To Buy Or Not To Buy? Is that the Question...

To Buy or not to Buy- Is that really the question...

Are you still on the fence with buying that new home in the Sarasota or Bradenton areas? Well, you are not alone. My name is Josh and I work with The Kranz Group here in Sarasota, FL. I have conversations with prospective buyers every day and they feel the same way. They are worried that the housing market will crash and that they need to wait out the market and wait for homes prices to drop back to pre-pandemic levels. Is this feeling warranted? Well, yes and no, what we have to do is look at the data we have now.

I dont think anyone can say with certainty what the market will do in 6 months time, but we can take a look at a few stats with what is going on now.

According to the realtor association of Sarasota snd Manatee, in Sarasota county the median cost of a single family home is $525,000 with an average time to contract of 10 days, In Manatee County, the median cost of a single family home is $521,000 with 9 days to contract. Search Bradenton homes for sale. We have seen a 27% decrease in the average cost per square foot in the past 6 months to $595/sqft. We are currently holding a 2 month supply of homes.  So prices have come down, which is good, but until the supply is increased and we would like to see a 6 month supply of homes, prices will remain steady.  Simple supply and demand. Homes are still selling quickly, but we are not seeing the multiple offers and bidding wars that were going on at the height of the buying craze. Search Sarasota homes for sale

How about Interest rates will the Fed has said time and time again that they will continue to raise rates to try and slow the ongoing recession and they do have rate hikes planned for the next few quarters. Its is only a question of how many basis points (.25%-.75%). Mortgage rates do fluctuate up and down a bit but they will rise as the fed continues to trend higher. As of today we are at 6.375% for a 30 year fixed mortgage.  Calculate a mortgage

So, with prices easing a bit, no supply in site and rates rising, is it a good time to buy or should you wait, 3, 6, 0r even 12 months? Obviously it depends on the individual circumstances, but yes it is as good as a time as any to buy and waiting may leave you paying more for your home in interest then the savings you may get if prices do come down more. 

So I dont think the question is to buy or not buy. If you want or need to buy it is still a good time to buy and doing it sooner rather than later is still your best option..

-Josh

Phone(352) 446-6001

Email[email protected]

Address The Kranz Group
Re/max Premier Realty
3990 East SR 44 Unit 401
Wildwood, FL 34785

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