Resale properties are expected to increase at a 1.6% rate in 2006 and a 1.7% rate in 2007. 2006 will be the third highest year on record for number of sales, and 2007 levels are expected to match 2006 levels of about 6.47 million homes.
"We now have the most favorable market for home buyers in several years, and most sellers — who’ve been in their home for a normal period of homeownership — are still seeing very healthy returns on their investment. Conditions for buyers have improved because sellers are flexible now and mortgage interest rates are near historic lows. The market promises to be more balanced between buyers and sellers by early spring, supporting future price growth," according to David Lereah, NAR chief economist.
SW Florida real estate sales climate is expected to improve significantly in 2007. We are beginning to see the tell tale signs of buyers realizing now is a good time to enter back in the SW Florida real estate market. We’ll explain those signs in further detail in a future Blog article.