Real Estate in Northeast Florida and Around the World

Everyday I hear some talking head on the TV or radio, discussing the state of the real estate market.  Have you noticed that the conjecture is becoming more and more opposing?  One side says we are near a bottom and the other says it will drop another 20%.  The truth lies in both - because all markets are different, and there is not a national real estate market.  Even with our Northeast Florida market we see this.  Some areas will continue to see a bit more in price drop, while other areas are already seeing flattening or even a blip up. 

What has become almost comical is to listen to someone 5 states away discuss the nature of Florida's real estate market.  Doom and Gloom, oh my!  Anyone with an 8th grade education can look at numbers and formulate opinions.  The question of whether the opinions are correct is quite a different story.  What the spewer of information sitting 5 states away cannot do, is hear the increased frequency of the phone calls, see how quickly homes that are in non-duress situations and are well-maintained and well-priced are sold, or how many buyers have gone from sitting on the fence to being in active buying mode.  They will see this in about 3 months - when that data is available. 

Unfortunately for many people still listening to this retoric rather than listening to the local professional real estate agent, is that very likely by the time the guy 5 states away calls the bottom - it has already passed and on the way up in the local market.  What they see is an "oversupply" of housing - a good majority of which are either owned by lenders or about to be owned by lenders - and are not in good condition.  Guess what?  Over 50% of the buyers in today's market are first time home buyers, and they do not want to buy something they have to put money into to make it habitable - especially when there is so much available at a price near what the "junk" is priced at, with fresh paint, new flooring and new appliances in the newly updated kitchen.

So when you want accurate and timely information - go to the source, sitting in the market in which you are interested.  Call your local Realtor® for the facts - not yesterday's news and opinions from far away.