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Spring 2012 Homes Sales Expected To Set Records!

February 21, 2012 By Leave a Comment

Great News for housing…FINALLY!

Home sales in the U.S. probably climbed in January to the highest level since May 2010, adding to evidence the housing market is regaining its footing, economists said reports this week will show.

Combined purchases of new and existing houses rose to a 4.97 million annual rate from 4.92 million in December, according to the median forecast in a Bloomberg News survey. Claims for jobless benefits held near the lowest level since 2008, bolstering consumer confidence, other reports may show.

A strengthening job market, combined with record affordability driven by the drop in home prices and mortgage rates, will probably keep underpinning demand. Nonetheless, the Federal Reserve and Obama administration are striving to find ways to lend the industry additional assistance amid concern that mounting foreclosures will continue to hinder the recovery.

“Home sales have bottomed, and from here on, we should see a moderate pickup,” said Yelena Shulyatyeva, an economist at BNP Paribas in New York. “Hiring is improving slowly, so that’s helping.” More policy efforts are needed as “we still can’t rely on housing to recover on its own,” she said.

The National Association of Realtors will release data on existinghouse sales on Feb. 22. Purchases increased 0.9 percent to a 4.65 million annual rate, following a 4.61 million pace in December, according to the Bloomberg survey median.

Sales of new homes climbed to a 315,000 annual rate from 307,000 the prior month, the survey median showed. The report is due from the Commerce Department on Feb. 24. Last year marked a record low for the industry in data going back to 1963, as builders sold 302,000 homes, down 6.2 percent from 2010.

More Homebuilding

Reports last week indicated housing is on the mend. Builders broke ground on more homes than forecast in January, helped by warmer weather, and construction permits also advanced. The National Association of Home Builders/Wells Fargo index of builder confidence climbed in February to the highest level since May 2007.

Beazer Homes USA Inc. (BZH) reported that orders jumped 36 percent in the final three months of 2011 from a year earlier, and closings on new houses surged more than 60 percent. The Atlanta-based builder said it expects to sell more properties this year than last.

“While our visibility into the economic conditions for the remainder of the year is limited, I believe that we will benefit from a gradually improving housing market,” Allan Merrill, chief executive officer, said on an earnings call on Feb. 2.

Build Shares

Investors also are upbeat about prospects. The Standard & Poor’s SupercompositeHomebuilding Index (S15HOME) has advanced 21 percent since the end of last year, outpacing an 8.2 percent gain in the broader S&P 500.

Policy makers are working to help distressed homeowners. The top five mortgage lenders this month reached a $25 billion settlement with 49 states and the U.S. government over the use of faulty paperwork in foreclosures.

Fed Chairman Ben S. Bernanke said the central bank’s efforts to spur growth are being blunted by impediments to mortgage lending, and called for more steps to heal the housing industry.

“The economic recovery has been disappointing in part because U.S. housing markets remain out of balance,” Bernanke told homebuilders on Feb. 10 in Orlando, Florida. “We need to continue to develop and implement policies that will help the housing sector get back on its feet.”

One asset has been the improvement in employment. The jobless rate fell in January to a three-year low of 8.3 percent, and payrolls rose by 243,000 workers.

Fewer Firings

Firings are also waning, Labor Department figures may show on Feb. 23. Initial joblessclaims rose last week to 355,000 after reaching a four-year low the prior week, according to the median forecast in the Bloomberg survey.

Greater affordability is also supporting home demand. The National Association of Realtors’measure of whether households earning the median income can afford a median-priced house at current interest rates reached a record in the last three months of 2011.

Among other reports this week, the Thomson Reuters/University of Michigan final index of consumer sentiment rose to 72.8 in February from a preliminary reading of 72.5, economists in the Bloomberg survey predicted. The data will be released Feb. 24.

