subject: Real Estate Broker Tells All - When To Buy Or Sell Real Estate In This Crazy Market [print this page] Real Estate Broker Tells All - When To Buy Or Sell Real Estate In This Crazy Market
Do you live in a home that you need to sell, but cannot? Do you want to buy but are worried the drop in the market isn't over? Do you want to buy investment property at the right time so that you can make money off it? All of these questions could be easily answered if we had a crystal ball to look into the future. If I could tell you that in 12 months we would be out of this economic slump you would know to buy investment property now, or hold your house one more year for a better price. The problem is that we cannot see the future.For over thirty years I have been in the real estate business and I can tell you this is the worst market I have ever seen. In my hometown of Griffin I have seen some big players in the business come crashing down into foreclosure, people who you would have never guessed it would happen to. In thirty years I have never seen a slower moving market in real estate. Not only am I a broker I am a licensed FHA appraiser and I am seeing homes being valued at 10-15% what they were at just a year ago. The bad part of that is the year before that it was even worse.What are the leading indicators of what is to come? One thing you can look at is the number of unresolved mortgages that are waiting to go into foreclosure. There is a serious false sense of calm in the market today because there are a large number of mortgages that are waiting to go into foreclosure. I know a few people personally that have not paid a payment in over a year, yet they are still in their homes because they bank is spreading out the damage over time to try to make a recovery. On top of that there are a growing number of vacant homes that the banks are being slow to put back on the market for a fear of flooding it and decimating values.So what are the keys to being a wise buyer, investor, or seller? Here are a few tips:leave your emotional issues outside the real estate deal. Never buy or sell based on loving or hating a property. You will always lose if you allow your emotions to cloud your judgments in real estate. Develop a relationship with a real estate professional who has their ear to the sound of the market. Save more money than you have in the past, repair any problems you have with your credit.
