Does Searching For A Bargain On Your Next Home Purchase Make You A Bottom-Fisher?
August 31, 2008
So…it seems that foreclosures and shorts sales along with other distressed properties seem to be driving the market here in the Fort Lauderdale real estate area. Likely if you are searching for a home in the Fort Lauderdale area you are more often than not looking for the best deal that you can find…right? So does that make you a bottom-fisher?
Before you answer, think about it, does it really matter? I wouldn’t care if you called me a carnivorous vulture if it meant I could save 30% or more on a home purchase! Too many real estate agents are more worried about appearances and semantics instead of selling homes and making sure that their clients are getting the best deal possible.
They don’t want you to know that more and more prospective buyers are lining up to pick the bones of bad loans and previously overzealous buyers clean. It appears that too many real estate agents are not aware of the fact that we live in a capitalistic, free enterprise system of an economy.
Business Week magazine published an article this past week that quite a few traditional real estate agents took offense to. In the article, BW writer Chris Palmeri quotes some recent stats by Realtor.com (in association with the NAR) that says in certain markets, the search volume for available properties has skyrocketed. He attributed the rise of searches to the fact that those areas with the most notable increases were in those markets which had some of the highest foreclosures and distressed sales.
The data published by Realtor.com and shown in the BW article indicated that the search volume for available homes in the South Florida area has increased by over 56%. That obviously indicates more buyers are contemplating a return to the market.
Palmeri infuriated some real estate agents by stating that the searches were being driven by so called bottom-fishers. Was it a leap to attribute higher searches in foreclosure ravaged markets to prospective buyers looking for bargains? Are these sour agents under the rose-colored misconception that this data is just coincidental? Are these agents afraid that bargain prices mandate lower commissions and having to field the mythical low ball offer?
Whatever the reason…they didn’t seem to like this news. I on the other hand am delighted. Also, being in this market and actually working in this market this data was of no surprise. It actually made me wonder how it caught some by surprise.
Here on the Fort Lauderdale Real Estate Blog we have been writing stories and talking about the great deals available for months. Our readership has responded for more requests for information than we could handle. We have had to bring on additional staff to actually accommodate the demand. What possibly could these sullen real estate agents have been thinking when they were taken aback and insulted by the “bottom-fishing” moniker?
While it is unfortunate that so many have lost their homes and even more unfortunate that so many more will continue to lose their homes, are the rest of us supposed to mire in a funeral dirge? Of course not!
What too many real estate agents fail to comprehend is that economic recovery is DEPENDENT upon us so called bottom-fishers!
We are the first responders, the salvagers if you will. In order for a market to recover it requires that there be a group of economic opportunists arriving first to begin buying these bank owned homes and any other properties that we can get our hands on that smell like a bargain.
Recently an associate of mine said “are the shoppers who arrive at 5AM on Black Friday bottom-fishers?” No, they are there to find the best deals before anybody else…and before the deals are gone.
If finding the best deal possible is being a bottom-fisher, then that’s what I am. How about you? As a prospective homeowner or investor looking to buy in the Fort Lauderdale real estate market are you looking for the best deal that you can find or would you prefer to wait until prices rise again to the point where it really doesn’t provide you with all that great of a deal?
Do you want to work with a real estate agent who laments that there are too many “bottom-fishers” in the market or that bottom-fishing is a denigrating term?
If you are truly looking for a bargain price on a property, if you want the best deal on a home in the South Florida area, if you want to make sure that you can be as aggressive as you deem necessary on the offer that you want to make on your next investment property or new home, give me a call and I’ll work extremely hard to get you the best deal available.
I’d much rather be a bottom fisher getting you the best deal possible than an agent who obviously isn’t looking out for your best interest.
Here some other posts you may find interesting...
Fort Lauderdale Real Estate
Fort Lauderdale Homes And Condos For Sale
If you are interested in learning more about buying a home or condo in Fort Lauderdale or anywhere in South Florida; or if you need any information about the Fort Lauderdale real estate market, please feel free to contact me and it would be my pleasure to assist you.You can contact me at the number shown below or please feel free to contact me by the form below and I, or one of my assistants, will be sure to get right back to you within a few hours, if not sooner.
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Robin Sing-Cunningham
robins@robinashley.com
Access USA Realty
Local Fort Lauderdale | South Florida : 954-709-7461
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