Gainesville FL Real Estate Blog

The 2011 real estate market forecast depends on who you talk to. There are conflicting signs but most experts predict a slow growth in sales nationwide. Real estate guru Barbara Corcoran has this to say about buying a home in 2011:

“Of course people are nervous about buying with so many mixed signals, but my advice would be: Do not wait. If there’s one thing I learned about this real estate is that it’s very slow to unwind and usually takes years to do it. But once it decides to turn around, those prices move up very quickly, and you’ll just be joining every Tom, Dick and Harry bidding on the same house. If you have an inclination to move, you’ll get no better time than now, with cheap money, cheap prices and an embarrassment of riches to choose from. Why wouldn’t you buy now if you were so inclined? The only thing you need is a little courage.”

Let’s compare December 2010 to December 2009 real estate statistics to see what improvement has taken place in our local market.

The Gainesville FL area single family home sales saw pending sales increase by 9% in December 2010, when compared against December 2009.  New listings decreased by 6% and sold listing increased by 4%.  The average sales price decreased by 11% to $173,848, while market times increased by 49 days.

The Gainesville FL area Condo/Townhome market saw pending sales increase by 55% in December 2010 when compared to December 2009.  Sold listings increased by 41%, and new listings decreased by 24% in December 2010.  The average sales price decreased by 29% to $85,514 when compared to December 2009, while the average market times increased by 24 days. 

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

Once again the mortgage interest deduction (MID) is under attack as the Deficit Reduction Commission has recommended modification of this deduction. The tax deductibility of interest paid on mortgages is a powerful incentive for home ownership and has been one of the simplest provisions in the federal tax code for more than 80 years. In a new survey commissioned by the National Association of Realtors@ and conducted online in October 2010 by Harris Interactive of nearly 3,000 homeowners and renters, nearly three-fourths of homeowners and two-thirds of renters said the mortgage interest deduction was extremely or very important to them.

Recent progress has been made in bringing stability to the housing market and any changes to the MID now or in the future could critically erode home prices and the value of homes by as much as 15 percent. This would negatively impact home ownership for millions of Americans, including those who own their homes outright and have no mortgage. Any further downward pressure on home prices will hamper the economic recovery, raise foreclosures and hurt banks’ abilities to lend and likely tip the economy into another recession resulting in further job losses for the country. It will effectively close the door on the American dream.

The National Association of Realtors urges you to please make a quick call to your senator’s office today to ask him or her to defend the MID from any cuts or reduction as outlined in the Deficit Commission Report released last week.

Now let’s take a look at November home sales in Gainesville FL.

The Gainesville FL area single family home sales saw pending sales increase by 24% in November 2010, when compared against November 2009.  New listings decreased by 12% and sold listing decreased by 23%.  The average sales price decreased by 3% to $180,84, while market times increased by 16 days.

The Gainesville FL area Condo/Townhome market saw pending sales increase by 55% in November 2010 when compared to November 2009.  Sold listings increased by 45%, and new listings increased by 12% in November 2010.  The average sales price decreased by 19% to $89,176 when compared to November 2009, while the average market times increased by 54 days. 

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

Despite economic uncertainty, 68 percent of those surveyed in the 2010 National Housing Pulse Survey, conducted by the National Association of Realtors, still believe now is a good time to buy a home; while that number is down from last year (75 percent), it’s up from 2008 (66 percent) and 2007 (59 percent). Lower home prices and record-low mortgage interest rates are attracting buyers to the housing market – more than one-fourth of renters said they are thinking more about buying a home than they were a year ago. Sixty-three percent of renter respondents said that owning a home is a priority in their future, and nearly 40 percent said it was one of their highest priorities.

Americans are seeing more stability in the real estate market. Nearly seven out of 10 believe that home values have stabilized in their area; the same number expects home sales to remain about the same through the end of the year.

While nearly seven out of 10 say it’s harder to sell a home in their area today than it was a year ago, it’s less of a concern from last year when the number was 10 percentage points higher. This is most likely the result of lower home inventories.

Take a look at how the Gainesville FL real estate market fared in September.

