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Sunday, January 18, 2009

2009 real estate market


Wondering where the real estate market is going in 2009? The 4th quarter last year was again a VERY slow quarter. Real estate in November and December are typically slow months but add on that the uncertainty in the market and this makes it even worse. In real estate we look at our Spring market starting the end of January, it never fails the evening or morning after the Super Bowl I have a few good buyers ready to purchase.

Early returns going into January are mixed but this is normal. With the web exposure of 22 real estate related website sites TeamConnect gets a good pulse of what kind of activity there is in Central Florida's real estate market. This plus working the real estate business 24/7 with friends and family you can ALMOST feel changes in the market.

Consumers interested in purchasing is very high but they also have that uncertainty in the economy and housing market. Once this bubble bursts (consumer confidence) you will see activity pick up. Home prices are getting close to bottoming out, 8 out of 10 seller listing appointments I go on say the reason for moving are because they want to purchase and see the great deals. Areas that most likely come back first are areas and communities that were sought out before the down turn, Dr. Phillips, Windermere, Lake Nona, Winter Park are a few that fall into that category.

What we're really waiting on is the lending institutions starting to lend again. Banks need to lend money so that people will have more confidence in the economy, otherwise everyone will continue to hold on to their cash. If banks are not lending it makes everyone's cash more valuable.

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