FannieMae announced this week new rules regarding the sale of their foreclosed properties. From now on, properties must be on the MLS for at least 15 days prior to any cash offers being made.
This move is structured to assist buyers who will occupy the home, and have lined up solid financing. In the current "cash is king" envoronment. cash investors were scooping up great deals on foreclosed properties and effectively locking out the traditional buyer.
This new move will allow prospective owners to see a home and negotiate an offer before the cash investors swoop in. This move should go a long way to helping the "ordinary home buyer" take advantage of the great deals in this market.
For more information, give us a call.
Friday, August 21, 2009
Sarasota Real Estate Sales Trend Up
From the Sarasota Association of REALTORS:
The Sarasota real estate market in July 2009 was substantially more robust than July 2008, with total unit sales up 29 percent to 595, and the months of home supply on the market once again dropping to levels not seen in three years. There were 450 single family and 145 condos sold in July, compared to 331 and 130 last July.
July 2009 sales were only 15 units lower than last month, when overall sales rose above the 600 level for only the second time in 26 months. The statistics all continue to point to a market in the initial stages of recovery, with other news outlets reporting the bottom of the market.
Inventory levels continued to decline and now are at the lowest level in more than 5 years.
The Sarasota real estate market in July 2009 was substantially more robust than July 2008, with total unit sales up 29 percent to 595, and the months of home supply on the market once again dropping to levels not seen in three years. There were 450 single family and 145 condos sold in July, compared to 331 and 130 last July.
July 2009 sales were only 15 units lower than last month, when overall sales rose above the 600 level for only the second time in 26 months. The statistics all continue to point to a market in the initial stages of recovery, with other news outlets reporting the bottom of the market.
Inventory levels continued to decline and now are at the lowest level in more than 5 years.
Wednesday, August 05, 2009
Sarasota Real Estate at the Bottom?
Recently, one of our clients complained that although there are many homes on the market, that there didn't seem to be much of interest. She is not alone - many folks have begun to realize that many of the best properties have indeed been scooped up.
This anecdotal evidence dovetails nicely into the recent news from the AP stating that we are at the bottom of the real estate market. Sales are up, inventory is down - and as mentioned, the really good inventory is dwindling quickly.
Over the last couple of years, when I was asked when the bottom of the real estate market would be, I spoke what I felt to be the truth. The market will be at the bottom when the media declares it to be so. The reason is that people in general wait for the indicators to tell them it is "safe" to buy. Once we are told we are at the bottom, the actual validity of that statement matters little - it becomes a self fulfilling prophesy. With consumer confidence up, the numbers backing up the recovery and the added bonus of the first time homebuyers tax credit - I expect sales to ramp up considerably in the coming months fueling the Sarasota recovery.
This realtor sees things looking up.
This anecdotal evidence dovetails nicely into the recent news from the AP stating that we are at the bottom of the real estate market. Sales are up, inventory is down - and as mentioned, the really good inventory is dwindling quickly.
Over the last couple of years, when I was asked when the bottom of the real estate market would be, I spoke what I felt to be the truth. The market will be at the bottom when the media declares it to be so. The reason is that people in general wait for the indicators to tell them it is "safe" to buy. Once we are told we are at the bottom, the actual validity of that statement matters little - it becomes a self fulfilling prophesy. With consumer confidence up, the numbers backing up the recovery and the added bonus of the first time homebuyers tax credit - I expect sales to ramp up considerably in the coming months fueling the Sarasota recovery.
This realtor sees things looking up.
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