Two weeks ago I met with my financial advisor Nick Ruggeri, President of NJR Investment Advisory. One of the topics that we discussed was, what his opinion of the future of the real estate market in Florida and more specifically, the Tampa Bay Area is. Nick Ruggeri, whom I have a huge amount of respect for, felt that we would see housing prices in Florida continuing to drop throughout 2010 and begin a serious rebound in the fall of this year. Ruggeri felt that 2011 would be an excellent year with the rebound in full swing for the foreseeable future. This was excellent news to me, and then it became official.
And now, the rest of the story; Billionaire Warren Buffett, said this week that the U.S. will recover from the residential real estate slump by 2011 as demand for houses catches up with the supply that accumulated during the bubble. "Within a year or so, residential housing problems should largely be behind us," Buffett wrote Saturday in his annual letter to the shareholders of his company Berkshire Hathaway. "Prices will remain far below 'bubble' levels, of course, but for every seller or lender hurt by this there will be a buyer who benefits. Indeed, many families that couldn't afford to buy an appropriate home a few years ago now find it well within their means." The Good News: Warren Buffet agrees with my Investment Advisor Nick Ruggeri and based upon these two esteemed followers of the financial markets in the U.S., I too am a believer that the economy is on the mend and the future looks brighter, much brighter. One indicator that we need to watch for in the Tampa Bay Area real estate market, is inventory available (homes on the market), prices trending upward and sales trending upward. Please stay tuned for updates.
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