Navigating the market
Business Week has an informative article on navigating through the changing real estate market.
Tidbits of wisdom from the article include not following the herd mentality. The daily barrage of price reductions that we are experiencing is an example of this type of behavior. Lately, the MLS quick report link for deductions is disabled as the system will not return a report with more than 500 records. How ironic that a tool designed to provide a quick view of the "daily price reduction deals" is often incapacitated!
Another bit of wisdom is that in many areas, the cost of ownership far exceeds the cost of renting. This is certainly the case in the Fort Myers area particularly at the higher end of the market where there are some incredible rental deals for investor-owned properties.
As the market evolves, it is becoming increasingly important to pick the right real estate professional to represent you. Smart money says it is time to turn to a thinker, rather than your cousin's, best-friends neighbor. If you are in need of some smart representation, please drop me a note.
Buyer (And Seller) Beware [Business Week]