So you are ready to sell your home. You think you know what it is worth. After all, your neighbor sold his house for 'x amount of dollars' eight months ago. Markets change, prices go up and down based on the supply and demand. In 2005, the Tampa Bay area was experiencing an astounding rate of appreciation. Many homeowners saw as much as $100,000 increase over what they may have paid for the home just 1 or 2 years earlier. But, at that time, there were not a lot of homes on the market. There are now in 2006.

Things changed toward the later part of 2005 and continuing into the fall of 2006. There is a glut of homes on the market in the Tampa Bay area. Why? There are probably many reasons for this including investors trying to cash out, people leaving the state wanting to buy in a less expensive area of the country, people finding that with the increase in their home's value, they no longer can afford to pay (or want to afford to pay) the higher tax costs and insurance premiums. Plus, there are many people who are just 'trying to sell' with the attitude that if it sells at my price ? great, if not, no problem, I?ll stay put.

What we have now is some sellers saying ?I?m not dropping my price because I don't really have to sell?, or ?I?ll drop my price if someone makes a reasonable offer?. Buyers on the other hand are saying ?If prices are this high, I will rent for awhile and wait and see?, or ?I?ll make an offer, but you are going to have to drop your price first?.

So where will things end up? There are always people who must buy and people who must sell. Between the two of them and their agents, they will work things out just like always. Investors, on the other hand, are beginning to get the idea that in order to get their property sold, they will need to lower their prices a bit, keeping in mind that we are in a different market now. Early last year in 2005, for example, I made $21,000 on an investment property, this year I made $14,000 on one of my investment properties. Am I disappointed? Absolutely not! Then there's the test the market people. They will eventually get tired of just trying to sell at an inflated price and give up. They will do one of two things, lower their price to something that's going to sell or take the home off the market. Then slowly we will see a new market emerge ? again.

Keep in mind that you can't change the market you are in. You can only change how you deal with it and your attitude about it. Work with the current market, don't fight it, you will be much better off.

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