Ocala Real Estate Blog

I have! I am seasoned enough to have seen problems in the past. Building in the early 80's came to a stop, I drove past partially completed multi-family communities for several years.  Then it all slowed down again with uncertainty in 1991.  Then again in 2001.  We know.  But, the demand for housing will return.  Are you ready now to take advantage of great rock bottom prices before the appreciation starts again.  Who knows when that will be.  It's all relative.  I just finished reading an article written in 1974 reflecting on the 30's and 40's.  Wow!  How will the future generations look at how we came out of our deep recession. 

Download the artilce here, Successfull Selling Against the Tide.pdf read it  and pass it own,  we are getting better all the time.

Clifford (not the big red dog) Wilson

This should be the year that there are more first time home buyers than ever before.  In 2009 there were nearly 1.7 million first time buyers.  This year, 2010, there may be nearly 1.95 million first time home buyers. 

But, what will that mean for them, possible problems.  I have seen a lot of potential issues. 

Be sure to get a real estate professional to help you.  be willing to spend a little on a good inspection, an attorney to handle the closing, pay for your own appraisal before you get into the process, make sure you have a survey completed. 

Yes, this will cost you up front, but, it could save you a lot more in the long run. Remember,the $8,000 credit will go a long way to cover these few costs.

Clifford (not the big red dog) Wilson

"The country needs 1.2 million new units for the next 10 years just because of population growth," says Scott Clark, president of American Development Partners, which has bought thousands of vacant lots all over the West. "[U.S. builders] built about 500,000 units in 2009 and 600,000 units in 2008, so there eventually will be pent-up demand. Source: Inman News, Steve Bergsman (02/12/2010)

I have watched building start statistics for 30 years, this will begin to play a major role in the housing market soon.  The cost of land, which includes platted homesites, commercial multifamily locations and now, new on the market, completed communities with everything in place, will be a major investment opporrtunity for someone investing for the long run.

Cliff Wilson

Some home builders are beginning speculative construction to attract last-minute home buyers who want to tap a soon-to-expire tax credit.

This move is risky. Builders could be saddled with unsold homes that will require heavy discounting to sell, hurting profits and slowing the housing recovery. But , as they say all real estate is local.  In communities where the vacant inventory or homes on the market are low in number, this may work.  Very few people can obtain construction loans.  New homes may also continue to lose market share to lower-priced foreclosed houses. Indeed, some economists expect an avalanche of foreclosures in the months ahead as lenders release homes they have been keeping off the market.

Only time will tell if these moves are prudent.

Many of you may be seeing numbers and are still wondering what is happening.  I cannot predict the future, I can just give you the score. As a  appraiser friends reminds me, they are just score keepers.  So here you go:

Florida existing home sales up 33%

Marion Co home sales up 79%,  we are talking frequency here, just the number of sales.  Now for the other side of the coin:

Florida median sale price $140,400. down 10% from previous year

Marion Co median home price $94,200. down 22% from previous year.

The real news is it won't stay like this forever.  Marion County home have historically been some of the lowest in the state, mostly because of the land prices. The past year has been because of the inventory.  Many neighborhoods have very few homes for sale. We are at a turning point.  I cannot predict the future.  For those of you that can, give us your input.

Sincerely:

Cliff Wilson