Real Estate Experts say that the excess of condos will cause a recess in South Florida

The downtown Miami skyline is filled with pre-constructions. Thousands of condo units are being built but not enough people with the money to fill them up. Some of the most beautiful properties are taking longer and longer to be sold. These extravagant condos with ocean view and so on, are just adding to the other 20,000 condo units on sale now. 37 buildings are going up as we speak! Experts are predicting a crash in our near future in both the Real Estate market and the job market. Housing accounts for 20% of Florida's job market. A condo crash "will cut through all sectors of Florida's economy". I suggest to everyone to just sit tight and count their nickels and pennies for the time being. The only bright side is that the market has done this before and.....what goes down ..... must come up!

LOOKING TO INVEST?? READ THIS!

(I got this from MSN.com!) It states that a new report projects home-price declines for the next two years. The riskiest markets are in Florida, California, Nevada and Arizona. This is based on the The Standard & Poors' Case-Shiller Home Price Index. We all saw this coming, especially with the boom that the Miami Real Estate Market saw in the past couple of years. Investors were coming from all around the world to buy properties. They would buy here, rent them out for maybe a year and wait for the house to collect equity and then re-sell it. There were some buyers who would immediately turn around after the closing and sell it. It was a sellers market back then. You were able to sell your house for a lot more than the appraised value of the property. Offers would start piling up from the day you would enter it in the Multiple Listing Service. Now its a buyers market, and we have thousands of more houses on the market than what we had about 2 years back. But no one is buying! Everyone is holding out to see how bad the market is going to get. This article offers advise on what buyers should do now that houses are depreciating in value and what sellers should do now that they cant sell their houses as easily. Buyers should begin to look at their purchase as a home, a place to lay their head instead of a "cash making machine". They should start paying more attention to their loan interest rate rather than the payments and consider getting a fixed rate loan rather than an adjustable rate mortgage. Remember that the value of your property will take a while to increase, researchers say "Historically, homes appreciate at a rate of about 4% to 6% a year, on average, over any given 10-year period" so keep this in mind. Sellers should really get on the ball when it comes to advertising their properties. Properties used to sell so quickly before that you didn't need to invest in marketing, but now you do. Make sure to take pictures of the property! A virtual tour will also come handy. There are a million companies that do this on the web. Buyer incentives are also great! Such as, helping with closing costs or cash back! you can even offer realtor incentives. No matter what the market will get better eventually for now just sit tight and change your frame of mind. If you are interested in more information check out this link to the original article http://realestate.msn.com/Buying/Article2.aspx?cp-documentid=5124615&GT1=10233