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The news media is giving us some signs of hope that we’ve reached the bottom of the housing decline, though each writer gives a bit of a different spin. On the Pinellas County front, the number of single family home sales (meaning actually closed) has increased each month since January. February and April both showed increases in condo sales as well. Single family homes and condos have each shown less listings each month since January – though we still have the “hidden” inventory I’ve written about before.
The average home price has dropped 20% since last April, but that doesn't mean that the price of a particular home has fallen that far - the average also reflects that most people can't afford as expensive a home this year as last so there are more lower prices used in computing the average. The average condo price on the other hand has increased 12% since last year. And averages are contrived numbers - the situation varies by neighborhood and by condo building.
For the last month The Simms Team has had more showings and several times Rob, Tami and I have all been out at the same time with clients. We've written offers, and had some accepted, and had two closings already this week. Our office also had a good month in April, and it's nice to see more closings on the Contract board than the Listing board.
There's no right answer for "everyone". If you're going to own a residence for at least a few years, or are looking for a second or retirement home that you intend to keep for a while, it's probably a good time to buy. If you need positive cash flow after putting 20% down or will want/need to sell in a year or two, it's probably not a good time to buy. Please remember two things:1. You'll only know the market has hit absolute bottom after it's no longer the bottom and if you wait for the news and "everyone" to say it's bottom, it's too late.
2. A home is primarily where you live! It's about lifestyle, enjoyment, and having a home base. It's not just a speculative investment and it's not an ATM machine.
