Jason Painter's State Of The Market, Spring 2007
Posted Jan 31, 2007 @ 7:05 pm, Viewed by 742 Visitors, Read 754 Times.
As I sit here writing this article, it is late January and we are in surprising cold snap. This cold snap is a change from what so far has been a very mild winter. The eastern half of the nation in particular has experienced a very warm winter, possibly one of the warmest on record. What does this have to do with real estate you may ask? Well, quite a bit actually…read on!
Usually in January when it’s freezing up north, people flock to Southwest Florida to escape the cold and dreary weather. This year has been a little different, although the weather up north is not up to par with what Floridian’s experience, its still not as bad as it normally is. This has translated in some folks not feeling the need to visit Florida this year. Since the weather isn’t horrible, “just tough it out till spring” is what are on many peoples minds.
This has created for the first time in years a period when Florida might experience a year over year decline in winter visitors. This decline in winter visitors have brought with it a decline in the usual boom in real estate sales that normally occurs this time of year.
As usual with my State of the Market addresses, I will examine the factors affecting property values in the area; both good and bad.
The market for Florida real estate has been somewhat flat since my last article in the summer. The flatness is a welcome change from the dramatic decline from the Spring of 2006. The market would still be considered quite soft.
Some of my personal beliefs for the soft market for Port Charlotte Real Estate, Englewood Real Estate, and Manasota Key Real Estate amongst other areas in Florida are listed below.
But alas, everything is not all gloom and doom, let looks at the positive factors that have to be considered in the Southwest Florida market.
In closing, yes the market is slow. Prices for things like vacant lots are 60-70% off their highs. I suggest getting into a duel of your own and picking up a gorgeous property at a terrific price before it is too late! If you are selling, I suggest you reconsider if possible. If you absolutely have to sell your property I suggest you find a top Realtor with access to the northern market. Have this Realtor list your property at a true market value and get it sold. Keep in mind that if you overprice the property it will not sell, simple as that. Best of luck to all in 2007!
Usually in January when it’s freezing up north, people flock to Southwest Florida to escape the cold and dreary weather. This year has been a little different, although the weather up north is not up to par with what Floridian’s experience, its still not as bad as it normally is. This has translated in some folks not feeling the need to visit Florida this year. Since the weather isn’t horrible, “just tough it out till spring” is what are on many peoples minds.
This has created for the first time in years a period when Florida might experience a year over year decline in winter visitors. This decline in winter visitors have brought with it a decline in the usual boom in real estate sales that normally occurs this time of year.
As usual with my State of the Market addresses, I will examine the factors affecting property values in the area; both good and bad.
The market for Florida real estate has been somewhat flat since my last article in the summer. The flatness is a welcome change from the dramatic decline from the Spring of 2006. The market would still be considered quite soft.
Some of my personal beliefs for the soft market for Port Charlotte Real Estate, Englewood Real Estate, and Manasota Key Real Estate amongst other areas in Florida are listed below.
- Small time investors have left. The flippers have flopped and left town on their last dime. Most people that are buying properties now are folks that actually intend to live in them, yes crazy I know.
- Buyers and sellers are in a standoff. It is almost like a duel and buyers are hoping that the sellers flinch first. The sellers have been battered to the point where they seem to be saying, “If I can’t get X amount of dollars I will just hold it until the market comes back.” Buyers, on the other hand, have the attitude that they won’t buy anything unless it is severely undervalued to protect themselves in case the market dips farther.
- Some folks get caught in the crossfire. Unfortunately, some folks are finding themselves in a financial crunch and MUST sell in order to get out alive. The unfortunate part is many of these people bought in at the high point of the market and face large losses.
- The amount of property for sale is staggering. As with any free market society the laws of supply and demand reign supreme. There are 6448 homes listed in the Punta Gorda-Port Charlotte-North Port association of Realtors MLS at the time of this writing. At some point sellers and buyers must meet. Will it be higher, lower, or at current levels is the question.
But alas, everything is not all gloom and doom, let looks at the positive factors that have to be considered in the Southwest Florida market.
- The baby boomers are coming, yes they are…believe it! I get contacted by them every single day. They are not in a hurry, are savvy buyers, and are looking for deals.
- Long term interest rates are at historical lows. Time has really never been better for financing a new home.
- Florida is a great place to live, sometimes we forget it but have you looked around? Wow! Florida will always be a THE destination on the east coast.
- If you look around at the truly successful big investors, they are still here. These people know that there are ups and downs in investments and these variations mean nothing in the long term. They don’t have their properties for sale. The big investors are picking up new properties every single day at bargain prices.
In closing, yes the market is slow. Prices for things like vacant lots are 60-70% off their highs. I suggest getting into a duel of your own and picking up a gorgeous property at a terrific price before it is too late! If you are selling, I suggest you reconsider if possible. If you absolutely have to sell your property I suggest you find a top Realtor with access to the northern market. Have this Realtor list your property at a true market value and get it sold. Keep in mind that if you overprice the property it will not sell, simple as that. Best of luck to all in 2007!
Rate this Post!
Share this Post
Print
Social Bookmarking1 Responses to “Jason Painter's State Of The Market, Spring 2007”
REW Blogs User Stats
Currently Online Users:
0
Total Users:
2,373
Entries:
7,486
Unique Views:
6,283,345
Total Views:
6,612,436
Total Comments:
9,224
Total REW Points:
510
I am a full time real estate broker in sunny Southwest Florida. I can market your home in ways that most real estate agents haven't even heard of. Read More
Contact Me
RSS Feed- This User's Stats
-
Blog Entries: 4Average Blog Rating: 2Unique Views: 3,258Total Views: 3,362Comments Posted: 2Comments Received: 5REW Points: 0
Top Rated
REW Blogs RSS Feed
Thanks for the info on SW FL. I have been looking for property in FL at www.propertymaps.com. It has helped me search for specific areas - which has helped me narrow my search down to the southwest. I particually found your "positive factors" helpful. Thanks again for your great information.