Time to Buy?

Local real estate experts shared a positive outlook about Southwest Florieda's real estate market at Market Pulse 2007.
Jim Scarz, managing broker of John R. Wood Realtors said the market has begun to turn for single family homes, but the over saturated condo market will take a little longer to bounce back.
Scarz said that 2007 will be the third best year on record for real estate sales, with 2008 comparable to the 2004-05 boom.
Mike Timmerman of Hanley Wood Market Intelligence expects a slower turnaround. The said the existing home sales pace will remain slow in 2007 but might pick up as prices have come down. "There has been a decrease in sales over the 18 months since September of 2005," Timmerman said "On the positive side, most cycles don't last more than 18-24 months.
Scarz said "Baby Boomers will have a tremendous impact on the local real estate market." (They begin retiring in 2008). "Prices always take off with a roar at some point after the plateau, achieving far higher levels than in the past".
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