As the worst of the shakeout in real estate seems to be in the rear view mirror, the latest University of Florida survey shows there are reasons to be cautiously optimistic about the slow climb on our South Florida horizon.
In an article published August 11 on the University of Florida News website, Timothy Becker, director of UF’s Bergstrom Center for Real Estate Studies, said “I think we’re on the road to recovery and even though most markets report they’ve seen the bottom, it’s going to be a long climb, because as long as we continue to lose jobs, the real estate market will be depressed.”
What this means is people who are in a position to buy should be executing their search now. Prices are unlikely to go down further and interest rates are starting to tick higher. I believe now is an incredible opportunity in Palmetto Bay and Pinecrest real estate.