SARASOTA, FL (WWSB) - Are you having trouble selling your home in Sarasota or Bradenton? One Sarasota realtor said she gets hundreds of calls every week from people who can't sell their homes.
The realtor said many of the buyers in the area are baby boomers going straight for the new houses when looking to move, but what does that mean for the housing market?
Alan Schwambach has lived at the Greyhawk Landing development in Bradenton for 15 years. He said when he listed his home, he didn't expect to have any problems selling it for more than he bought it for.
But here it is now, two months and three price drops later, with still no bites.
"This whole thing right now is just, it's just discouraging," Schwambach explained.
It was easy to hear the frustration in his voice. He sees the worth in every one of the $749,000 his home is listed for.
"We paid like $568,000 and then we had $105,000 on the lot, so we're over almost $700,000," Schwambach explained. "Well with $700,000 and we can't even get $600,000? There's something wrong with that picture."
But it's not just him. There are 20 other homes listed for sale in his community.
"Most of them are $500,000 and $400,000 and they're not selling," said Dawn Cohen. "And the last four sales in the last 30 days were all under $400,000."
Dawn Cohen is the realtor with Premier Plus Realty who has agreed to sell the Schwambach's home, but she said she isn't surprised that there hasn't been any interest.
This is a story she hears hundreds of times a week.
"All I can say is the supply and demand is causing the pricing to go up and the new construction is more popular," Cohen explained. "So the more people that want to buy and the more people that choose new construction, choose not to buy resales."
But Cohen said the majority of her calls come from baby boomers who also preferred to buy new without planning ahead. Five years later, their spouse passes away or needs to move to a nursing home and they can no longer afford the brand new home.
"They can't even sell it for what they paid for it," Cohen explained.
The good news is, Cohen has a solution for all buyers who want a return on their investment.
"Do your research, talk to several people. Don't just talk to one person," she advised. "Talk to your financial adviser, talk to your accountant, look at your 10 year plan. A lot of people don't look at their 10 year plan. They look at the here and the now."
Cohen also added that this is the peak of the housing market, so anyone who would like to sell their homes should list it at market value.
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