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As we all know, all markets and economic models are based on cycles.
Stocks go up, Stocks go down. Interest rates are adjusted. Real estate sells sometimes sooner, sometimes later.
One thing is for sure, The market has been declining for 3 years now. 3 YEARS!!!! There must have been some changes from then to now. Don't you think?
Recent studies show a notable shift in the Real Estate Marketplace. Home sales are substantially increasing when compared to the last couple of years. While new home construction is close to a 15 year low at only 3.8% GDP, and estimated to go even lower by the start of next year. Diminishing and stabilizing inventory.
The market place has reacted.
Why is this happening? Are investors the main purchasing source? is the common buyer loosing its "fear"?
Many people state that "it just cant go any lower" and are taking advantage of what they perceive is the "Sweet Spot" in the Real Estate Cycle (see illustration above).
Of course there will always be properties for sale that are NOT in the market. But many sellers, banks and private owners alike, realize they need to stay competitive in order to free up their capital.
Remember, there might be many properties ON the market, but not all are IN the market!!! Properties currently IN the market are selling. In fact, well priced properties are selling at a fairly fast pace.
Keep in mind, this is not a waiting Market. This is a BUYERS MARKET and for a very good reason. THE PUBLIC IS BUYING!
Let us hear what you have to say.
This is true. I have been renting waiting for the right moment to purchase. I have found very good deals out there. In fact, I was surprised when I went w my agent to a property and coincided with multiple buyers. I guess people are looking
ReplyDeleteHEY anonymous,was that property a foreclosure, short sale or a straight from an owner?
ReplyDeletei believe it was a pre forclosure. if im not mistaken it sold for $30,000 over the asking price in just 3 days! i couldnt believe i missed it!
ReplyDeleteby pre-forclosure do you mean short sale. buying a short sale could be tricky. We rely on the listing agents ability to price it correctly, price that would attract capable buyers while satisfying the banks need to minimize loss. I've seen many properties being sold as Short Sale that are priced waaaay below what, in my opinion, a bank would actually accept. BUT THEY ARE OUT THERE! just dont take to long because they will get bought fast!
ReplyDeleteI have try to buy several short sale but the deal always fail I prefer to deal with a Bank in a foreclosure. Do you have any foreclosure for me to buy? Miami Power
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ReplyDeleteUnfortunately, that's a drawback about short sales. You seem what happens is that the Listing Agents attempts to draw in offers by sometimes listing the property too low. NOT SAYING THAT ALL AGENTS DO THAT. But i can comfortably say most do. Nonetheless, there are very good buys out there. Please send me a email with your contact information. I need some basic information from you. you may use our contact form located here: http://mymiamiproperty.com/contact.html
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