Is it time to buy Real Estate

Buying anything at the wrong time is always a valid concern.
In my opinion this question is answered by the buyer in a Real Estate transaction. It would all depend on the buyer's situation,motivation and goal in the property market. The buyer has to be given the necessary information to make an informed decision, your agent should give you the information and tools to make this decision but not sell you something that you are not ready to buy.

If you are relocating to our area then it is a excellent time to buy a home.
Our inventory is down somewhat but it is still at a volume that we haven't seen for a long time. In 2005 there were 26 canal front homes sold in Cocoa Beach with a average list price of $600,000 and a sell price of $574,000. In 2007 there have been 19 homes sold with a average list price of $478,000 and a average sell price of $443,000. If you have dreamed of owning a beachside canal home with your boat in the backyard then it is a great time to fulfill this dream!

Condos are still a good alternative!
It would seem that the better buys are with individual owners rather than new construction. A lot of owners and investors have came to the conclusion that their property is not valued at 2005 prices and are looking at offers. Your agent can give you the comparables to help you determine a offer that should be looked at by the seller. It is now possible to get into a ocean front complex well under $300,000.
As far as builders and developers in new complexes there are still sales but we do have several large complexes that are completed or nearing completion that have not sold out and quite a few investors have sacrificed their deposits rather than close. This seems like doom and gloom but it could turn into a great time for the investor who is ready to step up for a value.

For our Canadian and European friends there is a added bonus!
With the euro at almost 1.5 to 1 dollar added to the distressed prices the value is there for the international buyer. We are seeing a majority of these investors looking for the daily or weekly rental complexes because of the added cash flow. The complexes with 3month minimum rental restriction are much more plentiful and make a good investment for second home/rental.

Hope all this helps and we will follow with more.

Jim Bagwell
Walker Bagwell properties
walkerbagwell@aol.com
321-213-0615