CitrusSold.com

I’m here at an open house today with some activity - three potential buyers so far in a 2 hour timeblock.  This along with a climbing count of the number of pending homes, suggests that the market is improving slightly during the month of February.  The stimulus package should be signed by Monday with some possible help for first time home buyers.  Interest rates have continued to stay close to historic lows.  For those who are able to buy a home without first selling another home, this market provides wonderful selection and attractive prices.

Here in Florida we are glad to have the snowbird crowd here with us.  They are out looking and considering retirement options that are available.  In all, some encouraging signs…

The market at the end of January shows some encouraging trends.  102 single family homes closed during the month, up almost 20% from 86 homes that closed last January.  Lower mortgage rates and lower home prices both may be contributing factors for this increase.

Currently it seems like a great time to buy a home and get an extremely good deal.  There are some short sales and foreclosures in the Citrus County market (in January a little over 30% of sales).  Some of these are great deals, and the net effect is that other homes marketed in the county have also come down substantially in price.

Where are we headed from here?  This market has already dropped about 40% from the peak prices in the fall of 2005.  All indications are that we should have reached a bottom.  Expansion and repair plans by Progress Energy suggest some relief for the local job market.  The new construction market remains very soft.  If this market would experience some relief, the local economy would probably be in fairly good shape.

There is reason, at this point to be optimistic about 2009.