The Manatee County, Florida, real estate marketplace is still largely driven by short sales and foreclosures. Many areas have only sales of these type of properties. It is increasingly difficult for getting properties to appraise, especially if they are regular arms length transaction and are not short sales or foreclosures. Many appraisers have only the short sale/foreclosed sales to deal with as comparables. We are still seeing prices go down in this area, although not as quickly as previously.
We are expecting to see many new foreclosures come onto the local market within the next few months.
It is, however, still a good time to buy, especially if the tax credit gets extended or expanded, which I hope happens.
They need to make this available to everyone, not just first time home buyers.
More later.
Alice Ohme
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