Florida Real Estate market update for Venice, Englewood, North Port, Port Charlotte Florida

The market runs in cycles and history repeats itself. The real estate market went through this same phase in the early 1990's. Property values plummetted and the aftermath was foreclosures. Foreclosures are a sad thing but they are also the markets way of curing itself. They create activity in the market as people scramble to get the best deals. This creates a buying frenzy as people who missed the opportunity in the past step up to the plate and buy foreclosures at 50 to 60 cents on the dollar. As these properties sell they reduce the amount of available inventory.
There is a window of opportunity, which we are experiencing now when the banks truly discount properties to the point where they are really a deal to the time when the supply and demand is back in check. Once the supply and demand are back to the healthy level that window is then gone.
The majority of us are followers, not leaders, many are led by various media critics that say that they prices will keep coming down. My answer to that is that they are right in one way. The properties that are over priced will continue to come down and follow the market in an effort to keep up with the competition. The ones that are priced right to begin with for today's market are selling. I see homes hit the market everyday that are priced low even for today's market, and within 3 days they have 30 to 60 people look at them and have multiple offers on them. Most often the ones that are priced aggressively sell ABOVE listing price.
But again the media has many followers that are sitting on the sidelines watching the best ones come and go.
In my opinion this is partly the reason why 90% of this countries wealth is controlled by 10% of the people.
Don't get me wrong if one is not in a financial position to take advantage of the market conditions and be able to wait it out until the market rebounds then they should not get into the game.
But if you wait until the media says it is time to buy then you might as well take a long nap! By the time positive media sells this opportunity will be long gone and then one can wait another 10 years for this to happen again. Remember, history repeats itself....