This is the most asked question in the southwest Florida real estate community! The million dollar question and I am amazed at all of the responses that I hear to the same question! After 28 months of sitting and waiting, prices have rolled back to 2001 levels! Buyers are all over town and transactions are once again closing on a daily basis! Where is the bottom? What is the botom? An old real estate investor who I have known for some time now recently said this, "You never know you were at the bottom, until you missed it!" Wow!
How long are you willing to wait before you decide to buy? At what price is it a good deal? I asked a potential buyer the other day, if they know anybody who wishes they had sold their property 3 years ago at the peak of the market? Of course they did, so I asked them why they did not sell? They responded that they were waiting until it went up just a little more!! I explained to them that if they continue to wait, they to will be in a similiar situation!
We recently went under contract for a 1500 sq. ft., 3 bedroom, 2 bath, 2 car garage, built in 2005 for $103,000. This home can not be built for that price today! There was a buyer who was very interested in that property and had submitted an offer starting at $85,000. There were numerous counter offers and their final offer was $100,000. That afternoon we went under contract with another buyer for $103,000. The original buyer was very upset and then wanted to increase his offer to $105,000! Sorry, but it was too late!
At what price is it a good deal? Are we at the bottom? When will we be at the bottom? How much lower will they go? If anyone has the answers to these questions please let me know! But the one thing I know for sure, it is up to the individual home buyer to answer that question for themselves! Remember what the old real estate investor told me,"You never know you are at the bottom, until you have missed it!"