UF: Florida Real Estate Market Has Market Hit Bottom
GAINESVILLE, Fla. – April 29, 2010 – Florida real estate markets show the first tentative signs of recovering from the most painful recession in the state’s history, according to the latest University of Florida (UF) report.
“Results of our first quarter survey indicate that the real estate market in Florida has hit bottom and is in the process of stabilizing across most property types,” says Timothy Becker, director of UF’s Bergstrom Center for Real Estate Studies.
In another study, Most buyers (65%) say they’ll still buy a home once the tax credit is gone; 46% expect local home prices to go up. Among consumers actually shopping for homes, 65 percent believe that the end of the tax credits will have little or no effect on their interest in purchasing a home.
While consumers remain unsure about the direction of the housing market, the survey reveals that they are optimistic, and 46 percent expect real estate prices in their area to increase over the next year. Just 12 percent expect price declines. Over the next five years, 79 percent expect real estate prices to increase, with 20 percent expecting prices to increase substantially.