Everything You Need to Know About Buying in Late 2022
The latest tips for approaching the new market dynamics as a buyer are to remain realistic and to be prepared.
While the market has shifted, it still favors sellers in Sarasota simply because inventory is not yet high enough to satisfy the demand of all of the new residents migrating to our gorgeous coastal city. While the fervor of peak pricing has tapered, it is still important for buyers to have a competitive mindset, especially for properties that offer waterfront access and other key amenities.
Make sure that your financial documents are in order and that you understand how changing interest rates have affected your purchasing power, or the amount of house you can afford.
Another tip in the current market is to consider the cost of renovation. If economic changes have shifted your capacity as a buyer and put your turnkey dream home out of reach, it's a good idea to consider a purchase where you can invest in upgrades over time.
Whether or not your budget has changed, there's a significant benefit to real estate ownership in this market because of long-term equity appreciation.