Opinion

Early signs point to real estate market improving in county

TBO.com
Published: September 2, 2012

We don't want to send up false signals of hope about our local economy, but the linchpin in Highlands County's economy is showing signs of strength. Our real estate picture is improving, and that's fantastic news.

Closings on home sales have increased a great deal this year compared to recent years. The large inventory of homes on the market is declining and it appears prices have bottomed out, according to local real estate experts.

Without any particular industries employing large numbers of people, real estate is a major economic engine in Highlands County. Besides the real estate professionals who make money off selling the houses, the revenue generated flows throughout the area.

Home improvement money is spent, contractors begin getting more jobs, construction jobs start picking up, property valuations climb and soon there is more money funneling throughout local businesses of all kinds.

We have a long way to go, of course. There are still plenty of houses out there and a lot of folks are upside down on mortgages. Although sales are up, prices are way below what they were, but there's nothing we can do about that.

The artificially high prices we witnessed before the bubble burst hurt everyone. It was unsustainable and a lot of people got hurt. Many are still reeling from losing their homes and hurting their credit rating as a result. Businesses closed in large numbers.

Homes are still in foreclosure here and short sales are ongoing. The good news is that it appears we're working through that as well. We hope so, because empty homes and decaying properties are harming home values in many neighborhoods. Once these places are off the market and improved, everyone benefits.

Highlands County is not out of the woods yet, but the situation is looking better. People are feeling more positive and the sense of optimism feeds on itself. Getting out of these dark days has a lot to do with perception becoming reality.

We hope locals and outsiders who have been putting off buying homes step up and jump in. The end result for everyone is better than what we've been living with. Let's hope these positive signs continue.