We will only know when the bottom “hit” by looking to the past and to those statistics…..On a chart we will say “There it was!”
“We’re in no hurry to buy”, “We think prices are still coming down”, “We don’t want to overpay”, “There’s no rush”, “We haven’t hit the bottom yet”, “We are just starting to look”, “There is so much on the market to look at” and so on. As an agent who primarily focuses on listing and selling properties, many folks come to see the homes I market and these are the comments I hear on a daily basis. It has been a contagious mindset that has settled in and now it is time to change gears and clear the mind of these thoughts. Buyers have been on the fence for too long (moss is growing under some of them!) and have been afraid to jump off into the lush, green grass of Sarasota. It is time to get off the fence and stake your ground.
The great news is that Sarasota shows every sign of being on the rebound. Our first quarter statistics show this. We have had 3 successive months of growth in our sales activity. Yippee! These folks that represent these 3 good months have seen the light and have already staked their piece of paradise. Our showing activity is very strong and this proves that many people are out there exploring options and are looking for their next home. It is time to take the leap! As more and more properties sell (and the number of new listings coming on the market has now been stable since the summer of 2007) and we eat into our inventory, the scale will begin to tip and there goes some of that “seller desperation” that every buyer hopes to find. The sellers gain a bit of confidence as they see other homes go and all of a sudden, list prices become more firm.
Don’t be someone who looks back with regret. It is the time. Buy with confidence.
May 11th, 2008 at 8:27 am
I think we have seen the bottom here in Sarasota in the above $500,000 price range segment of the market.
Carol, Thanks for your great insight.
Paul