Inventory of Homes Hits Bottom
Posted by Tracy Jones on Tuesday, July 30th, 2013 at 9:19pm.
Inventory of Homes Hits Bottom
The inventory of homes available to purchase in Venice, Florida has been in a serious decline creating a Sellers Market. Other nearby market places are reporting a comparable reduction in inventory. This reduction is causing corresponding price increases. The good news is higher offers for Sellers on their existing listings. The bad news is that once a property goes under contract, if the purchase is financed, the bank will order an appraisal. Since appraisals are based on previous sales, they sometimes do not support prices that exceed previous sales. Cash buyers frequently do not obtain appraisals and often progressively drive the market upward. Now is definitely the time to be represented by a skill Realtor who knows how to navigate the real estate waters. Call Gulf Shores Realty at 941-488-6644 to see how this information will specifically impact your home purchase or sale or visit http://gulfshoresrealty.com/.
Graph information compiled by Altos Research as reported by MyFloridaMLS for time period 1/1/09 to 7/30/13.