Ocala Real Estate Market eport March 2010

Sales in March were way up over the 2 previous months so far this year. January had 227 residential sales and February had 283. Of course both those months were influenced by the holidays when you consider that it takes 30 to 60 days to close.

Short Sales and Foreclosures combined represented 46% of sales. This is a percentage that was pretty constant through most of 2009. As long as these distress sales are such a huge part of our market we will not see home prices rising. This is bad for sellers and great for buyers.

The Fed just recently stopped buying mortgage backed securities from Fannie and Freddie. A lot of people including myself were concerned that mortgage rates would shoot up because the FED was artificially keeping rates low. So far rates have edged up slightly and are up just a little over this time last year.  This is good news for both buyers and sellers but rates need to be watched carefully.

If you are a seller waiting for the market to come back forget it. Prices in 2005-2008 should never have been that high in the first place. The Ocala area never had an economy to support those high home prices and won’t for the foreseeable future.

If you are a buyer interest rates are at historical lows and the type of buyers market that we have currently will only happen once in a life time. If you are a serious buyer you need an agent. Call me or fill out my Ocala Dream Home Finder today.

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