There are good times to buy real estate … bad times…. and NOW. People talk about real estate anywhere and everywhere it seems… in line at the supermarket check out … at sporting events… at a cocktail reception.
I was sipping an iced-coffee at the bar, watching the very tail end of a soccer game the other day. The couple sitting a few seats down scooted over, inquiring (in a very hushed tone) whether I thought this was a good time to buy… (real estate… not coffee).
Opportunity and timing are what drive the real estate market. Questions? The experts have answers.
WHEN IS THE BEST TIME TO BUY?
Steve Harney, during a real estate lecture he hosted for EWM Realtors in Miami, Florida at the very beginning of 2010 said, “The cycle begins with optimism – excitement- euphoria. It slumps into denial – fear- and panic. It hits bottom with despondency – depression. Then it starts back up again with hope – optimism.”
The point of greatest RISK? EUPHORIA.
The point of great OPPORTUNITY? PANIC
The point of maximum Opportunity? DESPONDENCY and DEPRESSION
“If you don’t buy now you’ll miss the greatest opportunity to buy in the History of Real Estate” were his words. Business Week published an article entitled “If You Don’t Buy a House Now, You’re Stupid or Broke”… and in terms of all-time low interest rates, and the ‘wash’ there would be if interest rates were to rise 1%, waiting for housing prices to drop another 10% … I think they were both spot on.
Unfortunately, well over 60% of homeowners are upside down or struggling with mortgage payments. The economic situation is tough on homeowners globally right now … and there is palpable uneasiness, with homeowners concerned about being able to keep their heads above water, and hold on until the economy turns.
Is this a good time to buy? In my opinion … and in that of other top real estate experts … it’s a thumbs up right now for buying real estate. If you’re not already working with a Realtor with expertise in the South Florida Real Estate Market, you are more than welcome to give me a call. I’m happy to share my expertise … and assist you with selling or buying… or both. MiamiRealEstateCafe …
