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[Editor’s note: This article was submitted by the Marco Island Area Association of Realtors.]

There is an old saying – “Opportunities are never missed. Someone will take the one you miss.” Today’s housing market might just be an opportunity you should examine before you believe the national headlines.

While sales of existing homes are off from their high, last year was still the fifth best year on record for existing-home sales. As for prices, the national median existing-home price remains within two percent of the all-time high set in 2006, according to Jim Mashey, president, Marco Island Area Association of Realtors.

According to Mashey, sales of single-family homes on Marco Island increased 27 percent in April 2008 from a year ago. Median sales price for single-family homes remained unchanged. Sales of existing condominiums showed a 30 percent increase from a year ago from 87 to 113 closed sales. Median sales price for condos showed a decrease from a year ago.

“The biggest enemies of today’s housing market and the economy in general are pessimism and uncertainty,” Mashey said. Statistics clearly suggest a sizable pent-up demand in the marketplace. Yet home sales have remained soft. Why? Lack of buyer confidence, according to Mashey.

The lack of buyer confidence not only impacts homeowners and the housing industry, but can easily spread to the economy. Any further weakening in the housing market and its related housing wealth impact could slow the economy into a “no growth zone,” he said.

So what can we do to bolster confidence? Mashey suggests we look at the facts. Nationally over the past two years:

– Average wages have risen by eight percent

– 4.3 million jobs have been added

– Total household net worth (assets minus liability) was more than $6 trillion higher in 2007 than 2005 (despite some losses in housing equity)

– Nearly two million new households were formed

“This all suggests that there are many more people with jobs at higher wages and with higher wealth accumulation,” Mashey explained. “However, the rising inventory of homes on the market and slower sales indicate that these potential buyers are uncertain and may be sitting on the fence.”

“Over time, home ownership has proven to be a good long-term investment. A look at today’s market fundamentals makes a very good case for buying a home if your life and family conditions warrant it,” Mashey said.

“I encourage fence-sitters to get into the market and look around,” Mashey said. “I think you’ll be pleasantly surprised at what you find.”