Five Questions with....

RealtyTrac – a website site that tracks foreclosures countrywide – reported last month that banks repossessed a record number of homes (more than one million) last year. 

Florida continues to boast the nation's third-highest foreclosure rate for four years running.  Almost half a million properties – 1 in every 343 housing units – in Florida received a foreclosure filing in December.

And census surveys show that the number of people moving to Florida over the past couple of years has significantly declined, chiefly because of the state’s unemployment rate.

But there may be some good news on the Sunshine State's horizon.  Moody’s Analytics’ Chief Economist Mark Zandi has told the media the he predicts the housing crash will end this year as a result of a prosperous job market, the affordability of housing and low mortgage rates.

Patch spoke to Century 21 Professional Realty (5600 U.S. Highway 19) owner Shirley Pheasant about the real estate forecast for New Port Richey.  With experience in both the residential and commercial sectors, this licensed real estate broker has been in the industry almost a decade. 

Pheasant also serves as the chairwoman for both the New Port Richey Business Owners Association and Economic Restructuring Team, developing and strengthening existing businesses in the downtown Main Street area, while bringing aboard and welcoming new tenants. 

Patch:  What trends are you seeing now for the residential market?

Pheasant:   Lots of short sales and foreclosures, but in the past five or six months there has been an increase in the number of buyers because prices are so low.  People from out of state are showing interest, as well as lots of first-time buyers, including young couples and singles.  Right now, the prices are so good it makes perfect sense for someone who is in a position to commit.

Patch:  Predictions for this year?

Pheasant:   I do think we’ll finally see some sort of light at the end of the tunnel!  The activity that we are seeing with buyers has been building in momentum and I don’t see it dropping off.  We can only go forward.  A cap on price increases will help keep buyers interested.

Patch:  And how is the commercial sector holding up?

Pheasant:  We’ve seen numerous small businesses close their doors the past couple of years.  Unfortunately, some of them don’t properly prepare (financially) and find themselves struggling right away.  In fact, several close within 6-12 months of opening.

Budgeting is crucial.  People tend to get caught up in the big picture – the excitement of their new business – and don’t’ spend enough time on their business plan.

Patch:  Business trends for 2011 for the community?

Pheasant:  We’re already starting to see some activity with the commercial side.  The retail side is looking optimistic.  We’re not seeing too much activity with office space yet; that will come eventually.  There isn’t much change on the restaurant side either because there is so much competition already.  

Patch:  What advice would you give to a student or ‘career changer’ looking to enter the industry at this time?

Pheasant:  Interest had diminished for awhile, but we’re starting to see more and more people obtaining their real estate license.  If you’re prepared to put the work in, it’s a great career.  Agents need to be active and continue to train and educate themselves, even after they’ve acquired their real estate license.  Learn how to list and market your properties properly and how to work with people and determine your clients needs and goals. 

Pheasant and her team of 30 professional licensed real estate agents at Century 21  can be reached at 727-845-3300.