Well, it seems to be the same pretty much everywhere - it's definitely true in J-ville, FLA... It's a buyer's market. So it's time for you guys (buyers) to step up to the plate and do your thing.
Sure the market has been a little whacky the past few years and home values (er, prices) have escalated at a meteoric rate. The amusing thing is that while that was going on, buyers were going crazy trying to outbid each other before the "For Sale" sign was solidly in the ground and now that prices have stabilized, buyers are getting cold feet. I suppose it's just the nature of the beast. People get caught up in the fervor of the moment and leave reason behind.
We saw people paying far more than one might have thought reasonable because they "wanted to take advantage of the rising market". Huh?! Sure, that makes sense for the investor hoping to flip for a quick profit but what's that got to do with the typical family of 4.2 (or 3.8 or whatever it is today) that plans on staying in their home for at least 5 years or more? Little to nothing if you look at the market historically. Now, there has been and still is debate on the whole "bubble" thing but I don't know anyone even vaguely familiar with real estate that thought the booming market would continue forever. Right? Sure, it was just a matter of "when" would it level off. But even still, real estate will continue to appreciate if history continues to repeat itself.
So, here we are half way through 2006; the market is "normal" again and I'm hearing people say they're scared to buy. Again... huh?! Okay, that makes sense if you are talking about 'flipping', but there's even still a market for that - you just have to know how and where again. BUT, for the person(s) who currently renting but has the ability to purchase... now's your time, baby! The world is your oyster. Go grab your pearl! Quit throwing money away on rent.
Seriously, if you are a buyer today YOU ARE IN THE DRIVER'S SEAT. Go shopping and make some offers - especially if you're in the market for a condo - there are literally thousands available in all parts of town. Go name your price (within reason) and you'll find a honey - guaranteed!
Oh, what's that you say? The interest rates are high right now? Oh, forgive me; I was around in the 80's so these rates still look darned low to me. Guess that's one advantage of age. LOL
Happy shopping, buyers. Give us a call and we'll do the work for you!
ABOUT THE BLOG OWNER
TIMOTHY H. FENNELL, PA
Tim Fennell is a Florida licensed Real Estate Broker with Legends Land and Realty, Inc. in Jacksonville, Florida.
His strong background in business development, real estate investments, counseling and marketing greatly enhance his skills as a Listing and Internet Marketing Specialist.
Tim and his wife, Susan, have over 30 years experience in Jacksonville Real Estate sales, marketing and investing. Both are Accredited Consultants in Real Estate (ACRE®). When you're ready to be consulted with, rather than sold to, give Tim and Susan Fennell a call.
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Well done. Your right on target.