Real estate experts says the worst is over for the Sarasota real estate market

We heard a few market predictions this week from well known real estate experts. Lawrence Yun, the Managing Director of Quantitative Research at the National Association of REALTORS, where he manages the Statistics and Forecasting Groups of the Research Division went on record this week saying the worst is over the Southwest Florida real estate markets.

"Do not bet against this region," he said. "In the long term, Sarasota will have faster home price growth than the rest of the country."

Yun predicted that the softness in the Sarasota real estate market has about run its course and will not last more than another 6 to 12 months.

A report released Thursday by the University of Central Florida stated flatly in its opening sentence: "For those with a house on the market, there's good news, the worst is over."

Sean Snaith, director of UCF's Institute for Economic Competitiveness, stated that because of Florida's growth, geography and demographics, the Sunshine State is likely to recover faster than the broader market and that the Sarasota-Manatee market might be among the first in the state to rebound.

I tend to agree with these experts. The Sarasota real estate market should enter into a flat period. I don't expect to see any spike in prices with so much inventory on the market. Affordabilty is improving with the 20% or so decrease in home prices over the last 2 years, low interest rates and property tax relief on the horizon. As the area becomes more affordable sales figures will continue to improve. As the market improves sellers negotiation position will be stronger and will be less likely to take low offers. I am not saying you need to run out and buy a house today but if you see a property that suits your needs there may be no benefit in waiting.