Breaking Market News!

Sarasota market hits highest sales figure since March 2007

Just released figures from the Sarasota Association of Realtors® confirm that the real estate market here is clearly rebounding.  Home sales for May 2008 reached the highest level in 14 months and were approximately 92 percent higher than the sales in January 2008!  Pending sales figures, an indication of sales in coming months, also remained strong, reaching the second highest level since June 2006.

Although I wrote this last month, I think the advice still remains true:

Should you buy now or wait?  In my opinion, the homes that are selling now are the best showing homes priced at the lower end of the market value range for that particular type of property.  Home sellers who keep this in mind, and keep their expectations at a reasonable level, will sell their homes.  However, as sellers start to "bottom line" their prices, buyers need to understand that offers of 20% or more below the listing price just won't fly.  By understanding the market and what is going on now, a smart buyer will find the best showing home at the best price and then make a reasonable offer that doesn't offend the seller.  Of course, any negotiation is up to the two parties but, with prices as low as they are now, interest rates as low as they are now, and an increasingly apparent trend in our local market of increasing sales, it won't be long before we reach the time when, a year later, we will think "If only we had bought back then."

To read the complete report, click here.