North Florida Housing Market is Fine, Thanks

Steve Liner, Business Editor of the Tallahassee Democrat, weighs in on the North Florida housing market - and the recent opinions voiced by some who suggest that owning a home is no longer a good investment.

His advice: don’t believe the doomsday predictions. Now is a great time to apply for a Florida home loan and buying real estate is still probably the best investment a person can make…

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What’s all this I hear about a housing bubble, slowdowns in the housing market and reduced investment opportunities for homeowners? The short answer: not here, not now and not for the foreseeable future.

Our residential real estate market is doing just fine, thanks.

I’ve been watching it either as [the Democrat’s] business editor or as editor of Business Matters magazine since 2003.

During all that time, the tendency has been to misbelieve our good fortune, to look for the downturn, to anticipate the worst.

When I got married nearly 25 years ago, I got a lot of advice from my new father-in-law. One in particular stands out:

“Buying a home is the best investment you can make.”

I listened. The home in which I live has nearly tripled in value, and it has been, undoubtedly, the best investment I have ever made. And, you know what? I would buy it again today without a second’s hesitation, even at triple the value!

I’ve been hearing the dire warnings about the Florida housing market, of course. But they simply don’t resonate here.

First, Tallahassee is not overbuilt or even close. We do not have a glut of empty homes in our market waiting for buyers. Last I checked, the time between offering and sales in the market segment less than $250,000 was less than 30 days.

Second, [Florida mortgage] rates are still very favorable.

Sure, they’re not at the record-low levels we’ve experienced, but they are very favorable, and in this market residential value continues to grow at a higher level than interest rates.

My reports are that money supplies for Florida mortgages remain healthy and there is no current upward pressure on interest rates.

Third, I ask you to remember that no more than two years ago the biggest residential real estate problem in Leon County was lack of inventory.

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