A Stay of Execution?

Something happened on the way to “Old Sparky” this week! The Florida real estate market got a stay of execution! For the first time in 2008, real estate prices did not fall from one month to the next! Could this be the slowdown we have been waiting for since 2006? In Tampa Bay, prices inched up almost 1% from March to April. This could be a slowdown in the meltdown! Don’t be so quick to shoot this number down! From March to April 2007, sales went DOWN. This same time period in 2008, the number of homes sold was up almost 17% (but still below 2007 numbers).

 

This is good news and shows the decline is flattening out…… maybe! Once we hit the bottom of the curve, most economists predict a “V” spike to the higher profile areas of Florida. I think we still have a way to go to reach the day to day stability that most Realtors, including myself, like, but this is a sign that we could be closer to that day than previously thought!

With absorption rates still at around 6% (up 2% from January), Buyers and Sellers are still far apart. Lenders need to loosen up their grip on the money, Sellers need to be more reasonable, banks need to make proper adjustments on short sales and MOVE INVENTORY and Buyers need to get some “skin” into the game (as in down payments). But if this big greedy machine, also known as the Untied States of America gets rolling again, there could be some bright days ahead………. baby steps to start mind you, but moving forward!

Now, could somebody put me into a drug induced coma until we are completely out of the woods? (just kidding). Happy Buying and Selling!

And don’t forget to visit my web site at www.sellwithvince.com. And “hey, Florida, keep those property tax reductions coming and hey insurance companies…….. don’t talk trash about the oil companies. you are just as greedy! Can everyone work together here to keep Florida going? If we can’t work together (all of us), then would the last person leaving Florida turn out the lights?