February and the Bottom of the Sarasota Market

By
Real Estate Broker/Owner with EXIT Creative Realty

Here we are coming down the home stretch in February.  Traffic is heavy, the snowbirds are here, and the fence-sitters are starting to come off the sidelines.  Our market is starting to pick back up.  I have a networking partner in a real estate attorneys office (the #1 in our area).  They had 20% more contracts in December over November, then they had a 33% increase in January over December, now they are 50% over January.  What does it all mean??  People are beginning to take action.  There are some exceptional bargains to be had, and the next few months should be interesting.  What it will take to "declare" the bottom is when the inventory levels drop off and sales continue to increase.

The Florida Budget Reform Committee is meeting this year to consider new changes to the tax code in Florida.  One proposal is to replace the School Tax portion of our property taxes with a statewide sales tax (and removing some exceptions to the tax that currently exist).  IF THAT HAPPENS, our property tax bills will all go down about 40%.  If so...ALL REAL ESTATE will be more affordable in the future.

In a nutshell, all indications are that the next 6 months or so should be a great time to take advantage of our Buyer's market.

  

  

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