The Time to Buy Is Now

In 2007, it was sellers who stubbornly held onto their asking price. Now it could be that buyers who wait for the great shadow inventory fall out will find themselves empty handed in Sarasota.

Real estate is local. So local in fact that a near beach property in Englewood will fetch about half the dollars of its counterpart in Sarasota.

Property bargain hunters who pitch low offers at sellers and continue to hold onto the national statistics will probably be priced out of the market by this time next year.  

The inventory of distressed sales in Sarasota has only risen 3 percent in the past 12 months, nowhere near the numbers predicted by the general national reports.

Sarasota is a naturally affluent town and has multiple extraordinary beaches and an international population, all factors that are likely to be contributing to the low number of distressed property sales.

In fact, since the start of October, only 273 new listings have come on the market while 255 listings have gone under contract. Numbers like this show that there is not only equilibrium between sellers and buyers, but also stability in prices across the board. Stabilization has been noted in the under $300,000 properties, and the numbers continue to creep upwards.

It is still the under $200,000 that are the fastest bulk movers, but properties in Sarasota at all price points continue to sell.

The bottom line is this: if you see it, like it, want it and can afford it, buy it now. 

bob k October 30, 2011 at 11:47 PM
Nothing new drom a realtor, who benefits from "buy now". There are more forclosures in the pipeline than have already been completed. Unfortunately, the government intervention has only prolonged the next wave of lower prices. It's not time, be patient.
alfredkyle October 31, 2011 at 10:52 AM
When You plan to move from your home in the next few years dont refinance your mortgage, use tools from 123 Refi they make it easy to check your current loan and provide you the solution
ava whaley October 31, 2011 at 01:03 PM
I agree with this article. I've been looking for 3 months. Inventory continues to diminish. I just bought - will close on nov 7 - and I'm very glad I did. Nothing like it on the market now!
ted October 31, 2011 at 01:32 PM
I note this article is listed under opinion. I think the whole premise Time to Buy is Now, is hokey, considering the avalanche of foreclosures that have not hit the market yet. Here's a real analysis from Zillow for 2011. http://www.zillow.com/blog/research/2011/05/08/no-respite-from-housing-recession-in-first-quarter/
Catherine Seress October 31, 2011 at 02:26 PM
Thank you for reading this piece. If you look back over several months of articles I have written for Patch, you will see the indicators that lead up to the "buy now" perspective. The trend has been going since much earlier this year. I appreciate your comments and would add to Ted that your Zillow article reflects NATIONAL figures, not local. Sarasota is a town with a seasonal population, high tourism and is a wealthy town to boot. Our stats will not look like Oklahoma nor New York. Our demographics are quite different. Time will of course reveal all. If we all had functional crystal balls, then those who fell hard as the market crashed never would have, don't you agree?
Catherine Seress October 31, 2011 at 02:32 PM
Congratulations, Ava! May you have many happy years in your new home!


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