Gainesville FL Real Estate Blog

10 Predictions For 2009 Gainesville Real Estate
2009 is likely to be a year of continuing adjustment to a changing real estate marketplace. The following predictions from HGTV’s FrontDoor.com are relevant to the Gainesville real estate market.

• Sellers will continue to face falling home values in the new year because they’ll be competing with banks and builders who are slashing prices to sell off the still-huge inventory of foreclosures and new homes.

• The Obama administration will act on its plan to crack down on abusive lending practices.

• Mortgage holders in danger of losing their homes will receive more assistance from a variety of programs since the Senate’s Joint Economic Committee has predicted two million foreclosures in 2009.

• Banks’ restructuring should bring increasing calm, making loan modifications and short sales easier to obtain. Eventually this will lead to a decrease in the number of bank-owned properties on the market.

• Mortgage applications will continue to receive a comprehensive review, requiring borrowers to provide extensive income and debt documentation. Those with the best credit will get the best rates.

• The foreclosure crisis has created wiser consumers, with a deeper understanding of real estate, mortgages, and credit enabling better decision-making going forward.

• Green is good with increasing numbers of buyers opting for smaller homes that are within walking distance of school and work.

• Buyers and sellers will be more and more tech savvy, relying on tools like video, webcasts, and mobile search. Consumers and practitioners will benefit from being ahead of the curve.

• Prices will be low as will interest rates, creating great buying opportunities, and likely, inspiring reluctant buyers to make their move.

• The recession will end and buyers will regain confidence in the market.

Learn more about Gaines ville real estate by visiting Gator Homes.com.

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The National Association of Realtors^® has stepped up its challenge to lawmakers encouraging them to take new, decisive actions to address the continuing problems in the housing industry, as well as the ongoing economic crisis.Let’s take a look at the sales statistics for September 2008 to see how the Gainsville FL real estate market looks: 

“Our members see firsthand the impact that an unstable housing market is having on communities all across this great country,” said Richard F. Gaylord, NAR president. “The U.S. Treasury and Congress need to work together to ensure that the American people - not Wall Street and large banks - benefit from the economic recovery plan.”

NAR sent a letter last week to U.S. Treasury Secretary Henry Paulson calling on him to refocus the Federal Housing Finance Agency’s efforts on restoring strength to the mortgage-backed securities market, which would help lower mortgage rates for all home buyers and for those who need to refinance.

Let’s take a look at the Gainesville FL real estate sales statistics for October 2008 to see how the market looks in our area:

The Gainesville FL area single family home sales experienced a 29% decline in new listings in October 2008, when compared against October 2007.  Pending listings were down 40% and the average sales price was down 5% to $215,480 while market times increased by 27 days. 

The Gainesville FL area Condo/TH market saw the average sales price decrease by 5% to $138,249 in October 2008 compared to October 2007.  Likewise, new listings were down 37% and sold listings were down by 55% this October.  Pending sales decreased by 62%, while the average market times increased by 64 days. 

For the latest Gainesville FL real estate sales statistics and market conditions in your area, please call me at 888-424-8841 or visit MyGatorCondo.com.

Pending home sales activity surged as buyers took advantage of low home prices and affordable interest rates, according to the National Association of Realtors^®.

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in August, jumped 7.4 percent to 93.4 from an upwardly revised reading of 87.0 in July, and is 8.8 percent higher than August 2007 when it stood at 85.8. The index is at the highest level since June 2007 when it stood at 101.4.

Lawrence Yun, NAR chief economist, said home buyers were responding to improved affordability. “What we’re seeing is the momentum of people taking advantage of low home prices, with pending home sales up strongly in California, Nevada, Arizona, Florida, Rhode Island and the Washington, D.C., region,” he said. “It’s unclear how much contract activity may be impacted by the credit disruptions on Wall Street, but we’re hopeful most of the increase will translate into closed existing-home sales.”

Let’s take a look at the sales statistics for September 2008 to see how the Gainsville FL real estate market looks: 

The Gainesville FL area single family home sales experienced a 13% decline in new listings in September 2008, when compared against September 2007.  Pending listings were down 11% and sold $208,520 while market times increased by 7 days. 

The Gainesville FL area Condo/TH market saw a  23% drop in pending sales in September 2008, compared to September 2007.  Likewise, new listings were down 41% and sold listings were down by 49% this September.  The average sales price, decreased by 16% to $157,520 while the average market times increased by only 102 days. 

For the latest Gainesville FL real estate market conditions in your area, please call me at 888-424-8841 or visit MyGatorCondo.com.

The level of home sales is expected to show little movement in the months ahead, according to the latest projections by the National Association of Realtors^®.

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in July, fell 3.2 percent to 86.5 from an upwardly revised reading of 89.4 in June, which had risen 5.8 percent from May. The July index remains 6.8 percent below July 2007 when it stood at 92.8.

Lawrence Yun, NAR chief economist, said home sales continue to edge up and down. “Pending home sales are oscillating month-to-month, with the long-term trend essentially flat,” he said. “Overly stringent lending criteria imposed by Fannie Mae and Freddie Mac in the past month no doubt held back contract signings.”

