• Short term, we will see the worst 2nd quarter in terms of all 4 categories we track here. We will also see the lowest units pending and closed. Sadly the third quarter will most likely see a decline as well, continuing through all the way until the election. The results of the election will determine the protection and speed of the recovery. A lot of Windermere’s success is tied to the stock market when it goes up the luxury market which comprises most of Windermere goes up ($726,000 ave sale price !).

• Long Term, Windermere will be fine but it will take some time to get back to the upward trend we have all enjoyed on property values. The Market will bounce back and demand will be even higher as those from other parts of the state with signicantly higher taxes, cost of living and housing values push many to the sunshine state. The weather will always be a draw to those young and old. For the Wealthy, no state income tax and the homestead exemption are extremely attractive.

• Appraisals are coming in low for the first time in over 10 years. Out of the last 4 appraisals completed 3 fell short and 2 fell short by quite a lot, never seen this in my career.
• Interest rates while low are creeping up from the lowest ever on record. More concerning is that loan criteria are drastically tightening. Higher down payments and credit scores are the new benchmark. Significantly lower debt to income ratios as well. We are seeing thousands of potential buyers that would have qualified a month ago, not even be in contention now with these new requirements.These 2 observations not reported in the news yet will have significant downward pressure on the current housing market. Those that need to sell will take less, creating new baselines for appraisals for 6 months to come.Never seen this in my 23 years, overnight the entire market has flopped from seller to buyer.

• It is an amazing time to be a buyer. Windermere is one of the greatest places in the country to call home. This will NEVER change. The only positive to all of this is that housing will almost undoubtedly become more affordable for more people.

• As a Seller, the gravy train has stopped, sadly once again (seems like every 10 years almost ). The sellers that will sell are the ones that will offer a fair price and not test the market. There will be a new wave of short sales in the coming years from the massive job loss. As in 2007, the court system will be played and basically mocked as defaulting homeowners will seek the attorneys that have mastered the craft of kicking the foreclosure date down the street. I truly hope the banks fix the short sale process, they were anything but short that is for sure.

Now more than ever the Realtor you select to represent your family will be the difference between selling and for sale. In these uncertain times, the only thing certain is that Ron the Realtor is here when you need him.