The Tampa-bay area is currently over supplied with homes and property for sale. In addition, interest rates are at a historic low and expected to stay low for the rest of 2007, creating a window of opportunity for prospective house, condo, and property buyers to get their hands on a solid deal in this buyers market for Tampa-bay, including St. Petersburg, and St. Pete Beach.
Yesterday evening as I was driving home and noticing the growing number of for sale signs, I received a concerned call from an acquaintance. His home has been listed for nearly 3 months but has only been shown a handful of times, and he was considering shifting gears and obtaining a new realtor. I told him that a new realtor may not be the solution and that the reason his house was not selling is because we have an over saturation of homes for sale in this buyer's market. Before considering a new realtor you may need to adjust your sales price so that it stands out from comparable listings in your area.
Yes, it is a Buyer's Market. If you are thinking about buying a home-Condo. The time is now. Almost all the sellers will work with us on prices-terms and there are enough properties on the market to go on to the next one if the first one doesn't want to negotiate.
So here it is, prices have come back down to year 2002-2003 levels. There is no guarantee as to how long they will stay down, so if you thought it was a good idea a couple of years ago now may just be the time to buy that home or condo you were considering then. We currently have many properties on the market to choose from and there are "deals" to be had, sellers are waiting for the buyers to come in and make offers. We also have plenty of foreclosures and short sale properties to choose from, but you have to be very patient ( it takes an average of 3 months) . Remember short sale properties are not for everyone.
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