<SHOULD I BUY NOW OR WAIT UNTIL THE PRICES DROP MORE?>
Posted in The New American Dream -- KEEPING Your Home! By GUSTAVO F. BLACHMAN, Thursday, November 13, 2008.My friend Gustavo Farfan, has prepared this article, hoping to turn the mindset of our community from negative to positive thinking. I hope he is right,lets see what you think about his view. Gustavo Blachman. SHOULD I BUY NOW OR WAIT UNTIL THE PRICES DROP MORE? I hear the same line of question from clients and Real Estate agents. The one that catches my attention the most is "Should I buy now or wait until the prices drop more?" The answer is simple, if you find a great property with the right location and price and you have the means to buy it, go ahead and start enjoying it now. Exclusive and Unique properties in prime oceanfront areas are limited. Such a rare commodity that is available today might not be available tomorrow. Of course you may argue that there may be others in the future, but if you found "the one" and the price is right, then what are you waiting for? There are not going to be so many properties that you will fall in love with. So, if you have already spent your time and effort to find the perfect property for you and your family, my advice is to act now. If you wait, the market could suddenly turn around. It's a simple law of supply and demand, just like the price of gasoline! Real Estate is highly fragmented, I cannot speak for every area, but I firmly believe that the prices of luxury oceanfront properties in South Florida have bottomed-out. This is my are a of expertise, I am constantly analyzing and visiting properties in this area, getting input from hundreds of clients and real estate professionals on a 24/7 basis regarding the market conditions. This makes me a little more knowledgeable than your Attorney in Chicago, your Accountant in Wichita or your Overseas Banker. It seems to me, that some people are waiting for a subliminal sign or an official New York Times announcement that the market "has bottomed-out". Meanwhile, at this very moment, shrewd investors are cherry-picking the best properties available. There are very good opportunities out there. Today's Real Estate marketplace is like a giant buffet ready to be eaten. So what are you going to do? Be first in line and get the lobster? Or wait, be second-in-line and get the leftovers. Contact me now for a complete analysis of the best opportunities in prime South Florida's oceanfront locations. Gustavo Farfan
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Submitted by Christopher Walkey on November 14, 2008 - 12:23pm.
Read your article, thought the advice was more or less exact. Definately I think it is the case of sitting and waiting, ie no rush to buy.... but if you see a property that pleases and ticks many of the right boxes for you, then go for it and enjoy what it has to offer!
Chris.
http://www.OneStopView.com
Submitted by Tina Bilazarian on November 17, 2008 - 7:47am.
Great article. Buyers who have the money in hand are still hesitant to make offers with the hope that it will still continue to go down.
Suggesting to them their quality of life and the
timing, the rates, etc., just keep on making positive suggestions.
Tina.
www.bilazarian.com
Submitted by Ken Smith on November 20, 2008 - 9:54am.
Buyers are in such a good negotiating position it makes sense for them to look into purchasing now in many markets as the downside potential is very limited. The buyer can take their time and find a great home at an amazing price.
- Ken
Arlington Heights Condos
Submitted by Jeff Manson on November 20, 2008 - 11:14am.
I agree with Ken that buyers are in a much better position than a couple years ago. If a buyer is not sure of their future and whether or not they may have to sell in 2 - 4 years I would suggest holding off a while. It appears the market may continue to adjust down a year or so.
If a buyer knows they are going to be in their home longer than 6 years than it may be safe to purchase now.
Jeff Manson
American Dream Realty Hawaii
Hawaii s
Submitted by Lynn Cromer on November 20, 2008 - 4:42pm.
I agree with all. I feel that the market as a whole still has to drop further, but when a "nice" house is priced at or below the market, we are finding that in Miami, they are selling quickly and close to full price. So I would advise not to wait if it 'feels' right. Though the flipside is that none of my buyers are emotional about any of the houses...knowing that another one will be on the market shortly.
Lynn Cromer
Broker Associate
Coldwell Banker Residential Real Estate
Submitted by DiAnne Arnette on November 20, 2008 - 5:10pm.
I agree with the previous comments that the market is still dropping, however, it is never possible to out-guess a market! In any market it is common that while one buyer is negotiating, another is buying and got the "deal". I like what Lynn said, that is not to wait if it "feels like the right" home. On the flip side of the buyer, sellers need to be pricing ahead of the market. Any home that is still on the market 3 months later, is behind the curve.
Submitted by Michael Daly on November 20, 2008 - 6:18pm.
DiAnne-
Absolutely!
We recently closed at $1.875M on a property that was listed at $1.895M. HOWEVER, the property had been reduced over the past year from $2.6M.
My buyer wanted to make an offer of $1.6M on the $1.895 offering, but after research and consultation, he believed enough in my advice that this house was priced AT or slightly BELOW market value and he hit the bid.
Michael Daly
True North Realty Associates - A Hamptons Buyers Agency
The Hamptons Real Estate Blog
www.beachamptons.com
631 725 0554
Submitted by robert kenney on November 21, 2008 - 12:14pm.
We are seeing similar behavior in Austin from buyers side ..Our market has not been as affected as some markets because we had more modest appreciation over the last 10 years. Of course we have pockets around the market that are slower than others..
Buyers are coming from other market having been "fleeced" as one buyer recently stated. Their attitude is that if they had it happen to them while selling their home they are going to low ball the next offer they make..
Of course it all depends on the property and the sellers reason for selling..for the most part sellers here have "got it". Think we need to positive news from our national press about something to help settle jitters in all of our markets.
Keep up the correspondence!
Regards
Bob Kenney
Robert D. Kenney
Submitted by DiAnne Arnette on November 22, 2008 - 6:34am.
You are so right....the transferrees that are coming from "fleeced" markets are determined to "get it right" this time. There is a disconnect with them that every market is different; but by virtue of their behavior, it does effect our market! We definitely need Mass Media help to overcome this concept and keep our local economies
as healthy as possible.
Submitted by Michael Delgado on December 2, 2008 - 12:51pm.
Many of us have that questions. Do we wait or buy. I think that in some areas prices will continue to drop. And depending on the purpose of the buy whether its for investment or long term buy we can answer the magic question.
Maycol Delgado
Real Estate Broker
www.globalmarketrealty.com