Sarasota, Florida is located at the southern end of Tampa Bay, and is one of the most affluent markets in Florida, offering a diverse cultural experience that includes award winning beaches, museums, sports, and numerous ecological and cultural activities, along with outstanding educational opportunities.
Sarasota’s charm goes far beyond being part of the greater Tampa Bay metro area, as its residents will tell you. Keep reading, and we will share a look at the real estate market in Sarasota, some explanations for why people live in Sarasota and buy property there, and some tips to get a mortgage in Sarasota, Florida.
The Numbers Behind Sarasota Real Estate
As is the case with property in most of the Sunshine state, home prices in Sarasota haven’t climbed back to the level they were before the 2007 housing crash. Fortunately, though, recent growth in Sarasota has restored a healthy real estate market. Currently, the Zillow home value estimate for the average property in Sarasota is $205,400, above the national average of $188,900 and the Florida state average of $175,300.
Over the past year, home values rose a staggering 10.8%, but are expected to slow and slightly turn negative over the next year falling -.8%.
Why Sarasota’s Housing Market is Strong
Sarasota is a charming coastal community with a strong and vibrant economy that attracts affluent retirees, while offering professionals many of the business and recreational benefits of a much larger city. Additionally, educational institutions and a diversified economy make this thriving community a great place to work and live for all ages.
Sarasota has long been known as a cultural hub, with much more to see and do than most other communities with a population of 50,000. The Sarasota Orchestra, for example, offers world-class concert series throughout the year. And, Sarasota’s award winning beaches offer diverse activities for sand and sun lovers all year round.
Getting a Mortgage in Sarasota, Florida
Whether you want to purchase a home to enjoy the weather and culture in Sarasota full time, or want vacation property that can also generate income, closing on a mortgage can often be accomplished in less than 30 days from the time you put a contract on a home.
Start by getting pre-qualified for a home mortgage, which can be accomplished in just a few minutes over the phone with a licensed Florida mortgage broker. This will allow you to immediately contact a Realtor and start looking for a home as a qualified buyer.
Then as you look for a home, you can work with your broker on the longer process of becoming pre-approved for a mortgage.
Once you are pre-approved for a mortgage, the lender submits your application to underwriting, along with all of the supporting documentation. After meeting the remaining conditions, you will receive a “clear to close”, and the lender will send the paperwork for closing to the title company/closing agent.
Marimark Mortgage is a Sarasota mortgage broker serving the mortgage needs of borrowers in all of Florida.
As a mortgage originator, we specialize in conventional home mortgages, FHA, VA and USDA mortgage options, refinance loans, and reverse mortgages. We’ve also worked extensively with a variety of refinancing options to help clients lower their payments on their home.