This time last year, I had just started selling real estate in Orlando. Well, to be honest, I was recovering from an appendicitis after having just started working for RE/MAX 200. Boy, a lot can happen in a year.....
I'm sorry. I digress. In this last year, I have watched everyone call this market a "buyer's market." Yet as I reflect over the last year, I wonder where the buyers are hiding.
Don't get me wrong.....there are people out there looking, and there is a lot of inventory to choose from---over 25,000 in our area, to be exact. Yet the sales each month have been minimal. Now prices are significantly dropping, yet we are not seeing an increase in sales at this point in the year as predicted by the experts.
My take on the situation is that there are a lot of buyers sitting on the sidelines, waiting. Why, I am not sure----I know there has to be a lot of pent up demand. Even in a slow market, we see about 2,000 people moving into the city every day. Is everyone waiting for the prices to hit rock bottom? How will they know when that is happening? The statistics in the papers and used by experts are always outdated.
As I ponder my first year and this interesting question, I will be conducting a survey among my contacts and I'll report back.....yet I guess that trying to figure out the reason why won't bring people off the sidelines!
