Housing Market

March 9, 2007

If you’ve been waiting to buy a home in Florida, experts say you shouldn’t wait any longer. You’re not likely going to get a lower price. The University of Florida’s quarterly survey of real estate experts suggests that the single family housing market in Florida may have finally bottomed out. UF researcher Wayne Archer sees some stability.

Archer: “Single family residential development has apparently gotten as bad as it’s going to get. A lot of people have been concerned about where that industry’s going and what it could take with it. Now it looks like it’s stabilized. It’s at a low level.”

Researchers surveyed about three hundred experts in real estate, ranging from analysts to brokers. Most agree that real estate prices are staying even with inflation.

Archer: “The industry, at least the single-family portion of the industry, will probably work its way out in the months ahead without a lot of change in where we’re going.”

Researchers say it could still take a year or two for specific housing markets to start to recover.