I know you have seen the headlines:
'Real Estate Prices in Florida Have Hit Bottom!'
'Home Prices Fall Over 50%!'
'Mortgage Rates at an All Time Low!'
'Strong Buyer's Market, Buy Now!'
Now is the time to buy! Don't wait until everyone else gets back into the market. The smart investors are buying now!
A look back at history says it all.If you look at the data of the previous Daytona Beach Area real estate recessions, there has never been a time when prices fell so low and mortgage rates were at all time lows together. In the recessions of the past prices dropped but mortgage rates were almost always high, even in the 15% - 18% range.Mortgage rates are in the 2.5% - 4 % range now.
People are into bad times right now. Foreclosures and short sales are at an all time high.It is unfortunate that people are losing their homes. Their loss is your gain.8 times more millionaires are made in a recession than a strong economy. Banks are not in the market to hold real estate. Banks must sell the properties they take back in foreclosure.
The government realizes the importance of the effect of the real estate market on the economy. Real Estate drives so much of the economy. It goes far beyond the sale of homes. It affects all of the building trades, building materials, home improvement stores, transportation industry, the financial sector and on and on. It is crucial that they stimulate the real estate market by easing up the ability to borrow money and offering incentives such as the $8,000 first time home buyer incentives.
Home prices are starting to rebound. Don't wait until they increase again. Take advantage of this opportunity now before it's too late.