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COULD WE BE HEADED IN THE RIGHT DIRECTION?
Posted by V.K. [Mel] Melhado P.A. on Tuesday, August 28th, 2007 at 4:20am.Yesterday’s real estate news for Florida seemed a bit more positive, certainly a sign that the market has stabilized and we should be seeing more positive signs of a recovery as we push ahead. It all centers on the favorable economic conditions, low mortgage rates and the job growth market in Florida as well. Existing single family home sales for the month of July were in line with sales during the same period in 2001 and 2002.
The National Association of Realtors updated market forecast is calling for an increase in sales with existing single family homes, certainly good news in helping decrease the burgeoning inventories. What will help will be getting buyers off the sidelines and into the decision making process. If they perceive that the market has indeed bottomed, then much of that pent up demand will help fuel the comeback to a degree.
The mortgage rates remain lower than those of a year ago and the market has indeed changed. The words that need to be stressed are that it is a fabulous time to buy, and if we as realtors do that, the pendulum will begin its swing in a more positive direction!
V.K. [Mel] Melhado PA
Downing-Frye Realty, Inc.
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