Each year my family and I take a trip to an area where cell phones don’t get signals and there are no TV’s. This year we were in the remote lake region of northern Maine hiking through the splendor of fall foliage. If I had come out of the forest and turned on the TV on September 29th I would have seen the stock market down almost 778 points. The sky was falling! If I had emerged from that same forest on October 13th I would have heard that the stock market was up 936 points. I may have thought that we had achieved world peace.
The financial decisions we make with respect to our own lives are uniquely personal. I believe there are far more important factors to base these choices on than the day to day fluctuations of the market. Let not the TV be a distraction from the fundamentals.
Sarasota is a distinct real estate market with a very robust appeal to Americans and foreigners alike. This town with its warmer weather, intercoastal and Gulf boating waters, spectacular natural beauty, and rich cultural scene is as attractive as ever. Many buyers are drawn here irrespective of the external economic climate. The fact that many properties are selling when the correct value is reached is a testament to the long term stability in Sarasota Real Estate.
I do want to emphasize that local Real Estate has undergone a very important correction and re-pricing for the last 3 years. Over this time properties that may have changed hands at around $1million are now selling much more appropriately around $700,000.
I think that there is still too much inventory to declare a bottom to the market, though there are some real estate brokers and indices that say statistically we have arrived there. I do see, however, there are a lot of really good values on homes. In some areas we are seeing pricing at 2001-2003 levels. The properties that require work are getting the biggest price reductions. I advise my clients that when they find something that really meets their needs- they should negotiate aggressively and if they can come to terms, make the purchase.
For those buyers that like what Sarasota has to offer, I believe it is a good time to stay familiar with what’s available. We can refine our search and notification criteria to target exactly what you are interested in. This will help you keep tabs on a few of your favorites and then make your own conclusions.
These are my thoughts- let me hear yours at 941.587.0740 or lee@investmentsinsarasota.com.
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