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.
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