A recent front page headline in The Sarasota Herald Tribune asked the question. Have Sarasota properties slowed down ? Maureen and I, like many of our fellow realtors, had clients cancel their long-planned Sarasota house hunting visit during season because the freezing weather up north forced them to cancel their travel plans. And sure, mortgage qualification standards are also more strict… but rightly so. And no doubt, there is a shortage of inventory in the Sarasota area compared to previous years. But a slow down ?
Mortgage rates remain at near historical lows. Our local builders are boasting the best new home sales in nearly a decade. Then, add in the fact that there is pent up demand from retiring baby boomers and Florida’s population growth in general is strong. So, no, we simply don’t see it as a slow down.
Our recent personal experience tells a positive story – For many of our buyers inventory was low this season and what properties were for sale sold quickly. Our buyers either lost out in a bidding war or couldn’t find what they were looking for. Many left without buying. But in the last month, Maureen and I had 4 clients ( yes 4 ) make offers on properties sight unseen ! We knew exactly what they wanted and as soon as it hit the market they trusted us. One already closed and the other three have now since traveled to Sarasota to see the property they bid for, loved it and remain under contract to close. If that’s a “slow down” we are all for it.
Patrick Doherty 1801 Main St Sarasota, FL 34236