Real prices, real people

Right off the bat, yes real estate is a local market.

That being said there are some general rules of economic reality that apply everywhere including, Anna Maria Island, Sarasota and Manatee Counties where I work.

In a buyer's market 80 percent of the homes listed are on the market but not in the market. They are overpriced.

In a seller's market the reverse is true.

So in this market, in this area which is in a very strong buyer's market, we have lot of seller's who believe that the real estate fairy is going to come down and scoop up their overpriced home.

Sorry to break the news but there is no real estate fairy.

Some of the seller's also believed that Europeans and Canadians would rush to our market to purchase their overpriced homes.

Ditto on this. Those European and Canadians in this market didn't just fall off the turnip truck.

In fact a lot of them I meet area are quite a bit more astute then your regular shopper when it comes to real estate prices across the globe.

That's why they have money to spend on real estate.

As we head towards the bottom of the market, the sellers to hit it first will be those in the 20 percent that know the market. Those homes will sell first and faster.

The other 80 percent either can wait a year or so for the market to rebound or join the minority who will actually sell their property in the near future.

All the best
Greg Owens PA
Keller Williams Realty of Greater Manatee
941.932.6343
greg@teamworksfla.com