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I am located in Florida and I would like to know how prices are supposed to behave over the next couple of months. What is the latest forecast? Any market analysis someone can point me to?
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Posted: Jan 07, 2009 at 8:19 PM
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Hi Janice:
Don't expect to see any significant changes over the next few months. However, many MSA's around Florida are now seeing 11 - 15 percent increases in the number of transactions that are occurring as compared to last year. Prices are still weak, but based on the foreclosure wave, we should see an inventory peak in late summer or early fall.
Appreciation is too far off to project. Maybe as early as 2010? But at this point, no one really knows for sure. One thing that we do know is that with the affordability of real estate in Florida, coupled with the incredibly low, near record level mortgage interest rates of today, now is a great time to buy.
Jan 8, 2009 at 2:42 PM
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National forecasts show it may take another 2-3 years before we begin to see any improvement however it's still very relative to your location. Jacksonville is not an area I personally cover however it's my opinion that my personal coverage areas within Central Florida should start having a positive effect by the end of 2009.
Jan 8, 2009 at 1:11 PM
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Hey Janice, I just heard a report that Florida in general, as one of the hardest hit markets in Real Estate, won't recover their home prices until 2011. I heard that on CNN, sorry I don't have any sources for that...
Here on propertyQube.com we also have market Trending, although it does not have any prices attached to the data, you can get a feel for the direction based on single family homes inventory vs foreclosures.
Check out Jacksonville here:
http://propertyqube.com/MarketStats/Jacksonville%20FL/
From what this tells me, inventory for single family homes for sale is below the florida average, as we all know in Jacksonville that our local market is stronger than many areas in Florida, so we has less homes for sale than what is expected for Florida, but we are just about perfectly in line with foreclosures... Which tells me, we have to many listings on average in foreclosure compared to for sale, which in my opinion should drag down for sale prices.
According to our numbers, which are not rock solid 100%, but are a solid indication of all homes listed in major online real estate sites, we have MORE listings in Foreclosure than we do for sale...
Jan 8, 2009 at 8:34 AM
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Hey Janice, I just heard a report that Florida in general, as one of the hardest hit markets in Real Estate, won't recover their home prices until 2011. I heard that on CNN, sorry I don't have any sources for that...
Here on propertyQube.com we also have market Trending, although it does not have any prices attached to the data, you can get a feel for the direction based on single family homes inventory vs foreclosures.
Check out Jacksonville here:
http://propertyqube.com/MarketStats/Jacksonville%20FL/
From what this tells me, inventory for single family homes for sale is below the florida average, as we all know in Jacksonville that our local market is stronger than many areas in Florida, so we has less homes for sale than what is expected for Florida, but we are just about perfectly in line with foreclosures... Which tells me, we have to many listings on average in foreclosure compared to for sale, which in my opinion should drag down for sale prices.
According to our numbers, which are not rock solid 100%, but are a solid indication of all homes listed in major online real estate sites, we have MORE listings in Foreclosure than we do for sale...
Jan 8, 2009 at 8:33 AM
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Janice, if anyone really had the answer to this question they could become quite rich. However, I suggest if you have a specific community, or area, in mind you speak to a local Realtor, who has been in the business for awhile, who can give you an overview of where sales have been and are likely to go. Also, in Today's Sarasota Herald Tribune there is a good article, by a major Florida economist, predicting a general recovery in Southwest Florida. A link to the article is below. I hope this helps.
http://www.heraldtribune.com/article/200..._for_homes
Brian Ward
RE/MAX Alliance Group
www.SarasotaHomeFinderService.com
Jan 8, 2009 at 8:28 AM
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