Home Sales Are Up and Inventory is Starting to Drop
The National Association of Realtors just released their latest report on December 2008 home sales, and there is good news. Home sales rose 7% in December 2008 compared to November 2008. Inventory dropped 11.7% to 9.3% months of supply at the current sales pace.
Reasons Behind the Increase In Sales
Investment opportunities in Florida, California, Nevada and Arizona and other speculative markets can be attributed to the increase in home sales because prices in those areas have been declining for awhile and unemployment is rising. Lower interest rates and affordable homes are driving buyers and investors to the market place at the moment especially in these areas. The National Association of Realtors reported that the national median existing home price in December 2008 was $175,000, a whopping 15.3% lower than December 2007.
REO's, short sales, and foreclosures are major factors in the increase in sales and the drop in inventory making affordability once more a reality for today's home first time home buyers. Take for instance the Las Vegas market. According to the National Association of Home Builders/Wells Fargo Housing Opportunity Index about 60.6% of homes for sale in the Las Vegas metro area as of the third quarter 2008 were affordable for median income wage earners. In 2007, only 18% of homes for sale were affordable.
Affordability to Continue
In my opinion we can expect to see the affordability continue the first and second quarter of 2009. That's why now is the best time ever for buyers/investors to buy Florida properties. So what's the best way to do this if you have never bought real estate before? The answer is simply. By working with an experienced and knowledgeable real estate coach or mentor. Right now, I am working with a select group of new investors who want to take advantage of the opportunities that are available in the market, but are not sure how to start.
I work with the Seller and the bank to liquidate properties prior to foreclosure. I presently have 15 short sales and looking for buyers. I am looking for several SELLING real estate agents to help sell these properties. I am not looking for a listing agent. All our properties are listed with Kathi Adkins from The Realty Factor. My office is located in Orlando. All houses are on www.sellhousescheap.com. If you are looking to sell houses at a discount, then give me a call at 321-392-4395. My email is: KimberleeFrank@cfl.rr.com