Sarasota Real Estate now a Buyer's Market

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Sarasota real estate is now a Buyers' market. Property listings have tripled almost overnight.

The latest news about Sarasota real estate indicates the market in terms of inventory is now favoring the Buyer reports Gary Brey of the Sarasota Group, a Re/Max agent. There are many more homes currently listed for sale in the Sarasota and surrounding areas. Residential listings in the greater Sarasota real estate market have tripled from a year ago. The existing market reflects the fact that demand has eased a bit.

Rather we see a flattening off in the market. Consumers can expect to see a more normal appreciation level. Look for something between 8-12% - still very good. It is impossible to keep gaining 30+% a year as been the case over the last 3 years.

Asking prices are being reduced to reflect this condition. Florida sellers can expect to wait longer for their properties to sell. If they are in a hurry they will have to drop the asking price. In other words, they will have to adjust the asking price to reflect a more moderate gain. They are not going to lose money. The gains will just be more conservative.

There are also signs less investor money will continue to come into the market. Some of this is due to new construction developers trying to "manage the market" by placing restrictions on the Buyer-investor. The investor money seems to be turning back to the stock market as the economy continues to flourish.

In the last 3 years the Sarasota real estate market has adjusted. Sarasota was under priced compared to areas such as Naples, Miami and Boca Raton. The gap has narrowed but Sarasota real estate prices continue to lag behind. Thus, the area remains very attractive price-wise and continues to be a viable option to the more expensive areas in the state.

Brey states, the one looming fact which will continue to drive the Sarasota real estate market is the millions of Baby Boomers retiring in the next 10 years. Florida continues to be the number one retirement destination in the county.

Also this week mortgage rates fell off a bit. This is the first time in many weeks we have seen a drop in all rates across the board. This is very good news for buyers.

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Gary Brey