Is Sarasota a Buyer's Market?

The Herald-Tribune proclaimed it loud and clear on March 1, 2006 - the 48% drop in home sales that the Sarasota/Bradenton market is experiencing tops the state of Florida. What does this mean for those who are looking to buy a home here? Contrary to what might be a gut reaction, Sarasota, and the SW Gulf Coast in general, is still a highly desirable location. Another recent headline stated " 85.8 million visited in 2005", speaking to Florida's constant draw, regardless of heat or hurricanes.

Yesterday (March 6th) the Herald Tribune printed an article about home prices slipping in the Sarasota/Bradenton area. It was bound to happen, with such a rapid rise over the last few years and a relatively lopsided inventory-to-buyer ratio right now. But is that bad news?

I don't hold that opinion. Of course, it is just an opinion and there are many out there. However, my experience is that there are still interested buyers, just not as many speculators and investors. Those buyers looking to relocate here are in the enviable position of having much to choose from, and the sellers overall seem willing to negotiate. Although the scales have tipped a bit too far, perhaps, over the next few months I am hoping we will see a return to a more equalized market - buyers having choice and buying power, and sellers getting fair prices for their homes. Sarasota remains a highly desirable place to retire, or to move a young family. Market adjustment, ebbs and flows, are a fact of any market - and those looking to move to Sarasota this year will find an much friendlier environment in which to search, negotiate, and purchase their home. In my humble opinion, the Buyers are now in a great market that will likely continue for some time. - Regina Brassil, REALTOR