Yes as the inventory goes down the prices will go up. Many people who have been on the fence are now buying. The higher end price points are seeing a lot more activity. Watercrest condos have actually gone up quite a bit in value. It is neighborhood specific and if you don't want to wait a year to build then you will buy resale. This selling season is very active already. The best deals are going first and once they are gone the prices will go up on the rest. Also consider making up your loss on the "buying" end of your deal. Look at all angles.

Noticed an upsurge in prices in my neighborhood., within country club. One house, that still has never been lived in, came down from approx 1,750,000. Buyer bought but didn't move in , tried to sell at 1.3 mil, and eventually sold for approx $878,000, in July of this year. That house, now just three months later, is now back on the market at $1,150,000. Crazy, because it sat at that price for over year before. We'll see what happens. Looks like someone is trying to 'flip' again. There are going to be a lot of homes coming due for refinancing soon, and with that, a new surge of foreclosures, short sales etc.I think the current surge in price hikes will be short lived. People have heard that prices are increasing and are trying to sell again, but, I don't think we have seen the end of this yet.

Hi John,

Our recommendation to prospective buyers is that the healthiest maner to view a home purchase is as a "long term" commitment....one that will hopefully bring financial returns when it is time to sell. We have become guilty of expecting value to remain stable and/or appreciating at a rate that exceeds other manners of investment.

Will the market come back? Of course it will............. Will it be in the near future? probably not........... How long will you have to wait to recoup? there's no way of telling but desirable areas of the country and prime communities will certainly have an advantage over others.

Good luck

Over the past 8 decades Real Estate, especially quality Real Estate, has has always recovered after a severe downturn, and many economists argue, better than most investments. Lakewood Ranch is surely Qualty Real Estate.
If you purchased as your private residence, either primary or vacation home, did not over finance and can remain stedfast, the market is sure to return to a reasonable value.
Here's hoping for a speedy recovery.

Jim Vitale, Realtor
Coldwell Banker Residential Real Estate