 

Bloomberg Survey

==============================================================
                        Release    Period    Prior     Median
Indicator                 Date               Value    Forecast
==============================================================
Exist Homes Mlns          2/22      Jan.      4.61      4.65
Exist Homes MOM%          2/22      Jan.      5.0%      0.9%
Initial Claims ,000’s     2/23     18-Feb     348       355
U of Mich Conf. Index     2/24     Feb. F     72.5      72.8
New Home Sales ,000’s     2/24      Jan.      307       315
New Home Sales MOM%       2/24      Jan.     -2.2%      2.6%
==============================================================
Source: Bloomberg
Filed Under: Real Estate News Tagged With: , , , , , , , , ,

Why You Should Get A Real Estate Agent

January 1, 2012 By Leave a Comment

Why You Should Get A Real Estate Agent

Many of the home investors, especially the first timers, choose to get a real estate agent who can fully help them with the process of investment. These brokers are the middlemen during the transactions made in real estate. A seller can hire them to help vend the property and buyers can ask their professional help to assist them in hunting and deciding for a house to buy.

It would be very convenient for home investors to seek help from dependable and proficient agent because they can help you achieve your best interests for your investment plans. Here are some advantages of having a real estate agent:

More options for you

For an instance, you saw plenty of South Burlington real estate and you think of buying one. An agent can give you detailed listings of all the South Burlington homes for sale so you can see all the options you have when choosing for a house to buy.

Less expenses

There are investors that would initially think that if they hire an agent, it would just make for an additional cost because they have to allocate a budget for the salary of the agent. However, hiring an agent can even reduce your expenses because they can help you charge fees you have to make properly. Their skills in persuasion and talking to sellers will also help you to get the lowest deal for the house.

Useful information

Good agents make studies and researches about the area and location of the house. The information that they can get from these analyses can be valuable for you when making your decision. Agents can give you the prices of similar houses around the area, the market trend and the sale history of the area. This can be helpful in evaluating the right value for the property you are eyeing.

Paper works

Paper works is one of the parts that investors do not want to do so they use the benefit of having agents to help them with it. Hiring an agent can make it faster and more convenient for you to get through all the hassles of paper works in this industry.

Quality service

Agents affiliated with agencies are equipped with all the important knowledge and trainings so they can deliver a hundred percent quality service to all their clients. They can help you choose the right property for you while taking into consideration all your investment conditions and financial limitations. You can look at the profiles of several agents in the official websites of real estate companies to see their qualification and experiences. Some clients put testimonials for the agents they hired to help them establish their credibility and competency.

It is relatively easy to find a good agent near your area who can be of great help to you when looking for a house to buy. There are several online sites of real estate companies or you can also contact those referred by your family and friends.

 

http://goarticles.com/article/Why-You-Should-Get-A-Real-Estate-Agent/4461087/

 

Filed Under: Uncategorized

Real Estate Facts: What is a Short Sale?

December 25, 2011 By Leave a Comment

The real estate market is quickly racing into a downward spiral. Many homeowners are being faced with higher interest rates, as they move further into their home loans. These interest rates are forcing more and more homes into foreclosure. With foreclosure comes the chance of a short sale. But, for the home buyer, what is a short sale, and how can they take advantage of it?

A short sale refers to the fact that a home is on the market for a price that is “short” of the entire loan value. This term can be deceiving, especially if the homeowner has taken out a second mortgage or refinanced the property. The price of the home will be set by the lender and not by the homeowner. The lender has the right to say no to an offer just because they want to. The lender is never required to accept any offer, even one that is exactly what the home is being advertised for. Home buyers will need to keep in mind that short sales are one of the hardest real estate deals to complete. Depending upon the lending institution, a homeowner that is pre-approved, has a loan commitment in hand and is offering the exact price advertised, may either close on the home in days or never get the deal done.

For homeowners who wish to try and take advantage of a short sale, there are a few things to keep on hand in order to make the process as smooth as possible.

