Reports are suggesting that the Florida residential real estate market has hit bottom and is beginning to bounce back, which is good news for all Floridians - and once it's clear that Florida homes are steadily selling again with Florida home loans being made to Florida home and condo buyers, then it will be great news.
Right now, here are several news reports pointing to a turnaround in the Florida residential real estate market:
1. Florida Realtors has released its latest reports on the Florida housing market for March 2012, which show not only an upturn in the number of sales (pending) but higher median prices for those Florida homes. From their news release:
“With the continued steep decline of inventory, historically low interest rates and buyers no longer willing to wait on the sidelines, Florida’s real estate market continues on its road to recovery,” says 2012 Florida Realtors President Summer Greene, regional manager of Better Homes and Gardens Real Estate Florida 1st in Fort Lauderdale. “The latest numbers show that pending sales are up almost 30 percent for single-family homes and almost 20 percent for townhomes and condos.”
2. Zillow reports that home prices are rising again in parts of Florida, including specifically Broward County, Miami-Dade County, and Palm Beach County. In their Zillow Home Value Index, statistics are supporting predictions that 2012 will see a steady but slow rise in Florida residential real estate prices.
According to Zillow's study, Florida prices have hit their low and things are looking good for 2012 as the year when Florida home prices began bouncing back.
3. The Orlando Business Journal is reporting that bidding wars are springing up in Central Florida among homebuilders who are fighting for developed lots in the Orlando area. According to the news story, this may not be a battle fought with the same intensity as Florida experienced in its heyday of 2004-2005, but it's a bidding battle nevertheless.
Something we haven't seen in awhile, right? Bid battles for developed lots in Florida, that's a good sign.
More good news from the OBJ: they are reporting that already this year (2012), three Central Florida homebuilders spent $20.8 million on 263 home lots in Orange County.
4. The Federal Reserve has released its April report with encouraging news about financing availability for home loans in Florida and across the country. According to the Federal Reserve report issued yesterday, there is an increase in borrowers wanting prime residential mortgages. This means that banks are expected to start issuing more home loans over the rest of 2012.
Combine these four separate news stories and you'll find hope that Florida residential real estate industry has seen its worst and we're at the brink of a better economy - not just in Florida home building and home sales, but in real estate and other areas of the Florida economy, too.
This article was republished with permission from JDSupra.