I have always made the declaration that if I ever get to a point where I cannot muster $1 million in sales for a year then I will fold my tent and get out of this business. That well may happen this year.
The pundits in and around Tallahassee town are telling us that sales are picking up. I am not seeing it. I have had to surrender listings that I have been unable to sell. That is a disturbing stat. If I cannot move a property in a year then something is terribly wrong.
However, better than 50% of all listings are not ever sold. They leave the market and go into the so-called shadow inventory. The shadow inventory is comprised of people who are for the most part under water on their mortgage. They owe more than the market value. There are loads of these people.
Another consideration is that the primary competition for selling your house is the bank. They have lots of inventory that they are willing to cut to the bone to move. They are a tough competitor. They have deep, deep pockets and don't forget that they received a generous bailout back a few months. It is hard for Joe Average to compete with that.
Is it going to turn around? Maybe. Not in the short run. If you must sell it. Price it to the bone or stay in it.