How do you know when a market is hot, when....

Question

....you are putting in offers above asking price any losing.   South Florida has definitely gotten very hot again, maybe too hot (and I'm not talking about the heat now that it's summer....lol)

This may not apply to the D neighborhoods, but SFHs in neighborhoods above that (excluding the high-end rich people homes) is flying off the market above asking price. Seems one needs to come in above asking all cash with very little contingencies.

Any other South Florida investors seeing the same?  Palm Beach County is mainly where my experience is.

Jon Huber · Answer

@Meghan Helbick  I just got settled in the area. I found a nice property in Boca, and it looks like it will go through. Let me know if you come across the REIA details...

Meghan Helbick · Answer

@Mitchell Jaworski  @Jon Huber

My husband and I have been looking at duplexes to live in one rent the other in Delray, Boynton and Deerfield, and yes, same issue!  I have heard the market will "cool down" again as the summer goes on, so we can hope.  We live in Orlando now, but looking to be back in SF in the end of summer.  Would like to attend the REIA when we're there and get to know you all.

Brent Coombs · Answer

@Mitchell Jaworski In real estate as in the stock market, it only become hot because of YOUR "herd mentality". I haven't read this whole article, but liked this quote:- "this strategy is bound to backfire in the long run". Cheers...

http://economictimes.indiatimes.com/slideshows/investments-markets/10-golden-rules-of-investing-in-stock-markets/1-avoid-the-herd-mentality/slideshow/18570964.cms

Mitchell Jaworski · Answer

@Jon Huber - If your in town Thurs the 18th, you are welcome to come to the Tropical REIA meeting.  It's at 8pm in Boynton Beach, first time visitors can attend free.  Maybe you can make some useful connections.   Feel free to shoot me a line if you want to grab a coffee while in town.

Jon Huber · Answer

@Mitchell Jaworski I am in the market for another property and I am seeing the same. I have been looking at SFH and MF. I actually can't get anything to stay on the market long enough for me to get out there. I'll be there next week to check some out for a better look.