Sarasota Florida Real Estate Sales Expected to Begin Improving in 2008

Information in part extracted from a recent National Association of Realtors News Release

Posted May 23, 2008

    Nationally, residential home sales are expected to remain flat or negative before beginning to improve during this summer, according to the most recent forecast by the National Association of Realtors® (NAR).

    Lawrence Yun, NAR chief economist, said the extent of an expected recovery hinges on better access to affordable mortgage loans. The availability of affordable home mortgages is uneven around the country and sometimes within metropolitan areas.  He expects to see a soft real estate market in the first-half of 2008 before notable improvements begin in the second half.

    The Pending Home Sales Index (PHSI) in the South slipped 0.1 percent to 84.9, 26.7% lower than last year.  Existing home sales are projected to rise from an annual pace of 4.95 million in the first quarter to 5.82 million in the fourth quarter of 2008. For all of 2008, existing-home sales nationally are likely to total 5.39 million, and then rise to 5.72 million in 2009.  But in Southwest Florida, bargain hunters have aleady begun to move in pushing April home sales up 5 percent in Sarasota - Bradenton and 6 percent in Charlotte County-North Port.  Even more promising, the rising sales of homes in Southwest Florida were accompanied by rising prices.  Though prices are lower than a year ago, the median Sarasota and Bradenton Florida home price was 12% higher in April of 2008 than it was in March.

    NAR predicts that the 30-year fixed-rate mortgage is likely to rise gradually to 6.2% by the end of this year and then average 6.3% in 2009.

    All of this data demonsrated that while, in much of the country, real estate sales are still in the doldrums, Sarasota real estate prices are now at or close to as low as they are going to go.

    If you have been trying to decide whether or when to invest in Sarasota Florida real estate, now is the time to contact a competent Sarasota REMAX Realtor like Bob Henley.  If you don't do it soon, you may miss out on a truly unique Sarasota real estate investment opportunity.

    Come experience the paradise that is Sunny Sarasota Florida and the wonderful real estate values available here.  If you would like to know more about Sarasota's real estate, golf courses, soft beaches, friendly neighborhoods, or cultural amenities, just request my Free Sarasota Florida Informantion Package or call me directly at (941) 724-3352.

    Take advantage of the Sarasota real estate expertise and experience of Bob Henley to find your perfect seasonal or year-round property in Sarasota Florida or in the neighboring communities of Siesta Key, Osprey and Venice, Florida.