High Foreclosure Rates Unlikely to Weaken Home Price Gains in Sarasota Reports Sarasota Bay Real Estate

Chances appear remote that bank foreclosures on residential properties will contribute to a significant weakening of home prices in Sarasota, Florida this year, and thereby discourage homeowners who may want to sell to upgrade their dwellings, Sarasota Bay Real Estate said.

Sarasota, Florida (PRWEB) March 24, 2013

Chances appear remote that bank foreclosures on residential properties will contribute to a significant weakening of home prices in Sarasota, Florida, this year and thereby discourage homeowners who may want to sell to upgrade their dwellings, Sarasota Bay Real Estate said. Recently, it was reported that the Sunshine State counted among the nation’s tops in foreclosures in 2012. Completed Florida foreclosures in 2012 were placed by the analytics firm CoreLogic at 98,000, second only to California’s 100,000 for the year, Sarasota Bay Real Estate noted.

The full service realty firm based its statement on the fact that the rate of foreclosure in the Florida is actually declining, and at a rate faster than the national trend. The CoreLogic data showed that in December 2012, foreclosures inventory on a nationwide basis dropped by 0.6 percent from a year earlier, while in Florida, a 1.9 percent year-over-year decline was estimated.

This downtrend has manifested in the Bradenton-Sarasota-North Port area where CoreLogic data also showed that foreclosure rates among outstanding mortgage loans slipped 1.86 percentage points to 9.69 percent in November, 2012 from its year-earlier level of 11.57 percent.

Home loan delinquencies were also reported to be declining. Mortgage loans which are delinquent for 90 days or more stood at 13.97 percent in November, down 2.36 percentage points from the 16.33 percent recorded for the same month in 2011. A further thinning of foreclosures can be expected as 2013 progresses, Sarasota Bay Real Estate maintained, as lenders eventually finish their backlogs on foreclosed properties.

Average price up on Sarasota homes for sale

The Florida foreclosures though still high hasn’t exerted any significant downward pressure on home prices, the full service realty brokerage firm said, citing reports that the state-wide average sales price for existing single family homes in December rose 14.1 percent to $154,000, an uptrend recorded for most of last year.

Instead, escalating demand and declining home inventories are exerting an upward push on prices on both state and local levels. Sarasota Bay Real Estate noted that median home sales price in the Sarasota area has increased by $12,450 to $174,450 during the 12 months ending November 2012.

The full service realty firm likewise stated that the high foreclosures in Florida don’t necessarily mean easy picking of bargains for the ordinary home buyers. In order to close a good deal on foreclosed properties, Sarasota Bay Real Estate said that these prospective home buyers have to compete effectively against investors not only from the U.S. but also those from Canada and elsewhere overseas.

These investors typically have cash and can afford to bid higher than the asking prices. Hence, it has become common nowadays for attractively priced foreclosed properties to draw several buy offers. And it is also typical for banks selling foreclosed properties to call for two to three price checks after a price has been set.

Those prospective buyers who have the resources and who can work decisively with a seasoned broker can find greater success, Sarasota Bay Real Estate said, adding that some banks would want to close within a week or two after a selling price has been settled.

About Sarasota Bay Real Estate

Sarasota Bay Real Estate is a full service real estate brokerage in Sarasota Florida owned by Sarasota real estate broker, Christina Miller, and marketing professional, Roy Hunter. Together they, and their team of well-experienced agents, provide the best-in-class real estate marketing services for the properties in the company’s inventory.

Sarasota Bay Real Estate Internet assets receive more than 1,000 visits from perspective home buyers a day due to the wealth of local community information published by the company. Through a direct feed from the Sarasota MLS, Sarasota Bay Real Estate publishes the most current real estate information on the Internet for the Sarasota, Florida, market.

Contact information for Sarasota Bay Real Estate and all of the current MLS listings of real estate for sale in the Sarasota-Manatee area can be found at http://sarasotabayrealestate.com