Wednesday, March 22, 2006

Navigating Muddy Waters

Right now is a very interesting time to be involved in real estate on Long Island. People are always asking for my opinion on which way the market is heading. While I'd like to have a crystal ball so I could make deadly accurate predictions and probably millions of dollars, the truth is I don't and neither does anyone else. That being said, I do believe we've seen the top of the mountain and there is nowhere else left to climb for the time being. Still it is possible to make money by investing in real estate even in an uncertain market. You just have to be very, very careful. If one were to look back at the Long Island marketplace just 3 years ago, it appeared that prices just couldn't go any higher and yet they did. In fact, the average home gained in value at least 30%. People started taking their money out of the stock market and started to plunk it into the real estate market. For many it was a shrewd investment even if they lacked the knowledge of how to buy right. It just didn't matter since prices were escalating so quickly. But now folks, the party is over. This has now become a marketplace where buyers will need to be educated on true market value. The smart buyer will learn as much as they can and will utilize the services of an exclusive buyer's agent. Loyalty and knowledge of the market are the hallmark of a good buyer's agent. To go it alone makes for dangerous decisions and poor choices which could ultimately cost a buyer thousands of dollars or worse yet, the loss of their home. Now is the time for buyers along with their buyer's agent to really rule this new and unchartered real estate market. Navigating muddy waters can be very scary without the right guide.


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