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Market Update: Is it really time to buy real estate?
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In a recent television interview, Donald Trump stated that now — and for the next six months — is the best time to buy real estate.
The interviewer asked Trump if he was practicing what he preached and he stated he was doing just that — buying real estate.
Another advocate that states that this is the right time to buy is Dr. Yun, National Association of Realtors (NAR) vice-president of research. He believes that there is huge pent-up demand and home buyers are sitting on the fence.
Dr. Yun states that, “once buyers look past the headlines, they’ll see that this is actually a very good time to buy.
Inventories are flush, so there are lots of homes to choose from. Prices are moderating and interest rates remain historically low. Once the psychology catches up to our real market conditions, that pent-up demand will be released.”
It appears that buyers in the high-end market are following Trump and Dr. Yun’s lead with two record sales in the past few months on Marco Island.
The first largest recorded sale occurred in June 2007 at a sales price of $8.4 million. The second largest recorded sale quickly surpassed the June record sale in October 2007 at a sales price of $9 million.
In year over year sales comparisons, the overall sales are in slightly positive territory at just under 1 percent.
When pending sales are taken into consideration with closed sales, year over year sales comparisons jumps to 8.4 percent. Single family homes continue to show the largest amount of sales growth at 5.85 percent. Specifically, water indirect homes show the largest growth rate at 40 percent.
Furthermore, a comparison of inventory levels continues to show a decrease from the previous year. As of Oct. 28, 2007, inventory levels were down 5.3 percent from the same time period last year.
As season approaches, and the sidelined buyers choose their dream homes, the local market will continue to show signs of improvement.
Continued improvement in the market means decreases in inventory which impacts a buyer’s purchasing power and selection.
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Natalie Kirstein, MBA, Realtor, works for Premier Properties of Southwest Florida Inc., office (239) 642-2222, toll- free (800) 260-9081, e-mail NatalieK@premiermail.net. Office located in The Esplanade, 760 North Collier Blvd., Ste. 101, Marco Island. To receive a copy of my article delivered to your inbox, please send an e-mail to NatalieK@premiermail.net, with Real Estate Article in the subject line, or call Natalie Kirstein at (239) 642-2222.
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Financial Institutions have yet to move agressively against builders and developers. The first quarter of next year will see more homes and lots dumped into the market when banks move against the builders and developers. That will be the time to buy. Late first quarter and second quarter.
But watch out for snowbird from Canada. With their currency buying power, they might buy up all the bargains.
#1 Posted by vashark1 on November 2, 2007 at 4:32 p.m. (Suggest removal)
The foreclosures have to go through the cycle before the market recovers. That process hasn't started yet. Give it a year at least, a lot longer if the mess on the island isn't cleaned up. Who would want to move here? Most of us want to leave but can't.
#2 Posted by Oracle on November 2, 2007 at 4:40 p.m. (Suggest removal)
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