Is the Bear Waking Up? South Florida Real Estate Market may be on the rise?

Is change on the way?

There seems to have been a resurgence in the market these past few weeks. Not only is buyer activity on the rise, but it has become apparent that seller "reality" is starting to set in. I have noticed some remarkable price reductions in current inventory in the past 14 days. Sellers are becoming more realistic with their goals and are pricing accordingly.

What does this mean for the market?

I hope it means change..... It's been a while since I have just lost out on a home because it recently went under contract. It's been even longer since I was in a bidding war on a particular property. These occurrences however are rapidly becoming the norm on properties which are priced right. If sellers continue this trend of fair market pricing, and I hope they do, we can expect to see a reawakening of activity in the upcoming months. With the right homes priced right, we just may be able to reduce inventory levels and get the Real Estate market back on track.

What can I do to prosper from this?

The best advice I can give to investors at this time is to begin cherry picking properties. Sellers are more motivated then ever to sell at fair market value, they are tired and beat down by this market and finally just want to get out. It's been a buyers market for quite some time, but only the buyers knew it! Know the sellers do as well and are acting accordingly. Spend some time locating that perfect opportunity and don't be afraid to use short sale comps to obtain the home at a fair price. We need to remember that all of these "standard" sellers are competing with short sale pricing, and unlike 6 months ago these short sales are actually closing!! Use their reduced sales figures to obtain cherry properties at cherry pit prices!!!