IS THE BOTTOM HERE?
Homeowners and investors alike have been wondering for some time now if the bottom of the Real Estate market is here yet.
We are slowly starting to see changes appear in the market the calls are coming in more and people are actually out looking at properties.
We are defiantly in a correction mode and will be for the next 6-12 months until the inventory depletes itself and the prices start to level off.
The short sales and foreclosures have defiantly affected us all. Since causing the values to decline. The truth of the matter is that the sellers are now forced to get competitive with there pricing so that the properties will sell.
Sellers regularly feel that there home is worth more than their Real Estate agent is telling them. Competitive pricing and having your home ready and staged to sell is the name of the game. Once the market corrects itself then we will get back to the normal appreciation of 3-5 %.
Even though Tallahassee has not been affected like other areas in Florida it defiantly has a trickle down effect. The sales for the area have also been down and the inventory is increasing due to the time of year for listings and more short sales and Foreclosures coming into our market.
This all has to be taken into consideration when pricing your home to sell.
Yes you as a seller are competing with comparable sales that closed for less than what they normally would have because of the seller’s financial situation.
We all need to work together to get this corrected. There are plenty of positives to this as well. The interest rates being at 5% or less and the inventory that you as a potential homeowner or investor have to choose from.
Sitting on the fence waiting is only going to make it harder. As the inventories deplete and the market corrects itself you will see the rates going up as well as the values start to correct themselves or increase. The lenders are still lending money and there are some excellent programs available for those first time home buyers. Also keep in mind the $8000 tax credit for those that are first time home buyers or that have not owned a home in the last 3 years.
Don’t wait any longer pick up the phone call your lender and you favorite Real Estate agent and get started. They are there to guide you thru the process to make the best investment in your future.
Mike Ferrie
PrimeSouth Properties
mike@mike.digitalopps.com
