Prime Inventor For Summer

Real Estate

BY MICHAEL MOULTON SRQ DAILY SATURDAY PERSPECTIVES EDITION SATURDAY JUL 30, 2016

The Sarasota Real Estate Market summer selling season is primed with inventory for the traditional busy months of July and August. With new listings of existing homes and condominiums across nearly all price tiers showing adequate replacement of sold properties, it appears that there is stabilization, which will likely help to moderate escalating prices. 

The strong price performance in the Sarasota Real Estate Market indicates a continued "seller's market" with inventory below what is considered a balanced market, and also continued impressive market demand. The stable inventory conditions and momentum of demand are encouraging sellers, who have been on the hunt for just the right time to list their homes, to finally bite the bullet and enter the game. 

I am seeing buyers in the mid-to-top tier price markets that are ready, willing and able to make an immediate purchase. However, they have become pickier over time and expect the properties that they are inspecting to be in excellent condition, or priced to compensate for repairs and maintenance that are required to bring it to move-in condition. 

Though reports of total sales appear to show waning activity, transactions of distressed properties have become a diminutive portion of the market, causing wide irregularity in data year-over year.  In fact, sales of foreclosed and short-sale properties in the Sarasota Real Estate Market have fallen more than 70 percent since last year at this time.  When reviewing numbers of "traditional" sales, closings on existing homes and condos not in the distressed group have grown 11.7 percent and 2.5 percent respectively.

With homeowners seeing a return to equity on their current homes as real estate values have increased, cash sales, especially at the top of the market, continue to be strong in the Sarasota Real Estate Market.  This element will also contribute to quicker closings. If you are a potential seller and haven't listed your property yet, here are some things to consider:

  • · Listings of new inventory are increasing in the market, which is expected to continue making competition more likely as the year progresses.
  • · More buyers have ready cash or credit to make a rapid decision.
  • · Interest rates for new mortgages remain at extremely low levels - last month a 30-year mortgage averaged just 3.6 percent.  Imagine locking in your new purchases for 30 years at less than 4 percent.
  • · What are you waiting for to make your next move, whether it be a move-up, downsize or geographic move?

Michael Moulton is a real estate agent with Michael Saunders and Company.

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