Is it REALLY a buyers market?

A good question, and the answer depends on who you ask. For the third month in a row, home sales are at a blistering pace.

The number of single-family homes sold in Lee County with the help of a Realtor in April shot up to 1,468, an all-time record, according to statistics released today by the Florida Association of Realtors today.

 

That number is 81 percent up from April 2008, when 809 homes were sold.

 

Meanwhile, the median price of a home sold in April was $85,000, down 57 percent from $200,300 a year earlier and about what that figure was 14 years ago.

February and March also saw figures above 1,200 sales.

But who is buying these homes? The answer is everybody!

The local market has jumped in to the mix, finally seeing that homeownership is affordable. This is attributed to the historically low interest rates, the pricing on distressed sales, and the recent downturn in the unemployment numbers.

Boomers are also heavy in to the equation. With liquid capital and years of sensible credit management, this sector of buyers have been chasing the "luxury" market. With many waterfront, golf course, and "hands-off" communities reducing their pricing to 40% of 2005-2006 prices the boomers are again looking at Florida.

The international market has also been heavily involved in purchasing Florida. Some 27% of sales have been made to foreign nationals.

But the first question stands, is this really a buyers market? After all homes are selling at a record pace, but many buyers are faced with multiple offer situations. Cash offers are knocking out the financed buyers. And even though inventory is still high, eliminate the short sales that no one wants to mess with, and also eliminate the 20% of homes that are overpriced or are un-sellable at any price, and you will find a fairly balanced market.

To view properties for sale visit us at Hope4homebuyers.Listingbook.com