Roller Coasters aren't just rides at the amusement park! The real estate market has been one filled with the highest peaks and the lowest dips for the last 10 years and has finally begun to even out. Here in the Sarasota market we are beginning to see stabilization but the market is still difficult to navigate.
Riding the Trillion Dollar Roller Coaster is an interesting take on today's market but not one that I totally agree with.
We were one of the first cities in Florida to accelerate to the unbelievably high prices that could go nowhere but down and are now one of the first ciites to see daylight. Inventory is very tight and even with the large number of bank-owned and short sale homes on the market, the buyers are seeing the bottom of the dip and are anxious to enter the market before the great deals are gone. Sales in single family homes were up by 142 and condos by 78 from last year at this time. Pending sales are up by 16% and the inventory has dropped almost 20 percent below last years mark. The short sale and bank-owned properties are not as large a percentage of homes on the market and although they continue to become available they are no longer overwhelming in number.
What does this mean to you if you are a prospective home or condo buyer? You need to start looking for the particular home you are interested in buying and do it soon. Mortgage rates are at an all-time low and we are beginning the slow recovery that will once again make your house an asset, not a liability. So, jump on the not so exciting roller coaster of today and make an investment in your future.