The collective public mind leans toward a pessimistic view of the current real estate market. According to most people, investing in the current market is like buying first class seats on the Titanic...so what validity does the Florida Association of Realtors (FAR) have in opposing this notion? According to the F.A.R., investments in the Miami real estate market are currently at their most advantageous stage. The market is slow, giving investors time and options when choosing a property at unprecedentedly low costs.
The F.A.R. statements are not as ludicrous as you may think. The current low price on South Florida luxury homes and Miami condos has the potential of prompting a surge in buying within the near future. The current focus on reducing mortgage rates could reduce monthly payments creating a temporarily perfect market for investment.
Ask any accredited realtor that's been in the market through bad times, they'll espouse the follies of renting property at a time like this. Long term investments are non-existent in the rental market; it is a good strategy for staying afloat but no progress will be had in that time. Assuming the current market will bounce back, it seems obvious that housing prices are close if not exactly where they need to be for quality investments.
Property, in spite of other forms of investment available, is still one of the most secure ventures you could put your savings into. It serves its purpose as a home, dually serving as a "nest egg",securing financial futures. Homes in particular are joyful investments; the freedom to renovate and build onto a home allows you to increase your investment in the hope of a greater return.
Sources in the National Association of Realtors (N.A.R.) predict a comeback in the market that could occur as soon as the summer but should certainly begin to foreshadow growth during the winter season and through the beginning of 2009 as buyer confidence recovers and sales start to increase at a normal rate. These projections, when put with the government's own planned actions to invigorate spending, may be the perfect combination to drive home and condo sales nearer to the standards they had several years ago.
