Lakewood Ranch, FL Blog

Of course, no one (especially me) has a crystal ball to project the future but real estate experts all seem to be lining up, along with supporting data from the Sarasota MLS, to say that we are either at the bottom of our market now, or we are very nearly at the bottom.  After all, sales have increased each month since the beginning of the year and inventories have been declining.  Pending sales have also continued to trend upwards.  Fewer homes on the market means more stable prices.  On the other hand, as long as there are short sales and foreclosures selling at the low end of the market range, there will continue to be downward pressure on prices.  So, do you bet on the continuation of downward price pressure, or do you bet on the fact that homes are selling at an increasing rate? 

But wait!  If you are trying to figure out the market (as many people are) you are making a mistake.  If you buy now, sure, you might see the value of your purchase go down a little.  You might not, but you might.  The key here is that prices are favorable now and rates are good, so instead of trying to time the market, concentrate on finding the home you love and getting it at a great price.  Another consideration:  there are experts predicting now that loan rates will hit 7% in mid 2009.  If you decide to sit on the sidelines now and rates do go up, you may actually cost yourself some money.

Finally, according to a recent study by real estate site Trulia.com, homes located in neighborhoods with highly rated schools tend to hold their value better than most.  Lakewood Ranch is fortunate to be blessed with highly rated schools which, when combined with all of the community's other benefits, means that our market is more likely to rebound faster than the rest of the state and nation.  And that is exactly what the data indicate.