The Real Estate Market making your head spin?

Everyone has an opinion on the state of the Central Florida, Dr Phillips and Windermere real estate markets but who do you listen to.  Lets start out with what we do know. 

Real estate is a sound investment if you are purchasing for long term, this has always been true.  The graph below shows this gradual increase from 1963 to 2007 It’s a buyers market and we are seeing homes going under contract, pricing your home correctly in this market can not be over emphasized.  Individual neighborhoods and communities come back first and they are the areas that were sought out before a housing downturn, Dr Phillips and Windermere are two of these markets. Dr Phillips:  97 pending homes with an average price of $413,659 (zip code 32836 and 32819). Windermere:  93 homes under contract with an average price of $735,303 (zip code 34786). this information is coming from the Mid Florida Regional MLS.  The second graph below shows a very good picture of the Central Florida real estate market. December is normally the slowest month of the year that on top of a declining market in 2007 shows the lowest month.  We are looking at about another month and a half of this activity then once schools start look for a slow up.  October and the beginning of November should see a little activity then slowing up in the second half of November and into December for the holidays. If you are not ready to list your home now then the next best time should be the end of January 2009.      Inventory levels are still very high which will prolong the housing market come back, supply and demand.  The graph below shows consistent inventory levels.  Once we start seeing a steady decrease in homes for sale we will know we’re almost out of the forest and real estate stability is right around the corner. Basic economics is a gradual decrease in prices until value comes back which is what we have been seeing the past few months.  The Dr Phillips and Winderere areas are starting to see this with buyers entering the market.  Are there over priced listings, yes there still are.  We are not out of the woods by no means, small steps at a time until the market starts leveling out.  When it does look at a more normal 3 to 5 percent increase in appreciation not the 15 – 20% we experienced a few years ago.  When I said everyone had their opinion I was talking about us too!  Let’s see how this plays out, the end of August will be key. Find your list price at   www.YourListPrice.com it’s Free!