Outlook for 2009 Miami Real Estate: It’s a buyer’s market !

Miami Real Estate - Now's the time to buy.

What’s the outlook for 2009? Florida Realtors® agree that it’s a buyer’s market! With lower prices and strong pent-up demand, Florida homes are highly attractive – especially to first-time and move-up buyers. Meanwhile, vacation residences continue to be warm-weather bargains to U.S. and international buyers.

Outlook for 2009: It’s a buyer’s market!
“We expect first-time homebuyers will be the largest segment next year,” says Ed Forman, president Watson Realty Corp., Jacksonville. “That includes a high percentage of single women buying their first property.”

The same pricing dynamics benefit working-age families in their 30s and 40s who may be moving into a starter home or looking for a move-up with more space for children, according to Mike Pappas, president and CEO, The Keyes Company, Miami. “For these buyers in particular, lower pricing is making Florida homes very attractive,” he says.

In many Florida markets, affluent buyers are picking up luxury properties as primary residences or second-homes – a trend likely to continue. “The high end of the Florida market has held up quite well,” says Brad Hunter, director, South Florida region, MetroStudy in Boca Raton.

International buyers remain an important component of the state’s market, especially in coastal areas like Miami, Fort Lauderdale, Naples and Sarasota, as well as Orlando/Kissimmee. Florida Association of Realtors research studies show buyers from Canada, United Kingdom, Mexico, South America and Europe generate more than 15 percent of residential transactions.

On the other hand, the traditional flow of retiree buyers to Florida remains uncertain in the year ahead. Slower economic conditions in the Northeast and Midwest – two prime feeder markets for Florida – may make it harder for retirees with modest incomes to make the big move to Florida. Many retirees are also faced with less purchasing power due to declines in their investment portfolio and may opt to stay put. However, the number of Baby Boomers reaching age 65 continues to increase and many of these prospective buyers will be considering Florida when the nation’s economic condition improves.

Market watch perspectives
If the opportunities for great value and investment potential are presented, will buyers hop the fence and buy? Experts weigh in.

Use these Web sites to get local stats and build your own market watch for prospective buyers and sellers.

For more information regarding the above web Blog, please call Dean or Bonnie Isenberg at 305-936-2489 / 800-819-5466 or visit them on-line at A-Realtor.Com

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