FL Population Declines by 58,000 People
Since World War II Florida population has seen year-over-year growth and with some years rapid growth. During the real estate boom Florida had an influx of 1,000 people per day. However, a report come out today annoucing that Florida population has actually shrunk by 58,000 people over the past 12 months, in other words, we are loosing 158 people per day. This affects not just real estate but every facit of our ecomony. Job losses is a major contributor to this, but also public policy has been sited a factor as well.
Number of Daytona Beach Residential Sales Up 4 Months in a Row!!!
It's been quite some time since I've posted to my blog because I've been so busy with showing and writing contracts. YEAH! As they say, if you throw enough jello against the wall...something is bound to stick...lol.
So, the number of residential sale in Daytona Beach, FL for April 2009 rose by 11% over April 2008. This is 4 consecutive months in a row. As a matter of fact, the Daytona Beach MLS inventory for residential properties have fallen another 100 properties to 5,323 as of May 3rd, 2009. These are all signs that the market is picking back up, but it doesn’t mean we’ve hit the bottom.
For those buyers out there still on the fence asking "have we hit the bottom yet?", I would tell you that this data, although encouraging, is still inconclusive of reaching the bottom. One thing I do know, is that interest rates will not remain at these lows for too much longer. There’s much talk about not just inflation but hyper inflation (double digit inflation). The only way to curve that is to raise rates. So, buyers that will need financing to purchase a residential property you might want to consider pulling the trigger sooner than later. Those of you that are Cash buyers, you have the flexibility to know when to “hold’em” and be patient for the perfect buy.
For those sellers out there holding out for the best possible price, know that although the data is showing signs of recovery, there are other national indicators that are showing signs that we are still going to be in this for the long hall. Many of the top financial analyst foresee the large banking institutions to be under capitalized which would create losses in the remaining quarters of 2009. I believe, based on what I’m seeing with loans, that banks will be forced to contract even further on credit and new home loans. I don’t believe we’ve seen the worst of these financial issues. We will most likely see further foreclosures and inventory remain fairly constant. Although we’ve seen a drop in the Local Daytona Beach market, I believe it isn’t a significant enough of a drop to waive the “checkered flag” and say the market contraction is over.
Only time will tell where this will end, but I can tell you…if you look hard enough there’s always great buys!
So, the number of residential sale in Daytona Beach, FL for April 2009 rose by 11% over April 2008. This is 4 consecutive months in a row. As a matter of fact, the Daytona Beach MLS inventory for residential properties have fallen another 100 properties to 5,323 as of May 3rd, 2009. These are all signs that the market is picking back up, but it doesn’t mean we’ve hit the bottom.
For those buyers out there still on the fence asking "have we hit the bottom yet?", I would tell you that this data, although encouraging, is still inconclusive of reaching the bottom. One thing I do know, is that interest rates will not remain at these lows for too much longer. There’s much talk about not just inflation but hyper inflation (double digit inflation). The only way to curve that is to raise rates. So, buyers that will need financing to purchase a residential property you might want to consider pulling the trigger sooner than later. Those of you that are Cash buyers, you have the flexibility to know when to “hold’em” and be patient for the perfect buy.
For those sellers out there holding out for the best possible price, know that although the data is showing signs of recovery, there are other national indicators that are showing signs that we are still going to be in this for the long hall. Many of the top financial analyst foresee the large banking institutions to be under capitalized which would create losses in the remaining quarters of 2009. I believe, based on what I’m seeing with loans, that banks will be forced to contract even further on credit and new home loans. I don’t believe we’ve seen the worst of these financial issues. We will most likely see further foreclosures and inventory remain fairly constant. Although we’ve seen a drop in the Local Daytona Beach market, I believe it isn’t a significant enough of a drop to waive the “checkered flag” and say the market contraction is over.
Only time will tell where this will end, but I can tell you…if you look hard enough there’s always great buys!
Daytona Beach MLS - Chris Johnson - April 10th, 2009
It's been a couple weeks since I've updated everyone on the Daytona Beach MLS inventory mainly b/c I've been out showing property so much lately! It feels good to have the activity back in the market, but it sure is keeping me busy!
Daytona Multiple Listing Service (MLS) inventory level for Residential properties has been on a steady decrease for the past two weeks. In the middle of March 2009 residential real estate listings for Daytona MLS were 5,677. Today residential inventory level is at 5,483. This is a decrease of almost 200 residential properties.
In March 2009 there were 214 single family home sales and 288 residential properties sold (which includes single family homes.
I posted these findings to my website this week...
