I just read an article put out by the Florida Association of Realtors. Finally some good press about the real estate market. Can the local news do a story with some positives about the market to give the people the confidence they need to start buying again? I have found so many good buys out in our market and people are hesitant to buy. "Buyers now have an overwhelming advantage given the wide selection of homes available in many markets," says Lawrence Yun, NAR senior economist.
Here are some highlights from the article about our improving real estate market:
Home prices are expected to recover in 2008 with existing-home sales picking up late this year and new-home sales rising early next year, according to the latest forecast by the National Association of Realtors® (NAR).
"Markets that sharply reduce new construction in 2007 will generally experience respectable price increases in 2008," Yun said. "Local conditions vary considerably, but with historically low mortgage interest rates this summer and sustained job gains, it could be a good time for first-time buyers with a long-term view to test the housing waters."
I wish I could communicate better to my clients the opportunity they are facing right now. There are some desperate sellers out there in the greater Daytona Beach area that need to sell. That equals opportunity for a great buy. Mortgage rates are still very appealing. Take advantage of these opportunities before the market picks back up.
Investing 101; buy low and sell high. Prices have come down. I have seen homes selling for less than people paid two years ago when the market was at an all time high. Their loss is your gain. There are many opportunities to get properties below market and appraised values. Follow the advice of your local real estate agent and act now.
It's a good life,
Ian Anderson - Ormond Beach Real Estate
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