The answer? If it’s up to True Sarasota Real Estate… a whole-hearted YES.
Sarasota real estate prices continue to drop, but the competition is growing, too, and a new dynamic is emerging in the Sarasota real estate market. For the first time in years, we are actually seeing bidding wars, as real estate investors vie with first-time home buyers, down-sizers, snowbirds and other residential buyers to grab the real estate bargains while they’re still available.
William True, Real Estate Broker and Exclusive Buyer Agent at True Sarasota Real Estate, says the time to move is now.
“We have seen a big uptick in activity during the past quarter” he noted. “While most of our clients are successfully closing on their homes, there are fewer homes on the market and those priced competitively or through short sales are going quickly. Waiting for prices to drop even more may be tempting, but it may, and probably will, cost you in terms of getting the home you want.“
The growing competition is most prevalent in the lower-end Sarasota real estate market (homes under $450,000), although low-priced condominiums for sale are also becoming a hot bidding item. And especially now, with an unusually warm and sunny Sarasota winter, home buyers and real estate investors from the north are seriously considering relocation or a sunny Sarasota destination.
Early retirees are especially drawn to Sarasota’s cultural and recreational opportunities. Older retirees are ready to escape the cold winters and spend their retirement here. We may be seeing a renewed graying of real estate in Sarasota.
Sarasota real estate is also influenced by current residents looking for homes that reflect their changing lifestyles, and also by an influx of home buyers from out of state and out of country. This is definitely a reversal of the migratory patterns of the past few years, when more people left Florida than moved to the state.
Another issue that may have been dampening home buyers’ appetites is the prevalence of media coverage that lenders were becoming more and more cautious in extending mortgages. This isn’t surprising, given the backlash of jumbo mortgages and home equity lines of credit that were handed out like candy during the boom. But it appears this is changing, with qualified home buyers now being greeted more warmly by mortgage lenders. By shopping around, home buyers can find lenders and mortgage loan programs that fit their financial circumstances. For example, a 20% down payment may not necessarily be needed, credit scores have become more negotiable, and debt-to-income ratios are being relaxed in some instances. In essence, banks are extending an olive branch to qualified applicants. There may even be a bidding war in the mortgage loan arena now, too, so it’s wise to shop around.
True’s advice to home buyers and real estate investors is simple. “Don’t wait. The home you want is probably at the best price you’ll see, with low interest rates and a growing demand for single-home housing. Banks are willing to work with an increasingly expanding array of home loan programs designed to move the market forward. If you wait, you may lose the opportunity to have the home of your dreams.”
Our best advice? Make 2012 a happy new year in a new home in sunny Sarasota, Florida. Work with an Exclusive Buyer Agency such as True Sarasota Real Estate which will represent you 100% during every step of your purchase of the best values in Sarasota real estate.