As a Realtor – I get asked all the time about where I think the market is heading…some people say it’s leveling off and should start to turn around shortly while others say we’re in this for the (very) long haul and there’s no end in sight for years to come… to which the first group reply – but I can get a fully decked out former model home for $50/square foot with granite tops, stainless appliances, nice flooring, lighting, paint, etc in a gated community – how much lower could it POSSIBLY go? I know this example is true because I just sold it
I say both groups are correct – and in effect we have two real estate markets here in Hernando County (and pretty much everywhere else in the US right now). You have the homes that are priced well (10% of the overall marketplace) and then you have the other 90% that are still priced too high to garner any real interest from buyers.
The first market (the 10% that is priced well) is selling very quickly – usually within a matter of days – and often being sold at or above the list price. This market is far from a “buyer’s market” – it is a full-fledged and swinging seller’s market with multiple offers on almost every property.
The second market (the 90% that is still overpriced) might as well not even be for sale at this point. These are the seller’s who are holding on to prices that are just too high. This is where the “buyer’s market” is – because there are no buyers competing for overpriced houses.
A friend of mine from High School wrote the other day about how she’s trying to buy a house in Massachusetts, and was out-bid in a bidding war with 20 other buyers. Someone replied “so much for a buyer’s market…” My suggestion was to find several of the overpriced houses that she liked, and write lowball (i.e. realistic) offers on them every 2 weeks. One of two things will then happen – the sellers will either accept her offer or they will tell her to get lost – but at least there won’t be any competition from other buyers!
So I would ask the following questions…
To real estate buyers, I ask “Which type of market do you prefer?”
…and to Sellers, “Which market are you in?”
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About the Author
Josh Hanoud is the #1 Top Producing Agent at Tropic Shores Realty in Spring Hill, FL and in the top 3% of all real estate agents in Hernando County, Florida (2007). He also happens to be the co-founder (along with Natalie) of the
Hernando Luxury Homes website which aims to showcase the best properties that Hernando County and the surrounding Nature Coast has to offer. Whether buying, selling, relocating, or investing - Josh & Natalie are proud to offer a higher level of service. Contact them today at 352-397-5182 or Josh@HernandoLuxuryHomes.com to see what they can do for you.
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