This time of year, everyone wants to be a prognosticator of what lies ahead for the coming year in the world, the US, the economy and the Real Estate and Mortgage Industries. It is funny how many differing reports we get from so many different sources.
The hardest thing to swallow, though, are the reports from people who really have no clue what they are talking about - Jim Cramer - or who report on an entire Industry and panic the local markets!Local markets are what I like to focus my efforts on... why? because you can really see how effective or how ineffective the national news really are!
It is important whether you are a Realtor, Buyer, Seller, Mortgage Broker, Banker, Investor, or Journalist to realize that there is "The Market" and there are sub-markets within each Region, State, County, City, Municipality, School District, Community, Developments, Neighborhood and even within neighborhoods themselves that will have their own individual ups and downs.
This means that while "The Market" may remain bleak or "bloody" as some luxury condo developers are saying to me... the sub-markets may be rosy!
So my advice to all lookers is to really observe each market and sub-market individually. Know the ins and outs...
- Maybe the community where you want to buy/invest has hit bottom already.
- Maybe you don't have a lot of time to keep watching because prices may start ticking up.
- Perhaps rates are so favorable right now that you should not pass up a great opportunity
- Perhaps a new development is popping up and it would be a great time for you to buy affordable pre-construction
Remember... the market is fickle...but the submarkets are even moreso. What one person thinks about their surroundings may not fit all surroundings. Working with Real Estate and Mortgage professionals that can help you sift through all the negativity and see the real picture is the only way to proceed in this market.
For the full article, click on the following link -o-> Florida Real Estate & Mortgage | 2008 and $100 Barrels of Oil ~ What lies ahead?