The most important asset a homebuyer can have when trying to purchase a short sale home is a great real estate agent, that is versed in short sales. The real estate agent will be able to guide you through the process of short sales and help with all needed paperwork and forms required by banks.

In order to take advantage of a short sale, the homebuyer will need to be pre-approved for the loan amount. The bank can take or leave any offer you put on the table, they can even counter offer with a higher price. Having a pre-approval letter will ensure the bank you have the funding you are proposing, and increase the trust between the two parties.

The hardest asset is patience. A short sale may not be short at all. If the home isfacing foreclosure, rest assured you will be able to continue the short sale process even after the foreclosure has occurred. Patience is the greatest commodity for homebuyers trying to take advantage of a short sale.

Homebuyers need also remember that short sales are not going to be the deal of the century. The lender will be offering the home at market value, most of the time. Homeowners will find the best information about the homes worth, by investigating comparable home sales in the area. If the bank is offering the home for 3-5% below comp home values, you can be sure this is the best deal you are going to get.

Short sale homes are not the easiest real estate endeavor to embark upon. When dealing directly with the lender, homebuyers will need the trained guidance of a great real estate agent, a pre-approval letter and a lot of patience.

 

http://goarticles.com/article/Real-Estate-Facts-What-is-a-Short-Sale/1047664/

 

Filed Under: Uncategorized

Considering Bank REO Properties

December 18, 2011 By Leave a Comment

Where can you find a very good deal on real estate? Well, regardless of whether you seek a home or an investment property, some of the best opportunities are in bank REO properties. This translates to “real estate owned” by the bank that originally created a first mortgage on it. For example, a home that had a first mortgage made by a local bank that was then defaulted on and reclaimed through a foreclosure is one of the many bank REO properties.

Are these always available for purchase? Most banks are currently overwhelmed with foreclosures and the assumption of ownership on a large array of homes, land, and businesses. This is due to the collapse of the subprime mortgage industry and the declining status of the economy. This means that someone might know of a property that was foreclosed on and reclaimed by a bank, but it might not yet have made the listings of bank REO properties because the staff has not yet assigned a sale price to it.

Is there anything that can be done to speed up the process? Most banks don’t actively engage in working with potential buyers directly, and will instead hire someone to handle all of their bank REO properties. These can be known as REO brokers or companies, but many local real estate agents are well-aware of such listings too. This means that someone who wants to acquire such a property is going to have to find out which brokers or agents a bank is working with to stay up to date with the listings.

If they want to make a specific inquiry about a property, the potential buyer may have to accept a somewhat lengthy waiting period until the bank’s foreclosure and asset management department has had adequate time to get an accurate valuation on the home or land. Only then will they begin to work with the broker to accept bids on the item.

Will the bank accept a seriously low figure in order to eliminate such liabilities from their books? Interestingly enough, most banks are not viewing reclaimed homes or businesses as liabilities at all. Instead, they view themselves as somewhat obligated to investors and shareholders to get the accurate market value on the properties.

Of course, this doesn’t mean that good deals are unavailable because real estate prices, overall, have adjusted to more realistic figures. For instance, the home that once sold for several hundred thousand dollars may have been reduced to a far more realistic two hundred thousand by the bank that owns it.

To understand what sort of offer should be made on bank REO properties, the individual should work with their real estate agent and also conduct some research of their own. They should get an idea of what homes in the neighborhood are selling for, and they should be willing to pay for a thorough inspection of the property to determine if there are any issues that should drive the price down a bit. Once this is done the potential buyer will have submit an offer through the broker and wait to see if the bank accepts.

 

 

http://goarticles.com/article/Considering-Bank-REO-Properties/2487419/

Filed Under: Uncategorized

Learn more all over Textured Interior Paint

December 11, 2011 By Leave a Comment

As boring as watching paint dry. That is certainly a phrase which is utilised to explain how many people watch interior painting. And its accurate that taking rollers and basically producing a wall appear white off white or maybe cream coloration isnt truly that terribly enjoyable. And to be fair in a lot of situations the objective of placing a whole new coat of paint or maybe of painting a room a brand new color isnt to finish an creative or creative perform thats something to take a look at in its own appropriate. In most cases the thought is to create a backdrop for the furniture along with the interior design and style that is certainly heading on within the space not on the walls.

