Look up there, its a ray of sunshine

This is a message for both buyers and sellers out there.

There are lessons in the market for both.

Gary Keller, our company founder, recently talked in Orlando about the shifting market.

He started this company in a similar market in the 80s, possibly a little worse, as mortgage rates were in the double digits.

A ray of sunshine he shared with us for the Florida market is this.

There are three main items that affect home buying, income, mortgage rates and home prices.

During the boom income could not keep up with the rising home prices and we know what happened then.

The ray of sunshine is home prices have dropped and mortgage rates are affordable. First time home buyers are jumping back in to the market because now it starts to make financial sense.

For sellers the lesson is this. The 80/20 rule. In this buyer's market 80 percent of the homes are overpriced 20 percent are priced right.

For the foreseeable future the prices will continue to drop on the 80 percent.

For the buyer's the lesson is the 20 percent that are well priced and in good condition are still selling.

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