Spring has sprung although the mornings don't feel all that springy to me! Frost on the pumpkin this morning! Absolutely gorgeous this afternoon though!
Chip's out fishing today, has trips booked all week! Catching loads of snapper, which he has to throw back, but did manage to boat a good size grouper!
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I read an article from a David P. Butler --creonline.com-- talking about the market. He was writing in general terms about how this is not the bottom of the market. However, he did say that when prices are 30-50% down from 2005,2006 THAT would be the bottom. Well, my friends, WE ARE THERE!
It is not unusual to see properties now selling at 50% of what they were purchased for, appraised for and even 2nd mortgaged for in 2004-2006.
Mobile homes walkable to the beach at $100K (selling for $300k a couple years ago) Beachside townhomes under $200K (selling for 375K a couple of years ago), single family homes under $200K (selling for $350K a few years ago), gulf front homes a little over $800k(selling for $1.6 a few years ago) , vacant lots at $65K (selling for $225K a few years ago).
And buyers are finding out! Realtors in the area are showing property and buyers are making offers!! 16 residential properties are under contract at this time in just our little area of the beaches. Some properties only on the market for a few days!!
Many of these properties are short sales or foreclosures. However these properties will continue to set the market value for others.
I do believe we are at the bottom of the market. I also believe we will now stabilize for at least the rest of the year. I am not going to predict when appreciation will start. We have a large inventory of homes so it will take a while to reduce that inventory and appreciation will not occur until the supply decreases. I do predict though that those sellers who are not in a hurry to sell and will not settle for the market value at this time will take their properties off the market and wait it out.
Investors have already hit the area and are buying properties in bulk. Please do not wait too long if you want a place at the beach!!
My advice..........find your price point, look for properties in that price range and once you find a property that makes you happy------------make an offer in your price range.
Do not be one of those who for the last ten years have said-----I'm going to wait for the bottom--and then they wait too long and miss out.
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I will be happy to send you a list of the foreclosures and short sales in the area as well as the best deals on the market. Let me know what you are looking for and I'll find it for you!!
Have a great week!
Mary
