A smart man I know has spent a lifetime watching for depressed real estate markets. When everyone else is fleeing the scene, he swoops in and buys up everything he can afford. He did it in London in the 70’s. If he were here right now, he’d buy up a chunk of Palm Beach County — especially Jupiter homes for sale and Palm Beach Gardens real estate. And he wouldn’t be the least bit daunted by the fact that mortgage underwriting is a little more stringent. No indeed. He understands that real estate is like the stock market. When people are sitting it out, that’s the time to roll up your sleeves and plunge in.

Contrary to common concerns, there will never be a better time to buy than right now. If they’re looking for a deal and don’t think the bottom has hit yet, you just might miss your opportunity. The bottom will flip before you ever see it, and you’ll miss a great deal waiting for a better one.

Besides, rates are lower now. So there’s a window of opportunity that won’t last long. Rates can swing from 5 percent to 9 percent surprisingly quickly. And if your credit is in reasonable shape, you’ll probably qualify. I should know. I’m not just a Realtor, a Certified Residential Specialist. I’m also a mortgage broker with years in the business.

There’s huge inventory out here. A lot of people, a number of builders who need to get out from under and are willing to take a big cut in price to do it. So right now you can probably afford far more than you could have a year or two ago. In fact, some sellers will even carry the note.

If you’re looking at pre-construction, chances are prices have gone down from where they started. And many homes or condos built on spec are standing empty, with the developer carrying the note at a loss.

So listen up. You can sit this one out and regret it for years. Blame it on high insurance and tight underwriting and miss the buyer’s market of a lifetime. Or you can make the right call. As for me, I know what I’m doing. I’ve invested it all.

Take the pulse of the market.  Check out which houses sold this year —the neighborhoods, locations, prices and timeframes from listing to closing. If you’re getting ready to sell your home, get a feel for what you can realistically expect. Then put yourself in my hands and watch me exceed expectations! Read the rest of this entry

Every Realtor I know checks the MLS first to see what the market is doing…what’s sold, when and where. Not me!  MLS has no FSBO’s. My best barometer is Kevin Rose, President of Federal Building Inspections.  Better known to his clients as FBI.

I came across Kevin through a recommendation by the Jupiter, Tequesta, Hobe Sound Board of Realtors. That was one great recommendation…because Kevin is the absolute best at what he does. And an excellent source of knowledge for what’s going on locally.

Despite the national economic climate, as well as the Florida real estate slowdown, Kevin’s take on the local real estate market is generally optimistic. When asked how most Brokers are faring he reported, “Everyone’s in survival mode.” But, he qualified that statement with, “I’m beginning to notice a shift. Last year during all of September I did 50 home inspections. This year, during the first half of September I’ve already done 65… and there are plenty more on the books.” I would agree. Two of those inspections, happily, were mine.

Kevin’s take on the market tells me two things. In this particular buyer’s market, buyers are once again starting to get active. And clearly I’m not the only one who trusts FBI.

As if the sub-prime mortgage debacle that has sent economic shocks into the international economy wasn’t enough to help turn the real estate boom into a real estate bust… The government has just signed into law a disaster-piece under the pretext of a housing stimulus package!

This new piece of legislation basically discourages wealthier homeowners from buying a second home. Previously they could plan to eventually sell their primary residence, take a capital gains exclusion and move into the vacation home, converting it to a primary residence. The new legislation eliminates that capital gains exclusion and takes away a huge incentive for buying that second residence. And it will have a particularly negative impact on the Florida real estate market.

Instead of denying that capital gains exclusion altogether, why not place a cap on it. Now many buyers who wanted a second or third or even fourth home in sunny climes will be financially dissuaded. And that’s a hit this market really can’t afford right now.

Home hoppers have always been a big part of what made this market boom. And quashing their incentive to hop isn’t my idea of a housing stimulus! But why take my word for it. Read about it for yourself and let me know what you think.   Article