So, inventory is high! People are still buying real estate!

Real Estate Agent with EWM

After hearing so many Henny Penny real estate reports in the news, I thought I would write a quick blog on the real estate market from my perspective.  Yes, inventory is high but remember real estate is extremely local!  If a couple is looking for a 3 bedroom, minimum 1500 square foot living area, in Coral Gables without a pool and under $650,000, there are 51 listings.  Wow!  But this couple does not want to live on a busy road, so now I only have 41 to choose from.  Still, that's a lot of listings!  This particular couple only wants homes with a garage or carport, now I have 24 listings.  Get the picture?  In addition, this couple doesn't want a complete fixer upper because they won't have the cash after paying for taxes and insurance. They also want to be in a certain school district and close to the University of Miami.  I can guarantee you I have just decreased those 24 "available" listings even further.

So, what do I answer when they ask, "There are only 10 houses for me to see?  I thought inventory is high and it is a buyer's market"?  I answer, "Inventory is high, it is a buyer's market.  Two years ago you would have had 3 homes to choose from and you would probably have been in a bidding war"!

Comments (2)

Karen Ross
Esslinger Wooten Maxwell - Weston, FL

It is an honor to be your first comment (I think I'm your first . . . won't know for a few moments.)  I remembered that you brought this issue to the forefront in class -- and you are so right.  The pickier the buyers' search parameters, the narrower the choices.

Welcome to Active  Rain.  Glad you are enjoying the classes (as stated in your e-mails).  I really take that to heart when an agent comes to EWM with experience from elsewhere and says that they actually learned something! Be sure that practicing selling Real Estate is your "first born" or you'll get me in trouble.  Stay pumped!

Aug 16, 2007 01:06 PM
Jennifer Wollmann
Thank you for taking the time to respond, Karen.  You are indeed my first (and to date, only) comment.  Don't worry, real estate is my true love (don't tell my husband, kids or dogs)!  Tech stuff is what I do to make me better at it.
Aug 17, 2007 01:44 AM