Frankly Speaking Blog

Market Trends Suggest Sun Shining on Florida

April 29th, 2009 11:57 PM by Frank Ferrell

What’s the latest in real estate market trends? Well, last month our home sales in Florida increased for the 7th consecutive month in a month-to-month comparison to last year. Sales also increased 30% over February’s sales in existing home (and condo) markets.  Is this the beginnings of a turnaround?  Could be, but one thing's for sure--it's a noticeable improvement.

Our median home sales price for existing homes in March was about $140,000, which is 30% less than 2008. But not because of widespread values dropping. Actually, much of this is due to many discounted sales, including many foreclosure sales. Most first-time home buyers have been going after bargain properties (distressed property sales), which have accounted for almost 50% of all sales transactions. And there are still many deals to be had. I come across them daily in my property searches.

Interest rates are excellent! A 30-year fixed-rate mortgage averaged 5% in March. This, however, will not last—it never does. Take advantage of this while the time is right, whether you’re buying a home or refinancing your existing mortgage.
Posted in:General
Posted by Frank Ferrell on April 29th, 2009 11:57 PM

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