Saturday, November 27, 2010

Home sales fall 16.9%

The number of home sales in the Tampa Bay area plummeted 16.9% from September to October this year and sales were down 25% from October 2009.  Nevertheless, 1,923 area homes sold this past October. 
  • In a "buyer's market", buyers all too often assume that they can take as long as they wish to make a decision on making an offer on a specific home. I always explain to buyers up front that homes on the market can go under contract at any given moment without notice and conceivably could even go under contract during the showing regardless of how long they have been on the market.  Yet they always seem astonished when they find out a home they delayed making an offer on has gone under contract with a different buyer.
  • Yes, even in this buyer's market, at times homes have multiple offers regardless of how long they have been on the market.
On another note, buyers seem less willing and interested in trying to go through the arduous short sale process than previously.  Often times they have been unsuccessful in previous short sale attempts or know others who had bad experiences.  REO/Foreclosures continue to be popular with buyers.

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