But not absolutely everyone views the act of making a whole new search as one thing bland and only carried out for qualifications. Youve got little doubt witnessed many homes or public buildings in which even how the walls ended up painted shouted out creativeness and individuality. One particular way to do that would be to use a textured interior paint technique that provides depth to walls that formerly only had height and width. In numerous circumstances the complexity of your textured result can virtually turn into an artwork work in its individual proper.

Not like easy flat painting the diversity of what you are able to do with textured paint techniques is as varied and inventive as each and every person who utilizes its. Sure there are several fundamental styles that you can use and these are specifically simple to obtain by basically using an contractor who is aware of the best way to develop that effect. But there are plenty of areas youll be able to go to find concepts that will provide you with a leap start on that innovative room you need to design. For one particular thing interior decorating magazines often show the most exotic and imaginative approaches to each and every element of placing a great seeking area with each other. You are able to get some simple suggestions there and after that tone them right down to a thing that will in shape in your house and one thing you are able to do on your price range.

But in addition be on the lookout for fantastic textured interior paint tasks that have been carried out with your personal town. A single place to seek out the best of this genre of innovative painting is always to inquire with the paint or hardware store about contractors and their consumers who have approached interior painting using this approach. Numerous occasions you can get some references of your very best operate which has been accomplished by other people and with some charm and also a few telephone calls you are able to frequently obtain a tour of homes in your town together with references of your very best contractors to do a great career to suit your needs as well.

Consider your time and collect your tips tapping the creativity of other people to inspire your individual creativity. By gathering concepts you are going to sooner or later see the vision of the actually innovative space sort up within your individual creativeness. Then you certainly have forward of you the enjoyable of generating that vision spring to daily life.

 

http://goarticles.com/article/Learn-more-all-over-Textured-Interior-Paint/4649292/

Filed Under: Uncategorized

Organic Landscaping Techniques

December 10, 2011 By Leave a Comment

Many people are becoming more interested in using landscape tactics that do not harm the earth. In addition to being great for the environment, organic landscaping can also provide benefits for your wallet and for your health. One of the most alarming things to many people is the fact that some pesticides and fertilizers can harm their children. When you have children or grandchildren, it seems kind of a waste if they cannot play on the lawn because there is fertilizer all over it. Likewise, the improper use of pesticides, or sometimes even the proper use of these chemicals, can result in sickness. Another benefit of organic gardening can also be felt in the wallet. If you make use of the resources that you have at hand, you can actually save money with do-it-yourself organic landscaping, rather than paying money for chemicals to unnaturally enhance your plants.

One of the best ways to practice organic landscape is to make use of native plants. It is much easier to naturally promote the health of your landscape when the plants you use thrive in your area. Bringing in exotic plants or non-native plants from areas with very different conditions only results in frustration and the possible reliance on chemicals to help you take care of them. If you want to keep a landscape that works with the natural setting, native plants, or plants from areas with similar conditions, can help you accomplish this.

The lawn is most often the most visible part of a landscape. It seems as though many people thing it is necessary to use a great deal of chemicals to keep pests from ruining the lawn or to help the lawn grow well. The truth, however, is that by actively caring for the soil in your lawn as well as the grass, you can create a healthier lawn. This can be done in a number of ways that do not involve chemicals that can be harmful to the environment and to your health.

One of these ways is the use of organic fertilizer. There are compositions of fertilizer made entirely of organic materials. These fertilizers do cost more up front, but as they are used regularly reduce long run costs. The decrease the need for chemicals that can become expensive (and if applied wrong can actually damage you lawn more than help it), and they do not need to be applied as often. So, the cost often evens out eventually, as you have to apply the synthetic fertilizer much more often.

