Sarasota Real Estate Insights: Time 2 Buy or Time 2 W8?
Should buyers wait for further price drops? Signs of a bottom are near, and it’s all about psychology. Read on.
(By Raul Elizalde, 4/07)
In my November 2006 newsletter (Listing Price vs. Selling Price, November 2006 ) I looked at a common measure of the market: the ratio of Selling Price to Listing Price (SP/LP), which is reported to be around 90% for single family homes in Sarasota. The November article explained that the number is somewhat misleading, because the ratio is defined on the basis of the last listing price before a property goes under contract. Any previous price reductions are ignored.
A better measure is the ratio of Selling Price to Original Listing Price (SP/OLP). Using this ratio reveals a clearer picture of the market. As prices weaken, reductions become more common and the ratio SP/OLP decreases. Also, even without intervening price reductions, sellers become more willing to take low offers and settle for less.
Is it a good time for you to buy a house in Sarasota? Read more Sarasota Real estate updates here:
April 13, 2007 at 5:16 pm
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March 9, 2008 at 12:39 pm
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April 9, 2008 at 10:50 am
There are pro’s and con’s to waiting, the prices may drop but they may rise, interest on loans need to be taken into account and what the property may be used, I decided to buy a property, well an apartment at Polaris World the price status did not become an issue, so it must decided if the property is personal or investment.