"Have you lost your mind?" That's the question I wanted to asked a woman this week, when she said that her and her husband was going to wait to buy, because the market was "DOWN" right now. Wow! That's like saying I'm going to wait to fill my tank up, until the price goes up another 20 cents. We are in a full blown buyer's market right now. Just 3 years ago people were offering over asking price, in the hopes of being highest bidder, and they were "settling" for homes that were "close enough", because selection was so low. Now buyers have plenty to choose from, interest rates are still incredibly low and sellers are willing to listen to offers. If you are waiting for the market to squeak down a little more, just to get in at the absolute bottom, you may want to rethink that. The only way you will know when the bottom has been hit, is when you see it in the rear-view mirror, and by then you may have lost out on that deal you really wanted. Every day I hear people say that real estate is "bad"....real estate is never "just bad". When it is "bad" for buyers it is great for sellers (like it was 3 years ago) and when it is bad for sellers it can be incredible for buyers, like it is right now. The simple nature of real estate is such that, like the two sides of a coin, it is always "heads up" for someone. Buyers who are hoping to get to the "absolute bottom run the risk of interest rates increasing. If that occurs they will be paying more money for less home. Don't look back and WISH you had bought now. Panama City Florida Realtor
 
Posted by Chuck Roberts on 06/13/2008 02:32 PM   Comments (4)  
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4 Comments on "Have you lost your mind?"

JUN
13
2008
1 Featured Post

Very true.  Someone trying to time the bottom of the market.  They will miss out on the excellent opportunity to grab the house before the prices start on the upswing.
2:45pm • #1
592,224 Points 22 Featured Posts Outside Blog Attended Rain Camp

I'm reluctant to go so far as to tell people to buy right now. In spite of NAR's position on the subject with their "Now is a great time to buy" slogan, I know that in the Daytona Beach area, we're not quite at the bottom. I think we're close, but we're not quite there.

But as you know, every city and even neighborhood is different. Are you seeing an improvement in Lynn Haven real estate sales?

BTW, where is Lynn Haven, in proximity to Daytona?
3:21pm • #2

Lisa;

Lynn Haven is part of Panama City, up here in the Panhandle. We have managed to remain the 3rd strongest market in the state, in part because of our New International Airport that is currently being built. My view is this; even if we haven't reached absolute bottom, any increase in interest rates at all and you've negated what you've gained. Ask any stock broker...it's almost impossible to time the market exactly.

Chuck
3:48pm • #3
JUN
14
2008
208,478 Points 1 Featured Post Outside Blog

Chuck, Very true.  I think by the time most folks realize we've hit the bottom, the market will already be on the rise.  Now truly is the time to buy.  
2:02pm • #4

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Chuck Roberts

Panama City, FL

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Prudential Shimmering Sands Realty

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