This article just came out in the Daytona News Journal. I am glad to see that the media is finally starting to properly report market statistics instead of fear mongering on our current real estate conditions. The reality is that this part of Florida, although hit hard by the recent downturn in the real estate market...is still a little gem of paradise and a great place to live. Afterall...who want's to be sitting in Ohio, Illinois, New York, New Jersey or any other freezing cold state in the winter?
I am glad to see that our own Jimmy Millholin...who in addition to being our President of the Flagler County Association on REALTORS ...is a super nice guy and very excellent REALTOR too...was mentioned in this article.
SATURDAY, MAY 24, 2008
May 24, 2008
Local housing market improves
Experts hope growth signals better year
By JOE CREWS
Business Writer
"In the two-county area, 556 single-family homes were sold by Realtors in April, up sharply from 486 in March, and they were only down 8 percent from April 2007, according to figures released Friday by the Florida Association of Realtors. Sales had been down about 30 percent on average since the housing market slowdown began."
This article is great news and comes at an excellent time. Inventory levels in Palm Coast have dropped drastically within the last couple of months and we are seeing more and more people starting to pull their properties off the market as they are unwilling to go any further with price reductions.
"Although sales volume and prices both rose, month-to-month comparisons are often viewed as unreliable because of normal seasonal fluctuations. Nonetheless, Lawrence Yun, chief economist for the National Association of Realtors, predicted recently that home sales and prices across most of the nation will improve in the second half of the year.
"I think many of our members feel the market has bottomed out and will start picking back up," said Floyd Fulford, president-elect of the New Smyrna Beach Board of Realtors. "Certainly over last year things are much more positive."
Jimmy Millholin, president of the Flagler County Association of Realtors, said buyers also have changed their thinking about the market.
"Buyers are seeing it's not going to go much lower, if any at all," Millholin said. "So the sale price is starting to climb slowly."
I am however seeing quite a few more foreclosures coming on the market recently...but the great deals go pending almost immediately.
Case in point: A bank-owned property was listed a week ago that I had a customer interested in. We put in an offer on the property and we were one of twelve offers that were presented to the bank that day. Good news for our local Real Estate Market...bad news for my customer who lost out on the property because it sold for over asking price...this is happening more and more everyday.
So if you keep hearing on the news that Florida is a depressed market and now is not a good time to buy....just think about it...by the time they start reporting that it is time to buy...you will have missed the best opportunities.
Who will benefit the most by buying property in Palm Coast - Flagler County Florida right now? Buyer's with long term objectives and goals. Investors looking for rental properties, future retirees wanting to secure a great deal on a future home now and second home owners that are looking for affordable coastal properties.
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