January
21
January 21st, 2009
by
Kerigan Marketing
Will Buyers Hop the Fence in 2009? (Realtor Magazine)
Low mortgage rates, economic stimulus packages and affordable homes point to an increasingly healthy market in 2009.
When Mike Pappas looks ahead to 2009, he sees market opportunities in foreclosures and short sales. "In South Florida, the mantra for 2009 will be foreclosure, foreclosure, foreclosure," says Pappas, president and CEO, The Keyes Co./Realtors®, Miami. "The storm of speculation has passed, and now the lenders are cleaning things up. There will be a tremendous amount of foreclosed product available in 2009 – probably the most in two decades."
While it's difficult to get too excited about the prospects for Florida's real estate market in 2009, there are several bright spots in the picture, according to real estate analysts and brokers interviewed by Florida Realtor magazine.
Declining prices in most markets have made Florida homes more affordable to first-time and move-up buyers, while vacation residences are bargains to U.S. and international buyers. With lower prices and strong pent-up demand, the volume of sales has begun to rise in many Florida markets. "The bottom in sales has passed," says Pappas, "and we'll see more units sold in 2009 than in 2008."
Brad Hunter, director, South Florida region of MetroStudy in Boca Raton, notes that the number of foreclosures coming to the market will continue to keep downward pressure on median home prices. "In the hardest hit markets, prices may not reach a hard bottom until 2010," he says. "That's likely to be the case in South Florida's new condominium market."
Specifically in Bay County although there are many short sales and foreclosures it is sad for the sellers but an exciting time for buyers. Already in 2009 there has been great activity in our market. While it is true that our sellers will not get anywhere near what they hoped to get things are starting to move. I think we are all going to have to get the market cleaned up of all the inventory before life begins to look somewhat normal.
Call me for further information about deals in our area and I would love to help you out at 850-527-5651. I can also provide you with a short sale and foreclosure list. Be mindful though that short sales require time and patience and sometimes disappointment when they do not close.
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