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Real Estate Supply
- Thread starter redfisher
- Start date
Smiling JOe
SoWal Expert
Maybe the listings are expiring, because the lots have not been selling at that rate. Maybe people are finally catching up on Economics 101 and realizing the supply and demand relationship.redfisher said:
My guess is that most Realtors have been on vacation and have not kept up their listings over the last couple of weeks, thereby allowing them to expire.
SHELLY
SoWal Insider
Realtors who know their stuff are having great difficulty convincing owners that if they want to move their properties the asking prices have got to come down. But property owners who have come to believe the rhetoric dished up by the RE industry that real estate can go nowhere but up now believe realtors who try to convince them otherwise are incompetent and lazy. With owners unwilling to budge on prices and buyers not willing to buy in at the top, the industry kind of dug a hole for itself that will temporarily stagnate sales and increase inventory of high-end (and high priced) properties.
In some cases contracts are expiring (and owners are POed at their realtors and visa-versa), some are pulling the properties in order to re-list closer to tourist season, and others will pull and re-list later at a lower price as a "new listing" to avoid the dreaded "reduced price" banner.
If you think real estate supply is dwindling, just walk into any real estate office and say you want to buy any type of property--they'll be all over you like an SUV salesman at a GM dealership.
In some cases contracts are expiring (and owners are POed at their realtors and visa-versa), some are pulling the properties in order to re-list closer to tourist season, and others will pull and re-list later at a lower price as a "new listing" to avoid the dreaded "reduced price" banner.
If you think real estate supply is dwindling, just walk into any real estate office and say you want to buy any type of property--they'll be all over you like an SUV salesman at a GM dealership.
GreenWaveDave
Beach Lover
Well put "Redfisher". The "bears" really take every opportunity to growl out there. Can't we all be a bit more positive in '06?
GoodWitch58
Beach Fanatic
My business has picked up a lot in the last 10 days. I did not go on vacation! :clap_1:
Smiling JOe
SoWal Expert
Yesterday, there were 322 expired listings (all types) in the area. Six listings were extended. Four listings changed price, and ten properties were listed. There were no properties sold yesterday, obviously because it was Sunday and a Holiday, but more listings are expiring than are being sold and newly listed, so the inventory may indeed be decreasing. I am uncertain of the reason for the large numbers of expired listings yesterday, but the number is not typical of most days.
beachmouse
Beach Fanatic
I suspect that there are a good number of not terribly motivated sellers out there. They figure if they can get price X for their property it's worth it to take the profit and sell, but if they can only get price Y, then they might as well hold on to it for a while yet, enjoy the property, and see how it goes.
ecopal
Beach Fanatic
If someone does not need to sell their 30A property it might be best to take it off the market for a while. We are obviously in a buyers market with considerable over supply in many areas and property categories, and particular price ranges.
Property flippers that have to sell will be lowering their prices in desperation just to cut their losses. This is especially true for lots with build out deadlines and many preconstruction condos. Until those properties are sold off it will be very difficult to get a decent price even for prime 30A property.
There may be some good buying opportunites for the savvy buyer. But it is not a good time to be selling if you don't have to.
The new airport going in and the surge of baby boomers retiring will only be bullish for the area. 30A is one of the nicest and most unique coastal areas available anywhere and is still a bargain even at these prices.
Property flippers that have to sell will be lowering their prices in desperation just to cut their losses. This is especially true for lots with build out deadlines and many preconstruction condos. Until those properties are sold off it will be very difficult to get a decent price even for prime 30A property.
There may be some good buying opportunites for the savvy buyer. But it is not a good time to be selling if you don't have to.
The new airport going in and the surge of baby boomers retiring will only be bullish for the area. 30A is one of the nicest and most unique coastal areas available anywhere and is still a bargain even at these prices.
TooFarTampa
SoWal Insider
ecopal said:
Exactly. I wish the people who really don't care if they sell would take their properties off the market. That would help the overall picture, though I think regardless it will be two years or so before things balance out. The main problem is that the new realtors that have flooded the market aren't going to tell them that. :roll: Maybe sellers are starting to figure it out?