Friday, January 14, 2011

Market Update: Foreclosure Inventory

I just updated my website, http://www.davidbarrhomes.com/, with my exclusive market inventory meter. 

It's starting to look like foreclosure inventory in Sarasota, Manatee, and Charlotte Counties is slowly but steadily shrinking, with only 1,052 single family and condo properties for sale, while the overall inventory is steadily increasing.  What's going on?

We are in our busiest real estate season, as buyers take advantage of a warmer climate to vacation and buy property.  These buyers are snapping up foreclosure properties right now faster than the banks are releasing inventory into the market, hence the short term drop in inventory.  If you are planning a trip here to buy real estate in the coming weeks, more than ever you should be prepared with your financing documentation and expect to be in multiple-offer situations on foreclosures.

Home sellers also know this is the best time of year to find a buyer, so we are seeing more traditional sales come on the market.  I would advise buyers right now to also consider non-foreclosure properties.  Sellers remain negotiable in pricing and concessions to get their property sold.

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