Sarasota Real Estate Sales Downtrend: A Buyer's Opportunity

by Ma. Roma Agsalud - Date: 2006-12-18 - Word Count: 487 Share This!

Experts give advice to prospective buyers: Don't be afraid to bargain for your dream home in Sarasota, Florida.

Ask them why?

Because one can easily say so what to a real estate sellers' no answer. There are a lot of other houses in Sarasota to keep the buyers busy, according to analysts who claim that this is an opportune time for buyers to take advantage of Sarasota's decreasing property prices.

Records in July showed that 798 new properties had been for sale in Sarasota and only 180 of these properties were sold. In addition to this, properties had been sold way below previous months' mean price average of $550,000. In July, mean sold price was $440, 694.

Because of lack of inventory, the nature of equilibrium is now being witnessed by Sarasota real estate market. The market has, indeed, declined this year. Its sudden boom is now being neutralized by the market's free hand and is hoped to settle towards normalcy and stability, instead of an inevitable crash. The law of supply and demand is now taking its toll as oversupply of resale and construction homes have pushed prices to spiral down. Sellers who are faced with decreasing demand for their properties are now settling for lower prices that not having any sales at all.

Compared to the same period last year, it is really evident that the sales are down. For this period, Sarasota real estate had sold 1, 393 properties last year compared to this year's 865. The average life of properties for sales on the market had gradually increased as buyers do not see the need to rush their purchase. From a 2-months property average life in the market last year, properties for sale, today, tend to float in the market longer. Buyers are now taking their time since they know that they have a larger selection of properties to choose from.

This is a great opportunity for property buyers. Sarasota, Florida is a conducive place to live in. Advantages of living in this paradise are numerous. To name a few, experts predict that there are several more years before the place experience the influx of baby boomers' in the area. There are also excellent job opportunities for professionals and entrepreneurs with new jobs being opened in the area. Buyers who take the time to fly down to Florida are considered serious buyers who had certainly done their research. These buyers know that the promising bargains that they could get will definitely make up for the cost of their plane tickets.

Sarasota real estate market trend is speculated to stabilize this coming summer. Now is really an opportune time for buyers to start looking for their dream homes in Sarasota paradise. There are still a lot of properties in the market that have gone under contract. Sellers are determined to strike a deal with these properties and are willing to negotiate and adjust prices of these properties for their prospective buyers.

Related Tags: property, price, mortgage, opportunities, buyer, seller, down payment, sarasota housing market, underwriter

Ma. Roma Agsalud

Your Article Search Directory : Find in Articles

© The article above is copyrighted by it's author. You're allowed to distribute this work according to the Creative Commons Attribution-NoDerivs license.

Recent articles in this category:

Most viewed articles in this category: