Not a great looking graph on the national front. Now, Sarasota was one of the first to feel the pain due to all the speculative buying in the boom, and many industry professionals believe we are already ahead of this curve as far a real estate recovery as well. We experienced more aggressive price reductions in quicker periods of time compared to the national statistics. It was the “Wild West” coast, in 2005, right? Also, Sarasota is rated one of the top places to live in the country, so it is only natural that bargain hunters will and are targeting Sarasota, hence the reason we will be a few clicks ahead from the national activity graphs. Only time will tell for sure, but with historically low interest rates, lots of inventory, and a climate and city rated among the top in the country, Sarasota is and will be in demand. Sarasota’s inventory is a good indicator or trends, and overall, single family home inventory is down from 6000 units to around 4000 units in the past 12 months.
There is still a little time left to get a $8000 first time home buyer tax credit for a home purchase if under contract by the end of April ($6500 is upgrading to a larger primary residence). Interest rates are believed to be taking a jump very soon as well, so although the pain appears to have some steam nationally, Sarasota has felt quite a bit of pain already, but that pain for sellers is a buyer’s pleasure (good or bad depending on your own situation, right?)
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