Make money by buying right in today’s down market
Successful real estate investors often say “money is made when you buy.” There is truth to this because real estate values are based on what similar properties are currently selling for. Therefore, buying “under market” gives you potential for an immediate profit.
But wait! Exactly what does “under market” mean? Especially in Southwest Florida, it does NOT mean a certain percent off what a property sold for at the height of our market.
I’m working with several investors. Almost every conversation started with: “I believe our market is close to bottom and I want to buy, but only at 50 percent off the market top.”
I’ll then ask why a 50 percent discount in itself makes a wise purchase. This is usually followed by a lengthy explanation on how they value real estate. If you are guilty of this, please stop. What something sold for two to three years ago is totally irrelevant today.