Have We Hit Bottom?
By: David Barin
Tue, Jul 13 2010 | Published in Current Issue, Real Estate


Opportunities Abound for Diligent Buyers and Sellers
Has the real estate market hit bottom?  That’s the question being asked throughout the nation and right here in Brevard.  But while real estate professionals and investors wrestle with the question of the bottom, most people still can’t pinpoint the peak.  And how are we defining the peak anyway? 
Or the bottom?  Like any complicated issue, buzzwords and yesterday’s statistics are easy to latch onto but ultimately are meaningless, leaving the serious real estate buyer or seller with some homework to do.

Snapshot
One thing I have personally learned in buying and selling many pieces of real estate over the last 25 years is that conditions rarely are constant – and that seemingly unrelated factors may overlap and influence local conditions. 
The media and consumers spend vast amounts of time trying to make sense
of information markers which lag well behind the actual event.  
What is reported as news is really a fast-aging snapshot of what was.

Research
So start digging and charting.  Choose 12 or more of the most important indicators for real estate factors within your area of interest – not just things like
median prices and unemployment rates, but those items important to your
specific purchase or sale.  Chart them separately and go back far enough to see how those factors played out during the last cycle.  Then the fun starts;
take a hard look and observe how some of these charts are related, while others may move in opposite directions.  Consider the reasons and look for current conditions that may be trending in a similar fashion.  Therein lies opportunity –
well before the media acknowledges it and the herd moves in.  
With all the investments I have made over the years,
I still enjoy the thrill of discovery when my research identifies a new opportunity.

About Selling
In the current buyer’s market, it’s all about position. If you don’t need to sell . . . don’t.  If you must, be honest with yourself and your real estate agent,
realizing your knowledge of market conditions may have to take a back seat to your own, unique timeframe.  Do you need to sell and close within six weeks,
six months, or one year – or are you planning to just put it out there
and see what happens? Each will have a different marketing approach.  
The “see what happens” timeframe is common but seldom satisfactory,
as it doesn’t reflect the true internal goal of the seller.  
Save yourself the headache and frustration of the idle listing by being upfront with yourself and the Realtor about what you really want.  That might mean combining strategies, but it’s all in a day’s work for the true real estate professional. 
Don’t rely on the friend of a friend.
Understanding market conditions is an art touted by many, but practiced by few.  Look for highly active agents that practice their craft full-time.

So have we hit bottom?   Yes, in some, but not all parts of Brevard. 
While we are closer to the end than the beginning of the downturn,
 the bottom will reveal itself neighborhood by neighborhood as the
national recession and local recovery plays out.  What is unmistakable is the plethora of genuine real estate opportunities in the Brevard market today –
for the buyer and the seller.

Is the location convenient?  
Is the home and neighborhood in excellent condition?  
Are there unique features that provide a selling edge?  
Is the property near good schools?  

These tried-and-true questions still resonate for a reason:
their answers speak to desirability. 
While naysayers are busy looking at yesterday’s market snapshot,
a positive response to these questions will still yield positive results.

 As an accomplished full-time Realtor,  Luann Malark utilizes her negotiating abilities in providing even greater value to her real estate clients. 
Whether you are planning to sell or purchase a home in the Space Coast area, give Luann Malark a call for exceptional, professional and personable service.

Luann Malark
Kiser Realty and Investments LLC
321-480-4733
luannmalark@hotmail.com
www.eastcentralflhomes.com