The Gainesville FL area single family home sales saw sold listings decrease by 8% in September 2010, when compared against September 2009.  New listings saw an decreased by 15%.  Pending sales saw a 3% decrease and the average sales price decreased by 8% to $169,446, while market times increased by 5 days.

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Home sales will remain soft in the months ahead, but improved affordability conditions should help with a recovery, according to the National Association of Realtors. The recovery looks to be a long process with job numbers being lower than expected in the last couple of months. However, affordability could reach a generational high in the second half of this year because of rock-bottom mortgage interest rates. The loan underwriting standards are tighter, but home buyers can improve their chances of getting a loan by staying well within their budget.

Take a look at how the Gainesville FL real estate market fared in August.

The Gainesville FL area single family home sales saw sold listings decrease by 11% in August 2010, when compared against August 2009.  New listings saw an decreased by 14%.  Pending sales saw a 2% decrease and the average sales price decreased by 4% to $191,668, while market times increased by13 days.

The Gainesville FL area Condo/Townhome market saw pending sales decrease by 28% in August 2010 when compared to August 2009.  While new listings were down by 8% and sold listings decreased by 2% in August 2010.  The average sales price decreased by 25% to $91,599 when compared to August 2009, while the average market times decreased by 50 days. 

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

Pending home sales have risen for three consecutive months, reflecting the broad impact of the home buyer tax credit and favorable housing affordability conditions, according to the National Association of Realtors®.

The Pending Home Sales Index rose 6.0 percent to 110.9 based on sales contracts signed in April. This figure is up from 104.6 in March, and is 22.4 percent higher than April 2009 when it was 90.6 and reflects increases of 7.1 percent in March and 8.3 percent in February.

Pending home sales are at the highest level since last October when the index reached 112.4 and first-time buyers were rushing to beat the initial deadline for the tax credit. The data reflects sales contracts and not closings, which usually occur with a lag time of one or two months.

Lets look at May real estate sales to see how the housing recovery is progressing in Gainesville FL.

Gainesville FL Real Estate Sales Statistics May 2010

The Gainesville FL area single family home sales saw sold listings increase by 17% in May 2010, when compared against May 2009.  New listings saw an increase of 13%.  Pending sales saw a 20% decrease and the average sales price decreased by 7% to $183,049, while market times increased by 29 days.

The Gainesville FL area Condo/Townhome market saw the average sales price increase by 24% to $101,785 in May 2010 when compared to May 2009.  While new listings were up by 11% and sold listings increased by 15% in May 2010.  Pending sales decreased by 9% when compared to May 2009, while the average market times decrease by 4 days. 

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

Owning a home is its own reward, but home ownership can also bring rewards at tax time. This year is especially beneficial for people who are in the market to buy a home, thanks to the $8,000 first-time buyer credit and the $6,500 tax credit for repeat buyers.

Current homeowners can benefit, as well. Tax credits are available for owners who improve the energy efficiency of their home, including replacing exterior windows, skylights and doors and installing efficient heating and air conditioning systems. Certain home improvements may qualify for as much as 30 percent of the project cost, up to $1,500.

Homeowners also enjoy a mortgage interest deduction; allowing them to deduct all the interest paid on up to $1 million in mortgage debt. If you bought a home in the past year, be sure to provide a copy of your HUD-1 statement to your tax preparer. The interest you paid at closing is not reflected in your year-end mortgage statement. Points and other closing costs may also be tax deductible.

Lets look at Gainesville FL real estate sales for February to see how the housing recovery is progressing:

The Gainesville FL real estate (single family) sales saw sold listings remain consistent in February 2010, when compared against February 2009.  New listings saw an increase of 18%.  Pending sales saw a 22% increase and the average sales price increased by 10% to $175,150, while market times increased by 23 days.

The Gainesville FL area Condo/Townhome market saw the average sales price decreased by 37% to $84,743 in February 2010 compared to February 2009.  While new listings were up 19% and sold listings increased by 32% in February 2010.  Pending sales increased by 34% when compared to February 2009, while the average market times increased by 48 days. 

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