Bank of America October 2007 Real Estate Agent Survey

Bank of America October 2007 Real Estate Agent Survey

The October 2007 Bank of America Real Estate Agent Survey has been posted. This report covers 40 markets around the country and agents still noted falling home prices in all 40 markets. But there is, for the first time in a while, some encouraging news too!

The "Traffic Index", which measures buyer activity actually viewing our listings, improved in the 40 markets overall to 18 after last month's all-time low nationally of 14.7 on the index. That could very well mean that we've reached the bottom of the cycle as far as traffic is concerned. The Orlando traffic improved to 16.7 compared to 11.8 on last month's index. With 50 being neutral we have a ways to go but it's a step in the right direction! While the home listing index is still a concern, we jumped from 12.7 in September to 24.6 in October. High inventory levels continue to be a concern and it will take some time to get back into balance but we WILL get there.

More positive news is that builders continued to sell off excess inventory and there's a big decline in new construction activity. The potential for lower mortgage rates will bring more buyers into the market. Without a doubt there are people waiting on the sidelines who want to buy homes. The American Dream" of home ownership is becoming more achievable as we have lower prices and interest rates near historic lows!

Here's the entire report with the first page being an overall view and Page 22 being the specifics for the Orlando market. Click the link below:

http://www.realtownblogs.com/uploads/CentralFloridaRealEstate_October_2007_Bank_of_America_Agent_Survey.pdf

Stay tuned for more encouraging real estate news! If you're as tired as I am about the negative news regarding housing, stay optimistic with me as we work towards an improving real estate market! I'm here to help if you have any real estate questions or need assistance in buying or selling a home throughout Central Florida!

Marty Hunt, RealtorĀ®, ABR, CRS, GRI, e-PRO

RE: Bank of America September 2007 Survey

Marty,

Interesting information in the survey.  I agree with you that there is pent up demand for the American Dream on home-ownership.  I am hopeful that rates will maintain or possible drop slightly and that prices will stabilize to encourage buyers to buy.  I feel that most people may feel that we haven't hit the floor and they do not want to buy when they can wait and get in lower next month, this feeling is being encouraged by the traditional media.  

Once we make the turn to a market that is slightly tilted towards the seller, I am hopeful that the public will have the "herd mentality" and their confidence will return.