Let’s take a look at the sales statistics for August 2008 to see how the Gainsville FL real estate market looks: 

Gainesville FL Real Estate Sales Statistics:

The Gainesville FL area single family home sales experienced a 41% decline in new listings in August 2008, when compared against August 2007.  Pending listings were down 38% and sold listings were also down, by 26%.  The average sales price dropped 16% to $208,262 while market times increased by 24 days. 

The Gainesville FL area Condo/TH market saw a  32% drop in pending sales in August 2008, compared to August 2007.  Likewise, new listings were down 11% and sold listings were down by 29% this August.  The average sales price, decreased by 12% to $156,922 while the average market times increased by only 10 days. 

For the latest Gainesville FL real estate market conditions in your area, please call me at 888-424-8841 or visit MyGatorCondo.com.

Existing-home sales rose from the first quarter in 13 states, largely from buyers responding to discounted home prices, according to the latest quarterly survey by the National Association of Realtors®. Nearly one-quarter of metropolitan areas showed rising home prices in the second quarter from a year ago, with greatly mixed conditions continuing around the country.

NAR President Richard Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said foreclosures are distorting the price data. “In many areas with large concentrations of foreclosure sales, homes are being purchased below replacement cost values,” Gaylord said. “Many buyers with long-term expectations are getting exceptional value in the current market. Once the inventory is drawn down, price pressure will return because the costs of construction are rising - today’s buyers are very well positioned to build wealth over time.” National Association of Realtors®.

Let’s take a look at the sales statistics for July 2008 to see how the Gainsville FL real estate market looks: 
 
The Gainesville FL area single family home sales experienced a 14% decline in new listings in July 2008, when compared against July 2007.  Pending listings were down 19% and sold listings were also down, by 39%.  The average sales price dropped 9% to $212,683 while market times increased by 22 days.

The Gainesville FL area Condo/TH market saw a more dramatic 63% drop in pending sales in July 2008, compared to July 2007.  Likewise, new listings were down 54% and sold listings were down by 31% this July.  The average sales price, meanwhile remained fairly consistant, while the average market times increased by 25 days. 

Again, as Gaylord said, real estate prices are declining in some areas, even within the same city. 

For the latest Gainesville FL real estate market conditions in your area, please call me at 888-424-8841 or visit MyGatorCondo.com.

You may have heard buzz around the term “universal design” in recent years, but do you know what it is or how it affects the Gainesville real estate and construction markets? 

According to Lowes.com, universal design is the creation of products and environments meant to be usable by all people, to the greatest extent possible, without the need for adaptation or specialization. The intent is to simplify life for everyone by making products, communications and the built environment more usable by as many people as possible at little or no extra cost. Universal Design benefits people of all ages and abilities. 

Think this is some “far out” theory just now working its way into the “modern” world?  Think again:  if you’ve ever walked through an automatic door, you’ve experienced a version of Universal Design.   Likewise, a ramp or curb cut is just as welcome to someone with a baby stroller as it is to someone in a wheelchair.

Universal Design has become a hot topic in the Gainesville real estate market as more residents are retiring and making the decision to “age in place,” as opposed to moving into assisted living facilities.  As we discussed previously, this aging generation is already driving the design of new products for the home that will affect real estate in the future.  Even if you are not part of the “mature” population, however, Universal Design should be important to you.  If you are planning to build or renovate, keep in mind the principles of Universal Design and know that it’s more cost effective to add many Universal Design features during the planning stage. There are a number of design features that can be built for little or no cost. Their addition at the beginning saves the need for future retrofits.

Some examples of Universal Design features include:

Lighting
Additional task lighting is needed for “older” eyes.
Added lighting is also advised in areas to increase safety, such as for stairs.
Kitchens
Push/pull lever faucets for those with limited hand strength or dexterity.
Side-by-side refrigerators.
Doors
Leverset entry or interior door hardware.
Wide swing hinges allow use of the entire doorway.
Baths
Roll-in showers.
Add reinforcement into the wall substructure now in the event the addition of grab bars is needed later.

To learn more about trends in the Gainesville real estate market, please call me at 888-424-8841 or visit GatorHomes.com. 

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If you are in the market for Gainesville FL real estate, you probably have a good idea of the general range you can expect to spend on a home.  So you might be surprised when a great-looking home shows up on the MLS with what seems like a shockingly low price tag attached.  The extra-low price seems too good to be true and – most of the time – it is. 

It is likely that the price you are seeing does not represent the actual asking price of the property; rather, in most cases it is likely a property that is in “pre-foreclosure” and the amount listed actually represents the balance of the defaulted loan, or the amount the current owner is in arrears.  Below is an excerpt from an article I found at Inman News that does a great job explaining how these properties end up on MLS search engines, and what you can do to spot them:

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A modest gain in the level of Gainsville real estate sales is possible over the next couple months, and an improvement is forecast for the second half of this year as more buyers are able to access affordable mortgages, according to the latest forecast by the National Association of Realtors^®. 

The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in April, rose 6.3 percent to 88.2 from a reading of 83.0 in March. It’s the highest index since last October, but remains 13.1 percent lower than April 2007 when it stood at 101.5.

Lawrence Yun, NAR chief economist, said pending sales contracts have picked up notably in areas undergoing significant price drops. “Bargain hunters have entered the market en masse, especially in areas that have experienced double-digit price declines, but it’s unclear if they are investors or owner-occupants,” he said. 

Let’s take a look at the May sales statistics to see how things are looking in the Gainsville real estate market: 

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