Another way to take care of the lawn is to use practices that promote healthy soil and better grass roots. One of these practices is aeration. Aeration relieves soil compaction by punching holes in the ground. This helps by making the soil easier to go through. This means that the roots have more room to go deeper, and organisms, like earthworms, that actually help the health of your grass, have more room to move about and make their homes. This results in naturally healthy grass that withstands pests better and keeps weeds out on its own.

Top dressing and over seeding are other organic practices that improve the health of the lawn. Top dressing is the act of taking composted organic matter and mixing it half and half with sand. A thin layer is then spread over the lawn. This actually improves the lawn rooting, creating healthier, hardier grass, without fertilizer. Over seeding is a method that makes use of more than the recommended amount of grass seed — about one and a half times more than the recommended amount. Over seeding promotes quicker germination and results in a thicker lawn that fights weeds.

Fertilizer, organic or otherwise, is not even necessary if you practice common sense in using organic gardening techniques. You can even create your own compost and mulch by using grass clippings from the lawn mower and leftovers from the garden. Raked leaves and pine needles and weeds can also be used. By leaving them to decompose, you are creating nutrient-rich organic matter than can be used to, in turn, improve the health of all the plants in your landscape, not just grass. Organic gardening can be a very rewarding and money saving effort when you do it yourself.

 

http://goarticles.com/article/Organic-Landscaping-Techniques/220488/

Filed Under: Home Staging, Real Estate News Tagged With: , ,

Lenders Using Deficiency Judgments to Collect on Foreclosures

December 9, 2011 By Leave a Comment

To view the original article go to: http://www.firstcoastnews.com/news/article/224972/483/Homeowners-Get-Past-Foreclosure-Then-Face-Deficiency-Judgments

Lenders Using Deficiency Judgments to Collect on Foreclosures

Written by   Ken Amaro

JACKSONVILLE, Fla. — A foreclosed house in Clay County was purchased for $362,000, then was sold in a short sale for $110 thousand.

The $250,000 difference in price is called a deficiency.

Banks are now aggressively pursuing deficiency judgments to get foreclosed homeowners to repay the difference, and it can happen, one, two, or five years after losing your home to a foreclosure lawsuit.

Banks legally can file action to make a homeowner pay the difference in the mortgage amount and the selling price of the foreclosed property.

“We’re hearing stories of people that felt the process was good and done. Sometimes it is a couple of months; sometimes it is a year after they’re closed. There are stories of deficiency judgments coming down,” said Charles Boyett, a real estate consultant with Watson Realty.

It happens both during short sales and after property is sold at a foreclosure auction.

The difference between the two is the homeowner knows the deficient amount during a short sale, but in a foreclosure sale, the homeowner has to wait until after the sale to find out.

“There have been some deficiency judgments in the amount of six figures – over $100,000. It all depends on the amount of loss,” said Boyett.

Preston Oughton, a real estate attorney, said legally lenders can still collect after the property has been sold.

“It is after the foreclosure sale. It is the lender’s election to either seek a deficiency judgment, which is a separate hearing after the foreclosure lawsuit, or to write off the debt,” said Oughton.

Oughton, who handles 100 foreclosure lawsuits a year, said if the lender elects to write off the deficiency, it is reported to the IRS as income to the homeowner.

He said under federal law the homeowner can get forgiveness of the taxes on that amount by filing a form 1099-c. The deadline for the program is Dec. 31, 2012.

Oughton said it appears that many lenders are going for the money instead. “If they secure a deficiency judgment they can garnish or levy,” he said.

Garnish as in wages and levy personal property. Is there anything you can do?

Both real estate experts said if you are served with a deficiency judgment, get legal help and negotiate.

“They’re no longer interested in being the only one taking the loss,” said Charles Boyett.

The National Consumer Law Center, a Boston nonprofit group, confirms deficiency judgments are going up across the country.

