That old adage “garbage in, garbage out”, probably best sums up the problem. The banks and lenders are being inundated with hundreds of thousands of short payoff proposals that don’t stand a chance of EVER seeing the light of day. The offers must fit within certain parameters to be approved. While our personal short sale success rate is more than 90%, the national average is only 25%. Were it not for the 75% “garbage”, the short sale process would be far more efficient and the real estate markets could see genuine recovery much more quickly.
Florida real estate investment
Like everybody else, I want to know if now is a good time to buy?
Yes, that is one of the most frequent questions that we are asked. The answer may surprise you, because it all really depends upon your personal situation.
Prices are VERY affordable today. Also, interest rates are at one of the lowest levels that we have seen in nearly 22 years in this market. In just about every other buyer’s market through recorded history, interest rates have been high. Low rates and low asking prices at the same time? Unprecedented! So, in most cases, yes, now is an excellent time to buy!
About the only exception that we can think of would be in a case in which you may need to re-sell within the next 18 months or so. Appreciation may or may not not be sufficient to break you even in the short term. Although, in the past month we have seen several instances wherein buyers purchased at way below market values and flipped the properties for some hefty little profits.