There are some positive aspects to the downturn in the real estate market. If you are a serious buyer, there are actually some good opportunities available. As we enter the spring market, there should be an upturn in activity. This should be true in both areas of the country that have and have not experienced a slowdown.
As an example, Gary Kent of the Gary Kent Team-RE/MAX Associates in La Jolla, California says that January 2008 was his best month ever as he sold foreclosure homes for banks.
In South Florida, an area that saw a run-up in prices due to overbuilding and speculation, some people have been selling at any price, according to Susan Weitz, a real estate agent with Buy the Beach Realty in Miami Beach, Florida. She says that buyers that have been waiting for great buys are active in the market now.
The Texas market never really experienced the crazy increases in valuation that some areas of the country saw. Pamela Gabriel of Sand ‘N Sea Properties in Galveston, Texas said that 2007 was her best year ever and so far in 2008, prices are holding steady. The high-end waterfront properties are selling, and people from other parts of the country are amazed at what their dollars will buy.