The news of dwindling supplies of Sarasota area properties on the market, especially at the luxury level and those in “move-in ready” condition, has been well reported in my blogs and throughout the media. Michael Saunders has revealed statistical data in her weekly blog that compares inventory over the last eight years. The evidence is striking in how far supplies have retracted from the highs of 2006-2008. Saunders reports in her blog “If you’re a buyer, a well-priced property that strikes your fancy must be acted on swiftly…if you’re a seller, now is the best moment in years to sell your home…”
Our local activity has been especially robust recently and all of my peers report vigorous client interest at all price points, along with the return of the multiple offer sales. Though there continue to be a number of reasons to remain “cautiously” optimistic, it would be difficult to deny the consistent signals of a return to a balanced real estate market in the Sarasota area.
Warren Buffett recently stated in an interview on CNBC when asked which he would recommend…buying stocks or real estate, “If I knew where I was going to live for the next five years or 10 years, I’d buy a home and I’d finance it with a 30-year mortgage. It’s a terrific deal…as attractive an investment as you can make.”
Whether buyers are looking for a personal residence, second home, investment property or an asset with rental income potential, now is a great time to buy. If you are a seller, the market is filled with prospective buyers right now so, ensure your property is well priced and nicely maintained and my guess is that you’ll move your home swiftly.