Sales are up, but Prices Still Low

Published by julia | Filed under Buyer / Seller Tips, Miscellaneous, Pinellas County Homes, Real Estate

Foreclosures on the Rise Again

Tampa Bay can’t catch a break in the housing market slump. Just when the signs look like things are finally looking up, the numbers are on the wane again. This doesn’t really mean much to the average person, but to the Real Estate market it is a big deal.

When the numbers were tallied by the folks that keep track of them, the news wasn’t pleasant. But in the same token, it isn’t as bleak as it has been. Some areas have seen a dramatic increase in home sales in a 12-month period. But the common thread is this-low resale prices.

What normally happens when a person is ready to buy a house isn’t happening today. The comparables of the neighborhood are showing lower than expected ‘sold’ pricing. This is directly related to foreclosure and tax sales. We have seen some increase, but it is not the norm.

What can be done? When will the buyers decide that paying more for more means more? What can each real estate professional do to help move the prices back up? There are several ideas being thrown around, but it isn’t clear which ones will work. What do you think? Let’s hear your ideas.