There hasn’t been a better time to purchase real estate in this country than right now. If you don’t believe me, ask Donald Trump, and he’ll echo the same sentiment. The longer you wait, the more equity and tax-shelter benefit you’ll lose. Sean Snaith UCF Institute for Economic Competitiveness Orlando is equipped with the economic fundamentals it needs to ward off a recession and begin a housing turnaround this year, says Dr. Sean Snaith, Director of the University of Central Florida Institute for Economic Competitiveness. The economist agrees with local real-estate professionals who believe the turning point will happen in 2008—but exactly when is hard to pinpoint. "I think we still have to slog through some mud," says Snaith, noting that the first quarter of 2008 will mark the region’s economic low point. Nonetheless, Snaith believes that with continued employment and a population growth, Orlando will see a pickup starting in the second quarter. For new-home sales, Snaith says "we will see upward movement" as the year progresses, most noticeably near the year’s end. He adds that because builders took painful but necessary steps in 2007, such as instituting price reductions and curtailing starts, the industry is poised to heal more quickly. Developers should have less concerns as the housing market continues through its correction next year, says Snaith, since they are involved with projects that are much less time intensive. "Ten years down the road, for example, all indications are that the Orlando area will be one of the strongest areas in the state." |
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