Everyone keeps asking where the bottom is and of course we only know that when we are coming back out the other side! But what we must keep in mind is very simple!!!! This is no different for the Panama City Beach Real Estate market and for Homes and Condos for sale in Panama City Beach.
Buy a piece of property only because you need it, want it, or it cash flows! The speculation market is what killed our real estate market. Everyone jumped in..many that had no experience in Real Estate. It's a simple math game or based on need. That is the key part of any transaction....NEED!
If you have a roof over your head, make the decission on what is really needed...if anything. The market is luckily stabling out...now take the time to find that perfect home!
Daily Real Estate News August 27, 2008Commerce Dept.: New Home Sales Rose in July New home sales in July rose 2.4 percent over the prior month to an annual pace of 515,000, the U.S. Commerce Department reported Tuesday. At the same time, the number of unsold homes on the market fell 5.2 percent, marking the largest single-month decline since November 1963. Year over year, however, new-home sales were down 35.3 percent and the median new-home price slipped 6.3 percent to $230,700.Nonetheless, some economists find the latest numbers reassuring. “We're hopefully getting in the vicinity of a bottom,'' says David Resler, chief U.S. economist at Nomura Securities International Inc. in New York.“The biggest declines, they’re all behind us now,” says Nigel Gault, chief domestic economist at Global Insight, a research firm.Sales of new homes slipped in Midwestern and Southern states, according to the Commerce Department report, but rose in the Northeast and West. The median price of a new home in July was $230,700, down 6.3 percent from a year ago. Sales of new homes remained 35.3 percent below their level in July 2007.Source: Bloomberg, Shobhana Chandra (08/26/2008)
For more information on property for sale in and around Panama City Beach Real Estate please visit http://www.randbcoastalrealestate.com/ for available properties.
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