer any of your questions. Please feel free to contact Vicki Restivo 305-793-1365 or Alexandra Restivo 305-632-0164 … any time. We are always available for you.
