By Rick Gibson

We appear to be very fortunate here in Broward County compared to the rest of the United States. One reason (aside from the weather) is there is no question our real estate market is on the “mend,” and quickly. Similar to almost any product, including the stock market, most things change in “cycles” of “ups and downs”. When the real estate market is “up” (meaning prices), then sellers are happiest and are able to get higher prices because there is more “demand” than there is “supply” (more people wanting to buy than there are properties available).   The bad news for those sellers in this situation is when they sell they often cannot afford to buy anything else. When supply is flooding the market, as it has been with foreclosures and short sales in the past few years, prices drop as a result and that is considered more of an opportunity for buyers than sellers, so is considered a “buyer’s market”.

This is to me a very interesting time in our history and in our market. We currently, in my opinion, are in the rare time of being in both a buyer’s and a seller’s market … this will not last. The reason we have both at the same time is a little complex, but many things in our economy have contributed to this status. The number of foreclosures seems to be slowing down, short sales are speeding up (and becoming more efficient), and overall inventory is down considerably. There are not nearly as many listings (especially good ones) as there were a year ago or six months ago.

So, for sellers with a great property and a realistic price, this is both an excellent time to sell their property and to buy another one. Buyers who are waiting for the “bottom” are missing out, and I predict going to be very frustrated with themselves as they start to see less choices and higher prices.

If you are considering a change and wish to trade “up” (buy the waterfront home of your dreams, or a larger home, etc.), “down-size” (realizing that you cannot use 7 toilets at a time), or invest, this is the best time I have ever seen to do so. If you are content in your home or property and it is worth what you feel it should be relative to what your mortgage may be if you have one, then maybe you should do absolutely nothing. If you do not like your property and cannot afford it, that’s easy. Contact a Certified Distressed Property Expert and/ or your accountant right away. If you are an investor, it may make sense to sell your property for less than you thought you would, only in order to buy other properties now while you can, for less than you will ever be able to again. You end up ahead potentially if you do it right. In these cases, contact an investment specialist and, as always, keep your accountant’s advice close to you.

In times of tremendous economic change like we are experiencing now, there are incredible opportunities but to “freeze” up (do nothing) because we do not understand something could be a mistake. Reach out to someone you trust and get some sound advice so you can make your lives and those around you the best they can possibly be.

Real estate is not really about properties but the people who live in the properties, and their happiness and well-being. Focusing on the people, including yourself, will usually guide you to take action and not “settle” for mediocrity when you deserve better.

Rick Gibson is a Realtor®, Re/Max Preferred and Managing Member, Gibson Group Property Management, LLC. He can be reached via email at rickginfla@aol.com