Further Encouraging News for the Turks and Caicos Real Estate Market
The Turks and Caicos real estate market relies heavily on the US economy and this week has seen a number of positive headlines:
Some encouraging news from the US Investor Warren Buffet in relation to the US Economy. Buffet has explained this week that he feels the US markets have bottomed out and only a 9/11 type situation could cause disruption at this time. The CEO of Berkshire Hathaway Inc has stated ‘we are past the critical point’ in an interview with CNBC reporter, Becky Quick.
Meanwhile, Ben Bernanke the US Federal Reserve Chairman has made an announcement this week that he feels that it is “very likely” that the recession is over, albeit the economy will be weak for some time.
According to www.bloomberg.com, US retail sales for August were up 2.7% and this has exceeded economists’ forecasts. One of the reasons is the US government offering its Citizens the ‘cash for clunkers’ program. However, surprisingly, items that exclude auto sales, showed a separate 1.1% increase. This was following overall results in July of 0.2%. Overall, this shows increased confidence in consumer demand.
It is good to be optimistic and read such headlines, however we all must be realistic and accept that we have a reasonable way to go. As President Obama cautiously stated this week “we do not want to be taking the crutches away from the patient too early”
As regards our property market, RE/MAX ELITE has received an increased number of enquiries over the last few weeks, along with several offers for property, so we are boosted by these results and continue to explain to those with cash, that now is certainly a wonderful time to pick up that bargain buy, before somebody else finds it and we start to have an increase in absorption of current stock!
Simon Padgett, Broker of RE/MAX ELITE simon@remax-tci.com
September 17th, 2009 at 4:45 pm
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September 23rd, 2009 at 9:56 am
That’s great news indeed. We are having the same positive feedback in the SW Florida market! We also expect that our market is substantially overbuilt in the 1M plus therefore it will take time for the this inventory to get absorbed. Cash buyers are finding deals…financing is available if the property appraises.