Most Real Estate agents will tell you that they are glad to see 2008 pass. I however am not one of them. I feel that 2008 was a very pivotal year in the Real Estate market. We have home prices and interest rates at historic lows, plenty of Bank foreclosures for buyers to choose from, and a good economy here in Central Florida. So why would we want to see this market pass us by?? For buyers looking for fantastic deals now is the time. The past 3 months have shown double digit sales increases of existing home sales. This is a strong signal that our market is beginning to turn.
Another sign that the market is changing is Bank foreclosure properties are spending less time on the market. This number indicates that Buyers are coming back into the market and that prices are at a point that most feel are at the bottom.
So why would we want to see 2009 when 2008 is a great year to buy homes? Im sure there will still be plenty of foreclosure deals well into 2009 and even into 2010 but as inventory of these homes begin to thin and the best homes get purchased there will be less and less to chose from. Some of the best properties are out there now at fantastic prices. Take the lead of all the investors who are purchasing foreclosure homes. Many of these investors have waited just for this exact market to add homes to their portfolios. The smart investor knows that this is the right climate to start buying homes again.
So if you are still sitting on the fence hoping that 2009 will be a better year, just remember that 2008 was a great year to buy and when the Real Estate pendulum swings back, you don’t want to say “I wish I would have bought a home in 2008”.