2012 Brings Good News for Florida Real EstatePosted on 03/09/12
Florida was one of the worst-hit states when the housing market plummeted. Foreclosures and short sales became far more common than regular sales, and the rental market became busier than the resale market. There’s no doubt that the Florida real estate market is due for some relief, and 2012 might be the year we get it.
“Our state is in a mini-recovery,” said Florida Realtors® Chief Economist Dr. John Tuccillo at the state association’s 2012 Real Estate and Economic Forecast Conference in Orlando. “Sales are trending up, listing inventories are falling, the supply of lender-related properties has stabilized, and we are seeing multiple offers on homes in some local markets.”
Another chief economist, Dr. Lawrence Yun, agrees that the sharp drop in home inventory indicates that demand is increasing and home prices are stabilizing.
And why shouldn’t it? Florida is, after all, the “sunshine state.” In addition to appealing to retirees and investors, Florida’s real estate market has also received tremendous support from international buyers.
Can this upward home value trend continue? Many real estate brokers think so, and are open new offices to support the projected increase in home sales volume. The dropping unemployment rate and improving job market is another subtle sign that better days may be here to stay. Combine this with continuously low interest rates, and you get favorable conditions for the Florida real estate market.
If you would like to take advantage of low home prices and interest rates while there are still here, begin your home search now with Kerry Veach. With over 1,000 successful closings and a full time real estate team, Veach has proven himself to be the northwest Florida real estate expert.
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