It seems like everyday we have a client call us and ask how the market is? This is such a loaded question. The market is a fluctuating business as like the stock market and it can change daily. The market in Florida seems to have found bottom. Although this does not mean that prices will not adjust. Prices can still fluctuate some depending on what happens over the next few months. Our market over all is on the upswing. Inventory is decreasing and prices seem to be leveling out. We even have areas that are still appreciating. On Sanibel, our housing market has been great and inventory is moving quickly. The condo market is the challenge. The biggest dilemma with condos is the situation with mortgages. If a condo has on site management or any amenities, a bank can not lend due to new criteria. Hopefully over the next few months some banks will relax credit guidelines and will open the condo market again.
Overall the real Estate market here in Southwest Florida seems to be improving. Inventory is reducing and some prices are increasing. If you are ready to purchase your home or condo in Florida. Over the next 12 to 18 months will be the best time to purchase as I think we are at the bottom. Prices may increase at that time. There are some unbelievable bargains out there. Don't let them pass you by!