Coconut Creek Real Estate News: Home Prices Drop In February Without Setting a New Record

In February, home prices dropped significantly, by 18.6 percent to be exact, but for the first time in 25 months this was not a new record. According to the S&P/Case-Shiller index made available today, home prices fell by 18.6 in 20 of the largest cities in the U.S. Although this may not seem like good news at first glance, this may be a sign that we are reaching the bottom of this housing crisis after all. Because the pace of the decline is slowing, it may mean that a turn around in housing prices will come sooner rather than later.

According to David Blitzer, chairman of the S&P index committee, "We will certainly need a few more months of data before we can determine if home prices are finally turning around." This news is much better than the gloom and doom we have been hearing about over the past year-there actually seems to be a light at the end of the tunnel. Per some of the major players, we are going to have to see improvement within the next 4 to 5 months if we expect a complete turnaround to take place during 2009. If that doesn't happen, we will have to wait until 2010 to see real change.

What does all of this mean for buyers and sellers of real estate in Coconut Creek? For buyers, you should move to buy as soon as possible. Home prices are at an extreme low and there are many deals out there on the market ripe for the picking. If you wait too much longer, you will have a more limited selection of properties to choose from and you may miss the best prices available. Not to mention, for the first-time home buyer, the $8,000 tax credit is available now to make your purchase even more lucrative. For sellers, you may be best served to wait unless you are in a position where you are facing foreclosure on your home. If you are facing foreclosure, a pre-foreclosure or short sale may be the best option for you.

No matter whether you are buying or selling in Coconut Creek, contact me to assist you with your real estate purchase or sale. You will be glad you did!