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Tuesday, April 20, 2010

A Rising Tide Lifts All Boats...Unless Your Boat Has a Leak!

Often overused (by politicians mostly) the old metaphor "A rising tide lifts all boats" can be applied to many situations.  Even the real estate market.

If the tide is "mortgage interest rates" then the tide will not be lifting anything but rather may be decreasing (or sinking) your ability to purchase.  At a minimum, a rate increase will increase a buyers out of pocket investment. 

If the tide is "real estate prices," and you are a seller, a rising tide will help you get more for your house or condo.  That is, unless your house or condo is in need of repair or is not competitive with similar properties in your local area.

There is a down side to rising prices if you are selling with the intention of purchasing a replacement property -  as prices increase you may get more but then will have to pay more for the replacement!

If you are in the Brevard County, Florida real estate market, will the changing tide help or harm your efforts?

Gary Waters, Florida licensed real estate agent, Century 21 Baytree Realty, Rockledge, Florida working with buyers, sellers and renters in the Brevard County, Florida.

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