Real Estate in Sarasota: Winter 2007 Market Update

It's been a while since I last blogged and it certainly wasn't because of a lack of relevant real estate topics to write about. Perhaps it was more because there was simply too much to write about and too much being written?

Over the last 10 months I believe you could pick up any publication in the US, on any day, and it would contain a leading article on the dismal state of real estate in America.

For the last 18 months we have had a perfect storm for a significant downturn in the real estate market. Converging all at one time was the discovery of too lenient lending practices, mortgage brokers and lenders who were too ambitious, overvalued properties, inexperienced "investors" and "speculators" and rising interest rates. Combine these factors with greed, dishonesty, a little stupidity and a media that was complicit in that it never questioned the foundation of the "real estate boom" and you get a REAL ESTATE NIGHTMARE.

We've all learned more than we care to know about foreclosures, short sales, auctions, absolute and with reserves, ARMs (and not the kind attached to your body), relaxed lending practices, junk fees, motivated sellers etc.. I mean I get exasperated just writing those words!

Well, I think the dust is settling and it's time to start talking about what's really happening ... at least in Sarasota. I wrote a while back that we were in a "buyer's market" ... well, today we are in an incredible buyer's market. It truly couldn't be any better... especially for those who can afford to buy and could easily qualify for a mortgage.

We have a huge inventory of more realistically priced properties, sellers who are motivated and willing to sell below appraised values because of this huge inventory, and a smaller base of competing buyers, as a result of stricter lending practices. If you are in the market for a home in Florida, and financially able, you couldn't create a better opportunity.