Real Estate Market Outlook: "A Year of Repair, Then a Year of Growth" (Psst Buyers, Read This!)

By
Real Estate Agent with Classic Properties

 

For those of you that have read my Active Rain Featured article Some Positive News For the Real Estate Industry, you know that I think spreading positive news about the real estate market (when it comes around) is a necessary thing to do.  With all the negative news in the media, it is nice to pay attention to the positive real estate news and share THAT with your customers as well.

The most recent issue of Realtor® magazine had a great article entitled "A Year of Repair, Then a Year of Growth".  I've been hearing speculation from various people in the industry (lenders, Realtors, economists, etc.) that interest rates are going to be back up after the election (they are already on the rise if you've been paying attention) and that home prices and sales may stabilize and even begin to rise again.  

Written by Lawrence Yun, who is the cheif economist for the National Association of Realtors®, the article highlights several key points affecting the direction of the market:

  • Home sales have stabilized and are expected to increase meausurably in the rest of 2008.
  • The subprime lending crisis is almost past and we are heading towards recovery.
  • The current annualized sales pace is the lowest in 10 years (buyers wake up!  The world is your oyster and it is time to buy while it is YOUR market!).
  • Prices are expected to improve and start heading toward increasing in certain areas.

 

Buyers, I can't stress enough to you the opportunities you have at your fingertips right now.  Don't kick yourself later when you realize you could have bought real estate at ridiculously low prices in a buyers market.  The "buy low, sell high" rule cannot be emphasized any more here. 

If you're a buyer interested in the Gainesville, FL real estate market, please contact me and I'd be happy to show you some of the opportunities available to you!  Sellers, please contact me for a free market analysis and to get the FACTS about our relatively stable real estate market!  Prices have come down, but our market is still going strong.

 

 

 

Angela Elliott is a licensed Florida REALTOR® with Century 21 Classic Properties in Gainesville, FL. Please visit my profile for more about me and browse my Gainesville, FL real estate website for additional Alachua County information and listings. Your phone calls are always welcome at (352) 256-7038 as are your e-mails to angela.elliott1@century21.com.  A portion of all my closed sales will be donated to the Alachua Co. Humane Society (View my mission statement).

 

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Angela Elliott is a licensed Florida REALTOR® with Classic Properties Realty Services in Gainesville, FL. Please visit my profile for more about me and browse my Gainesville, FL real estate website for additional Alachua County information and listings. Your phone calls are always welcome at (352) 256-7038 as are your e-mails to GainesvillePro@yahoo.com.  A portion of all my closed transactions will be donated to Second Chance Rescue and Rehoming: http://secondchancerescueandrehoming.org/

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Rainer
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Ron Moore
RE/MAX Professionals/Regal Builders - Retired - Florence, SC
MOORE Thoughts

Keep spreading the encouraging news, Angela!

Jul 01, 2008 12:11 PM #1
Rainer
75,644
Frank Schulte-Ladbeck
Frank Schulte-Ladbeck Professional Real Estate Inspections - Houston, TX

Angela, it is nice to see you back. Yes we just have to keep plugging along, and make this market work for us.

Jul 01, 2008 12:24 PM #2
Rainer
9,010
Keith Webb
Guardant Investments, Inc. - Fullerton, CA
GRI

I really don't want to rain on your parade but we haven't seen the end of the adjustable mortgage reset issue or the end of the sub-prime debacle.  In addition the banking industry which provides the necessary capital for the industry is on it's knees right now.   I believe in positive thinking and I do believe this is a good time for a buyer to purchase because of the current market interest rates.  However, we wil not hit "Bottom" until 2010 and then, contrary to a rocket ship taking off,  we will bounce along the bottom for a couple of years.  Yes there will be business to be done but it is going to take hard working and dedicated individuals willing and able to mentally deal with the realities and frustrations of this market.  The professionals will survive.

Jul 01, 2008 12:34 PM #3
Rainmaker
69,876
Angela St. John
Classic Properties - Gainesville, FL
REALTOR Classic , Properties ~ Gainesville, FL Re

Thanks, Frank.  I've been really really busy since this is our "hot" season.

I am not a market expert outside of the market I live and breathe (which is actually doing well and has not suffered from the debacle we are seeing across the country), Keith, so I cannot debate you on the general market.  This article is just one perspective and yours is another.  We can talk about a myriad of different situations that can happen in the industry, but it's ultimately up to the buyers to decide to buy and the seller's to decide to sell. 

Jul 01, 2008 01:04 PM #4
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Rainmaker
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Angela St. John

REALTOR Classic , Properties ~ Gainesville, FL Re
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