2010 A Challenging Year? YOU BET!

To say that the economy was the top story for 2010 is quite the understatement! What it meant for real estate here in the Tampa Bay of Florida was quite the roller coaster ride!

So many highs and lows... it seemed like every time we could grab on to some positive news, something would happen to pull us back down. Tax credits ended, banks pulled back on lending and foreclosures stopped closing.

In March and early April, real estate in our area was beginning to flourish. Inventory levels were decreasing and prices were stabilizing. Finally the light at the end of the tunnel. UNTIL an oil rig owned by BP exploded on April 10, 2010, and it took three months to cap the flow. Millions of gallons of oil tainted the Gulf with some of it landing as tar balls along the beautiful sugar white beaches of Florida. Around the world, the news shook the very belief on the beauty that Florida has to offer. It didn't matter that in our area there was no oil even close to our shores. It was the perception...

Interest rates hit the lowest level in decades, but the confidence level of buyers wavered. The majority of sales continued to be all cash with a serious reluctance to get saddled with a mortgage. Record numbers of potential buyers began looking for long term rentals to wait out the instability of the market. Now we are seeing mortgage rates begin to climb and economists do not see them coming back down.

But even with those stumbling blocks, signs continue to point to a stabilizing and slowly improving economy. By the end of 2010, falling home prices and record-low interest rates made homebuying a bargain even without the tax credit, and the Florida housing sector seemed to be tentatively and warily stabilizing. The market remains solid if not stellar, and most economists predict a positive trend in 2011.

Our clients are getting amazing deals in waterfront property! Canadians are flocking to our shores to take advantage of the Canadian currency on par with the US Dollar. With our deflated prices paired with their boost in currency exchange, we are a very tempting bargain! In the last week... yes the week before Christmas, we have written up 3 waterfront deals right off our HOT DEALS page. We identify properties that fall into an amazing price point and quickly get it out to our clients. One of the properties had a buyer beat our client to it by 4 HOURS. This is the kind of situation we are used to... when buyers and realtors alike know and identify a deal quickly, then fight like crazy to get in line first. If you are considering a purchase in the Tampa Bay area, talk to us. We have a wealth of information to share.

Wishing you all a very Merry Christmas!