Maine realtors

Fort Lauderdale Real Estate - Hopeful Housing Market Trends

As the town of Fort Lauderdale, along with other hosing slump-hit cities in the US, slowly begins to go up up and repair the damage caused by rising foreclosures and low-buyer interest, 2008 may, based on economists and housing industry analysts, be actually a year for buyers, as home costs are at their lowest, and inventory levels are high.

According to researchers at the National Association of Realtors (NAR), 2008 represents the most effective window that buyers will need to find excellent deals with excellent financing. If they opt to wait, prices and interest rates will be higher and reluctant buyers may be forced out from the market.

The Weak Dollar May Actually Be Good For The Housing Market

Even though drop in the value of the U.S. dollar may wind up costing Americans more when they travel overseas or buy more imports, the drop in the greenback's value has led to more manufacturing jobs going back to the U.S. Additionally, it may mean added overseas investments in U.S. commercial or residential properties as well. In only a couple of years ago, the Canadian dollar was just worth 70 cents in U.S.

Currency, however today, the Canadian dollar has been pegged at around $1.05 to $1.10 U.S. This would signify the US market can expect more Canadians and Europeans to be buying property here, since prices in the US are approximately 50 percent cheaper than they were just three years ago. In addition, corporate profits continue to be strong with companies as diverse as Microsoft and Jack Daniels reporting near-record profits, and the economy has generated 4 million net new jobs, with wages rising as well.

Recovery Has Started Despite The Foreclosures

According to NAR researcher, the 41 percent upsurge in foreclosures has resulted primarily from investor-heavy top Fort Lauderdale realtors buys in states like Arizona, California, Florida and Nevada. Nearly all these buyers are flippers whose investments did not payoff. In addition, the amount of foreclosures in Utah, New Mexico, North Carolina and South Carolina is actually declining.

Other compared to the three states hit heavily by job losses in the automotive industry, which are Indiana, Michigan and Ohio, the states that first experienced a downturn in the Northeast, are now actually in recovery, an the states of Connecticut, Massachusetts, New York and Rhode Island were the first to feel the slump and are now actually well in to a recovery. Furthermore, there appears to be always a pent-up demand for first-time buyer properties due to a large number of Generation Ys, which reference those born from 1977 to 1994, that are now buying their first homes. Furthermore, falling interest rates will again motivate several buyers to enter the markets now.

Reluctant home buyers nowadays need to appreciate that real estate still offers the most effective shelter, as some some interesting facts from the Federal Reserve suggests that between 1995 and 2004, the typical renter accumulated $4,000 in wealth, while the typical homeowner accumulated $184,400. Furthermore, the typical homeowner holds their property for six years. Within this time around frame, the NAR research shows that approximately 97 percent of the homeowners will have an optimistic equity position from then on period of time.