Building Permits Drop in S.W. Florida
With the mania now over regarding new construction, the market has been correcting itself. Foreclosures are extremely high, which means banks now hold a real estate portfolio and they do not want to be the fall guy for all of the bad debt. The market is still being saturated by builders, realtors and mortgage brokers alike by advertising build “Affordable Homes”. Does our area need affordable homes, well of course, but creating more inventory is not the answer. One thing that would help ease the market conditions is to stop building unless you are the end user, or truly building as a 2nd home or Retirement home and not just applying for the loan as such.
Unfortunately I was one of the speculators who saw “The American Dream” instead of the “Overall Picture”. It’s also tough getting phone calls from all over the country listening to speculators tell me they have a house in the N.W. Cape and they owe $350K on it and it’s worth $240k at best. This is a great time for “Investors” to make money. In business, if you cannot adapt to change, you will be run over. What I am doing is learning ways to adapt with the times by studying the market, numbers and how it impacts the overall picture. If anyone knows me, they know I am no rocket scientist, but that’s ok. As long as you can learn from your own mistakes, and able to keep a positive attitude and be motivated to do better, then you can live to fight another day. If you sit back like some people I know and just give up and bury your head in the sand, then don’t be surprised when someone comes along and kicks you in the rear.
One way I am learning to survive in this market is by making offers. I cannot make money if I am not making offers. What I have realized is this really is the land of the plenty right now because the majority of people do not want to work hard. That goes back to the old saying, 10% of people make 90% of the money. Opportunities exist all over the place, make offers. If the numbers fit, you must submit. I have a client who made an offer of $55K on a property that was listed for $90K, seller agreed to slightly above the $55K offer. Don’t be embarrassed by your offer, in this market, people would welcome most offers, just ask your realtor.
Unfortunately I was one of the speculators who saw “The American Dream” instead of the “Overall Picture”. It’s also tough getting phone calls from all over the country listening to speculators tell me they have a house in the N.W. Cape and they owe $350K on it and it’s worth $240k at best. This is a great time for “Investors” to make money. In business, if you cannot adapt to change, you will be run over. What I am doing is learning ways to adapt with the times by studying the market, numbers and how it impacts the overall picture. If anyone knows me, they know I am no rocket scientist, but that’s ok. As long as you can learn from your own mistakes, and able to keep a positive attitude and be motivated to do better, then you can live to fight another day. If you sit back like some people I know and just give up and bury your head in the sand, then don’t be surprised when someone comes along and kicks you in the rear.
One way I am learning to survive in this market is by making offers. I cannot make money if I am not making offers. What I have realized is this really is the land of the plenty right now because the majority of people do not want to work hard. That goes back to the old saying, 10% of people make 90% of the money. Opportunities exist all over the place, make offers. If the numbers fit, you must submit. I have a client who made an offer of $55K on a property that was listed for $90K, seller agreed to slightly above the $55K offer. Don’t be embarrassed by your offer, in this market, people would welcome most offers, just ask your realtor.
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I totally agree. Except for the offer. I say be embarassed by them but make them anyway.
My last offer was so embarassing I thought to never hear from them ever. Instead I am closing in a few weeks.
My only worries has been financing as the banks are not too crazy about Lee County as you said.