Single Family Home Sales In Daytona Beach MLS See Positive Gains It is interesting to note that over the past 3 months (Dec 2008 through March 2009) Single Family Home sales in Daytona Beach, FL have increase substainally over the previous year.
December 2008 Single Family Home Sales In Daytona Beach MLS increase +13% over 2007
January 2009 Single Family Home sales In Daytona Beach MLS increeased +35% over 2008.
February 2009 Single Family Home sales in Daytona Beach MLS increased +45% over 2008.
March 2009 Single Family Home sales in Daytona Beach MLS increased +31% over 2008.
Daytona Multiple Listing Service (MLS) inventory level for Residential properties has been on a steady decrease for the past two weeks. In the middle of March 2009 residential real estate listings for Daytona MLS were 5,677. Today residential inventory level is at 5,483. This is a decrease of almost 200 residential properties.
In March 2009 there were 214 single family home sales and 288 residential properties sold (which includes single family homes.
I posted these findings to my website this week...
Single Family Home Sales In Daytona Beach MLS See Positive Gains It is interesting to note that over the past 3 months (Dec 2008 through March 2009) Single Family Home sales in Daytona Beach, FL have increase substainally over the previous year.
December 2008 Single Family Home Sales In Daytona Beach MLS increase +13% over 2007
January 2009 Single Family Home sales In Daytona Beach MLS increeased +35% over 2008.
February 2009 Single Family Home sales in Daytona Beach MLS increased +45% over 2008.
March 2009 Single Family Home sales in Daytona Beach MLS increased +31% over 2008.
Fed to Buy Up US Treasury Bills - www.ChrisThePro.com
In an effort curve further contractings in US economy the Federal Reserve decided to buy up nearly $2 Trillion of non-traditional assetts while leaving key interest rates low.
"Job losses, declining equity and housing wealth and tight credit conditions have weighed on consumer sentiment and spending," the Fed's monetary-policy committee said this afternoon in announcing its move.
Now the Fed previously stated it planed to buy just $600 Billion in mortgage bonds, U.S. Treasury Bonds and other securities on the open market, but is now planning closer to tripple that amount at $1.75 Trillion.
So, how does this affect housing? In the short run...offen these policies impact mortgage rates causing them to lower. In this case...rates should be back a records lows. Experts are saying this could lower 30 year mortgage rates as low as .25 %.
"Job losses, declining equity and housing wealth and tight credit conditions have weighed on consumer sentiment and spending," the Fed's monetary-policy committee said this afternoon in announcing its move.
Now the Fed previously stated it planed to buy just $600 Billion in mortgage bonds, U.S. Treasury Bonds and other securities on the open market, but is now planning closer to tripple that amount at $1.75 Trillion.
So, how does this affect housing? In the short run...offen these policies impact mortgage rates causing them to lower. In this case...rates should be back a records lows. Experts are saying this could lower 30 year mortgage rates as low as .25 %.
Daytona Beach, FL Multiple Listing Service - March 16th
Daytona Multiple Listing Service (MLS) inventory level for Residential properties remained flat between week ending March 7th to March 16th. This morning Daytona Beach MLS reports to have 5,628 residential real estate listings. This is up 2 properties from 10 days ago.
So Far in March 2009 there have been 81 single family home sales and 106 total residential properties sold (which includes single family homes, condos, town homes and mobil ).
So Far in March 2009 there have been 81 single family home sales and 106 total residential properties sold (which includes single family homes, condos, town homes and mobil ).
Must See Video: Jonathan Jarvis’ The Crisis of Credit Visualized
BIG Thanks to LT...I've got a better understanding of why we are in the mess we are in after watching this Must See Video..
The Crisis of Credit Visualized from Jonathan Jarvis on Vimeo.
For other information, please visit my blog at http://christhepro.blogspot.com/
US New Home Construction - Chris Johnson - Daytona Beach - Port Orange - Ormond Beach
I heard a report this morning that new home construction has slowed for the 35th consecutive month. This is a record low since 1959. This has forced home builders nationwide to have scaled back employees, operations and many have file bankruptcy.
I heard another statistic that said if Americans do not build another residential property we would have enough property to house US population with future growth for the next 10 years.
For Daytona Beach, we can expect higher number of foreclosures and lower median homes prices for at least 12-18months.
I heard another statistic that said if Americans do not build another residential property we would have enough property to house US population with future growth for the next 10 years.
For Daytona Beach, we can expect higher number of foreclosures and lower median homes prices for at least 12-18months.
Subscribe to:
Posts (Atom)
