“How is the real estate market”?
This is the ubiquitous question I get asked. I could be walking on Siesta Key Beach, eating ice cream on St. Armand’s, or shopping at the Saturday Farmer’s Market downtown. While most people want a simple answer and to move on with their day, as a Seller you should want both a thorough and honest response. This response is specially crafted for you.
Sarasota Property Values Going Up or Sliding Down?
There are properties that were purchased in 2013 that are selling for 40% more in 2016. Then there are properties that are selling for less than they did six months ago. So what is really going on?
Both of the above scenarios are true. Real estate is very local and fickle. I always emphasize there is so much variability particularly as we move closer to the water and on the barrier islands. The key to answering this question intelligently is to really know the micro market in which your property is.
This is why having a Broker who is well versed in the market dynamics is critical. You should feel that he or she should is providing real value. There should be a compelling plan for preparing, pricing, and marketing your property.
There is an old adage that goes “there is a Buyer for every property.” Sometimes there is more than one and there are multiple offers and sometimes there is just one (and they come along once in a Blue Moon).
How is Downtown Construction Affecting Demand?
During one of my recent open houses in a downtown condo, a Sarasota developer wondered aloud if downtown Sarasota was going to have a condominium glut. My response was perhaps there is pent-up demand. Let me lay this out for you as I did him:
- There are currently 1574 condominium residences that are planned.
- 695 are slated for the former Quay property and will be developed over a period of years.
- This leaves 879. Some of these are almost available- meaning construction is well underway- and many are slated to be available in 2018.
This requires downtown Sarasota to absorb about 300 new residences per year for the next 3 years. Most of the residences that are under construction are presold. Sarasota is growing in popularity. The question for Sellers is how can they make their property stand-out as the number of choices increases.
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Seller’s or Buyer’s Market?
While many have ordained our current real estate market as a Seller’s market- this is may not be the case for specific neighborhoods, property types or price points. For example, when I checked this morning there were 334 properties listed for sale in Sarasota that are listed between $1-$2m. During the 3rd quarter, there were an average of 20 sales each month in this price range. This equates to about 16 ½ months of inventory.
If you know a seller whose property has been languishing on the market, there may be other factors at play. Read my article “Motivated to Sell Your Home? What You Don’t Know May be Killing the Deal” for more details.
As a Seller there are many things that you can do to prepare yourself. If you like to talk about how much your property may be worth, and the three things that I believe are critical to getting a property sold CALL ME! I’ll treat you to a cup of coffee and a fountain of insights.