My personal opinion is...This real estate market has farther to go before we see the light of day. I guess the real question for sellers is do you really need to sell? If not, it would be wise to sit on the sidelines for awhile and let those who really need to sell to get on with their lives. Certain life events require a change of address - ie. I lost my job and the only one I can find is in another state. This person needs to move to make a living. Or you have just had a child and you live in a one bedroom 3rd story condo. Who wouldn't want to have more space and a yard?
Anyway, the only way this market will get back to some equilibrium is to have less inventory. The over abundance we have now just confuses and scares most sellers. As an agent I try to get buyers to focus on their needs and get the best home from a short list that I provide. If they really don't see anything they like we look at the next 10 homes. If after 3 times out I do not find them a home we need to sit down and go over their needs again because I must be missing something.
All things considered this is a great time to buy - great interest rates and great prices. If you are a first time homebuyer what are you waiting for?!
I'd love to hear your comments - buyers and agents welcome!!
PS I am from the Sarasota/Bradenton Florida market
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