Spring Hill, Florida Real Estate Market Up-Date
Real Estate Prices for single family homes are as low as there going to get according to several sources. Tom Hedick Broker -Owner of the Hedick Group, Real Estate Services Spring Hill Fl. say's inventory levels have leveled off and have remained virtually unchanged for over six months which clearly indicates demand as caught up with supply and he anticipates levels to start a gradual decline as buyers regain confidence and return to the market.
"If you're thinking of buying a house, there's probably not much to be gained by holding out at this point," says Wayne Archer, director of UF's Bergstrom Center for Real Estate Studies. "It doesn't look like prices are going to fall anymore."The quarterly survey of experts in the real estate industry completed in January shows that the share of respondents observing a drop in single-family housing prices has dipped, while a growing number find prices staying even with inflation, Archer says."We see that as a benchmark," he says. "When prices maintain the same level as inflation, then we're probably in some kind of equilibrium. It indicates the market is stabilizing."The exception is condominiums, which are overbuilt and prone to speculative and naïve investors, he says.
This is the first time in the UF survey's five-quarter history that the buyers' investment outlook for residential development has brightened. It declined for the first three surveys and remained flat for the fourth survey at the end of October, starting to rise only in this latest survey.Because of the dominance of single-family housing, the findings have far-reaching and potentially optimistic implications for the state's real estate industry, Archer says
Although Hedick says he does not anticipate the market will return to the record breaking pace that it reach in 2005 he says there will be a gradual marked improvement in real estate sales starting in the first quarter of 2007 and feels that central Florida will have a full recovery by the end of the year for most segments of the market...