Want to know what's happening right now in Sarasota's real estate market? Here are the five essential trends emerging from the SRQ housing data. With high demand and tight inventory, this is a hot seller's market. Historically low interest rates are creating opportunity for buyers too. Understanding market trends is key to creating advantage when you sell or buy.
#1. Sarasota's market is more than hot... it's scorching. It's a sellers' market and buyers need to be ready to act quickly in order to secure the property you are interested in.
#2. Prices are rising. For sellers, there's an opportunity to list at a premium. For buyers, the longer you wait, the more likely you'll be paying a higher price, so it's really important to have your preferences nailed down and your finances in order.
#3. We're not heading for a crash. Foreclosures are down 14 percent year-over-year and low rates are inviting buyers into the market. There are affordability constraints, though, that are exacerbated by very limited supply in entry-level homes.
#4. Interest rates are at historic lows. The capital markets are creating advantage for buyers, even those who could make all-cash offers. Lower rates mean a lower cost of financing and that means you can buy 'more' house.
#5. The forecast for 2021 is strong. There is a lot of relocation from states where space is more expensive and the pandemic has created even greater lifestyle challenges. We are seeing a lot of new residents from California, the Northeast, and the mid-West.
