Pinecrest, Florida Real Estate Market

For the first time in the last five years, repeat buyers and investors in the Pinecrest, Florida area outnumber first-time buyers as sales leaders once again in the region's housing market.  As a result, prices of bank-owned developments and properties doing business as short sales are being bid up by multiple offers and cash buyers in many Pinecrest neighborhoods, according to a recent current market conditions survey.  The numbers reveal that there is a current ratio of 58% to 42% of repeat buyers as compared to first time buyers.  This reflects an increase of 10 percentage points over this time last year, and a staggering 24 points as compared to six months ago.  In a balanced market of supply and demand in real estate, it is usually the case that repeat buyers lead by a two-thirds ratio.

In other survey data provided by real estate agents and professionals in the second quarter of 2011, 53% of respondents reported that their customers are getting over 95% of their asking prices, on average.  Plus, 60% of survey respondents stated that they received multiple offers and 52% reported zero to 10% appreciation in the past year.  Moreover, 77% indicated that real estate listings are taking more than 60 days to sell. The buyer-seller ratio is 53% to 34%, slightly favoring sellers.  This re-emergence of repeat buyers and competition from cash-rich investors is boosting sales activity significantly.

As such, there are great opportunities for buyers in the form of discounted properties such as foreclosures and short sales.  In addition, motivated sellers are pricing appropriately their properties for sale.  In other words, now and over the next couple of months can be seen as the best time to buy.  For sellers, it should be noted that if they are somewhat short when they sell, they are likely to make up the difference when they purchase their next home.  Pinecrest, Florida home shoppers should also be aware that when upgrading or downsizing, there is the option of taking advantage of the homestead exemption. This is just one of the benefits when considering purchasing a property.  Appreciation at steady and typical levels is forthcoming in the medium and long term.