Since last year Florida has lost about 30 - 40 percent of its real estate value, here in Tampa some areas upto 50% of its value. I am sure this is the case in many U.S states. I believe the the Market has corrected itself as much as it going to. Sure it might drop another 2 or 3 percent but I personally dont think it will drop anymore than that. I believe buyers are standing back waiting for the dust to settle, and I am here to tell you that the dust is settling and if you dont buy now you might loose a perfect opportunity. A few things to look for to know when the market is hit bottom and the dust has settled
1) you list a home and you get 10 calls in two days
2)you list a home and have 5 showing in a day
3) you list a home and you get two multiple offers
this is happening accross the New Tampa area (not just for one home). this is telling me for one that homes are starting to move. If they are starting to move here they will start to move everywhere. Picture yourself in a heavy traffic jam, the jam goes on for miles, possibly 10 miles, well the cars that are in front will start moving first and then then the traffic starts flowing, it takes a while but soon things start to look normal. well folks I believe the traffic is starting to move and once it moves we will start seeing multiple offers, we will start seeing more people coming out to buy homes and then we will start seeing sellers get confident and prices will start to rise.
Spring is here! and summer is right around the corner the time to buy is now!! if you procrastinate it might be to late. I dont think you should stay in the shadows anymore, I think you should start looking while there is inventory, once builiders, sellers, etc. get confidence then your window of opportunity will close.
I would advise, turn off the TV and stop listening to the negative press, they will continue to be negative forever. Call your local Realtor tell him you have decided to start looking! believe you me. DONT WAIT ANY LONGER, tomorrow might be to late
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