This Talk Of A Double-Dip Recession Might Be A Bunch Of Baloney
Having had a night to mull on things, this talk of a double-dip real estate recession may be a bunch of baloney, at least for the Tampa Bay area.
It might be a bunch of reporters trying to sensationalize the effects of a little step backwards in the recovery in an effort to build ratings and improve lagging circulation -- like that never happens. I can tell you from my days in media that nothing builds ratings and sells papers like news of a disaster.
Or, it might be some high profile real estate gurus who want a little face time on TV so they can blow things out of proportion, scare the you-know-what out of everybody, and justify their overpriced existence.
Sure, sales may have dropped 2.2% from April to May nationally, but the results around here weren't that bad.
Consider this: In Tampa Bay, 2,921 homes were sold in May. Heck, that's up about 20% from the same time last year, and down only 1% from April's sales figure. The median price for May of this year in Tampa Bay was $135,600. That's an increase of 2% from April.
I'm not an economist but this just does not sound like another real estate recession is headed to Tampa Bay anytime soon.
And remember, the only real estate market trend that counts is the trend for the location of the property. That's because real estate is not portable. You can't pick up all the properties that are for sale in a bad market area and magically transport them to some hot market location where sales are more brisk and prices are higher. It seems to me like Tampa Bay real estate is not setting the world on fire, but by the same token we're doing a lot better than other places right now.
Sure, there are a lot of bad economic signs for the nation as a whole right now, and Tampa Bay has it's share of economic stress, but the local housing trend for May just doesn't look that dismal to me. And after all, it's local sales that matter.
I suggest staying optimistic about things and keep on doing our best in these tough times. Oh, and let's all (including me) stop paying so darn much attention to these real estate gurus who may actually have a different agenda than just reporting the real estate news!
Happy Selling!
-30-
It might be a bunch of reporters trying to sensationalize the effects of a little step backwards in the recovery in an effort to build ratings and improve lagging circulation -- like that never happens. I can tell you from my days in media that nothing builds ratings and sells papers like news of a disaster.
Or, it might be some high profile real estate gurus who want a little face time on TV so they can blow things out of proportion, scare the you-know-what out of everybody, and justify their overpriced existence.
Sure, sales may have dropped 2.2% from April to May nationally, but the results around here weren't that bad.
Consider this: In Tampa Bay, 2,921 homes were sold in May. Heck, that's up about 20% from the same time last year, and down only 1% from April's sales figure. The median price for May of this year in Tampa Bay was $135,600. That's an increase of 2% from April.
I'm not an economist but this just does not sound like another real estate recession is headed to Tampa Bay anytime soon.
And remember, the only real estate market trend that counts is the trend for the location of the property. That's because real estate is not portable. You can't pick up all the properties that are for sale in a bad market area and magically transport them to some hot market location where sales are more brisk and prices are higher. It seems to me like Tampa Bay real estate is not setting the world on fire, but by the same token we're doing a lot better than other places right now.
Sure, there are a lot of bad economic signs for the nation as a whole right now, and Tampa Bay has it's share of economic stress, but the local housing trend for May just doesn't look that dismal to me. And after all, it's local sales that matter.
I suggest staying optimistic about things and keep on doing our best in these tough times. Oh, and let's all (including me) stop paying so darn much attention to these real estate gurus who may actually have a different agenda than just reporting the real estate news!
Happy Selling!
-30-
posted by Terry Ward at 3:18 AM
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