Financing is still attractive for qualified buyers.  Jumbo loans are a big bargain.  A new law temporarily allows Freddie Mac and Fannie Mae to buy mortgages as big as $729,750, which is keeping the jumbo rates down, however the deal disappears at the end of this year.  Interest rates remain low but according to Celia Chen of Moody's Economy.com predicts rates will hit 7 percent in mid 2009, so the time is now to drive a hard bargain for a home you really love. 

Cheers,

Bill

While U.S. buyers may be taking a wait and see attitude, foreign buyers are taking advantage of the weak U.S. dollar and are propping up second-home sales.  Conversely, Inman News reports that U.S. buyers are looking abroad for their second home investment in such areas as Costa Rica, Belize, Mexico and Northeastern Brazil, taking advantage of newer resort markets where prices are still relatively low and the U.S. dollar can buy more than here at home. 

However, the housing market slowdown is mutating into a global phenomenon with real estate prices taking a hit worldwide, according to a recent article in The New York Times.  Housing markets that soared over the last decade are falling back to earth, according the the article, citing specific problems in the UK, Spain and Ireland.  Property analysts predict that some countries will face a tougher adjustment than in the U.S., including the possibility of a market collapse.  In emerging and developing economies the impact is less pronounced, but capital inflows have moderated.  Market stresses have hurt currency values, notably the sharp decline in the value of the U.S. dollar since mid 2007.

Cheers,

Bill

While U.S. buyers may be taking a wait and see attitude, foreign buyers are taking advantage of the weak U.S. dollar and are propping up second-home sales.  Conversely, Inman News reports that U.S. buyers are looking abroad for their second home investment in such areas as Costa Rica, Belize, Mexico and Northeastern Brazil, taking advantage of newer resort markets where prices are still relatively low and the U.S. dollar can buy more than here at home. 

However, the housing market slowdown is mutating into a global phenomenon with real estate prices taking a hit worldwide, according to a recent article in The New York Times.  Housing markets that soared over the last decade are falling back to earth, according the the article, citing specific problems in the UK, Spain and Ireland.  Property analysts predict that some countries will face a tougher adjustment than in the U.S., including the possibility of a market collapse.  In emerging and developing economies the impact is less pronounced, but capital inflows have moderated.  Market stresses have hurt currency values, notably the sharp decline in the value of the U.S. dollar since mid 2007. 

The international worldwide investment pavilion is not only made up of elaborate exhibitions but an International Business Center (IBC) is provided as a compliment of the international program for the exchange of information and business opportunity between professional visitors at SIMA.  The IBC meeting space is designed to enable the exhibitors and accredited real estate professionals in attendance to make contact with one another, business to business encounters and presentations focusing on the exchange of international business opportunities.  It was within the IBC area that the Sarasota Association of Realtors was provided presentation booth space for the entire event.  This enabled us to not only showcase the wonderful lifestyle of Sarasota but to present very desirable investment opportunities available to the international investor.  Among the countries that we received encouraging interest from were investors from Spain, Germany, Finland, Chile, France, Brazil and Eastern Europe to name just a few. 

In addition to the IBC, SIMA also provided a rather intense International Professional Program (IPP) in an adjacent convention center where, each day, various countries, including USA presented current real estate market conditions in their countries.  Of particular mention was the program entitled "Trends in the Global 2nd Homes Market" with presentations by John Tuccillo, former chief economist for the National Association of Realtors (NAR) along with presentations from Latin America and demand for second homes in European capitals.  Judy Schomaker, NAR's President's Liaison to Spain also was the chairperson for a day long program entitled "America From North To South" enabling officials from Canada to Chile to present and discuss real estate conditions in their countries.

There were many other opportunities at the exhibition to promote Sarasota including several social networking events throughout the week and evening events, and the Sarasota/Manatee area was very well represented. It was a very worthwhile experience.

Cheers,

Bill