Sarasota, Florida one of most undervalued cities in America

AOL is reporting that Sarasota, Florida is the 2nd most undervalued cities in the United States. You can read the article here and see the other undervalued cities.

Sarasota is a relatively upscale community on Florida's west coast. "It's a nice boating community, and they have got a lot of beautiful homes there," says Jack McCabe of Florida-based McCabe Research & Consulting. After home prices plunged 44 percent from the first quarter of 2006 to the first quarter this year, the market presents would-be buyers with some attractive opportunities. IHS Global Insight considers the median home price in Sarasota -- $141,000 -- to be 28 percent undervalued.

Here are the top 10 cities:

1) Houston

2) Sarasota

3) Las Vegas

4) San Francisco

5) Naples

6) College Station-Bryan

7) Oklahoma City

8) Atlanta

9) San Diego

10) Omaha

What does this mean for sellers?

Don't assume that you can raise your asking price. A market can get even more oversold before it bottoms out. Depending on your property you most likely have plenty of other competition. Price is still king in this market. Buyers are still dirving the car and are not throwing caution to the wind. I have never seen buyers so diligent about getting a good price on a purchase. Just like in any real estate market - be the best deal out there and you stand a good chance of selling your home. Be greedy and unrealistic and property will sit. It is that simple.

What does this mean for buyers?

This buyers market won't last forever. I hear from many buyers that they are trying to time the bottom. You can't do it in stocks, bonds, precious metals or any other market so how can you do it in the real estate market? I think we are nearing the bottom and the better properties are being purchased. There are still some great deals out there and more to come. If you want to buy hire a good Realtor, get financing ready before you start looking, learn the market and buy the best home. Real estate is a long term investment again. Buy what you enjoy, what you can afford and have a long enough time horizon for owning.

Remember what Warren Buffett said, "Be fearful when others are greedy and be greedy when others are fearful."

If I can help you with Sarasota real estate give me a call at 941.812.6272 or use my Sarasota MLS search to find your next home.