I was driving over to check on a listing this morning. Whizzing by me was a man and a woman on a motorcycle. Wearing shorts, tank top shirts and no helmet. I wondered to myself why someone takes such risks although no helmet is "legal"Maybe I am just too safety conscious.
In real estate I have seen situations that occurred because folks did some things that seemed so risky. Anyone who has read the newspapers or blogs on the Internet lately has come across the stories of people who "risked it all" in the real estate market.
I heard of one case where a person made a decent amount of money "flipping" vacant land, turned around and invested it in "fixer upper" properties and then ran out of money....just as the market went "bad."
Of course, the market is really not "bad" if you are a buyer right now!
I guess the real estate market was like that slot machine....paid off big, keep playing....end up losing it all! Unlike the slot machine though - the results impact one for a long time.
Who benefits from the risky investments? Buyers who have the money! That is exactly what will be happening on Wall Street. That is what the shrewd investors are doing now, right Mr. Warren Buffett?
If you have the cash or credit worthiness this is may be a good time to purchase that home. If you are a first time homebuyer, the current market may present some opportunities. There are deals out there - some good, some great! Evaluating your risk is a serious consideration in this market.
Gary Waters, Florida licensed real estate agent, Century 21 Baytree Realty, Rockledge, Florida.
Disclaimer: The opinions expressed in this blog are solely my personal opinion. I am not a lawyer, investment advisor, mortgage broker, tax advisor or none. I am a real estate agent -I sell residential properties in the Brevard County areas of Viera, Rockledge and Suntree.