have been working with a lot of Canadians lately. In fact, I have represented a couple of different Canadian buyers who have bought property sight unseen. And they got some great deals. Last week I had a conversation with one other potential buyer who I showed a number of properties in and around the Pompano Beach, FL area.  By the time I was able to follow up with him about the properties I showed him and his wife, they were back in Ontario.  Their objectives were, they wanted property they could enjoy in a warmer climate, but they also wanted something that would also be a winner financially.

I had found a condo just off the beach that I thought was a potential steal.  On top of the market being tough this particular building is having massive renovations done and nothing is selling.  The owners are being hit with $40,000 plus in assessments to be paid quarterly for the next couple of years.  The present owner had one of the lowest prices in the building AND was willing to pay all of the assessments.  My buyer liked it and more importantly his wife liked it. They were going to be in Canada during most of the construction anyway, so it made sense. I was confident they would make an offer. 

When I did get a hold of him, we talked for quite a while and the comment that stayed with me since then was "there was no sense of urgency". 

Now I have used those exact same words to describe buyers attitudes for some time now.  Being a seasoned sales professional I was very disappointed in myself for not being able to overcome that objection right there on the spot.  Because I knew what the answer was.  I gave up coffee several weeks ago and thats what I blame it on. But enough of my personal problems.

When was the last time there was a "sense of urgency" to buy real estate in South Florida.  2004, maybe into 2005?  Was that a good time to buy?  Clearly the answer is no. The majority of foreclosures and short sales that are happening today were bought during that time. Prices have declined a good 30% since then. There was also a sense of urgency to buy tech stocks in 1999, and what happened then?  My point is don't become part of a herd mentality.  A lot of successful investors are contrarians and buy when everyone else is selling.  Everyone is selling right now!  If you see something you like, and it makes sense, go and make an offer. Then in ten years you will be able to brag that you bought it in 2008.

Tom Day, ReMax in Motion

http://www.tomdayproperties.com/