For home buyers now, it's win, win, win all over the place
Falling prices are making it easier for some Americans to enter the housing market. The U.S. economy is expected to be a winner, too, because housing has been the biggest drag on it. This MSN article talks about how housing affordability leads to a growing economy.
The homes in Sarasota simply just became too unaffordable for many wanting to move here. At the top of the market in 2005 many of the people who live here could not afford to buy their own home. When affordability gets too far out of whack a price correction happens. That is what is going on now. The question many potential home buyers have now is when will the correction stop. Many fence sitters are worried about jumping off the fence because they are worried that prices may continue to fall after they make their purchase. That is an understandable concern for anyone.
I did a search in the Sarasota MLS for homes under $200k. Currently there are 515 homes for sale. There are 149 homes for sale under $150k. There are 198 condos for sale under $150k and 676 condos for sale under $200k. Does that sound affordable or do we need further price declines to bottom out? Only time will tell.
The homes in Sarasota simply just became too unaffordable for many wanting to move here. At the top of the market in 2005 many of the people who live here could not afford to buy their own home. When affordability gets too far out of whack a price correction happens. That is what is going on now. The question many potential home buyers have now is when will the correction stop. Many fence sitters are worried about jumping off the fence because they are worried that prices may continue to fall after they make their purchase. That is an understandable concern for anyone.
I did a search in the Sarasota MLS for homes under $200k. Currently there are 515 homes for sale. There are 149 homes for sale under $150k. There are 198 condos for sale under $150k and 676 condos for sale under $200k. Does that sound affordable or do we need further price declines to bottom out? Only time will tell.
posted by Marc Rasmussen at
8:21 AM
2 Comments:
I moved to Sarasota in April 2005, lived there until I could not afford it anymore. The home prices are way to high. The pay for a working person is about the lowest in the country. Just keep on going the way your going and Sarasota Will be the most unaffordable city in the country." Good Luck"!
It sounds like you have been gone a long time. Prices have retreated 30-40% since 2005.
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