John Tuccillo, former chief economist for the National Association of Realtors said that between five and 10 years from now, it would be a better market than last year. However, he added that he is not saying the next 18 months are going to be a party.

In addition to his former position with the National Association of Realtors, Tuccillo runs his own consulting business and is a professor at Catholic University. Tuccillo and local real estate broker Michael Saunders of Michael Saunders & Co. on Thursday evening addressed more than 100 real estate agents and select clients about the current state of the real estate market as well as what the future may hold.

Tuccillo said that sales in the local real estate market fell off steeply during the first quarter of this year and many have tied that to the constantly rising prices. However, according to him, the key to housing markets actually lies with jobs and population changes, not price.

He said that the Sarasota-Manatee metropolitan statistical area's employment growth ranks seventh in the country, guaranteeing a need for housing. People who choose to retire in the area contribute to the growing number of jobs. These retirees are job creators, not absorbers.

Tuccillo agrees that the current excess of inventory on the market is a normal spurt often seen in fast-growing communities. But no matter what kind of market it is, appropriately priced homes will sell relatively quickly.

By M. Sese
http://realestatepress.org