Are you considering buying or selling in Sarasota this year? If so, you should be aware of the housing market conditions. After several years of solid growth, analysts are predicting 2019 to slow the trend on a nationwide scale. What does this mean for us in Sarasota? Is this a good time to buy or sell?

Interest Rates

Keep in mind interest rates have been historically low for many years post-recession. In 1982, the average interest rate was over 10%! The past several years have seen incredibly low rates hovering well below 6%, and while these had a mild increase last year thanks to a raise in interest rates from The Federal Reserve, buyers should still be able to get reasonable mortgages and the steadiness of the market may be extra-appealing to previously timid millennial buyers.

Final judgement: Not a bad time to buy if you are in a financially stable position.  (And don’t forget, as your trusted Realtor, I can connect you with many quality lenders!)

Inventory

When it comes to selling your home, national trends and statistics are less important than looking on a local scale. Is there still demand for homes in Sarasota? The short answer is yes. While we have a major influx of inventory as nationwide builders have focused their eye on developing in Sarasota, so far the demand is still there. Sarasota remains one of the fastest growing cities in America because of its extremely desirable location and diverse cultural landscape.

Final judgement: Sellers might have lost the edge that they possessed for the past few years, but buyers are still flocking to our area.

A Balanced Market Finally

Sellers have been riding high for the past few years, especially here in Sarasota, reaping the benefits of high demand with low inventory. The increase in new developments in our entire area, including increased options for apartments, luxury condos, homes, and entire neighborhoods, has created a much more balanced market for buyers. Overall, having a healthy balanced market will be good for people interested in buying in our area, which is good for everyone.

It’s An Incredibly Personal Decision!

At the end of the day, the decision to buy or sell your home is a personal one. If your family, personal, or job life dictates that it is time for you to move, then that is what you should do — but do it under the guidance of a Realtor to assist in pricing, negotiations, and liaising with the many parties that are involved in a home sale or purchase.