Sarasota Real Estate Blog

In a recent article, Forbes Magazine reviewed a report issued by Trulia.com, an Internet search site frequently used by those searching for a new home. Nearly 90% of people who buy homes begin their searches on the Internet. As a result, Jed Kolko, chief economist and head of analytics at Trulia stated that, “where people are searching for properties is an indicator of which real estate markets are "picking up strength," and where home demand is growing.”

Of roughly 100 million home searches, the top 10 cities “picking up strength” are in the Sun Belt, and Florida dominates the list with 5 metropolitan areas in the top 10. The # 1 spot where real estate "is picking up strength" was the Sarasota - Bradenton - North Port area.  The Sarasota – Bradenton – North Port metro area was followed in the top 10 by 4 other Florida cities including Fort Lauderdale - Pompano Beach at #4, Cape Coral-Fort Myers at #5, West Palm Beach-Boca Raton at #6, and Orlando - Kissimmee - Sanford at #10.

In another sign of the improving health of the Florida real estate market, the Florida Association of Realtors reported that existing home sales along both coasts of Florida picked up dramatically this year, even in the slow summer and early fall months. The Sarasota - Bradenton area saw a significant uptick in existing home sales.

The resurgence of interest in the Florida real estate market, and especially the Sarasota - Bradenton area is attributed to two main factors. The first is bargain-hunter investors buying up real estate properties at what are historically low prices.

The second source of interest is the huge numbers of Baby Boomers, moving into their retirement years, who have wanted for some time to buy a home or condo in a warmer climate but who were put off by the sky-high prices in recent years. These buyers, as they return for their winter stays in rental units, seem to understand that Sarasota area home and condo prices are about as low as they are likely to go.

With both prices and interest rates at historic lows, waiting until the economy picks up further in 2012, may be too late to get the best property at the best price.  So, if you are a real estate investor or a Baby Boomer and you've been "on the fence" about when would be the right time to buy, right now is that “right time.”