Has the Real Estate Market in the Tampa Bay area finally hit bottom? That is the question many in real estate sales, investors and home owners want to know. An article in "The Funds" earlier this year stated "As the 2007 Real Estate Index Forecast report indicates, Florida's housing market bottomed out in 2006 across most of the state, stated Fishkind". The market has remained flat for the most part of this year, but the signs for those that have been in the business for many years, are starting to indicate things are opening up. Phones are beginning to ring, home owners who have grown weary of having their homes on the market have reduced their prices, inventory levels are starting to go down and even some agents are reporting multiple offers on their properties. Interest Rates are still relatively low, the state property tax issues should be resolved soon and buyers are starting to make the move. Our office this month has a 79% sales ratio to listings. If you are thinking of making a move, now looks like the most opportune time. What are your thoughts?

How low will prices go? That is the million dollar question. There are great buys out there right now if you look! I just came across a brand new 1200 square foot home listed at $189,900.00 where the builder will take $165,000.00! My associate just sold a home 10% below asking price even after the home had just been reduced by 15%, total reduction from asking price, 25%. Many sellers have had their homes on the market for a very long time and those that truly want to sell will negotiate. Will prices go lower, perhaps, but they could also go up. Interest rates are very attractive and inventory levels are high, it is an outstanding Buyer's Market. Some customers are telling me that they want to wait till the Florida State Homestead tax issue is resolved along with the Home Owner's Insurance concerns. My response is that will be too late! No risk, no gain is the saying. When the major issues that are currently creating this buyer's market are resolved, the market will stabilize and start to shift. My advise is start looking now and purchase your first, move up, retirement or investment property. Timing could not be better! What are your thoughts or experiences in purchasing properties in today's market?