Down, down the inventory goes

Did you know in Manatee County at one point there were more than 8,000 single family homes in the market?

Around the January 2007 we were at the height of the buyer's market. There were 37 homes for every buyer in the market place.

There was more than a three year of supply of single family homes. But that as they say is history.

Back to good ole September of 2008 and there was just over 4,200 single family homes on the market. About 22 homes for every buyer based on closed sales.

By studying these numbers you get an idea of what is going on here. If you look at the inventory over a three or four year period you see a dramatic rise in inventory to the peak of 2007 around January to the end of spring and then a steady decline.

The steady decline shows a market slowly bringing itself down to where demand and supply will once again be much closer and we might start seeing a slight increase in pricing.

This isn't going to happen overnight. In fact it will be most likely several months if not close to a year but it will happen at the current rate of drop in inventory.

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

Slip sliding away

I've been working with a couple of investors and first time home buyers recently looking in the Palmetto/Parrish area for some real bargains.

Up until even six weeks ago, heck no problem there were a bunch of foreclosures and short sales (pre-foreclosures) to choose from.

Now, not so much. Sure there are hundreds of foreclosure filings each month at the court house.

But the ones in the best condition and price are being snapped up faster and faster as they hit the market.

You could even get a decent house in a desirable community in Palmetto for around 100k not more than two months ago.

Now you will have to wait and see what comes on the market and then getting it will mean moving faster. The leisurely buying pace for bargains is no more.

Add to that the arrival of early Snowbirds and buying time is here again.

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

Beach bargains

Here is a how a conversation a couple of years ago might have gone when you went to lets say Anna Maria Island looking for a house close to the beach.

You: I'd like to buy a house close to the beach, not a fixer upper, more than 1,500 square feet, with a garage for under $600,000. A pool would be nice also, at least three bedrooms and two bathrooms.

Agent: And I'd like a pony, see ya!

Fast forward to today.

You: Same criteria.

Agent: How about something brand new or completely renovated with a two car garage and I think we can a get a couple hundred more square feet.

Welcome to the wonderful buyer's world.

Surf's up.

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

Bottom yet?

I have heard about a dozen or more predictions that we have hit bottom over the past year.

Each one of course has been wrong. Our prices keep going down.

Orlando economist Henry Fishkind made a similar predictions this week according to an article in the Bradenton Herald.

Fishkink figures residential prices have hit bottom and will remain stable and we won't see any improvement until late 2009.

I usually dismiss the economic predictions out of hand these days. Sorry, just too many wrong ones.

That being said our in Manatee County is down and our pending sales are the highest I have seen in a very long time.

I'm not totally buying in to the bottom theory yet but I am starting to think we may be skipping across it.

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

Crisis? What Crisis?

Stock markets crash, then jump, bailouts for banks across the world, credit crisis continuing and the list goes on and on.

You look around and you wonder where is it safe to put your money.

Housing prices have dropped dramatically but think of it this way they are still up compared to the pre-housing boom era.

Those who made the right choices for homes and didn't rush in are still making money on their property.

For instance I just saw a listing for a salt water front canal home three bedroom, three bathroom in Manatee County for $269,000. The house is a bank foreclosure.

That, in my opinion is a pretty darn good deal for boatable water.

They are not making anymore land. And land in Florida particularly near the water is still very desirable. The savvy home buyers are snapping up the deals like the one mentioned above.

The housing market will turn around and probably sooner then later in Florida as thousands and thousands of baby boomers reach retirement age.

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