That was the warning given to First Time Homebuyers, in an article written by Thomas S. Brown, Daytona Beach News Journal based on the UCF Institute of Economic Competitiveness..
The UCF findings state that Volusia County's housing industry will experience faint stirring of recovery about a year earlier than most other Florida metropolitan areas are expected to. So what does that tell you buy now! That's what the e
xperts are saying.
As I read the article the research brings up valid points and benefits of buying real estate now!
As a matter of fact, it was awesome to see an article in media that actually made sense and hopefully will encourage tenants to become homeowners.
Experts say buy now....
Here are a few highlights from the article.
- The construction industry will lose another 400 jobs to approximately 14,100. The local workforce is down 200 jobs from last year. Fewer homes will be built next year!
- The forecast speculates that the population in Volusia County will continue to grow 1.9 percent a year.
- The Department of Economic Development reported permits totaled 1164 for the first half of the year, according to Rick Michael. Very low compared to 2005.
- According to Rick Michael, to keep up with population growth, there needs to be 3,600 homes built each year. If new construction slows down, the inventories of resales will have to pick up the difference.
So what is my message to Daytona Beach Real Estate Seller's.
For the State of Florida, UCF predicts to brace further price declines. Single-family homes have fallen about 6 percent from year ago levels. They predict another 4 to 9 percent is possible. 
- With tax issues, insurance issues and the mortgage dilema, if you really need to sell, you may want to make that adjustment now so that you will sell. While these types of reductions do not guarantee a sale, if you are priced better than the competition you will have a better shot!
- If you are a seller who wants to sell and doesn't have to, now may not be the time.
My message to Daytona Beach Real Estate Buyer's.
According to the article, a quote by Snaith, of UCF, "First Time homebuyers do not expect return to pre-2005 prices. If you are waiting for this to occur in order to buy, you will spend the rest of your life as a renter!"
- Realize that buying a home is much more beneficial than paying rent to someone else.
- Tax right offs, assets and homeownership are each benefits and the rewards of buying a home
Think about this.......
When we chose to get married or have a child or plan some life altering event, most often there is no right or wrong time. We want to do it, we need to do, there are benefits so we just do it. So if you see your dream home, buy today, prices may decline but not as much as you hope! Your dream home could be someone else's dream home and you won't even know it!
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