The Mortgage Man

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Archive for Vacation Properties

When Is The Best Time To Buy A Home?

The best time to buy a home is when buyers have more power in the transaction than sellers do.

Buy low and sell high is a simple concept, and it is the most important rule for investing.  When the market was “hot”, I have closed more than one real estate deal (dozens in fact) where the competition was so tight that they bought the unit sight unseen.  I found this fascinating at the time.  And while most transactions like this where done on vacation properties, it was still a bit surreal to see buyers buying a $500,000 condo unit entirely over the phone.  It was like a game of musical chairs, and those who were still speculators when the music stopped are either in foreclosure or bankruptcy or both.

That market is long gone, and that is a good thing.  When there is so much competition among buyers that they are willing to buy a condo over the phone, it is clearly a seller’s paradise.  It appears as though the opposite is true today.  In a time where sellers are giving aware cars and vacations and plasma TV’s as incentive to buy their home, there is no question that the tables have turned.

While I write this post from Pensacola Florida, it is near impossible for me to make a blanket statement that anyone reading this in any area of the country should run out and buy something now.  What I can say is that real estate is highly localized, and because it is localized, it is important for you to get the facts about your local market.  Over the next year, we will see a nationwide bottom in the housing market.  During that time, some savvy buyers are going to get into property at the lowest price they will ever see.  Real estate has not dropped in value this much since the great depression which was almost 80 years ago.  To think that this buying opportunity will repeat itself in your lifetime is unlikely.  Even one of the most famous real estate investors, Donald Trump, said on Good Morning America this morning that this may be the best buyers market that has existed ever.

If you are even considering buying a home to live in or for investment property, you need to get your finances in order now, TODAY, to be prepared when the right deal comes along.  Lenders are more restrictive on credit criteria today than they have been in years, and the days of buying a home with no money down are virtually dead (with the exception of VA and USDA Rural Housing loans).  Check back in the coming days as I will be adding more buyer resources such as how to save money for down payment, and how to improve your credit scores.


Perdido Key Condo Deals – Purple Parrot

Purple Parrot Village Resort in Perdido Key gives you the feeling you have just stepped onto a carribean island.  With its unique cottage style bungalos and huge lagoon style pool, it is hard to believe that you can get a piece of this paradise for little more than $100,000.

Lagoon style pool at Purple Parrot

With the rise in foreclosure rates, and a sluggish economy, vacation properties such as Purple Parrot have had challenges recently.  The good news is that because of this, a unique buyers opportunity has been created where you can own one of these island living gems for half of what they were selling for just 3 years ago.

Tropical cottage at Purple Parrot

You can find several of them listed as preforeclosure short sales at  If you are in the market for an investment property within walking distance to the beach, this is possibly the best deal available on the key right now.

For a local real estate professional specializing in beach properties on Perdido Key, go to