Market check

Looking at the market figures for January of 2010 gives you a bit of hope.

For single family homes in Manatee County you are looking at a 42.5 percent increase in pending sales. In real numbers that is 416 homes going under contract compared to 292 the year before according to Trendgraphix.

What is also interesting is there was a 24.4 percent drop in the number of homes on the market for sale, 2909 versus 3847 the year before.

There are several reasons for the upswing in the market but the key one can be broken down.

First, mortgage rates are at a historical low which means the buying power is greater for those who have the credit and cash to buy.

Secondly, prices have dropped on average well below the 200k mark which means first time home buyers can get into the market.

First time home buyers nationally are helping to drive the market up. The above combinations are making it attractive for them to get into the real estate market.

The tax credit has helped but the economics of lower prices and great mortgage rates is fueling the fire.

All the best
Greg Owens P.A.
941.932.6343
greg@teamworksfla.com
www.teamworksfla.com