10 Most Undervalued Cities in U.S. - Sarasota, Florida is #2

I was reading though the newspaper this morning (online of course) and noticed Harold Bubil's blog post about how AOL real estate is reporting that Sarasota, Florida is the 2nd most undervalued city in the country. You can read the article here. It sounds like they are getting their information from IHS Global Insight.

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.

Top 10 Undervalued Cities in U.S.

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

Is your city on here?

Buyers:

If you are looking for a home in one of these cities this is a good time to get serious. Many of the best properties will be picked over clean and you might be waiting for that one perfect house at the perfect price that never shows up. There is no such thing as a perfect house. You don't need to rush out and buy something thinking prices are going to rebound over night. They won't. Markets can become more oversold, however the bottom is coming if not already here.

Sellers:

This is not the time to get cocky. Prices can continue to fall and become more oversold. I have seen many times before in the stock and commodity markets. I can only speak about Sarasota real estate since I work that market. It does seem like a bottom is coming or already here. Our inventories have declined substantially and our demand is good. We are still not in a balanced market but it could be only months away. I believe we only have a 10 month supply of single family homes when most consider a 6-7 month supply as balanced.

Remember that price is the key. The house that provides the best value to the buyer is going to win. That is true in just about any real estate market, whether it be a buyers or sellers market.

More Foreclosures?

There are some who believe that another wave of foreclosures are coming. I think that is a real possibility. However, no one knows the magnitude of it. The fresh inventory could get absorbed quickly. Time will tell.

Visit my Sarasota homes for sale page to see thousands of properties for sale or give me a call at 941.812.6272 and I would be happy to email you what is available.

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