The Real Estate Broker's Corner

The tough real estate market goes on as home builder data which was released this week again shows the big developers are putting the brakes on many projects. Recently in Florida, many condo owners were upset when the developer auctioned off the remaining units for sale, for about 50% of what they paid! A similar auction type sale went off at a Boston Condo last month.

When will it end?

Well, if I had the answer to that question, I could take a nice vacation and come back just in time. But like you, I don't know when this will end, so we have to try and take advantage of the opportunities that are in front of us, which are mostly for buyers.

I tell buyers now not to worry about price. The price is going to workout. The thing to be is selective about the property. Focus on whether the amenities work for you, (does it have big enough bedrooms, enough bathrooms, etc.).

 And forget about the house as an investment. The only question a buyer needs to ask about a home is, "Can I be happy in this house for 5 years', because it may be 5 years that you will be there. And 18 months from now, when someone asks what you dislike about your house, you are not going to say that you paid $5,000 too much. You will say that it is too small, or too dark, or the bathrooms are too small. 

So as you look at houses, focus on what they are, a place to live. If you find one that is a good place to live, chances are it will turn out to be an OK investment as well.

Bon Chance

Mike Powers