TAMPA, FL, April 7, 2009 –Cristan Fadal, Senior Associate with CENTURY 21® Fisher & Associates in Tampa, sees all the elements of a Residential Real Estate bottom in the South Tampa Market.
“With the convergence of historically low interest rates, a massive drop in prices and plenty of availability, it has become a buyer’s perfect storm” states Fadal “At the beginning of the year we saw a nice increase in inquiries, but the telling sign has been the conversion of these inquiries into actual offers and contracts” states Fadal.
The CENTURY 21 Fisher & Associates office is located on Davis Islands in the heart of South Tampa. While in the past it was rare to even see one home available for under $300K on Davis Islands, at the present time there are around a dozen. This being said the properties are getting scooped up about as fast as they are placed on the market.
“One thing which we have also seen is sellers basically throwing in the towel and reducing their price to just get the property sold” says Fadal. “What many sellers have finally realized is that while they may try to hold out for a slightly higher price on their existing home, they themselves are missing out on opportunities to buy their next home at these reduced prices, while at the same time locking in an unusually low fixed rate mortgage.”
CENTURY 21 Fisher & Associates works with a variety of mortgage lenders which are assisting their clients in evaluating their current financial situation including; current mortgage rates, future trends of rates and overall opportunity costs.
“While prices in this market can always fall a bit further, for them to drop another 20 or 30% is unrealistic” says Fadal. “The savvy buyer is working with a skilled agent and taking a strong proactive approach to negotiating the best deal possible”.
Century 21 Real Estate LLC (www.century21.com) is the franchisor of the world’s largest residential real estate sales organization, providing comprehensive training, management, administrative and marketing support for the CENTURY 21 System. The System is comprised of more than 8,300 independently owned and operated franchised broker offices in 56 countries and territories worldwide.