Lynn Drysdale with the Jacksonville Area Legal Aid said there has been an increase in filings in south and central florida.

Drysdale said part of the problem for consumer is investors are now buying the loan packages from the banks and they are trying to collect on that debt.

More mortgage help information:

Starting today, 14 of the country’s largest mortgage servicers are contacting millions of customers who are in danger of losing their home to foreclosure. Lenders will give customers the chance to have their cases reviewed. The 14 companies will send out 4.5 million offers.

For more information, call 888-952-9105.

Filed Under: Foreclosures, Real Estate News, Short Sales

Maintenance of Home Brickwork

December 8, 2011 By Leave a Comment

The surface of the brickwork gets damaged when the water soaks into the bricks on the outer wall and freezes at the night time, when the temperature comes down. Later the freezing water expands resulting in the crack on the wall and peeling off brick surface.

 

Importance of Undertaking Immediate Repair Work

When you come across any repair work in your house, you have to immediately attend and get the damaged portion repaired as fast as possible. This speedy action will save you some money in the long run. It is very essential to attend to the small cracks in the walls before it gets worsened, resulting in a big damage. You should actually find out the root cause of the damage, before repairing it. For example, if your roof leaks you should first allow the bricks to dry out and then try to fix damp brick work.

You have to replace the damaged brick work when you find the surface peeling on brickwork. If the damage is somewhat bigger then you have to consider of fresh rendering of the wall surface.

Leaking roofs and downpipes are the main cause for the bricks to absorb water. If you see green algae growing on the exterior wall, you can very well understand that there is dampness on the wall. When you notice this sign, you can attend to repair work or replace the bricks. If you find water absorption between the bricks, you can remove any loose mortar and replace the same with another fresh one in the gap. This is called re-pointing process. It is to be noted that the pointing layer should be in good condition, as it keep the bricks in position and protects the wall from the water.

The gaps between the bricks are covered by the mixture of sand and cement. Bricks are protected from rain, by this process and moreover the exterior and interior surface of the walls gets a smooth finish. Both the surfaces of the walls are painted to have an attractive look.

If you notice a single large crack in a wall or small cracks in succession, there must be some problem with the foundation of your home and you must immediately seek the professional advice of a building contractor. This urgent step is very much essential. Builders will use damp proof course to prevent the underground water to rise up to the wall level. The damp proof course is composed of a thin plastic strip, engineering brick or bitumen layer.

 

http://goarticles.com/article/Maintenance-of-Home-Brickwork/5478558/

Filed Under: Home Maintenance, Home Staging Tagged With: ,

Business Sense: How to’s of buying your first home

December 7, 2011 By Leave a Comment

To read the original article go to: http://www.times-standard.com/business/ci_19227396

Business Sense: How to’s of buying your first home

Julie Vaissade-Elcock/For the Times-Standard

Buying your first home or your first rental home, even for the most savvy and sophisticated business person, is daunting. All those forms to sign, all those documents to dig up and disclose, the taxes, insurance and the debt! It’s serious business, so why do it? Historically, homes have always appreciated over time and even now, rest assured, those values will eventually come back. If you’re a renter, you must know that you can’t really build equity or wealth by paying your landlord’s mortgage.

Where to start?

It’s easy to get started by creating a realistic budget to determine how much you can afford to spend on a home. A mortgage broker or even your Realtor can help you prequalify. Prequalifying is just a review of your credit, your monthly debts, monthly income and the likely loan payment along with what the taxes and insurance would be on the new loan. Even if you think you can’t possibly qualify for a home loan, you might want to give it a go, because how else will you discover what changes you need to make to your finances or what steps you need to take to reach your goal? Fortunately for you, most lenders offer free pre-qualifications.

Don’t be afraid of the down payment. With all the great first-time home buyer loan products available, it doesn’t take long to save the down payment. For example, an FHA loan only requires 3.5 percent of the purchase price as the down payment. That entire amount can be a gift from a relative or parents anxious to become empty-nesters.

