How to Take Advantage of the Buyer's Market

There's no doubt in anyone's mind that we're currently in a buyer's market for real estate. It has been a buyer's market for over 2 years now and looks like it will continue at least until some time next year.

So what do you need to know and do to take advantage of this?

First you need to determine if it makes sense for you to purchase at this time.

If you are purchasing property for your personal use, whether a primary residence or vacation/second home due to a relocation or similar reason, I could see that it would make sense if you are in a financial position to do so.

If you are purchasing for investment purposes only and are in a financial position to do so and understand that you are looking at a long-term investment rather than a "fast money" scheme - I could also see that it would make sense for you to do so.

If you are planning to buy because you don't want to miss a good time to buy but aren't really in a financial position to do so - I'd recommend you reevaluate your plans. In 2004-2005 too many people bought real estate based thinking that it would continue to go up dramatically and quickly in value and that they could sell at any time and make a profit (even though they couldn't really afford to keep the property for long). Many of those people are now facing foreclosure or bankruptcy and I don't recommend getting yourself into a situation where it won't be good for you in the long run.

Once you've determined that you do want to buy now, you need to address one of the most important steps in being prepared to take advantage of this buyer's market: getting the financing for your purchase worked out. In my experience, the best deals will require that you have either a preapproval letter for a loan or proof of funds for a cash purchase and in many cases they will be required with any offer you submit.

The most fatal error for buyers in this market is not being prepared well enough to act quickly when they find the right property or a great deal.

Let me tell you about 2 of my clients' experiences this last month to emphasize this point.

In the first case I had a client come down from Canada looking for a great deal on a condo with a good waterview either of Tampa Bay or the Gulf. I found the perfect deal for him and emailed him the listing within a few days of the condo coming on the market. He came down the following weekend and was very excited about the condo and asked me to call the seller's realtor the next morning about putting in an offer. When I called I found out that it had just gone under contract and in the 7 days it was on the market had several offers submitted on it.

There really was not much we could have done since my client did have to come down here to see it, but if it hadn't already gone under contract he would still have had 2 barriers that would have likely prevented him from getting this deal. The first is not having his financing fully arranged. The second was not recognizing how good a deal it already was - he wanted to try to get it for much lower than it was listed for. I'll go into that in a minute.

The second case was a client who had been looking for months for the perfect house and then I found one at a great price. I emailed it to her right away and after we talked I called the agent to clarify if it needed flood insurance. I got the info the next day (a Monday) and contacted my client and we arranged to see it Tuesday after work. It was everything she was looking for and in her price range. I called the agent and she said they already had 2 offers in (after only being on the market for 3 days) but that we didn't have to rush to get the offer in because the owner was relocating for a job and wouldn't have confirmation on the job until Thursday.

We put in a full price offer the next evening with a large deposit and 40% downpayment. My client had been wondering if we should see if we could get it lower but I told her that it was already priced extremely well and that if we were competing against other offers her only chance would be to make the strongest offer possible.

I won't go into the gory details but it ended up coming down to 2 offers (my client's and one other) and the realtor said that they were so close that it would probably end up being a coin toss as to which one was chosen. She felt ours was a little stronger (because the other offer was with a VA loan). Unfortunately the sellers chose the other offer and even their realtor couldn't understand it - they said they chose it because it came in first. Needless to say, both my client and I were pretty frustrated about the outcome. We did finally get something and beat out several others to get it (email me if you want the details on how we did it).

I bring these examples up because a lot of people have false information that because it's a buyer's market sellers have to negotiate down,or that properties don't sell quickly and that you should take your time. Actually that is true sometimes BUT not for great properties that are priced well or for ones that are a great deal.

Let me summarize some key points if you want to make the most of the buyer's market:

· If you don't recognize an exceptional deal, you will never get one.

· If you don't act quickly and give a strong offer when you find an exceptional deal, you will most likely lose it.

· If you aren't fully prepared with your financing lined up, including preapproval or proof of funds letters, you won't be able to act quickly enough on an exceptional deal.

There are exceptions to this but in my recent experiences I've found that these hold true more often than not.

Lastly is the point I brought up when I described what happened with my Canadian client. It also goes along with the second bulleted point above.

When you find an exceptional deal, don't lose it because you think you can get it for a lot less since the sellers "are probably desperate" or "they'll probably take less because of how the real estate market is doing". There are times when you can negotiate a seller or bank down on a property and times when it is already priced so well that it will be snatched up very quickly at the listed price. You either need to know enough to recognize this or listen to your realtor when they tell you this (especially when they provide enough information to show this is the case).

Hopefully this will provide you with a foundation on which you can proceed successfully in your real estate purchase so that you don't let the right time to buy slip away.

