It seems everywhere I go, people ask me about the real estate market. When is the market going to return to rapid appreciation, why is my home not selling, where are the buyers? Etc., etc., etc.
There are no simple answers. There are more properties for sale then there are buyers. The majority of properties are over priced by 10 percent to 20 percent, or are in need of renovation. With the glut of properties, buyers are reluctant to sit around and negotiate. They just move on to the next one and keep doing so until they come upon a motivated seller. Then you have the insurance and real estate tax problems. Homeowners are placing their properties on the market because of the affordability issue. Taxes and insurance are driving (no pun intended) both buyers and sellers to other states such as Georgia, the Carolinas, Tennessee, etc. Then there is the "H" word. We have no control over it except to pray for a quiet season.
So when does the market return to normal? And how do I sell my property? The best answer I can give is, "I'm not sure anymore. Maybe in 12 months, or maybe sooner if the politicians in Tallahassee do the right thing. As for selling your property, lower your price as it is probably overpriced by 10 percent. Remember, although it is "YOUR" home, it is still an investment. Isn't that truly why you bought in the first place? Like all investments, they go up and they go down. Unfortunately, we are in a downward cycle right now.
Ric Cornelius is the Broker/Manager of Sand Key Realty Sales and Rentals, Inc. Sand Key Realty has three offices with 40 agents. One office is at 740 S. Gulfview Blvd., Clearwater Beach, 727-443-0032; the second office is at 2701 Gulf Blvd., Indian Rocks Beach, 727-595-5441; and the third office is at 309 Belleview Blvd., Belleair, 727-461-4200.
