Florida Real Estate Market – Might Be Getting Better

People are wondering if there is an improvement in the Florida real estate market. There are various views about whether it is changing or not. The recent information on this needs to be examined to know the whole truth when it comes to the Florida real estate situation. We will review some of the recent statistics as we discuss this topic.

The Florida Association of Realtors (FAR) recently reported that real estate sales are on the rise in Florida. People in Florida are evidently still purchasing homes. Yes, the national real estate on average is in a slump. But the Florida real estate is doing a bit better than it was. What is this reason for Florida going against the national norm on real estate?

The single dwelling house market report from FAR shows the sales are on an upward trend. Over March’s sales in 2008 April’s sales in 2008 were up by a huge twenty percent. That adds up to almost two thousand houses being sold, and with what is going on in the other parts of the country this is a great increase. Bringing numbers into play here in April 2008 11,200 houses were managed to be sold over March’s sales that were 9,330.Remember this is while across that nation the sale rate is still not doing well.

There are several ways of looking at this increase. The weather is year around pleasant for people to be outside in. This could be one reason for increased sales. People may be getting more educated to the fact that in this type market you have to give a bit and lower prices to sell sometimes. There is still a ways to go though for the sales to be what they were in April 2007. So the realtors work on to correct the problem.

  • Some realtors have offices in other countries that are bringing in foreign investors.
  • These people want to settle and live in Florida.
  • These realtor’s are enjoying the increase in their business.
  • Immigration has always been a factor in selling real estate even when the market is slow.

Now there should be recognition given to one particular area of the Florida real estate market that has improved more than the rest has. The Fort Myers and Cape Coral market have definitely far exceeded expectations. In just one year the dates being April 2007 through April 2008 the housing market is up 41 percent as far as sales. This is truly a remarkable increase. Let’s look at the reason for this. The latest reports state that there has been a huge decline in the price of homes in this area they are down 29 percent. This is while the house prices in the rest of the state have a 17 percent decline.

The realtors are trying to outdo each other as far as selling foreclosure properties in Florida. Buyer can even go on tours of the foreclosure properties by being transported in luxurious limousines. They are given a chance to get out at each stop and walk through the properties then it is off to the next one. There have been reports that the limousine sometimes has a decorative paint job. This way is a unique solution to drawing more buyers.

On has to remember that when prices in real estate go down due to many factors, more people eventually start buying. With interest rates low there are still plenty of people willing to buy houses. Florida’s sunshine may be a contributing factor also to the increase in Florida real estate sales. Time will tell the real story.

 

written by: monicah wairimu