Sales Report on the area

The sales report from the Sarasota MLS yesterday underscores a couple of the reasons the Sarasota market has flattened a bit. First, there is Big Al Greenberg’s one-man crusade to destroy the economy by again raising interest rates; this is the same Al who waited too long in 1999-2000 to lower rates. Oh well he is done.

The second reason is the # of inexperienced agents in this area. They foolishly over-price listings. Yesterday there were about 38 closed transactions. There were 100 or so new listings and about 130 price reductions.

Our Buyers know what is going on in the market. They do not and will not offer on the over-price listings. Sometimes they stay around and continue to look and sometimes they go elsewhere … in many cases home.

Do not – Do not – Do-not overprice your home. I don’t want you to under-price it either. Nevertheless, the bottom line is you will make a profit but perhaps not as much as you thought. Do not worry – no one ever lost money taking a profit.