The Sarasota Bradenton Area is the # 1 Spot
Forbes Magazine recently reported that some of the Sunbelt cities hardest hit by the bursting of the housing bubble may be about to get a boost from the flock of snowbirds and retirees heading south for the winter beginning in the past month or two.
Nearly 90% of people who buy homes begin their searches on the Internet. Forbes recently reviewed a report issued by Trulia.com, an Internet search site frequently used by those searching for a new home. That report suggested, according to Jed Kolko, chief economist and head of analytics at Trulia, that “where people are searching for properties on the Internet is a strong indicator of which real estate markets are 'picking up strength' and where demand for homes is growing.”
On the approxoimately roughly 100 million home searches on Trulia.com between July 1st and the end of September, Trulia correlated the location of searchers and the locations where they were searching for homes. The report, which Trulia calls the "Metro Movers Report," is an index which suggests which real estate markets are likely to get a boost from people moving there.
All of the top 10 cities where real estate is “picking up strength” are in the Sun Belt, but Florida dominates the list with 5 metropolitan areas in the top 10.
The # 1 spot where real estate "is picking up strength" is the Sarasota - Bradenton - North Port area. The Sarasota – Bradenton 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.
Another sign of the improving health of the Florida real estate market was reported by the Florida Association of Realtors. On both Florida coasts, existing home sales have picked up considerably 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 home 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.”
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