Are You a Buyer Sitting on the Fence?

Many people are just sitting on the fence out there waiting, pondering, doodling and noodling about whether or not to buy a home. Oh they want to buy alright – but they are wondering if now is the time or should they wait a little longer. We understand that some people may be having a hard time deciding, after all, they are not in the business and have limited access to forecasts and current numbers. Plus, with all the media doom and gloom about foreclosures and the economy, no wonder people are afraid to move forward. The reality though, in my opinion, and as evidenced by the stats below is that if buyers continue to sit on the fence, they may miss out on some opportunities that currently exist in this rock bottom market.

Here’s the latest from the National Association of Realtors, published today 11/24/08:

For the second month in a row, Florida’s existing home sales rose in October, with Florida Realtors® reporting a 15 percent increase in activity in the year-to-year comparison; last month’s sales of existing condos statewide increased 5 percent in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors (FAR).

A total of 10,443 existing homes sold statewide last month, up 15 percent over the 9,118 homes sold in October 2007, according to FAR. Florida Realtors also reported higher statewide existing home and existing condo sales in September compared to the year-ago levels.

Market conditions continue to range widely, according to the latest housing outlook from NAR. “A pattern of sharply higher sales in areas with large price declines is well established,” said NAR Chief Economist Lawrence Yun. “Affordability conditions have consistently been a major factor in driving sales. Historically during recessions, buyers have responded to incentives and it’s important for government to keep that in the forefront of housing stimulus decisions.”

In Florida’s year-to-year comparison for condos, 2,956 units sold statewide compared to 2,805 sold in October 2007 for a 5 percent increase. The statewide existing condo median sales price last month was $147,600; in October 2007 it was $192,300 for a 23 percent decrease. In the latest data available at press time, NAR reported the national median existing condo price was $199,400 in September 2008.

There are some incredible deals flying past my desk right now. That’s the good news. The bad news for those buyers still sitting and waiting is that these good deals are going quickly. It’s great news for the sellers and for Realtors who want to sell homes in Tampa Bay, so don’t hesitate too long. Take advantage of this good news.

6 Replies to “Are You a Buyer Sitting on the Fence?”

  1. Fresh off the press from Dave Hoyt with Advanced Home Mortgages: “fixed 30 year rate is now at 5.5% with no points! Pass this along to your US buyers on the fence and maybe we can get them to move.”

    He is reading my mind….or my blog.

  2. There are lots of people sitting on the fence just waiting. I know that I have at least 15 different buyers sitting on the fence just waiting for the news media or the tea leaves or … to tell them that it is ok to go forward.

  3. I own a property off Dale Mabry and I have paid a price dearly. I think you will see the market tremendously rebound once and if the Fed approves the new 30 year loan at 4.5% rate. That would be a HUGE incentive to buy

  4. Not only are homeowners having trouble selling their properties, but they are also having difficulty accessing home equity funds because of the credit crisis. This is affecting the home improvement market as well.

  5. Some think it is a good time to buy a house because house prices have dropped whereas other think that they should hold out for them to drop further. People really do not have any idea about what to expect in terms of house prices in the near future.

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