Sarasota Realtors Tales from the Field – The Buyer’s Dilemma

The Buyer’s Dilemma in Sarasota’s Real Estate Market

It is clear we have embarked on a new season here in the Sarasota property market. I have seen buyer activity surge in recent weeks, but there is still a lot of reticence in pulling out the check book. In this month’s newsletter, I want to reflect on what I think is happening in the minds of buyers and what I call the “buyer’s dilemma.”

Sarasota Realtors are Seeing Historically Great Value on both Money and Property

First, many have come out to play, so to speak, as interest rates are at or near all time lows AND Sarasota real estate purchase prices are also at historical low, which makes buying Sarasota investment property, right now, incredibly attractive.

What has many on the fence is the volatile information about the economy. For those making the leap off the fence, the Sarasota lifestyle is often the deciding factor.

Sarasota Property’s Unique Selling Point

Buyers are realizing Sarasota real estate is a very locally driven. Sarasota continues to be a place they return to year after year, and they are at a point where they personally are ready to make a life change and start enjoying Sarasota’s unique selling point, it’s fantastic lifestyle and beaches.

I am not sure that we will ever precisely know at what price or day we reach or reached the bottom. However, both local and out-of-state buyers seem to be in agreement that there are some great values in the market and worthy of accelerating the purchase decision.

Buyer’s Challenge in Today’s Sarasota Real Estate Market: Lack of Inventory

There is a genuine lack of inventory for single family homes as you move closer to the water. Buyers are truly having to prioritize the importance of location, size, or amenities as once they hone in on one criteria there may be only a handful of choices in any given price range.

For example, this week I had a clients looking for a three bedroom, two bath, two car garage on boating water on St Armands Key. There were only two options under the $700,000 mark. The lack of inventory is not driving prices up in the short term but it is causing buyers to determine if they are buyers today or next month, next year, etc.

Choosing Sarasota Investment Property and Lifestyle that Fits

So what should today’s Buyer do when facing this conundrum? As I continue to maintain, Real Estate decisions are both local and personal. When you find the property that is a good match, negotiate a good deal, move forward with confidence and enjoy your new lifestyle.
Need any help with your real estate decisions? Call me at 941.587.0740.