I was asked recently if I felt the market has hit bottomed. I understand the confusion that is made because of the media and some journalist are creating gloom and doom and predicting the housing recovery is many years away. What about the other investments vehicles? : Stock market, IRA’s, buy any Facebook? Remember, real estate is tangible, can be made into enjoyment as well as add to your wealth.
I cannot say where the bottom is, and I do not think anyone can. You can say with more certainty, when the bottom was made. This is the conclusion that is made, by looking back, studying past data, not present, or going forward.
What I can say, with certainly, interest rates has been at historical lows for a long time. With all that been happening in our as well as the world economies, I am more frighten by this and worry why this is so.
I can say prices in my area are in an upward swing. Inventory is drying up although the numbers may still look high; some more foreclosures a possibility. I can say short sales will be able to purchase at a quicker pace. At least receive a response back from the banks a lot sooner, because of recent changes in the requirements.
Understand, why you buy real estate? They say it is all about, “Location, Location, location”. When you look at real estate reports on a national level, listen to the locality of the “location, location, location”.
Some areas are doing worse than others, and some better. In Fort Myers Florida, Cape Coral, we have been stronger and mention as one of three places in the April report on the strength of our market.
So, have we hit “the bottom”? I bet my life, you would know, looking back.
I can say, real estate is tangible, can be made enjoyable, and can even add to your personal wealth, in your enjoyment. It is not a quick rich scheme but value commodity. Be smart about it. If you have the means, are comfortable in a purchase, and capable of buying, this is your moment. I would not worry about where the bottom is. Enjoy. Otherwise, you are thinking with the mob mentality and we all know how that worked out when the herd all thought they had to buy a house and they were going to get rich. Another mistake most of the media were telling people to do. Buy now!
I feel when the economy actually occurs, construction will come back, closed stores reopen to full the needs, and home prices will go higher, along with interest rates, because the demand on loans will increase as well. Seller will tell you how much they want for their homes. It will be strong again, so this is an opportunity waiting for you now, in Fort Myers, as with the rest of Lee County, southwest Florida. You can just about enjoy yourself anywhere in the county, things being a drives away.
The April Sales report are like all sales reports (: interesting but boring. This one is about 12 minutes long and I stress you listen to the last few minute to hear about how goes my market in the Fort Myers and Cape Coral area.
I mention Cape Coral, because during the boom, it was among the hottest places to buy real estate in America, saw the quickest acceleration of prices, and the steepest drop when all hell broke loose. It will be strong again, and this is an opportunity waiting for you now, in Fort Myers as with the rest of the county. some journalist are creating gloom and doom and predicting the housing recovery is many years away.
“Pictures without the information is never the whole and true story ~!” Realtor RonW
Thank you taking your time to read my post. Love to hear your comments.