This has been a fast paced first 6 months of 2012.  Our local real estate market here in St Petersburg has slowly evolved from a buyer’s market in 2010 to more of a seller’s market in 2012.  Prices for resale homes has increased and inventory remains fairly low.  So far, demand for housing in our area is driving prices higher and foreclosures while present in our market, they are not having a negative impact on selling prices.

Maybe the banks really knew what they were doing in holding on to many of their bad loans, as those properties have likely increased in value with the rest of our market.

If buyer’s and their agents don’t understand the fundamental change that has taken place in our real estate market, then the buyer’s will not be successful in their home purchase.  It is important that buyer’s remember to be realistic with their offers, but to also be prepared.  Buyer’s must have either proof of funds, or be pre approved for a mortgage.  In today’s market offers with fewer conditions will be more appealing to home sellers.  Cash offers may not get a buyer a better price, but it may get the seller’s acceptance.  If you are a buyer do your home work regarding value.  Because the market has changed, make sure you are using recent sales data in establishing a basis for your offer..

Here is a a good article from the Tampa Bay Times rgarding the changing real estate maket in St Petersburg.

http://www.tampabay.com/news/business/realestate/as-housing-market-changes-buyers-dont-have-all-the-leverage-anymore/1239119

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