Many buyers are still sitting on the sidelines, awaiting prices to fall a bit more…
There are a few problems with the philosophy, however – as reported yesterday, Sarasota sales and median prices are actually rising. And in the last two months, interest rates have climbed nearly 17%.
It has long been the position of True Real Estate that an interest rate rise would negate any small victory in sale price. And although at 5%, interest rates are still historically low, the combination of rising sales and rising rates indicates the overall price of buying a home in Sarasota is slowly rising. As is often the case in these markets, those who wait too long will usually miss the best opportunity.
If you are serious about a Sarasota home purchase, the best policy is likely to lock in a low rate, and work with a buyer’s agent who can negotiate a great deal. The days of waiting for lower prices in Sarasota may have come to an end.