If you are looking at real estate markets in Florida for 2008, you are looking for long-term value. The housing market has experienced a downturn over the last year, and it may take some time for it to rebound. Your goal should be to buy Florida real estate now at a good price, and give the market a few years to become robust again before you consider selling. Your best way to find long term Florida real estate investments will be to consult with the right Florida real estate agent.

How a Florida Real Estate Agent Can Help With Long Term Value Investments

Your first step will be to find an accredited Realtor to represent your real estate interests. This means a Realtor who is a member of the Florida Association of Realtors and the National Association of Realtors. This type of real estate agent has more training and in many cases has more experience. A Realtor also has access to databases that other agents may not have.

A Realtor knows exactly what the market bears for the type of property you are interested. He or she is also better equipped to identify market trends. An accredited Realtor may be in a better position to identify which areas are likely to generate long-term value.

How You Can Help Your Florida Real Estate Agent With Your Long Term Value Investments

When you decide to enter the Florida real estate market, make sure your Realtor fully understands your goals. Let him or her know that you are aware you may need to hold your property for some time before it gains the amount of value you want. Discuss how much value you would like to gain and how long you are willing or able to hold on. This will help the Realtor determine which properties are right for you and help you develop an appropriate real estate plan.

Diving into the real estate market right now takes some fortitude. With economic conditions the way they have been through 2007 and moving into 2008, investors who happily grabbed up property during the housing boom are thinking twice. However, the market may be close to bottoming out, which would make it a perfect time to gather investment money and start fresh. One place to make your move is Florida, but if you are going to take the plunge, make sure you do it right.

Getting the Most Out of Buying and Selling Florida Real Estate — Location

The first thing you need to know is where to buy (and ultimately sell) in Florida. Some of the optimal places to buy in Florida are Orlando, which has experienced relatively little damage from the subprime mortgage crisis, Jacksonville, the largest city in the country by land area and Miami, which always has appeal due to its tropical atmosphere.

Getting the Most Out of Buying and Selling Florida Real Estate — Florida Realtors

When you decide to buy or sell real estate in Florida, use an accredited Realtor. Anyone who is licensed to practice real estate can call himself a real estate agent, but the National Association of Realtors accredits only Realtors. In Florida, there is additional accreditation through the Florida Association of Realtors. This means they have specialized training and access to more information. As a result, they are better equipped to sell your Florida property or find the right Florida property for you to buy.

Getting the Most Out of Buying and Selling Florida Real Estate — Holding

If you buy now, you are going to show the greatest profit if you hold on to your Florida property for a while. Analysts hope that the housing market has bottomed out or is close to it, but it could be some time before full recovery. In a few years, you may find that your Florida property has significantly increased in value.

In 2008, many economic analysts will tell you to be careful of real estate investing. The subprime mortgage crisis and housing bust has many who are normally bullish on real estate heading for the hills. However, this is the perfect time to invest in real estate, particularly in New York. Here’s why:

Buying New York Real Estate During Any Kind of Market — It’s Not Going to Get Much Cheaper

Just like blue chip stocks, New York real estate can be worth a lot but hard to get. New York real estate is some of the most expensive in the world, which is usually great if you own it, not so much if you are trying to buy it. If you thought property in New York was out of your reach before, you just might be able to stretch to get some now.

New York Real Estate Has Intrinsic Value

Unlike blue chip stocks where even the best companies’ futures can be uncertain, New York real estate will always have value. New York is an alpha city, one of the most important cities with respect to global commerce and cultural significance. To some extent, numerous job opportunities in New York insulate property from market decline, often signaling tremendous value when the market is on an upswing.

New York Real Estate Makes Great Rental Property

New York is a commuter city. Many people come into New York from the outer boroughs or Long Island to work. Some of them may be looking for a place to stay in the city. You can generate some fantastic income from New York property, and your renters may only use it a couple of times a week.

Even in the current state of the market, New York real estate may be out of the price range for many speculators. Those who can afford it though, should seriously consider getting involved. There is no time like the present to own a slice of the Big Apple.

The real estate market has been a bumpy ride in 2007, and investors are trying to find out where the stability will be in the market for 2008. Some real estate prospectors are heading west to California, and with good reason. Here is the lowdown on why you should consider buying property in California as a residence or with an eye towards selling down the road.

