Southwest Florida
Real Estate News
As Realtors®, one of the most important tasks we have is to stay aware of news events which affect the real estate markets. We do this not only because it is important for us to be able to provide quality service to our clients, but also to keep ourselves informed of the type of things which may impact all of us here in Southwest Florida.
Therefore, we are providing the following information to help keep you aware of the local, state and national real estate news which may affect either buyers or sellers of Southwest Florida real estate. And, since these type of news events are constantly changing, we update this information on a regular basis. So, check back often to keep yourself abreast of the latest news for Southwest Florida real estate.
A Few Reasons Why the
SW Florida Real Estate Market May Improve
- With the continued decrease in prices, some by 30% or more, buyers are beginning to find many good deals available.
- Prices should stabilize as surplus inventory is absorbed.
- Developers have cut back the building of new homes in many existing projects or canceled them all together.
- Mortgage rates are declining.
- Anxious sellers are more flexible about terms and are offering many enticements.
Thus, as we move on from here, buyers can look forward to a good "window of opportunity" for purchasing property in Southwest Florida.
Florida Home Sales and Prices
The overall pace of Florida home sales gained momentum in March. Statewide, sales of existing single-family homes totaled 9,930, up 12.3% over February. The statewide existing home median price was $205,100, up 3% over February.
Existing condominium sales also rose in March with a total of 3,207 condos sold statewide for a 16% increase over February. The statewide median sales price for condos was $176,300 up 0.4% over February. While the year over year numbers are still down, the first three months of sales for 2008 clearly indicate the bottom is here for Florida home and condo sales.
Selling Southwest Florida Homes
in Today's Market
- Study the local market and compare other SW Florida homes listing prices to actual sold prices.
- Price your home competitively. If it's overpriced, most buyers will dismiss it and move on to the next one.
- Don't delay. Even if an offer isn't all you hoped for, accepting it can save money in the long run.
- Negotiate. Offer concessions to potential buyers. Make minor repairs. Small expenditures may speed up a SW Florida home sale.
National Home Sales
The National Association of Realtors said the annualized pace of existing home sales fell by 2% in March to 4.93 million. The national median existing-home price for all housing types was $200,700 in March, down 7.7 percent from a year ago. Inventories of homes on the market rose by 1% last month to 4.058 million and represented 9.9 months worth of sales.
Single-family home sales fell 2.7 percent to a rate of 4.35 million in March and are 18.4 percent below the pace of March 2007. The median existing single-family home price was $198,200 in February, down 8.3 percent from a year ago.
Existing condominium and co-op sales rose 3.6 percent to a rate of 580,000 units in March and are 25.5 percent below the level of a year ago. The median existing condo price was $219,400 in March, down 2.8 percent from a year ago.
The Commerce Department reported the annualized pace of housing starts fell by 11.9% last month to 947,000. All regions saw declines and it was the lowest pace in 17 years. Another expected item in the report was the drop of 5.8% in the rate of building permit issuance to 927,000. Its rate was the lowest since April, 1991.
March's new home sales report showed sales fell by 8.5% to 526,000. It was the lowest pace in 17 years. Inventories of newly built houses fell by 0.7% to 468,000 and at this sales pace represented 11 months of supply. The average price of new homes fell by $10,700 to $292,200 and the median price also fell by $16,600 to $227,600.
The seasonally adjusted, annualized index of pending home sales fell by 1.0% in March. On an unadjusted basis, the index was down in March by 21.4% from where it stood a year earlier.
Buying Southwest Florida Homes
in Today's Market
- Get prequalified for your Florida Home Loan. In this way, you'll be able to make a firm commitment to purchase and make the offer more desirable to the seller.
- Stay in close touch with your Realtor® to find out first about new listings that come on the market.
- Be ready to make a decision. Decide in advance the things you must have in your new home.
- Bid competitively. Don't try to go too low and possibly lose your dream home.
- Keep contingencies to a minimum. Restrictions can make your offer unappealing.
- Don't neglect inspections that help ensure your SW Florida Home is sound.
Real Estate Articles
President Bush Signs Foreclosure Tax Relief Bill Into Law...read more
As proud members of the Florida Association of Realtors we are providing the following real estate news articles which should also be of interest to our visitors:
Florida Legislative Update
Florida Real Estate Tax Reform Passes...read more
Questions about the New Tax Amendment? The Florida Department of Revenue (DOR) is the best source for up-to-date information, including documents and forms related to portability, the additional homestead exemption and the tangible personal property tax exemption. Visit the DOR Website
Drama continues for Florida homeowner insurance crisis...read more
Gov. Crist announces launch of new "Government Performace" information website...read more
Around Florida
Florida's Taxation and Budget Reform Commission voted in favor of a new constitutional amendment to decrease property taxes in exchange for higher sales taxes, providing it's approved by 60 percent of voters in November, 2008...read more
The Florida Legislature has fixed its seal of approval on a property insurance bill and sent it to Gov. Crist, who is expected to sign it. Once approved, the new law, among other things, extends a freeze on Citizens rates, helps companies remove policies from Citizens, and requires insurers to pay any undisputed part of an insurance claim within 90 days...read more
To view more Southwest Florida real estate and mortgage related articles, please visit our Southwest Florida Real Estate Blog.
Guest Blogs & Articles
NAR moves to ban Realtors® from using the term "MLS" on their websites, public will be left with only third party vendors and lead sellers when they look for homes using this generic search term...read more
Additional real estate article sites to visit:
