When I first started in the real estate business back in 1988, I remember my broker at Harvey Hansen Realtors telling me, "Once you're in this business for a long time, you can feel the pulse of the market." She was saying that she could sense what the market was doing, even before she pulled a market analysis or read the news on the latest sales figures. I guess now that I have been in the waterfront business for two decades, I have that same ability.
Like all of you, I have seen plenty of news reports on how bad the real estate business is. As we watched appreciation of 10-20% each year on many waterfront properties just a few years ago, I told plenty of people that there is no way that would continue. Well...it didn't. But where are we now?
Realistically, unless you purchased your home in the last few years, you probably still have had a decent increase in your value. Now, it may not be as much as what you would have had if appreciation had continued to go through the roof, but most people are sitting pretty good.
What I saw happening in late 2007, and what I think will continue to happen early this year, is that a lot of people who have been sitting on the sidelines are coming back into the market due to some very good price drops. Some of the sellers who didn't believe we were going to have a market correction would not lower their prices in 2006, but finally gave in this past fall. That, combined with the lowest interest rates in over two years, may make this one of the best spring waterfront markets ever. Once the media picks up on some of these great buys, there will be a rush back into the waterfront marketplace by a lot of buyers. Let me know if it turns out that I am wrong!
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