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Real Estate: Up or Down in 2009?
January 6, 2009
Up or Down in 2009? Abundant inventory, great pricing, low interest rates, first-time homebuyer programs… opportunities abound.
The 2009 Florida real estate market might not be like the good ole' boom days, but look on the bright side, there are several reasons to be optimistic – promise!
Declining prices in most markets have made Florida homes more affordable to first-time and move-up buyers, while vacation residences are bargains to U.S. and international buyers.
"In the hardest hit markets, prices may not reach a hard bottom until 2010," says Brad Hunter, director, South Florida region, MetroStudy in Boca Raton. He notes that the number of foreclosures coming to the market will continue to keep downward pressure on median home prices.
As for 2009, positive factors for the state's market include a federal income tax credit up to $7,500 for first-time buyers, and the "portability" of some property tax benefits that make it easier for primary homeowners to buy a new home.
"We need to look at the opportunities that the market presents – low interest rates, great inventory, great pricing, first-time homebuyer programs," says Ed Forman, president Watson Realty Corp., Jacksonville. "The opportunities are there, and we need to seize them."
Don’t dig your head in the sand, find out what opportunities exist in your locale.
