As a real estate professional, I am constantly looking at data in order to stay on the market. I look at sales reports, I look at newspaper articles, I look at my offices sales, my personal sales stats, etc etc. One thing has become very clear to me over time; it is really hard to get an accurate Sarasota homes sales statistic, which is frustrating. What really concerns me is the way statistics are reported overall, and how grossly inaccurate numbers that are reported can be, and how that influences buying decisions. We all know the market has been slow, but is it improving? Well, that all depends on what numbers one chooses to look in order to report we are "better"....or "worse".
According to the local newspaper, comparing July 2006 to July 2007, residential sales were down 12%. According to the board of Realtors, residential sales are up 7%. Hmmmmn, not even close!
In the end, I have seen the newspaper grossly distort numbers, and I have seen the Board of Realtors report numbers that just don't make sense regarding the current market. It is my opinion that the current market may still a little downward movement left, but not as much as many people think. The foreclosure rate will continue to rise over the next year, which may impact pricing, and to what degree, we don't really know. Anyone throwing a number out there is just speculating, however I personally have been experiencing more sales activity lately. First time buyers and investors are looking at opportunities again. My last two sales were to first-time homebuyers, and this market had very little opportunity for them to buy two years ago. Investors are circling as well. There was a very recent article in the Tribune reporting that a particular investor is attempting to raise 700 million for housing investment purposes. I am seeing more and more inquiries for primary residence buyers, specualtors, and investors.
Just like the stock market, trying to "time" the market is virtually impossible to do. My advice is that there are great buying opportunities in Sarasota right now, far better than a couple years ago, and like everything else, its a cyclical market. If you have been on the fence about buying, take advantage of being able to buy a home for 20-30% less than you could have 2 years ago, and heck, offer what you feel comfortable offering on a home. THere are some sellers waiting for your contract! IF you plan to live in the home for any length of time, you will come out ahead! Housing purchases are not meant to be treated in a "day-trading" manner. It's a long term investment for most folks, and its a great time to buy. Sellers are becoming much more negotiable, builders are finally becoming much more negotiable too.
I am growing tired of all the negativity in the business right now, from the newspaper, from doom and gloom tire kickers who have no intention of buying, and other agents. I am actually having a great real estate year, I have realistic sellers, and have dealt with eager qualified buyers that have scored some great deals! My office experienced sales 40% higher than just a month ago. Take it for what it is. These stats I know to be true for sure. Seems like interest is increasing in my opinion, as a guy on the streets daily. Lets see if sales continue to increase too!
Sarasota Fl Real Estate at
WeSellSarasota.com