Credit can sometimes be an issue, but with a little advance planning, it’s not difficult to overcome. Credit is a vehicle most of us use to obtain something now and pay for it at a later time. “Closed-end” credit is when the entire amount needed for a purchase, such as for a home or a new car, is extended all at once and paid back over time. “Open-ended” credit is the revolving credit cards that most of us use, such as a VISA or a Sears card. Even with the most forgiving lender of mortgage loans, a person must have some form of credit and that credit account holder must report to one of the three major credit bureaus for it to actually do you any good. So your account with the local Mom and Pop store, who does not report to any of the credit bureaus, isn’t much help when applying for a home loan although it may be used as a sort of back-up. Establishing a good credit history will be important when you are ready to make a home loan purchase.

Where you obtain your home loan can be important too. Our president just announced an exciting new program that helps current mortgage holders refinance to a lower payment. But those loans must be owned by Fannie Mae or Freddie Mac to qualify. So if your loan was not sold to Fannie Mae or Freddie Mac, such as loans kept and owned by the lending institution itself, your loan refinance may not qualify for the president’s new program. With that in mind, it’s best to stick with a mortgage loan originator who brokers their loans to Fannie or Freddie.

Need more of a reason to look into a new home purchase? Today, loans are the cheapest they’ve been in years, and it’s truly a buyer’s (borrower’s) market. Available for the taking are 30-year loans at just over 4 percent. These may be the lowest rates on record. Just three years ago the rates were around 6.5 percent, which was considered a very decent interest rate at the time.

Being a homeowner has some nice advantages, such as your daughter can paint her room hot pink or you can move that wall and expand the kitchen or even paint the front door bright red! After all, you are the owner, with no landlord to stifle your creativity. Not to mention avoiding increases in your monthly housing payments. Rents go up, but not a 30-year fixed rate loan on your home.

Need another reason? Sooner or later the market will readjust with supply and demand more equalized. Before you know it, it will be a seller’s market again, which means your equity will increase. Just another good reason to take advantage of the opportunities available during this time and purchase your first home.

 

Julie Vaissade-Elcock is the owner of Vaissade Mortgage Co. (a Fannie and Freddie lender) located in Arcata.

Filed Under: Home Buying Tips, Real Estate News

The Time to Buy Is Now

December 6, 2011 By Leave a Comment

To read the original article go to: http://sarasota.patch.com/articles/strong-sales-and-fewer-listings-keep-sarasota-real-estate-market-tight

The Time to Buy Is Now

By Catherine Seress

In 2007, it was sellers who stubbornly held onto their asking price. Now it could be that buyers who wait for the great shadow inventory fall out will find themselves empty handed in Sarasota.

Real estate is local. So local in fact that a near beach property in Englewood will fetch about half the dollars of its counterpart in Sarasota.

Property bargain hunters who pitch low offers at sellers and continue to hold onto the national statistics will probably be priced out of the market by this time next year.

The inventory of distressed sales in Sarasota has only risen 3 percent in the past 12 months, nowhere near the numbers predicted by the general national reports.

Sarasota is a naturally affluent town and has multiple extraordinary beaches and an international population, all factors that are likely to be contributing to the low number of distressed property sales.

In fact, since the start of October, only 273 new listings have come on the market while 255 listings have gone under contract. Numbers like this show that there is not only equilibrium between sellers and buyers, but also stability in prices across the board. Stabilization has been noted in the under $300,000 properties, and the numbers continue to creep upwards.

It is still the under $200,000 that are the fastest bulk movers, but properties in Sarasota at all price points continue to sell.

The bottom line is this: if you see it, like it, want it and can afford it, buy it now.

About this column: Catherine Seress works in Sarasota as a real estate agent for Coldwell Banker. Each week she’ll give Sarasota Patch an in-depth look into the Sarasota real estate market.

Filed Under: Home Buying Tips, Real Estate News
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