Tampa Area Housing Recovery Predicted for Second Half of 2008
It is his opinion that recovery should begin after August of this year. Though we hear doom-and-gloom on the television, Yun said there are several indicators that could be omens of better days to come.
1. It appears that the worst may have already passed us in the Tampa area.
2. There are many qualified home buyers who have been sitting on the fence for a long time and there is increased pressure for them to make a move in the future. Fears that mortgage rates and home prices could rise may push them off that fence.
3. Risky loan products are now being replaced by safer lending products.
4. Mortgage rates remain at historically low levels.
5. Housing starts are way down and this allows stale inventory to disappear, thus creating greater demand in the coming months and next year.
For those of us who have been around a while, we know that our current situation is not all doom and gloom. We are not in the boom of a couple of years ago, but we are not doing all that badly. Do any of you remember back in the late 70's and early 80's when mortgage interest rates were nearly 20%??
I will close on 3 homes next week. Sellers are selling and buyers are buying. The important thing is that buyers and sellers see our current situation in realistic terms and not dwell on the minuses. There are some, but there are lots of great plusses too. Like low interest rates, low home prices which translate into lower property taxes and lower insurance rates. More homes to choose from so sellers will negotiate.
It will be interesting to see if Mr. Yun's forecast comes true. I for one am optimistic!
For more information or questions about this topic please call me at: 813-783-4444 or e-mail me at: jelwell1@tampabay.rr.com
I also invite you to visit my my website where I think you will find a lot of useful information. To get there just click on the following link: www.jelwell.century21bnr.com
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