Location and Buying or Selling California Real Estate

Location is the number one consideration when determining the value of property. California is on the coast and has access to the Pacific Ocean. The view of the Pacific from some California locations is indescribable, and the beaches are an appeal to residents and visitors alike. Those with property further inland can still find themselves with real estate that allows easy access to sports venues (Dodger Stadium, Angel Stadium) and popular tourist attractions (Disneyland, Hollywood).

California Real Estate and Job Growth

Job growth is an important indicator of growing real estate value. According to a 2007 study by the Milken Institute, Bakersfield, Vallejo-Fairfield and Sacramento were among the top 25 cities for large metro area job growth.

Industry and California Real Estate

Southern California is the prime location of the American film industry, meaning actors, directors and producers live there. In addition to the many jobs that filming a motion picture provides, the “celebrity atmosphere” offers a unique appeal for many potential residents.

Where to Buy Real Estate in California

If you’re looking to buy in California, consider San Luis Obispo, where the median home price for 2007 was around $440,000. The popularity of the Paso Robles wine country should continue to grow in upcoming years, providing increasing value for property in this area.

Where to Sell Real Estate in California

In 2007, the most overpriced market in the country was in San Diego, where the median single family home price was also around $440,000. While the housing market is always unpredictable and there are no guarantees, selling your San Diego property for something in San Luis Obispo might be a shrewd financial move at this time.

Any real estate buy you make now is going to have to be a long- term investment. The market has suffered some notable lows in 2007, due in large part to the subprime lending crisis. That being said, some of the best prices for homes in Florida are now available, and the right property could really skyrocket in value, for those who are able to ride the vicissitudes of the real estate market back to prosperity.

Florida Real Estate to Hang Onto:

Jacksonville

Jacksonville is the largest city in the United States in terms of area. As the third most populated city, Jacksonville real estate is both available and desirable. Job growth in the area means that property is likely to rise in value.

Jacksonville has many thriving industries. The largest Toyota distributor in the nation is located in Jacksonville. There is also a thriving film and television industry and successful professional football franchise, The Jacksonville Jaguars.

Orlando

The median price for a new single family home in Orlando in 2007 was around $241,000, a great price for an area that hosts Universal Studios, Disney-MGM Studios, is in the vicinity of Disneyworld and is famous for its lush golf courses. The low unemployment and high level of job growth has insulated Orlando to some extent against the subprime mortgage crisis. If your goal is to ride out a tough market, Orlando is one of the places to do it.

Miami

Miami is legendary for sandy beaches and tropical climate. More importantly, Miami set a national record in 2007 for most 492 feet plus buildings under construction. The building surplus combined with the mortgage crisis means that you should be able to get properties in Miami relatively cheaply. While there are no certainties in real estate, these properties are presumed to significantly jump in value once the market rebounds.

Investors in Florida real estate have to be willing to hold onto their property until the market recovers. Those looking to make a quick score may be disappointed. However, dedicated investors will probably find that the warm weather and coastal location make Florida real estate a great long-term value.

Trying to sell property on your own “FSBO” — For Sale By Owner — in real estate speak can be done, but gets tricky. Some people are reluctant to give up the commission fee to a real estate agent, but consider that the amount you pay may be exceeded by the amount the agent can get for your house, relative to what you could get on your own.

The alternative is to go through a real estate agent. If you choose to have a real estate agent help you with your real estate deal, your best option is usually to go with a Realtor, a real estate agent that is a member of the California Association of Realtors and the National Association of Realtors. These are real estate agents held to the highest standards of quality and ethics. They offer an ideal opportunity to get the best price you want for your property. If you are buying a property, you can find the property you are looking for at the right price.

Duties of a California Real Estate Agent

Ethics

A California real estate agent is obligated to provide true and honest information about a property’s market value, and not to allow his or her own interests to interfere. He or she must also deal with all parties involved in the real estate transaction fairly and honestly.

Selling

If you are a seller, a California real estate agent should put forth his or her strongest effort in securing a buyer for your home. This entails finding out your particular selling needs (speed of sale vs. price) and conforming to them. Ideally, he or she will be able to list your property on an MLS database, allowing a network of real estate agents to have access to the property and speeding up the sale process.

Buying

If you are a buyer, your California real estate agent should be able to provide you with multiple options for your price range and desired home and location. A real estate agent should also be able to advise you on where and how to secure a mortgage and help you with the escrow process.

It’s a good idea to meet with a few real estate agents before settling on one. Talk with the agent, explain your needs and see if you feel comfortable with the individual who will be helping you to buy or sell your home. Once you’ve spoken with a few different agents, you should have a better idea of who you trust with your real estate transactions.

In the 2008 real estate market with the subprime housing crisis seemingly sending all investors running for cover, many people may be skeptical about investing in real estate. However, if one can hold on to a property for a while, this can be the best time to buy real estate. If the market hasn’t hit bottom yet, it soon will. The cyclical nature of the economy suggests that when it does hit bottom, growth will resume, resulting in potentially high profits for those who got in at the bottom.

For this reason, investing in California real estate can be an appealing option if you can manage it. Here’s why:

The Coastlines in California Don’t Change

Global warming notwithstanding, California will always be on the West Coast. That means access to the Pacific Ocean and the beautiful beaches. Property values are dependent on a variety of factors that may shift over the years, but California will never change as a prime beach and ocean location.

Weather and Real Estate in California

Similarly, a location factor that remains stable in California is the weather. Especially in Southern California, you will find that temperatures are moderate year round in relation to other parts of the country. No sweltering summers of the kind you might find in Texas or harsh winters such as Minnesotans may suffer. If you want to jump in the pool in November, your California property is the perfect place for it.

California’s Global Significance

Los Angeles is an Alpha City, meaning it is one of the most important cities in the world with regard to cultural, political and economic significance. As such, Los Angeles and other cities in California are highly desirable locations the world over. California property is known internationally as prime real estate.

California Real Estate Market Strength

California is traditionally one of the most expensive housing markets in the country. This means when the market does rebound, it can potentially rebound to new heights in the state of California. For example, the median home price in Laguna Beach in 1999 was $233,500. Only 7 years later, in 2006, it was $857,710, a nearly 300% increase. The median price for a single family home in Newport Beach in 1999 was $663,000. In 2006, 1.9 million. If California real estate prices can return to the heights they once saw, it could make those who invest today extremely well off down the road.

Given the state of the housing market throughout the country, you might be asking yourself, “Why would I even bother with New York real estate? It’s the most expensive real estate in the country!” On the other side of the coin, if you’re sitting with a midtown condo, should you sell with the market in the condition it’s in? It’s hard to see how you would get full value, but what if things get worse? These are all fair questions, and it comes down to considering the long-term value of an investment in New York.

New York Is a City That Is Constantly Growing

New York is continually reinventing itself. The area around the World Trade Center will gain a whole new, updated look over the coming years that may revitalize the whole city. New projects and events constantly come up that make people want to be in New York. New York is a city of growth, and growth means home value.

New York Is a City of Classic Architecture

Some of the buildings in New York are among the most beautifully designed and constructed in the world. These buildings are pieces of art in and of themselves, and have value for this in itself, let alone the land the buildings sit on.

New York Is a Great Rental Market

While a buyer’s market may make things tough on New York City landowners looking to sell, it typically signifies a great rental market, and rents in New York are still quite high. In fact, New York City has the highest rents of any apartment rental market in the country, with an average monthly rent in 2007 of over $2,500 a month. If you’re a buyer, keep an eye on properties with renting potential. If you’re a seller, you may want to consider leasing out your New York property instead.

New York Has Culture Which Equals Value

Real estate hunters often look for property with built in, non-depreciating value. For example, you can get this with a panoramic view of the ocean or a breathtaking mountaintop. New York’s non-depreciating value comes in its cultural offerings, including such national treasures as Broadway and the Metropolitan Museum of Art, not to mention landmarks like the Statue of Liberty and Empire State Building.

Will you be able to sell your New York home or condominium tomorrow at a great price? Probably not. But why would you want to? It’s New York!

If you’re ready to invest in real estate, the MLS, or Multiple Service Listings, can be your best friend. The MLS can help you find the property you want, often at better than market price. If you’re looking to invest in real estate in New York, however, things can get a little tricky, so read on.

