Wednesday, January 19, 2022

A good time to buy

Buy a home on Marco and enjoy year-round sunshine

Buy a home on Marco and enjoy year-round sunshine

Positive Projections
 Two top economists recently offered encouraging news for the housing market. NAR Chief Economist Lawrence Yun and Moody’s Chief Economist Mark Zandi are predicting a slightly stronger demand for housing going into 2011. The two expect mortgage interest rates to remain historically low and the availability of jumbo loans to improve.

According to Susan Ackerson, President of the Marco Island Area Association of Realtors®, the Marco Island market mirrors the projections. In a comparison of first quarter 2010 statistics (Jan – Mar) with second quarter 2010 statistics (Apr – Jun), total all property types closed on Marco Island increased 39.34%. Prices are stabilizing. The average sale price first quarter compared to second quarter, as well as the median sale price for the same time period, all property types, showed declines of 2.34% and 3.90% respectively, while the average sale price for a single family home increased 8.48% first to second quarter 2010.

Total inventory has declined from first quarter by 8.89%, and new listings coming on the market in the second quarter have declined by 24.25% compared to the first quarter, said Ackerson.

It is a good time to buy on Marco Island.

In regard to foreclosures, Yun predicts a fairly even level of foreclosures, with home prices potentially rising 2 to 3 percent this year. Zandi forecasts a rise of foreclosures later in 2010 before easing in 2011.

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