Now is a great time to purchase a property in a depreciating real estate market! Don't make the mistake to wait the market further and end up purchasing in an appreciating market! You must purchase when the market is down and when interest rates are at an all time low.
Prices and sales of existing homes plummeted last month as South Florida's housing downturn stumbled into a third year. According to the "Florida Association of Realtors", Palm each County's medium price fell 12 percent in January, to $343,200 from $388,000 a year ago.
Sales tumbled 26 percent, to 369 from 496. It was the fewest homes to change hands in any month countywide since the Realtors' group started releasing monthly housing statistics in 1994.
The housing malaise also was evident in Broward County, across Florida and the country. The National Association of Realtors said sales of existing homes fell to the lowest level in nearly a decade in January while the median price for a home, $201,100 dropped for the fifth consecutive month.
South Florida's housing slump is the worst in at least 30 years, and analysts don't see the market improving before 2009. Lenders are tightening standards and not offering so-called subprime loans and other risky mortgages, which is shrinking the pool of qualified buyers.
What's more, the expected rise in foreclosures this year will add to the glut of homes already for sale. Last month, 1,746 Palm Beach County homeowners were notified by their lenders that they intend to take back the properties, more than double the 634 from a year ago, according to Realestat.com, a Plantation based research firm. That's going to continue to depress home prices and 2008 will continue to be a fairly soft year.
Palm Beach County's existing condominium market also is in a free fall. The median price slid 26 percent in January, to $157,700 from $213,100. Sales declined 20 percent, to 303 from 381. The median means half sold for more, half for less.
If you're in the market to buy a property in South Florida, now is the ideal time. If you need lots of information and options, please feel free to contact me via cell phone #561-703-9420 or email: seerogo@bellsouth.net. I'm here to guide you effortlessly through the home buying or selling process. Let me be your South Florida Real Estate One Stop Resource!
