Are declining Real Estate markets firming up?
I have watched home values here in Florida decline since 2006 and now after years of decline, I am seeing positive signs of stabilization in our Real Estate markets. Almost all of our personal listings are pending, our local MLS inventory is shrinking, as well as shorter days on the market "DOM". It makes me wounder is our Real Estate Market stabilizing, or is this due to the April 30th frenzy to cash in on the home buyer tax credit?
I complete 350+ Broker Price Opinions "BPO's" every year for various banks and asset companies. This type of work really makes you understand what is going on in your local market area by the numbers.
When home values started to decline in the Tampa Bay area back in 2006 it was not all that evident that the market was going to crash as hard as it did. It took a little getting used to the fact that our market was in decline. Now that our market seems to be improving, I am somewhat reluctant in certain lower priced communities to declare a stabilized Real Estate Market when there are so many short sales and REO Properties on the market, but in other communities, I am very confident that stabilization has taken effect. I guess only time will tell.
With that being said; What is the current status of your local Real Estate Market, declining, improving, stabilized, or appreciating? Please include your state and Real Estate Market you work in and your opinion of where your market appears to be headed.
I look forward to hearing from you,
Roy Barnhart
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