All the market factors seem to indicate that this is a great
time to buy real estate as either a primary home or for long
term appreciation.
Consider these factors ...
1. Mortgage interest rates are low. They may not be quite as low as they were a few years ago, but they are near historic lows. There is an ample supply of money in the financial markets and probably anybody with the ability to re-pay the loan can qualify for some kind of mortgage.
2. Insurance laws have changed. Florida's property insurance pricetags are probably going to come down thanks to actions taken in January during a special session of the legislature. It may take a few months before consumers see the reductions, which are estimated to be from 5 to 25 percent on insurance bills. While this is a matter that still bears watching, the insurance front seems to be looking better.
3. The selection is huge. I had lunch last week with David Heideman, one of the best known real estate professionals in the Tampa Bay area. Dave told me he was absolutely flabergasted at the number of properties on the market today. He's right, if you're a buyer the selection of properties available right now is huge -- over 16,000 in Pinellas County alone. You should take advantage of this great selection before others buy-up the inventory and get the property you want. Remember the old saying: "If you snooze, you lose."
4. Sellers are probably getting desperate. Some properties have been on the market for a year or more. The owners of those properties are probably pretty darn frustrated by now at the market inactivity related to their property. Now's the time to make that "ridiculously low offer". Who knows, it might be accepted in today's atmosphere. The worst the seller can say is "no".
5. Something's going to happen with taxes. I don't know what it will be, but the legislature is going to have to do something to reduce the tax burden on property owners in this state -- and they know it. It's going to come sooner rather than later.
Here's the other reason to buy now. If you wait, others will act. They will create a new buying frenzy that will deplete the available inventory. As the inventory is reduced, prices will go up. When that happens, you may find yourself looking at higher prices, reduced inventories and sellers who are not as motivated to negotiate on price. You'll end up paying more for the property. So, now's the time to make your offer on that dream home or income property that you plan on holding for long-term growth.
My advice? Act now. There may never be a better buyer's market than we have right now.
Consider these factors ...
1. Mortgage interest rates are low. They may not be quite as low as they were a few years ago, but they are near historic lows. There is an ample supply of money in the financial markets and probably anybody with the ability to re-pay the loan can qualify for some kind of mortgage.
2. Insurance laws have changed. Florida's property insurance pricetags are probably going to come down thanks to actions taken in January during a special session of the legislature. It may take a few months before consumers see the reductions, which are estimated to be from 5 to 25 percent on insurance bills. While this is a matter that still bears watching, the insurance front seems to be looking better.
3. The selection is huge. I had lunch last week with David Heideman, one of the best known real estate professionals in the Tampa Bay area. Dave told me he was absolutely flabergasted at the number of properties on the market today. He's right, if you're a buyer the selection of properties available right now is huge -- over 16,000 in Pinellas County alone. You should take advantage of this great selection before others buy-up the inventory and get the property you want. Remember the old saying: "If you snooze, you lose."
4. Sellers are probably getting desperate. Some properties have been on the market for a year or more. The owners of those properties are probably pretty darn frustrated by now at the market inactivity related to their property. Now's the time to make that "ridiculously low offer". Who knows, it might be accepted in today's atmosphere. The worst the seller can say is "no".
5. Something's going to happen with taxes. I don't know what it will be, but the legislature is going to have to do something to reduce the tax burden on property owners in this state -- and they know it. It's going to come sooner rather than later.
Here's the other reason to buy now. If you wait, others will act. They will create a new buying frenzy that will deplete the available inventory. As the inventory is reduced, prices will go up. When that happens, you may find yourself looking at higher prices, reduced inventories and sellers who are not as motivated to negotiate on price. You'll end up paying more for the property. So, now's the time to make your offer on that dream home or income property that you plan on holding for long-term growth.
My advice? Act now. There may never be a better buyer's market than we have right now.
