Sarasota Real Estate Deals Wait for No One

Everyday I receive requests from home buyers looking for beach property under $200K. Unfortunately, even in a down market, that is not going to happen. On the rare occasion when a bank posts an REO so aggressively priced that it falls in that price category, it will be gone within hours. Out-of-town buyers will most likely never be able to move fast enough to snag such a deal.

The same is true for any of the incredible deals that come on the market. Local folks are lying in wait to snatch up a listing as soon as it comes online. A recent bank REO - a 5 BR 3ba pool home on 2 acres - was listed for $275K. It was worth, even in this market, $200K more than that. Within 24 hours there were 15 offers, and it was under contract.

So what chance does an out of town buyer, or a "normal" buyer (not investor) have to get a good deal? The answer lies in your perspective.

There are properties priced aggressively in every price range. Although not every deal is an amazing steal, across the board the properties are at lows not seen in years. All indicators point to Sarasota real estate being on the upswing, albeit a slow one. While we don't expect prices to rise dramatically or quickly, we do expect prices to go up from here.

Recently, clients have begun to realize that the "good" homes on their watch list are selling and that the remaining inventory is sparse. Instead of having 40 homes to choose from, they have 5. Sellers are more resilient and aren't dropping their prices further.

The deals are still here if you consider that prices are low, and you are likely buying at the bottom. But the days of stealing Sarasota real estate seem to be, in large part, over. If you have been considering purchasing Sarasota real estate, now might be the time to get in before the pendulum swings back...