Sarasota Real Estate - State of the Market May 2010

By
Real Estate Broker/Owner with True Sarasota Real Estate

Sarasota Real Estate - State of the Market May 2010
 

The Sarasota Association of Realtors (SAR) recently reported that first quarter 2010 sales climbed  more than 50% over first quarter last year. Sarasota real estate sales in March were at the highest level in over 4 years.

In addition, median sales prices have actually been rising, which may come as a surprise to those still waiting for "the bottom".

The statistics should raise some eyebrows. I am a little concerned that those waiting for rock bottom will find themselves in the opposite situation of sellers a few years ago - waiting too long to take advantage of the best part of the market.

While we were watching the home buyer tax credit expire, we also warned buyers that a move by the Federal government on March 31st would likely cause interest rates to rise - which they have. Interest rates have far greater impact on the amount you will pay for a loan than people realize. If the interest rate goes up, it may very well cancel out any slight decrease in sales price - and then some.

Although inventory is decreasing, there are still lots of options.

Although rates are going up, they are still near historically low levels.

And although sales prices are climbing, there are still deals to be had.

We just don't know for how long. The window of opportunity does appear to be sliding shut.

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William True

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