The investors are back in Sarasota.
After a 3 year hiatus, the front runners - those investors who come back buying before the general population - have been here in Sarasota for months.
While I do agree heartily with investing in Sarasota property right now, I have to throw in this caveat - buy NOW. Sell later.
Flipping of property, or buying/rehabbing/reselling, is still very risky business. The "general" buyers are still making their way into the market. Not to mention, prices are still low.
Given the ability to purchase homes well under market value, the smart investors are buying now, at the bottom...renting the property for a year or more to allow market recovery while collecting income...and then planning to sell at that time.
Investing in real estate is always smart - you just need to know how to read the market for your maximum benefit.
Monday, November 30, 2009
Tuesday, November 24, 2009
Sarasota Real Estate Market Encouraging - Again
The skeptics are running out of ammunition.
While the numbers have been on a steady positive trend for months now, many have remained reluctant to acknowledge that the real estate market may actually be recovering.
However, the October numbers recently released show that yet again, Sarasota area sales are up 50%. It seems that the tax credit, coupled with fire-sale pricing, is bringing buyers out in increasingly strong numbers.
Deals are still to be had as median sales prices are not yet recovering, but buyers are learning that the very best deals don't last long. Some are even selling over list price, unheard of just a short year ago.
With the tax credit now extended to all buyers and through the Sarasota high season, we expect to see sales numbers -and competition for the best properties - to rise quickly.
While the numbers have been on a steady positive trend for months now, many have remained reluctant to acknowledge that the real estate market may actually be recovering.
However, the October numbers recently released show that yet again, Sarasota area sales are up 50%. It seems that the tax credit, coupled with fire-sale pricing, is bringing buyers out in increasingly strong numbers.
Deals are still to be had as median sales prices are not yet recovering, but buyers are learning that the very best deals don't last long. Some are even selling over list price, unheard of just a short year ago.
With the tax credit now extended to all buyers and through the Sarasota high season, we expect to see sales numbers -and competition for the best properties - to rise quickly.
Tuesday, November 03, 2009
Loan Limits Extended - Tax Credit Next?
In an effort to spur the real estate market, Washington is attacking the issue on various fronts. While the homebuyer tax credit remains on the floor - discussing both extension and expansion - another key issue has been resolved.
Last week, the House and Senate passed legislation to extend the current loan limits for FHA and Freddie Mac and Fannie Mae through December 31, 2010. These loan limits, set at 125% of local area median home price and capped at $729,750, would have expired on December 31, 2009 in which case loan limits would have been reduced in many markets. The President is expected to signed this bill as of this writing.
Cash buyers continue to enjoy the greatest savings in this market, as they have the agility and ability to pick up the deals quickly.
Last week, the House and Senate passed legislation to extend the current loan limits for FHA and Freddie Mac and Fannie Mae through December 31, 2010. These loan limits, set at 125% of local area median home price and capped at $729,750, would have expired on December 31, 2009 in which case loan limits would have been reduced in many markets. The President is expected to signed this bill as of this writing.
Cash buyers continue to enjoy the greatest savings in this market, as they have the agility and ability to pick up the deals quickly.
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