Ron Nedd has attained the Accredited Buyer's Agent status through the National Assoc. of Realtors and is a Licensed Realtor in Florida as well as a Licensed Mortgage Broker. He services Belleair, Clearwater, Dunedin, Palm Harbor, Clearwater Beach, Tarpon Springs and the surrounding areas as a buyer's agent and goes the extra mile to protect his clients' interest when they are purchasing a house, condo or townhouse through him. Nearly all of his clients come from referrals or through his specially designed buyer's website. This website gives registered visitors access to the local MLS to allow buyers to search all local MLS listings and also provides a monthly email newsletter with updates on what is happening in the local real estate market. For buyers that are interested in other areas, Ron is able to assist by referring them to qualified agents in those areas of interest. Ron's website is www.searchdunedinhomes.com and his email is ron@searchclearwaterhomes.com.

Tampa Real Estate: Be Fascinated With The Beauty Of Tampa

There are a lot of properties to choice from if you are planning to relocate in Tampa real estate; here you have find single family, condo, mobile home, and even commercial and rental properties if you are even planning to invest in Tampa. But home prices in Tampa have increases a bit; nonetheless, there are quite a few outlying areas where good bargains can still be found in housing. However Tampa can offer you great homes and properties.

Tampa has a lot to offer, it has a lot of attractive beaches, good amenities to take advantage with, and a lot of recreation areas to visit such as Lowry Park Zoo, Adventure Island, Clearwater Marine Aquarium and a lot, lot more. On way to help your kids enjoy the place and will be happy with the new location, you can bring the kids with all these recreational areas, make them enjoy and be fascinated with the beauty of Tampa.

These are few of the advantages you will have as you purchase a home in Tampa real estate. But you have to bear in mind that purchasing a home needs time and effort. Never rush things out. Take your time in order for you to find the right home that will suit your wants and needs. You could hire a real estate agent. The agent can assist you in your buying process, especially if you are going to do this the first time.

So if you want to purchase a home in Tampa real estate, you do not simply go to Tampa real estate market and find your perfect home. Do not spend too much time and even money in finding a home without being sure that you have an approved mortgage. If in case, you will not be approved for a mortgage, then you will end up losing money and be frustrated in not having the perfect home you desire in Tampa real estate. So, you can go to the next level as soon as you are approved for a mortgage.

Now, it is time for you to find your dream home. If you have kids, consider if the home is close to the school. But if in case, you are wondering if your kids will have fine education in Tampa, indeed, the place is known for having excellent schools, so you have nothing to worry about. But of course, you have to look at the distance in finding the perfect home; you have to consider that, it has to be close to the school. Another point to consider is that if it is near your office, if you driving or taking public transit. Make sure that the home has a huge access to transit. In considering all of these things, you can get your dream Tampa real estate home.

Top Five Songs of All Time

Recently, I was asked to contribute to an article about the best songs ever written. Since I was thinking on the subject, I thought I would write a piece on what I believe are the Top 5 songs of all time.

Any list about the best songs ever is subjective. It's an opinion list and, by its very nature, the list is subjective. I invite all of the suggestions and critiques you may have.

Let's begin.

The first song on my list that can always be found on a list of the Top 100 songs of all time is Pink Floyd's Wish You Were Here. I heard a remake of this after the 9/11 attack and was driven to tears. Wish You Were Here was written by Roger Waters in the wake of the death of a band member. It is such a simple verse but resonates with anybody who has lost someone...which is everybody.

There are many people out there who think Pink Floyd's music is only for certain types of people. If you are one of those people, you need to reconsider. Pink Floyd's music, and especially the song Wish You Were Here, is timeless and will appeal to anybody with a soul.

The second choice in my Top 5 comes from one of the all time greats, Bruce Springsteen, and it is none other than Born To Run. I recently saw Bruce perform his Superbowl act and was amazed that he can still jam so well at his age (there were times when I thought he might not get up from some of those dance moves though).

Born to Run resonates with just about everyone. There are always times when we want to abandon our current situation and hit the road thinking, "baby, I was born to run." Then, we probably turn the car right around thinking I have a mortgage and credit card bills to pay.

Bob Marley's No Woman, No Cry earns my top spot for number 3 on the list. The Bob Marley Legends CD was a mainstay in everyone's dorm during my college days. In fact, I recall having an argument with my girlfriend and I wrote in my journal, "Perhaps I should follow Bob Marley's advice: No Woman, No Cry." My girlfriend later found this entry and it did not lead to a great day.

I was wrong however. The song actually means, "No, woman, don't cry" which is what I ended up saying to my girlfriend after she found my journal.

Number four on my list of all time favorites is Johnny Cash's I Walk the Line. This is perhaps on my mind because I enjoyed the 2005 movie with Joaquin Phoenix and it got me listening to this song, and many others of Johnny Cash, again. This song is quite the opposite of Born to Run as Johnny Cash attempts to straighten out his life for his beloved wife. It is quite life's dilemma, is it not? Stay or Go?

Fortunate Son by Creedence Clearwater Revival earns the fifth spot on my list. It summarizes the experience of a man faced with the prospects of going to the Vietnam war. He is not a "fortunate son" in that he has no means (does not come from a privileged family) to get out of the war. This song truly captures the emotions of the time.

Well, that is my list of the Top Five Songs of All Time. As you can see, it does not include any of today's Top Rap Songs or new hits, just the classics. As I said, it's subjective. What is on your list?