I went to a real estate seminar recently and the speaker asked the realtors present, to raise their hands, if they would buy some real estate today, if they had cash to buy. The entire room of realtors, raised their hand.
That should tell you something about this market. Realtors are immersed in it, they live it every day, and despite the media and the problems, every realtor in that room knew there are good properties out there. If you are a buyer with cash you should be looking to make an investment that will make your money work for you.
I hope you are not one of those waiting for prices to go down further before you buy. Instead you should be looking for investment properties that fit your investment profile that are fairly priced now. Waiting for a five percent decrease might lose you ten percent return. We are in a unique market in SW Florida. There are many owner/investor groups who own properties which may only be a very small percentage of their portfolio. Oh yes, we have very wealthy people in our market. They can afford to wait for the market. You have to forget about those owners and find the ones who cannot afford to wait.
Serious sellers are motivated. Interest rates are at an all time low. Properties that are priced right, sell in any market. Buyers with cash should raise their hands, and say you understand the market just like the realtors.
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