“Life was always a matter of waiting for the right moment to act.” -Paulo Coelho
The economy has certainly had its fair share of ups and downs in the past 10 years and the current trends in Sarasota FL continue to loosely mirror that of the past couple of years; home prices and inventory continue to rise with foreclosure properties dwindling out of existence. While it may seem like a good time to wait it out for a better deal, you may be surprised to learn that these exact reasons are why you should seize your home buying opportunity now.
The luxury home market is one of the fastest growing sectors in real estate today and the Sarasota real estate numbers reflect the many houses for sale across all price ranges. Finding the best, highest-quality custom homes in Sarasota luxury communities with optimal locations will show that there is limited availability when it comes to luxury real estate. The main reason why there is a limited number of luxury home buying opportunities is because we have had record-breaking tourist activity in the area in the past couple of years and Visit Sarasota projected a 5 percent increase in visitation as a whole in 2016, as well as a 3 percent increase in overall spending. When snowbirds come to visit, they stay to buy and the inventory will meet the new demand from US residents, as well as international buyers, interested in living our unique Sarasota lifestyle. Home values are also seeing a rise, so the sooner you purchase your luxury custom homes, the better your investment will be. In 2015, Local Market Monitor, a national research company, projected that home values in the North Port-Bradenton-Sarasota area would experience a 23 percent increase over the next three years and statistics from Core Logic show that prospective homeowners, and possibly investors, are running to Florida to put down cash for their dream home, more than likely due to the forecast of increasing values.
If home prices and home values aren’t enough to whet your home-buying appetite, consider this: The Wall Street Journal reports that mortgages are at a new low for the year and the lowest rate since February 2015, meaning bigger mortgages will cost less now than they may in the future. Now is the best time to lock in an all-time rate as, for the week ending June 10, the 30-year fixed rate came in at 3.72 percent, while a five-year, adjustable rate mortgage came in at 2.87 percent. Locking in a rate with an experienced and reputable lender will also allow you to have more cash on hand. Lenders require higher down payments and more cash reserves as borrowers reach higher loan amounts, or “tiers.” For example, Wells Fargo will lend up to 89.9% on amounts up to $1 million, 80% on amounts between $1 million to $2 million, 75% on loans between $2 million and 2.5 million, and so on.
So what does this mean for anyone looking to settle into a beautiful vacation home in Sarasota? Well, you certainly don’t want to shy away from making your purchase. Escape-to-Sarasota states that Florida’s population is growing twice as fast as the national average and will double by 2040. Florida’s draw isn’t going away, but your opportunity to own your perfect Sarasota home just might. Contact us to take a tour of The Founders Club’s many move-in-ready homes or browse through our many fully-customizable floor plans to see which one suits you. Not ready to move just yet, but still want your piece of paradise? The Founders Club’s preferred builder, London Bay Homes, offers leaseback opportunities for every one of their model homes, allowing you to purchase the home of your dreams and still have it maintained by a professional tenant until you are ready to move in.