With all the negative reports from the media, I thought some good news was in order. After a year of slow sales in 2006, market conditions in Volusia County seem to be improving. 2007 started with many more buyer inquiries, then progressed to more viewings, and I'm now seeing an increase in sales.
There were many factors that contributed to the slowdown in Volusia County, the major one being large increases in our taxes. But with the changes that are now being made to remedy this situation, sales are already improving.
So far, in East Volusia County...
- Home values have NOT drastically fallen! The only prices that have fallen are the asking prices. What this means is, the homes were overpriced in the first place. Sellers had grown accustomed to quickly escalating values, and were either unwilling to face the fact that they could no longer expect a 20-30% annual increase in value, or were being represented by a REALTOR who had not provided them with this information. Regardless, those asking prices have fallen to adjust to the correct market value, which is still higher than in previous years.
- There has been no "Bubble Burst". This is actually not possible with real estate. In order for a bubble to burst, values of a particular product would have to quickly fall below the overly inflated price that was initially paid, as in the dot com crash.
If you're currently selling a property in the Daytona Beach area, you can expect an average market time of approximately 8-12 months, due to high levels of inventory. But unless the property is over priced, it will sell! I'll be happy to do a complete market analysis if you need one.
if you're considering buying a home in the Daytona Beach area, you have plenty of choices, and the prices are not increasing at this time. You can expect to pay approximately the same amount as what the property was valued at in 2005 (depending on the exact city). If you're concerned about over-paying, be sure to have your REALTOR add one simple clause to your offer. "This sale is contingent on this home/property appraising at or above this contract price, or this contract is null and void and all buyer's deposit money will be returned to the buyer."
If you need professional representation, make a "Smart Choice" today. Move to Daytona Beach FL