Gas Prices and Real Estate

Gas Prices and Real Estate:The price per barrel of oil seem to have a price impact on everything from food to the cost of a new DVD. The one thing that is not impacting is the price of real estate! Too bad because this could be one of the few positive spotlights for Sellers in this slow moving economy! What is shocking to me, is why BUYERS are not leaping off their butts to get a piece of the action! I saw yesterday that prices in Tampa Bay have fallen another 20% since this same time last year. I was interviewed with FOX 13 NEWS and the reporter, Craig Patrick asked me off camera how long I thought this crisis would last and how much farther prices would drop.

First of all, you must keep in mind that 90% of the properties for sale are overpriced. 80% of the properties currently listed have NO CHANCE TO SELL in this market. If you were a smart buyer, you eliminate those 90% of the unrealistic Sellers and focus on the “actual” properties that are for sale. Most are priced below market value (which make them saleable) and the Seller will more than likely negotiate further! I have Buyers, SMART BUYERS, who are purchasing in this market. I have a Buyer closing Friday of this week on a home in the Estates of Cheval. The previous owner paid almost one million dollars for this home in 2006. My Buyer picks it up for less than half a million. What is the actual market value of that home? Did the market fall 50% since the home was purchased in 2006? The answer is NO! But the buyer recognized the home was going to sell under market value and he JUMPED! NOTE: You can’t steal in slow motion! To this Buyer, “WHAT IF” the market fell another 10% next year? He still is miles ahead of the game. That house, with a little elbow grease is worth $700,000 conservatively.

If you want to make money in real estate, do what the professionals do: They BUY when everyone else is SELLING and the SELL when others are BUYING. And remember the ABC of investing……Always Be Careful.

You can’t always believe the media. The media has Obama with a double digit lead over McCain. Do you believe it? Maybe Obama has a lead, but the media will exaggerate it. If they did not, there would be no story! There is still money to be made, deals to be purchased in Florida real estate. If your Realtor has not been selling real estate for more than five years, you may want to further evaluate their credentials. The last thing you want to do is have an Agent practice selling in this market with your checkbook! Smart investors look for experienced agents who are worth their weight in gold! The market can turn around faster than The Tampa Bay Ray’s. To learn more, go to www.vincearcuri.com