Is it a good time to buy Sarasota Real Estate? The predictions moving forward are good, here’s why…
The economic indicators show that the national economy is getting better. During the housing downturn, buyers in Sarasota were mostly limited to investors and people buying second homes. A lot of potential home buyers were not buying because they had lost their jobs, were scared of losing their jobs, or worried that home prices would continue to drop. This is starting to change. The unemployment rate is decreasing. People see that prices are no longer dropping, their jobs seem to be more secure, and their is more optimism about the future. For home prices to rise, owner occupants will need to start buying again. More will start buying again as the lending standards loosen. Right now it may be hard for some people to get a loan, but that will change as the economy gets better. The national economy doesn’t correlate exactly with the local economy, but people move to Sarasota from all over the country. So what happens nationally effects what happens locally.
The following is the 2012 Economic and Housing Forecast from NAR Chief Economist Lawrence Yun. The full 15 slide PowerPoint looks at economic indicators such as existing home sales, new home sales, housing starts, GDP, payroll jobs and more.
Link to the full report can be found here. This is for the entire U.S., not just Sarasota.
If you are looking for statistics on the Sarasota Housing Market, I’ve posted Sarasota Real Estate Stats Indicate One Of Top Recovering Markets in U.S. here.
Watch Lawrence Yun Video 2012 Real Estate Report here.
If after reading the report or watching the video, you decide that you would like to buy or sell a home or investment property, please contact Adam Banka or Jason Silverstein of Budget Realty of Sarasota.
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