Sarasota Real Estate Sales Stats for September 2010
The Sarasota Association of Realtors just released statistical data for the September 2010 Sarasota real estate market. The data mirrored the numbers that we saw in August. Both prices and sales were almost identical to the numbers from the previous month. In addition, the report states that September 2010 figures are “virtually identical” to the median price and unit sales from a year earlier in September 2009.
Eric Shumway, SAR President, pointed out that “we’ve observed a very steady local real estate market for the past 12 months.” August and September are typically our slowest months for real estate activity.
For the full report: click here http://www.sarasotarealtors.com/Sept2010stats.pdf
The Obama Administration & Congress Need to Make a Decision on Income Taxes
We are seeing many buyers that appear to be waiting to see what the Obama Administration and Congress will be doing with regards to Taxes. There is so much uncertainty out there because of the Obama Administration’s failure to make a decision and take action on setting the Tax Rates for 2010. In order to get the economy and real estate market going, the emphasis needs to be on restoring confidence to consumers and small businesses. Business and consumers seem to be waiting on this administration to make a decision. We are working with many buyers right now that are putting off large decisions (like buying a home), because they do not know what the repercussions will be on Income Taxes and Obamacare.
In addition, the foreclosure moratorium would be disastrous for the real estate market. Banks certainly need to be following the law. But allowing hundreds of thousands of delinquent homeowners to remain in their homes because of technicalities will only add to the challenges of the real estate market. So far, President Obama has been reluctant to place a nationwide freeze on foreclosures. Democrats like Nancy Pelosi and Harry Reid have pushed for a nationwide freeze on foreclosures. Many are speculating that this is an effort to win votes in the mid-term elections, despite the harm that a move like this would do to the economy. So far, the President has resisted the pressure from the left wing. Let’s hope that he stands strong.