September Marked 13 Months Of Florida Sales Increases!

According to the National Association of Realtors, September marked the 13th month of increased sales activity of existing Florida home sales in the year-to year comparison. September also increased over August in BOTH single family home and condominium existing markets.

"Existing home sales rose 34 percent last month with a total of 14,419 homes sold statewide compared to 10,778 homes sold in September 2008, according to Florida Realtors. Statewide existing home sales last month increased 4.1 percent over statewide sales activity in August. Florida Realtors also reported a 77 percent increase in statewide sales of existing condos in September compared to the previous year’s sales figure; statewide existing condo sales last month rose 8.9 percent over the total units sold in August."*

These undeniable statistics help underline the trend of recovery in Florida. There is no doubt the lower mortgage rates and first time buyer home credit have helped fuel this momentum. (Interest rates for a 30-year fixed-rate mortgage averaged 5.06 percent last month, a significant drop from the average rate of 6.04 percent in September 2008, according to Freddie Mac. )

So... sales are on the rise and buyers agree this is the time to make a move. Where are the pitfalls? Two things come to mind immediately. We are seeing financial lending institutions tightening their lending standards to a point where getting the financing can be an issue for even credit-worthy home buyers. Secondly, because of the distressed sales that have already taken place, getting appraisals to come in at the new sales level can be a challenge. As professional realtors, we are here to help that process through... whether helping connect a buyer to the right lender or support the sales price to an appraiser. It is still the best time for an all-cash "AS IS" contract to get the best price. Other than that, it is not the best time to navigate through a real estate transaction without the help of a professional.

The PURTEE Team is made up of four seasoned professionals with years of financial, business and real estate experience... working together to best navigate their buyers and sellers through this market.

**According to the National Association of Realtors