If you list all 100245 homes currently listed in MLS (broward/palm beach/dade) with an asking price of $1 they would all sell in a day. Up it to $5 and they would still sell in one day, probable more like 5 minutes. The reason there is an oversupply of homes on the market is that many sellers are demanding higher than current market value for there homes. There are always variable factors that affect a market up or down. In this market its foreclosures that are putting downward pressure on home values. A seller might think 'I can't sell my home for what its worth because of the foreclosures', but the're homes current market value is less than what they think because of market conditions. If tomorrow the total active listings dropped from 100245 to 50 homes I doubt you would hear a seller say 'I can sell my home for more than its worth because there are less homes on the market'. Current market values are affected by a totality of positive and negative factors in a given time period.
PEP source - Spartanburg, SC
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Jan 26, 2009 02:48 PM
Charlottesville Solutions - Charlottesville, VA
I see that you are new to Active Rain and I just wanted to welcome you. I hope that you enjoy it as much as I do and that you find it a great resource.
Jan 27, 2009 11:10 PM
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker
We invite you back to ActiveRain in 2016!
Much has changed since your last visit to ActiveRain.
We encourage you to take a look at the "new" ActiveRain website!
Dec 10, 2016 08:23 PM
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