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Home Buyers staying on sidelines...but should they?

Port Saint Lucie News must be owned my negative Ned. The title of the Treasure Coast Home Sales report this month "Home Buyers staying on side lines", but should they?

January 200 homes sold compared to 252 last January. The median sale price dropped from $241,000 to $175,300. Rather then focus on the negative the positive side is another signal for buyers to put the ball in motion.

Mortgages rates will most likely increase causing the values to continue to decline. If your a buyer thinking about waiting here is an illustration I cut out of Time Magazine this week.

Lots of assumsions here, but it begs the question after this huge drop in values will the drop in values out weigh the increase in rates. What does your crystal ball say? Hint: I bet my phone starts ringing in 30 seconds!

Brian Sharkey can be reached at All Florida GMAC Real Estate at 772-335-1995 ext. 192 or via email Brian@BrianSharkeyRealEstate.com http://www.briansharkeyrealestate.com

Posted by Brian Sharkey South Florida Realtor on 02/27/2008 08:54 AM

Comments (7)

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7 Comments on Home Buyers staying on sidelines...but should they?

This morning news is that mortgage applications plunge! Why? Rates are up! The fundamentals have not changed, buyers want the lower rates, and the lenders are widening the spread because they have no cash reserves! The nutshell, they borrow at ridiculously low rates that the Federal Reserve has made available for them... and charge top dollar! That is not why the Fed lowered the rates to begin with! The banks are nursing their wounds at taxpayer expense. This is compounding the credit crunch.

02/27/2008 09:00 AM

by Jim Crawford ~ Atlanta Real Estate-ABR E-PRO (RE/MAX Greater Atlanta)

Brian,

We have seen a large increase in homes going pending in the past three weeks! It might be because all the press we are getting in regards to all the foreclosures? Never the less the message is out there are some great buys in south and southwest Florida!

02/28/2008 11:08 AM

by Joe Knows Southwest Florida. Fort Myers. Cape Coral. Foreclosures (Sandals Realty, Phone 239-560-0726 )

I'm getting a lot of activity from investors right now. It seems to have jumped drastically in the past couple of weeks. The word is out that there's great buys in central and south Florida since the plummeting prices and investors are beginning to swarm on them from out of state and out of the country. Now is definitely the time to buy. When all of those excess properties have been depleted, the prices will start to rise again.

03/04/2008 05:52 PM

by Karen Parker (Parker Holdings of Tampa Bay, LLC)

I honestly believe we have finally hit bottom in the last few weeks in metro Orlando. More buyers are coming out, interest rates are low, and now FHA has raised their loan amounts. The longer people wait to buy, the better chance that they miss out on the market bottom.

03/08/2008 04:46 PM

by Rob Arnold, Florida Realtor / Investor (Sand Dollar Realty Group, Inc.)

Brian, I read the other day that there is an estimated 900,000 new home buyers out there waiting to buy. Main reason for not jumping in, because the mortgage crisis has scared them off. Even though they know they can afford a mortgage, the thought of foreclosure should they lose their job is keeping them put. I'm not looking for any changes anytime soon. 2010 will probably be here before we see a nationwide uptick.

03/08/2008 09:28 PM

by Terry Haugen STAGE it RIGHT! 321-956-2495 (Stage it Right!)

Our broker passed around this very same article ... it is very telling! I don't understand why anyone would wait to buy in this market. If things aren't AT the bottom, they should be very, very close. It is next to impossible to time any market ... but the writings are on the wall with Real Estate...

03/08/2008 10:03 PM

by Derek Bauer, Associate Broker - Door To Dreams Team www.DoorToDreams.com (Real Estate One, Inc.)

The Federal Reserve has hinted many times that it will be looking to decrease interest rates in the next 12 months. It if they don't they won't be increasing them in 12 months. What are you thinking?

03/10/2008 02:50 PM

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