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Monday, May 19, 2008

2008 Economic Report-Tampa Real Estate Housing Market

Dr. Lawrence Yun, NAR Chief Economist gave a speech last week at the Greater Tampa Association of Realtors in Tampa. Myself, along with 200 other Real Estate agents attended the informative lecture.

His main focus was to let Realtors know to inform clients that our Tampa Real Estate Market is NOT the same as the National Market. National figures and statistics are much different. He emphasized the importance of buyers and sellers to contact an agent who can provide detailed information for specific neighborhoods, and to compare sold, list pricing and days on market on each community.

For instance, a home located in the Hyde Park area may not be the same as a home in Westchase, or Seminole Heights for many different reasons. We factor in Days on Market, How much inventory is available and what homes are actually selling for. You've heard the saying "location is everything"?

When you are starting your search, a Realtor can be an invaluable asset in being able to differentiate what the best price to list your home for based on these numbers. The same applies to purchasing.

I personally have seen an increase in buyer activity over the last 6 months. Dr. Lawrence Yun confirmed this by projecting the 2nd half of this year to see a decrease in inventory and an increase in buyers who have been "sitting on the fence" to move forward in making their home buying decisions.

Yun also stated that FL, AZ, NV & CA saw the biggest boom and are now experiencing the largest decline. This is why we are one of the Best Places to Buy Real Estate! The bottom is here.

The media met with him afterwards. FAR Early Bird picked up the Tribune article CLICK HERE and the Times article is HERE When meeting with the media, Dr. Yun said that 20% appreciation would be conservative in the next five years in Tampa Bay and should actually be significantly higher...another reason to buy now on the low side. He also said that Tampa, like San Francisco, would be a “superstar city”. He went on to say this is an anomaly that economists can’t explain, but being surrounded by water was part of the drawing power. This corresponds to what I heard Dave Ramsey say on CNN’s Larry King Live...that “people buying real estate now in Tampa Bay would look like geniuses five years from now”.

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Rae Catanese and Michelle Jordan

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