Door of Opportunity in Local Market by Ray Porter
Financial Crisis Opens Doors of Opportunity in Local Market
by Ray Porter featuring Helen Sosso
While the national and international financial markets continue to navigate stormy seas, the local real estate market may soon be viewed as a safe port – a haven for those seeking to move to and invest in a tremendous community and real estate market.
That’s the view of Sarasota Association of REALTORS® 2008 President Helen Sosso.
“The national financial crisis is obviously dominating the news, but fortunately our market appears to be weathering yet another storm very well,” said Helen Sosso, 2008 SAR President. “These are difficult times for many businesses and industries, and the real estate industry is no exception. But the Sarasota market is blessed with many fundamental strengths and attractions, one of which is our highly skilled and professional group of real estate brokerages and agents. In difficult times, the guidance of member agents in the SAR is vital to achieving your most advantageous property transaction.”
Sosso has watched as the Florida and Sarasota markets took a hit over the past three years. Sales have slowed, home values have declined, and pessimism has captured the media. But during these troubled times, Sarasota has emerged time and again as a clear example of long-term strength and opportunity.
“While other communities were seeing precipitous drops, we were bucking the trend,” explained Sosso. Home sales in the Sarasota MLS for May 2008 stood at 627 – the highest level in 14 months, and approximately 92 percent higher than the sales in January 2008. In 2008, sales increased each month during the first half of the year, dropping off only as the national credit crunch began to take hold.
“This year, the Sarasota real estate market has been a beacon of hope as the state and national markets continue to struggle,” said Sosso. “I believe our local agents have embraced the concept of a buyers’ market, and educated sellers on the realities of pricing. We still have advantageous interest rates, and our communities’ natural and cultural amenities always attract buyers.”
The next phase of the market appears to be heading toward recovery. In fact, former Federal Reserve chairman Alan Greenspan has indicated the U.S. housing market will begin to recover in the first half of 2009. In an article Greenspan wrote for Emerging Markets, Greenspan noted the recent slowing in the rate of decline in U.S. home prices is the first positive note in the year-long trauma and frozen credit markets will eventually thaw “as frightened investors take tentative steps toward reengagement with risk.” He noted more conclusive signs of “pending home price stability are likely to become visible in the first half of 2009.”
“We’re in the perfect position to profit from this anticipated resurgence in the market,” said Sosso. “I’m telling my agents to get ready, be educated, stay on top of this fast-changing market, and help your clients achieve success.”
Tags: Prudential Palms, Real Estate