Here’s something we can all be cheer about – Florida home sales are up and have been increasing steadily each month for the past 15 months!
2009 Florida Realtors President Cynthia Shelton states that, “Housing affordability is at its peak and the highest on record: Along with still-low mortgage rates, it means that the buying power of a typical family has never been better.” Interest rates for a 30-year fixed-rate mortgage averaged 4.88 percent last month, a significant drop from the average rate of 6.09 percent in November 2008, according to Freddie Mac. Becoming a homeowner is now easier than ever!
The news is not only good for buyers, but also sellers are finding it a good opportunity as the market is beginning to balance.
The National Association of Realtors® (NAR) says that there is definitely an upswing happening in the industry. Lawrence Yun, NAR chief economist, said “We should reach self-sustaining housing conditions and firming home prices in most areas around the middle of 2010. That would mean broad wealth stabilization for the vast number of middle-class families.”
Let’s take a look at some examples in Florida:
For the second month in a row, all of Florida’s metropolitan statistical areas (MSAs) reported increased existing home sales and higher condo sales in November.
Existing home sales rose 61 percent last month with a total of 14,026 homes sold statewide compared to 8,694 homes sold in November 2008.
In Florida’s year-to-year comparison for condos, 4,889 units sold statewide last month compared to 2,320 units in November 2008 for an increase of 111 percent! That’s incredible!
We are beginning what looks like a stellar year in Florida real estate, and Carlos German and Team can help you enjoy the benefits!