Housing Market Turns Upward
After being trod upon for years now, evidence that the housing market is turning upward is now here! The National Association of Realtors in a news release on June 27, 2012 summed it all up. Inventory is low, prices have gone up; which follows that new home construction will be in demand and currently is on the rise. This means that a housing shortage will become more prevalent. Demand will be high and consumers will find it more difficult to find their property. Add to that, a report by the S&P/Case-Shiller Home Prices Indices showing an increase in prices reveals that there is substance to this trend.
Take for example, this listing above that I have here in Port Charlotte. It is on a Salt Water canal with Harbor and Gulf access. It has a pool heated by solar panels, a dock, lift davits; is updated with stone countertops, well maintained and is a terrific buy. So why am I using this as an example? How much you want to make a bet that if things keep going the way they are I will be able to raise the price on this property. Currently, it is listed for $215,000. That is unheard of pricing as compared to years ago. This property would sell for much, much more. Well, what do I know that you don’t. Here is what I can tell you. In addition to the above noted reports, I can tell you that down here on the street I pound the market every day for my customers. I work hard! When I do research in the Mid Florida Regional MLS for my customers, I am not finding near the number of homes I did even just a few months ago. Moreover, I am definitely seeing a great reduction in inventory when compared to a year or two ago. I just took a customer out here this week in Port Charlotte. She had been down here just a few months ago and was amazed to see what was currently available compared to her previous visit. She was upset that she had not purchased her home earlier. We did find her one and it looks like she and her husband will squeeze in just under the wire before the market gets even more competitive.
So what are the experts saying in addition to these reports? How about world renowned Warren Buffet! You don’t have to listen to me, but you might want to listen to him. Check out what he has to say during his interview with CNBC news. Warren states that “I’d buy up a couple hundred thousand Single-Family Homes if I could.”
I have been trying to tell people that this change in the market was taking place for over a year now. I see it daily when I search for homes for people. Price are increasing and our inventory is definitely lower. First, to go down here will be the choice properties on the water with Gulf access. If you are looking to buy, my advice to you is act now. If you want that dream or vacation home contact me right away before the pickings and competition get worse!