Owning/selling - selling your Florida real estate

The experience of selling Florida real estate has changed tremendously in the past couple of years. 

As recently as 1-2 years ago, the Florida real estate market was exceptionally “overheated”: homes were often sold before Realtors had time to “list” them; new homes under contract were re-sold for thousands more than the contract price as soon as the buyer closed with the builder; bidding wars occurred, where sellers were offered more than the asking price.

The current Florida real estate market is very different.  There are many unsold properties and very few buyers: as at the end of March 2007, the inventory of re-sale homes on offer represented about 14 months sales.  In most cases, prospective buyers have an expectation that they can secure a property far below the asking price.  Some sellers are trying to defy the trend by holding out for their asking price, but most recognize the need to “bargain” if they really want to cement a deal.

Owners who bought in 2004 or 2005 and now wish to sell are finding it hard to reconcile the changes.  Some realize that, now that the Florida real estate market has changed, it's essential to get the right answers to key questions such as: