The market turneth

If your listening to the local media about the housing market in our community your pretty much a couple of months behind.

National media, forget it.

I speak from experience of being journalism for a couple of decades.

You want the news here it is.

If you were looking for that bargain home with the great price and location under 200k in Manatee County, well you right now are probably with a month of losing your opportunity.

As of 12/08/2008 according to Trendgraphix there was a 7.9 month supply of single family homes over 100k and under 200k in Manatee according to pending sales.

Under 100k generally speaking you are either giving up desirable location or the homes condition will need significant work or a combination of both.

A buyer's market is anything over nine months of supply, neutral six to nine months and under six months a seller's market.

There has been a 171.1 percent increase in pending sales of homes over the past year in that 200k and over 100k price range, 46.8 percent increase in solds more than 23 percent drop in inventory.

A lot of numbers right? What it means to you is we're now in a neutral market in that price range and heading towards a seller's market.

A couple of factors over the next month or so will determine how strong the market will get under 200k. First is the moratorium on some foreclosures.

If Fannie Mae and Freddie Mac continue to stop some of foreclosures in that range and continue on programs to work out financing for homeowners with the lenders then that will help tighten up the inventory.

Much of great bargains have been foreclosures. Take those out of the equation and your bargain hunting in the under 200k range will become a long term safari.

Even now the competition is fierce with multiple offers and clients clambering to find the best homes in that most desirable of price ranges.

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