Experts Say the Florida Real Estate Market Will Turn Around in 2008

Throughout the course of 2007, there have been innumerable news reports detailing problems involving the Florida real estate market. For example, the number of home mortgage foreclosures reached an alarming record high. The home mortgage market itself tightened significantly now leaving many people in a difficult position when it comes to home mortgage financing. Some of the bad news associated with the Florida real estate market comes after an extended period of growth and prosperity. For example, before the recent slump in the Florida real estate market - including the Tampa real estate market - property values across the state (including in the Tampa area) actually increased a remarkable 65% over the past five years. The reality is that there were nearly no other locales in the United States (or anywhere else in world for that matter) that enjoyed such a tremendous increase in property values than what was experienced in the Tampa area and Florida during the past half decade. Because of the importance of the Florida real estate market, hundreds of experts have spent a great deal of time analyzing the dynamics of the marketplace in the Sunshine State. These experts have reached some common agreement on what trends we can expert in regard to Florida real estate during 2008. First of all, while the gyrations we have seen in the Florida real estate market (and in the real estate market elsewhere in the United States) go beyond what might be called a simple market adjustment, the reality is the net result of the volatility of the real estate market in Florida and elsewhere will not be as severely negative as many imagined would be the case earlier in 2007. There likely will be some price adjustments in the early months of 2008. In reality, it probably can be argued that the accelerated rate in which property valuations bounded over the course of the past five years may have resulted in some artificially inflated properties. While this may have some adverse consequences to some sellers during the coming year, it obviously can be helpful to people looking to buy a residence in Florida. With all of this noted, it is likely that the drop in real estate prices or valuations likely will not be tremendously deep. Indeed, prices are likely to stabilize early in 2008 and then begin a more moderately paced rebound. Therefore, if a person is not pressed to sell real estate immediately, it might behoove them to hold off putting their home on the market until 2008. The bottom line is that while there have been and will continue to be some challenges associated with the Florida real estate market (including the Tampa real estate market). Those complications and difficulties certainly will not be as dire as some originally predicted early in 2007. As Donald Trump said in my blog - you want to buy property within the next six months. You buy when people are selling and you sell when people are buying. Lance Mohr is a full time, full service licensed broker associate with Keller Williams Realty. He has many years of experience helping families buy and sell Florida Real Estate . Please feel free to copy any of his articles as long as you credit the author and retain the link to his website above. Don t forget to add our Tampa Real Estate Blog to your favorites section of your browser.