Boy, that's a loaded question. We currently have a lot less inventory on the market and we are seeing many multiple offers. Properties are very much priced to sell, now that sellers understand that they need to be competitive with the short sales and foreclosures. No one has a crystal ball and much will depend on the economy and what happens to interest rates. We've experience slight price increases and many are predicting that the market has turned and becoming more of a sellers market. With rumors of massive foreclosures yet to hit the market and an eye on unemployment, gas prices and the stock market, I would suggest investing with the idea of long term goals in mind. I don't think you will see much change in two years but a five year outlook could prove to be quite lucrative.
Best of luck with your investment.
Teresa M. Fellows
ERA Waterside Realty
Consideration; If you wait to buy believing that you may save on the price of a home, that financial savings strategy could be undermined if you ended up paying 1% a year more in interest expense on a mortgage loan for each year that you carry that mortgage.
Please contact me if I can be of assistance.
Kroboth & Helm Mortgage Company Inc.
Michelle Taylor NMLS #317429
Mortgage Loan Originator
1444 First Street, Suite A
Sarasota, Fl 34236
I do not believe we are sitting a large enough inventory of "shadow" homes in foreclosure that will be dumped into the market to cause prices to fall further, although I do think this will affect our neighbors in Tampa and Ft. Myers.
We are already seeing multiple offers on foreclosure properties and the anticipated increased demand will be enough to take any excess foreclosures that people keep predicting out of the market.
Re/Max Alliance Group
local cell: 941-479-2777
Easy question to answer if we can determine how the 'bulk foreclosure buy' program is going to actually work.
Will the new refinance programs remove at risk homes from the market?
Will circumstances in the middle east wreck our economy?
Will Ron Paul become president?
Now that the space program has been closed, will a following reduction in defense spending effect the state economies significantly?
Will ceasing mail deliver on Saturday cause businesses to fail? (joking)
On Dec 21 will we all be here or will the Myans (or the calendar interpreters) be proven wrong?
Will the new bulk of foreclosures (many of which are failed refinance homes) be available for bulk investor purchase? Will these be mandated to the rental market or resale. (really important)
In the next two years, anything can happen..but you already know that.
What you can know with confidence is what has historically taken place and the direction the arrows are pointing in now. We can rationalize the composition of the pent-up demand for housing and how those who lost their homes due to foreclosure and short sale will acquire new housing.
One can review this data and position themselves to be in front of the segment of the wave they choose.
What you will discover is the real estate value trend will be very localized as was revealed in my recently completed research of over 200 area communities. Some communities are showing tangible value improvements while others are still seeking bottom.
Barring external, for instance Myan, influences, in two years there is substantial indication, if left unimpeded, the overall real estate market in Florida will be appreciating again. The reality, however is that every politician wants to be able to say they rescued the home owner and the temptation to interfere is irresistible.
Contact a local Sarasota real estate professional and have them prepare data much like shown in my blog. Don't know a Sarasota real estate professional? Give me a call.
ReMax Realtec Group
Palm Harbor FL
727. 420. 4041