The MLS the RLS and REBNY

The outer boroughs of New York City, (The Bronx, Brooklyn, Queen and Staten Island) as well as Long Island, have an MLS that Realtors can use to help you find your property. Manhattan does not. Manhattan works with the RLS. The RLS is the REBNY Listing Service. REBNY, the Real Estate Board of New York, manages real estate affairs throughout Manhattan. If you are looking to buy real estate in Manhattan, you will tend to be much more successful if you use a Realtor who is a member of REBNY.

Using the RLS Listings to Invest in Real Estate in New York

The RLS provides all the available real estate in Manhattan that has been listed through a REBNY-affiliated broker. When using a Realtor with access to the RLS, you avail yourself of the widest variety of properties from which to choose.

What does this mean? It means when you tell your describe what kind of property you are looking for and what you are willing to pay, your Realtor has the best chance of helping you find it. Furthermore, since he knows how many properties are available, he has the best chance to get the lowest price. Buying low is a big part of a strong investment plan.

Not Using the RLS Listings to Invest in Real Estate in New York

Not using the RLS, or the MLS if outside Manhattan, will not make it impossible for you to successfully invest in New York real estate. However, given the high price of New York real estate and the volatility of the housing market, attempting to make New York real investments on your own or with a non-affiliated broker will not generally be a wise investment strategy.

Buying a home is one of the major purchases that someone makes during their lifetime. Let’s face it, houses are expensive and you cannot just go out on a whim one day and decide that you want to buy a house. Home ownership is a major responsibility and you should take it very seriously before embarking on the home buying adventure. So when is the best time to buy a home? The answer is that there is never a perfect time to buy a home, but there are things that you can evaluate and take into consideration to determine if it is the best time for you to buy a home.

Personal Financial Situation

The first thing that you should consider before buying a home is what the state is of your personal financial situation. How much money in income do you have on a monthly basis? What are your expenses? How much is the monthly house payment going to be? Are there other housing costs involved like homeowner association fees, taxes, insurance, etc.? Do you have cash savings for a down payment and the closing costs?

There are a lot of little details that go into evaluating your personal situation. This evaluation will help you to determine if you can afford to buy a house and how much of a house you can afford to buy. There are online resources, such as Fannie Mae calculators, that will allow you to calculate these figures and determine the answers to these questions. To calculate how much of a house you can afford based on your income and debts use the Fannie Mae calculator located at http://www.mortgagecontent.net/scApplication/fanniemae/affordability.do

Housing Prices

The second item that you should take into consideration before buying a home is the state of the housing market and housing prices in your area. This goes back to the whole supply and demand concept, which says that the higher the demand and the lower the supply, the more the item will cost. If there are a lot of houses on the market and not a lot of demand to buy the houses, then usually the house prices are more reasonably priced than if there is a high demand for housing and a shortage of available homes. The situation where there is more supply than demand is known as a buyer’s market, which means that it is at a buyer’s advantage to buy a home during this period. Sellers are willing to negotiate to meet the buyer’s needs and wants and house prices are more reasonable and more negotiable.
Major Internet providers such as Yahoo!, MSN, and AOL have real estate sections on their main pages. These sections will have articles that pertain to the housing market and what is happening with housing prices and the housing market in your area. Many real estate websites also contain this type of information. Do a mini-review of these types of sites and articles to get a feel for what is happening in the world of real estate, especially as it pertains to the area that you are considering buying a home.

Interest Rates

Finally, the interest rate environment is also very important to consider when you are trying to decide whether it is a good time to buy a home. As interest rates drop, the purchasing of homes increases. This is because it is more cost beneficial to a homebuyer who is trying to get a mortgage because lower interest rates usually equate to a lower monthly mortgage payment. If you cannot afford the monthly payment, you will not be able to afford to buy the home, so the interest rate directly relates to the mortgage payment that you will be expected to make each month.

So when it is a good time to buy a home? The answer is when your financial situation allows, when home prices are reasonable and houses are available, and when the interest rates are low or at an affordable level for you to be able to make the monthly mortgage payment on the home that you are interested in buying.