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Things Are Picking up
Wednesday, June 6, 2007
It is happening indeed. The market is picking up here at the shore. My personal experience over the past few weeks in having 2 of my new construction listings go under contract, having a closing that was 2 weeks from contract to settlement, and having a few offers submitted by myself as Buyer's agent., with a few deals "in the works".
I think people are feeling that perhaps, yes, we may have really have seen the bottom in this market. Prices are great, interest rates are great - the smart and savvy investors and family buyers are starting to see that they can get a great deal, and it probably won't last forever. The cycle of up and down is a natural and normal phenomenon. Just like the stock market. If we haven't seen the bottom, the ratio of how far down some places are in price is irresistable to some folks, some who have seen the up and down before. We all know what will inevitably happen again. AGAIN, the simple principle of supply v. demand.
The principle of buying low, and selling high is, in my opinion, once again going through the minds of buyers, and going to lead to a more brisk seashore market in the near future. Other homes are selling, the title companies and the mortgage people are busier.
I am not a betting man, but I would wager a bit that we will see a significant increase in home sales in Avalon and Stone Harbor over the last 2 quarters of 2007, compared to 06.
I have heard the words ; "Coulda , Shoulda, and Woulda" more times than I can count in my career. "We should have bought in _____" People will say, and insert a year. "The market was good, you could buy a house for____" Another relative statement. "We would have, but we were afriad" "We thought _____was going to happen" "We could have afforded something then, but we thought the market was going to go further down"
I am fairly sure I will hear these words again, in direct reference to 2006-2007. Opportunity is so very clear in hindsight. It takes nerve to make a smart investment. Sometimes a little luck. Some people who have the intuition and foresight are being quite intelligent right now, in my opinion.
There is a window of opportunity.
I also think the Stock Market CANNOT continue at it's current pace. Simple business theory: Sell HIGH , Buy LOW. Selling securities now, and buying real estate at a great price may turn out to be the smartest move possible
When the real estate market rises to a fever pitch again, as we know it is bound to do, those who bought now will pat themselves on the back. It seems silly not to buy for fear of depreciation. If you have wanted a home at the shore, and you make the same money or more as 2004, and you take a look at interest rates, and you would love to have some CHOICES, well..............
THE OPINIONS IN THIS ARTICLE ARE SOLELY THE PERSONAL OPINIONS OF MARK A MARROLETTI, OWNER OF MM REAL ESTATE,AND BROKER OF RECORD
