Palm Beach Real Estate and Loans

Yesterday I discussed the mistake of waiting way too long for a mortgage rate change to occur-

Today I'm going to talk about the mistake of waiting and waiting longer and longer for a price drop that might not happen!

It happens more then you'd think - Clients find the home they want, but instead of making an offer they decide to wait a 'just a little while' because:

• 'they KNOW the price will go down' OR
• 'their friend knows all about real estate and he/she said we should wait' OR
• 'the newspaper said.......'

I'm not sure which one is the worst, but they can all keep you from getting the home that you really want.

Let me throw out the standard line to silence the annoying comments that I'm sure will pop up.  I do not EVER want one of my Clients to make a snap judgement and rush into a deal that they don't want!  

What I do want to do is get across the point that when you find that piece of Palm Beach real estate that you and your family DO want, you need to get rid of all of the hearsay and the rumors and seriously consider making an offer.

You probably want to pay less then the listing price - frankly, you'd be crazy if you didn't feel that way!

There is a right way and a wrong way to handle this.  Let's look at a home listed for $500,000:

RIGHT:  You think the home is worth $450,000, so you have your Agent put together an offer for that amout.  It's either accepted or then the negotiations start.

WRONG: Same situation, but instead of making an offer, you decide to just wait until the list price comes down to what you think it's worth.  In the meantime you risk losing the home to someone who knew that they had to make a move.

It really is that simple.  But what probably complicates things the most is the widely heald belief that "nothing is selling". Well, it is.

Here's a perfect example: I'd shown a couple a few local homes - they found one that they said that hey really wanted.  They wouldn't make an offer - they wanted to WAIT.  

Now, you might think that maybe they really didn't want it, they just needed an excuse..... but after they left town we kept in contact weekly.  Did the price change yet? No, and I don't think it will. This went on and on.

Finally they called me - they were going to make an offer but .... you guessed it, it had already sold!

They were shocked  because, they said:  "Nothing was selling!"

Nope.

It's so simple, if you want the property, make an offer OR don't be surprised when someone else has bought what you want - sorry, wanted.

There's been quite a bit posted lately about mortgage rates - they're going up. they're going down, what's the Government going to do, etc.

There's nothing wrong with wanting to get the best deal possible and save a few $$ - but people have been taking things to an extreme and losing out because of it!

For example, if home loan rates were around 12% and you had good reason to believe that they might go down to 6% -nobody could fault you for wanting to give things a little time!

But what we're seeing a lot of now is: "Wow, I can get a 30 year fixed rate mortgage for 5.00% - I'll give it a few days and it might be down to 4.875%."  The difference on the monthly payments would be roughly $19.  Pretty trivial AND don't forget that little word 'might' - and it's cousins 'may', 'could' and 'sort of'.

And don't forget all of the reports that promise (don't get me started) that the Government is going to get the 30 year fixed down to 4.50%!  Keep in mind that they don't say how, when and for how long.  Mark Flanders of the SoundBite Blog mentioned getting phonecalls after the announcement that ended this way: ""Well, I think I'll wait to see when that new program starts and I'll get my mortgage then", or a variation of this comment."  More waiting for something that might not ever happen.

Rates really are very low right now - if you're considering getting a mortgage to purchase real estate in Palm Beach, or anywhere in Florida for that matter, I'd suggest checking on what you can qualify for now while you KNOW things are to your advantage.

Or - you could always wait until things start to get more expensive..........

Check back tomorrow for Part 2.

Sunday's Open Houses in Mirasol Country Club - The Finest in Palm Beach Gardens Luxury Real Estate

Mirasol is one of the most highly regarded communities in Palm Beach Gardens.  The homes alone are worth the reputation - but when you add in all of the ammenities you have a package that can't be beat.

"Mirasol's club facilities consist of approximately 70,000 square feet under roof and include: 36 holes of championship golf-the "Sunset" course designed by Arthur Hills and the "Sunrise" course designed by Tom Fazio Golf, practice facilities consisting of a driving range, short game practice area, practice putting area, and a golf instructional building.  A Grand Clubhouse with golf pro shop, locker room facilities, card rooms, dining room, and steam rooms, 15 tennis courts, tennis pro shop, and junior Olympic size swimming pool."

Tomorrow - 12/14/08 - Leibowitz Realty will be hosting 10 Open Houses in Mirasol.

The best route to take to see them all would be to enter Mirasol at it's eastern entrance off of Jog Road.

When you get to the guard gate just tell them that you're there for the Leibowitz tour and they'll provide you with a map to all of the properties.

There are homes available all throughout the neighborhood:

118 Andalusia Way     120 Andalusia Way

321 Vizcaya Drive      337 Vizcaya Drive     338 Vizcaya Drive

124 Viera Drive

127 Remo Place

230 Porto Vecchio

129 Via Palacio     230 Via Palacio

 Call me at 561-282-7406 for more information.

Announcing the 2nd Annual Worth Tasting

12/11/08 from 6PM to 9PM at Via Gucci - 256 Worth Avenue in Palm Beach

This fantastic food and wine tasting is being put on buy the Worth Avenue Association and The Junior League of the Palm Beaches

It's certainly THE place to be tonight-

You can buy tickets on-line through the Junior League of the Palm Beaches or when you arrive.

Make sure to say hello if you see me there - I'm sure I'll be wondering around, taking pictures....

So you're looking for a place to live in the middle of Palm Beach Gardens.  You'd like something new and if you could be within walking distance of almost everything you need you'd really be happy - oh, and you don't want to have to break the bank to do it.

The good news is that it IS possible and it's not even that extreme-

Midtown is located on the north side of PGA Boulevard, between the Turnpike and Military Trail.

There are 1, 2 and 3 bedroom units available - and the prices have just been cut -

The amenities include: a clubhouse that can be used for private parties, large swimming pool, workout facilities, tennis and you're a short walk to some of the best restaurants in the area,great nightlife, shopping........

About half of the units are already sold - don't wait until they're all gone.  Call me-

 
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