Getting Real

Some “for sale” signs are disappearing, but foreclosures continue to compete for buyers with existing homes and condos, new residences and empty lots. Sales have increased at the mercy of prices, so buyers can now snap up homes for less than $100,000.

The region remains in a waiting pattern for recovery in the housing market.

“We all thought it was going to be better by now,” says Sharon Jenkins Owen, president of the Real Estate Investment Society (REIS), a Fort Myers-based industry organization.

Owen and three other local experts shared their housing-market expectations for 2010 and beyond, and what signals a recovery to them.

Mike Timmerman
senior associate, Fishkind 
and Associates economic 
consulting firm, which has 
an office in Naples

Will home prices change much next year?
What we’ve seen in 2009 is that, yes, pricing has continued to decrease; however, the volume of sales has increased. That’s a good sign. It’s diminished the inventory. We’re beginning to see a leveling off of price. I don’t think we’re going to see pricing increase at 3 to 5 percent annually [which had been considered normal levels]. It probably will stay level for a while simply because there’s a lot of inventory. We’re starting to see the corner in 2009, and I think in 2010 it will be better. I don’t think we’re going to see pricing increase dramatically.

What trends are you seeing among price ranges?
Under $300,000 is where the majority of the activity is. We’re seeing a leveling off and slight increasing in pricing. As product diminishes, [property] between $300,000 and $700,000 is becoming popular. People are able to get financing on homes up to $600,000 as long as the loans can be sold to Fannie Mae.