I am a real estate broker of a boutique resort brokerage in Destin Florida. I am fortunate in that in addition to having great agents working for me I also have two personal licensed assistants and Lucy Normann my New Contact Care Manager working for me; Amanda Bonne' is my Buyers Assistant and Brittany Bryson my Listing Assistant. Between the three of them we have conversations with about 75 potential buyers per day. Why is it that some recognize that now is the time to buy and others that that time is somewhere in our future? Then there are those who say they are going to wait another year to 18 months - does anyone have any idea what the market will be doing then?
I have discussions with all three of these valued assistants throughout the day and the one recurring comment by both although mostly from buyers is "I am waiting for the BOTTOM". The allusive proverbial Bottom, what is it, where is it and how will I recognize it?
What is the "Bottom"
- based on discussions with the multitudes of Buyer Prospects Amanda and Lucy speak to it is a time somewhere in the future where prices will be at their bottom - hmm. When pushed for an answer about where the bottom is the only answer is we will know it when we see it. So I have some thoughts on this subject. The bottom is a frame of mind - it is a wait and see attitude - it is fear and it is an opportunity to capitalize on our neighbors' miss fortune.
How many more lives must be destroyed, how many more American families need be uprooted? It is not up to our government to fix this catastrophe - its up to us.
Where is it - the Bottom is exactly under our noses - the bottom is where we put it. It can be today or it can be a year from now its all a matter of when the multitudes of buyers sitting on the sidelines waiting to score big decide the time is now. Well the time is NOW. The sooner we hit Bottom the sooner we will rebound the sooner the properties the buyers are buying will appreciate - hey this could actually turn this economy around.
Recognizing the Bottom; many suggest we will only see the Bottom once we look in our rearview mirrors. The Bottom should be determined by a leveling off of selling prices. Here in Destin we have already seen this happening in the last 12 months Destiny By The Sea homes went from $334/sq ft in the first 6 months to $330/sq ft in the second 6 months and since the first of this year we have seen selling prices at $338/sq ft.
In another community called Diamond Lakes we have seen multiple offers on several properties and we are already seeing increasing numbers of homes and condo going under contract; in the last 7 days we have seen the following numbers go Pending in Destin and Santa Rosa Beach Florida.
- <= $300,000 - 30 have gone Pending
- $300,001 - $600,000 - 33 have gone Pending
I suggest that the Bottom is here and now if we get off the side lines and make it so. I you are looking at each other sitting on the fence waiting to see which of you jump first - I guarantee as soon a one jumps all the rest will follow - somebody please jump and let's get this baby going.
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