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Pytha Realty Group,
1175 N Courtenay Pkwy, Suite 4A, Merritt Island, Fl.
Call 321-799-8334
Cell 321-213-4831 EMAIL
Serving the
entire Space Coast in Brevard County. Specializing in Cocoa Beach,
Cape Canaveral and Merritt Island. |
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Leading U. S.
economists: Fla.’s housing market bouncing back
ORLANDO, Fla. – Dec. 7, 2011 – Despite national
and global headwinds, Florida’s real estate market is entering 2012 on an upward
trend, according to three leading U.S. economists.
“Our state is in a mini-recovery,” said Florida Realtors® Chief Economist Dr.
John Tuccillo at the state association’s 2012 Real Estate and Economic Forecast
Conference in Orlando. “Sales are trending up, listing inventories are falling,
the supply of lender-related properties has stabilized, and we are seeing
multiple offers on homes in some local markets.”
In fact, Florida homes today may be undervalued, Tuccillo added. “That may seem
like a drastic statement,” he said. “But a buyer who plans to own the home for
five to seven years can get some great bargains today.”
Mark Vitner, senior economist at Wells Fargo in Charlotte, N.C., said the U.S.
economy will continue to face significant challenges, particularly financial
concerns related to the European debt crisis. But he expects the U.S. economic
recovery will continue next year, making it easier for Midwesterners, for
example, to buy Florida homes.
“Florida’s economy is recovering, with tourism and healthcare leading the way,”
Vitner said. “International tourism has been particularly strong in Miami and
Orlando.”
Looking around the state, Vitner said Jacksonville’s unemployment rate has
dropped and home prices are stabilizing. In Orlando, prices have not yet reached
bottom, he said, but the winter tourism season should help the regional economy.
Tampa and Southwest Florida have seen solid job growth, with little new home
construction.
South Florida’s economy is growing thanks to trade relationships with Latin
America and the Caribbean, while in the Panhandle, Fort Walton Beach is
outperforming Panama City and Pensacola, according to Vitner.
Dr. Lawrence Yun, chief economist for the National Association of Realtors®,
said many Florida markets are showing sharp drops in inventories of homes for
sale – a sign that demand is picking up and prices are stabilizing. “That’s a
major change from just a year ago,” he said. “Buyers have stepped back into the
Florida market.”
Noting the state’s powerful appeal to international buyers, Yun said he was
particularly optimistic about the outlook for South Florida. “Don’t be surprised
to see a gain in home prices in the Miami and Naples markets in the next 18
months,” he said. “From there, the recovery is likely to roll northward to
Central Florida and then North Florida.”
Tuccillo noted that foreclosed and distressed properties will remain a
significant part of the Florida market in 2012, but lenders are feeding these
properties into the market at a gradual pace rather than pushing them out all at
once.
The event also featured a panel of Florida real estate professionals, who
discussed the 2012 outlook for several sectors of the state’s real estate market
from a practitioner’s point of view. Panelists were Clark Toole, president and
COO, Coldwell Banker Residential Real Estate Inc. in Florida, discussing
residential real estate; Cynthia Shelton, 2009 president of Florida Realtors and
a director at Colliers International in Orlando, discussing the commercial
market; and Dean Saunders, accredited land consultant and broker-owner of
Coldwell Banker Commercial Saunders Real Estate in Lakeland, covering the market
for land and undeveloped property.
Florida Realtors real estate and economic summit was webcast to 32 local
association or satellite sites around Florida. “Turnout was high for our
statewide event,” said 2011 Florida Realtors President Patricia Fitzgerald,
manager/broker-associate with Illustrated Properties in Hobe Sound and Mariner
Sands Country Club in Stuart. “We hope to hold more of these forums on a regular
basis – sharing knowledge of market trends is a powerful way for our Realtor
members to connect with buyers and sellers.”
A PDF of PowerPoint slides used during the 2012
Real Estate and Economic Forecast Conference is available on the
floridarealtors.org research page.
© 2011 Florida Realtors® |
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76% of owners
still overvalue their home
SEATTLE – Dec. 7, 2011 – HomeGain’s
fourth-quarter survey of 400 real estate agents and brokers and more than
2,000 homeowners shows an increase in the number of sellers who believe
their dwellings are worth more than the listing price recommended by the
agent to 76 percent from 73 percent last year.
About 68 percent of buyers consider homes to be overpriced, and 32 percent
of these respondents estimate that homes are priced more than 10 percent
above actual worth. However, homeowners agree with agents and brokers about
the direction of home prices over the next six months, with declines
predicted by 42 percent of real estate professionals and 37 percent of
homeowners.
The number of agents and brokers anticipating price increases rose to 15
percent from 4 percent in the third quarter; and over the same time span,
the number of homeowners expecting gains climbed to 15 percent from 12
percent.
Source: RISMedia (12/06/11) Cook, Steve |
