The Perfect Real Estate Storm…for Buyers : Palm Beach Gardens Foreclosures

by Rodney Forbes on August 25, 2009

The Perfect Storm

With all the rain we’ve had in south Florida over the last week (I can’t believe it either) I’m reminded of the movie “The Perfect Storm” with George Clooney.

Once every 20 or 30 years a series of weather events combine to create “the perfect storm”. You know the movie. Unfortunately, this perfect storm didn’t work out so well for George Clooney and his crew.

The current real estate market in south Florida and the national economy in general has created our own version of a “perfect real estate storm”. If you are a buyer or potential buyer of real estate in the south Florida area the conditions may never be better for you.

Here are the current market conditions as I see them (at least in my area of southeast Florida:

  1. Average home prices are at 2003-2004 levels
  2. Long term fixed rate mortgage rates are around 5% (historic lows)
  3. The government is doing everything it can to rebound the economy, starting with the real estate market
  4. $8000 First Time Home Buyer tax credit continues to draw in buyers
  5. The first group of baby boomers are retiring. The top choice of places to retire is still Florida
  6. Florida has no state income tax.

These and other factors will continue to move the real estate market. How long will it take for the real estate market to really improve? Who knows, but my guess is Florida, especially south Florida will lead the country in the real estate recovery. Smart buyers may very well look back years from now and remember this time as the perfect real estate storm, and a good one!

If you are interested in buying or selling a home in the Palm Beach County area, specifically Palm Beach Gardens, Jupiter and West Palm Beach, please visit my Forbes Realty website. For frequently updated information on foreclosures, short sales, real estate news and market conditions visit my South Florida Real Estate Report blog. There are many free reports as well as free access to MLS listed properties. You can also call 561-337-4810.

 

Rodney Forbes is a licensed Realtor®, certified short sale/REO specialist and broker for Forbes Realty of South Florida Inc.

 

Originally posted on May 22, 2009, this scenario is more real now. As a matter of fact, when I first wrote this piece, many people thought I was crazy!

Posted via web from rodneyforbes’s posterous

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