Zip Code By Zip Code The Market Is Moving

We have conducted an extensive study regarding the real estate market in the Tampa Bay area. How did we do it? We took each zip code in Hillsborough, Pinellas, Manatee and Sarasota county and from the multiple listing service tabulated all of the active listings, the number of pendings and units sold within a one month period. We added to this information the total number of properties receiving a lis pendens notice, those actively in foreclosure, the number of bank owned and auction properties. Through this detailed and lengthy analysis, we have been able to determine zip codes on the verge of tipping into a Seller’s Market. Why? Because the available inventory shows an eight month supply of homes for sale (33609) Other zip codes are selling within 30 days (34201).

No matter what, the most important recommendation that we can offer to Sellers is to price their property to be in the market and not just listed for sale. Price the property correctly from the get go. The first two weeks typically show the highest buyer interest and activity. By pricing the property high and then reducing the price to generate buyer interest is chasing the market. It wastes times, effort and resources.

In some areas, Sellers are reverse offering incentives to Buyers. For example, Sellers are offering a selling price to an interested Buyer along with a flat screen tv. These creative reverse offers are utilized to encourage a non committal Buyer to write an offer to purchase. In many instances, this strategy works!

~ by Lynn Brock on February 10, 2011.

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