Are you stuck in the trenches lying in wait for things to get better, or are you aggressively seeking to gain more ground as the market begins its turn around? Sellers frustrated by stagnate sales, have been chasing the market for months, trying to figure out when it will hit rock bottom. As a result there are some really well priced homes finally available. Savy buyers are finding them.
Agressive sellers who have not over financed their properties and can still put them on the Market at an obtainable price and will in time, see it sold. Not so, for the thousands of people of hard working folks who grabbed teaser rates in the last 2-3 years. They are waist deep in the mire and likely will lose their homes, under the financial pressure and collapse of the sub prime mortgage market.
Evidence of this trend is the rising Foreclosure rates nationwide, and particularly hard hit Florida. The combination of Property Tax increases over the past two years, collapse of the sub prime mortgage market and stalled Real Estate Market have weighted down average wage earners almost to the breaking the point. If they can last a little longer they may see some relief.
Realtors® have been watching the market very carefully, and counseling their customers on pricing. The market adjusts almost daily. An Apprasial performed six months ago may likely be outdated. But the news is not all bad. The Web has had an influence in the Real Estate market.
The National Association of Realtors suggests that 80% of potential buyers use the Web to preview homes. This is part can be attributed to fluctuating gas prices, as well as the availability of mortgage calculators on many web sites which permit potential home owners to assess the cost of purchasing a home they have viewed.
The Advent of Virtual tours is a also a benefit to Web shoppers. Virtual tours utilize many photos of homes and can take a consumer on a tour f the house as if they were there in person. This is a tremendous advantage when house hunting. As a result of lowering prices to achieve sales, more buyers may be entering the Housing Market albeit quietly and from the convenience of their work places, or homes.
Prices have come way down, particularly in Osceola County, Florida. For the first time in years we have some amazing homes available in the median price range. This could be called opportunity time for those buyers who have been waiting it out on the sidelines. It would appear that now it is safe to leave the trenches and aggressively seek gains in Real Estate acquisition.
On the horizon is the "Super Homestead" Exemption which would further reduce property taxes if passed in the Primary Election on January 29, 2008.
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