Sarasota Real Estate News
Why Selling Right Now Might Be A Smart Move
Posted May 7, 2008
 While it may seem counter-intuitive at first, if you think about it, selling your home rght now even though prices are down could be a very good decision.
Every home has things about it that you wisj you could change, but you cannot. Either the cst would be prohibitive or the home itself cannot accomodate the changeBanks and mortgage companies that write such jumbo loans are now having to keep those loans on their own books and they're not happy about that.
To compensate themselves for accepting this extra risk, they are now charging much higher interest rates on the "jumbo" loans normally written for luxury home and condo sales. Some jumbo mortgages are incurring interest rates of an extra 3% or more over the interest rates charged just a few months ago. And that is depressing the
sale of luxury homes and condos everywhere.
The problem is particularly troublesome in areas such as the Sarasota Florida and Longboat Key real estate markets where large inventories of homes and condos in the $500,000 - $1 million and above are currently for sale.
Eventually, luxury home and condos owners who need to or just want to sell their luxury real estate will
start reducing their asking prices if they want to see a "SOLD" sign in their future. As a result, those with cash on hand and a bit of patience
may soon be able to purchase a Sarasota area luxury home or condo at a really attractive price.
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