I actually lost a deal today to another investor. The ironic part of it was that my offer was MORE than the List Price. That's right, MORE than the List Price. This seems to be more and more of a trend in Brevard County (near Cocoa Beach about 45 min. East of Orlando). We are seeing resistance points in the market.
My analysis (admittedly not scientific) seems to be that the more the stock market falls, the more investors are flocking back into real estate. We are seeing multiple offer situations continuously on these properties. One property even had 6 offers on it by the time we submitted ours. It seems to be a growing trend.
Also, we just closed on a property today and the closing agent said she is busier than she has ever been. By the time she did our closing (at 2:30 p.m.) she had already done 3 and was on her way to do 2 more. Now she admitted most of these were refis but still she was seeing quite a few purchases. She even mentioned she saw one refi with a 30 year fixed rate of 4.25%. Amazing.
I do believe that now is the time to buy real estate. The market trends are pointing upward. The upward movement may be happening now, it may take place in 1 month or 6 months. Nobody knows, but i will say alot of things seem to be in place for an upward movement of the housing market.
Christopher McClatchey
Housing Market Realty
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