The Tampa MLS just announced the numbers for May 2007 for Pasco, Pinellas and Hillsborough counties. The shocker is that IF NO ADDITIONAL LISTINGS ARE ADDED TO THE INVENTORY...IT WILL TAKE OVER 16 MONTHS to sell off the present inventory. Almost a year and a half!
Peggy Edwards, Realtor
Citrus Park & Westchase, Florida
www.PeggyEdwards.com
(813) 787-2923
Does that mean pricing is more of an issue than ever? Is it time for Brokers to take a little more ownership of their listings and start giving back some over priced listings? Our office tried the homebuyer ready plan, but, most agents in our office don't prepare a CMA anyway. Of the 5% or less of the listings in our office that are homebuyer ready, most have fudged CMAs to overprice them anyway, because the sign rider looks nice, and it gets you better placement in the company advertising.
you see inventory for over 16 months.
i see a buyers paradise especially if the new tax proposal passes.
2643 sales, 2844 new contracts.
i hope at least 5 of each were yours
Paula, I agree it's going to be a long wait.
Jay: I LIKE the way you think!
Paula,
We need to be a little more positive here. First off, a healthy market should have about a 5-6 month supply of homes to choose from and a lot of the listings that have hit the market in the last year have been people who don't need to move but were scared of a declining market and were trying to time the market but missed. Now that prices have decreased they have started to take their homes off the market or let them expired unsold and not relist them. Sellers that don't have to sell are simply staying put. The slowdown in the new construction business will also help over time. As long as the economy stays strong and job growth doesn't take a dive we should see a slow turn around sometime next year. So keep your spirits up and use this slow period to sharpen your prop and scrape the barnacles off the haul so when the season to fish is here again you will be ready.
It is the same troughout the state. But the builders are still adding inventory and are still slashing prices. The real problem is that the buyers will hold back even more thinking those great deals are just around the corner.
Remember that Washington is still saying that the economy is great!
Hi Peggy
It's maybe worse uo here. 7100 homes on the MLS & sold 325 in May. It's a great time to be a buyer.
Tom: It's going to be a long wait for many of us. Thanks for your comment.
Mark: Wish I was a buyer right now!
Joe: Sounds like Ocala may be flatter than Tampa right now.
Buyers delight, yes. However, many buyers are still afraid to buy, and are waiting. Over here in Brevard county, we have been in a tough market that has seen a 20% decline over the last year and a half. While we still have a huge inventory, homes under the $250,000 mark have started to see their bottoms, and the more expensive homes are still falling. Now is the time to market hard, and build a solid business!
Peggy,
Great Post! Yes, it is time to get resourceful and be tough to make sure you get your share of a smaller pie.
Jack
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