Sarasota Real Estate Market Summary

Sarasota Real Estate Market Summary

The message is clear as we head into 2013:

The trend for seller’s looks great as the seller's market continues. As for our buyer’s we continue to tell them that If they see a home they like they need to jump in and not hesitate to make a fair offer. Buyers in most price points need to move quickly and make their best offer before their dream home is gone. We’ve been in repeated multiple offer situations as buyers try to work sellers down, with only the highest and best coming out on top. Hesitant buyers are getting beat out by other more experienced buyers. Our seller’s are being rewarded with bidding wars when they listen to our advice and list their homes based on our market analysis.

Inventory is incredibly low and prices are rising. To sum it all up, and to stress how important it is to act now, I’ve pulled these two quotes from the Sarasota Association of Realtors Market report.

“Prices (for 2012) are 8 percent higher for single family homes and a 28 percent higher for condos over last year 2011.”

Reading further you’ll find this:

“November (2012) figures were 4.1 months of inventory for single family homes and 6.1 months for condos. Months of inventory represents the time it would take to deplete the current inventory at the current sales rate. Last November, there were 6.9 months of inventory for single family homes and 9.8 months of inventory for condos. At the worst point of our market in November 2008, there were 24 months of inventory for single family homes and 41.7 months for condos.”

John & Anja Buetergerds
941-894-4063

john@sarasotasuncoasthomes.com
sarasotasuncoasthomes.com

I hope this helps those of you that are just not sure where to put your money, it’s clear to me that real estate in Sarasota and Bradenton is one of the best places to be right now. Eventually the market and interest rates will shift again. Call my team and we can help guide you through the process.
John Buetergerds

Realtor / Real Estate Consultant

The Sarasota Suncoast Team

For Immediate Release, Sarasota Association of Realtors®

Sarasota Market Nearing 4th Best Year Ever

The Sarasota Association of Realtors® is on pace to see the fourth highest number of annual sales in SAR’s 90-year history in 2012, after members sold 764 properties in November 2012, a robust 29 percent increase over last November’s figure of 602 total sales. The sales total was also 8 percent higher than in October, when 719 properties changed hands. The category totals were 556 single family homes and 208 condos sold, compared to last November when only 435 single family and 167 condos were sold.

This summer and fall, the market has remained extremely active, with open houses experiencing heavy foot traffic and multiple offers reported on many available properties. The available inventory remains near the lowest level in a decade, and the improving economy and employment picture have also helped fuel the real estate market recovery.

“We are truly experiencing a very fortunate time for the Sarasota real estate market,” said SAR President Laura Benson. “Interest rates remain near all-time lows, quality properties are affordable, and the economy is recovering at an improved pace. We’re in the middle of a great market, and the traditional buying season is only just getting started.”

The available inventory of homes on the market remained near the decade low, rising slightly to 3,543 from last month’s 3,517. In November 2011, the inventory was at 4,253 properties for sale – more than 18 percent higher than the current total. Pending sales (which represent properties that went under contract during the month) dropped in November 2012 to 905 from the October 2012 level of 954, but were 14 percent higher than last November, when there were only 782 pending sales reported.

“With pending sales still relatively high, and asking prices remaining stable, we should see a continuation of these impressive sales statistics for the foreseeable future,” said Benson. “The biggest potential rain cloud on the horizon is the so-called fiscal cliff, and the potential impacts on the real estate industry.”

The median sale price for single family homes in November 2012 was at $174,450, down slightly from the October 2012 figure of $176,000, while condo prices remained at $160,000, the same as last month’s figure. Last year at this time, median prices were at $162,000 for single family homes and $127,000 for condos. Prices are 8 percent higher for single family and a 28 percent higher for condos.

The median price for single family homes for the past 12 months was at $172,500, and for condos the figure stood at $174,700. Last year at this time, the 12-month rolling median prices were at $156,074 for single family homes and $158,000 for condos. The numbers continue to indicate a gradual upward price trend. The months of inventory remained near 10-year lows. The November figures were 4.1 months of inventory for single family homes and 6.1 months for condos. Months of inventory represents the time it would take to deplete the current inventory at the current sales rate. Last November, there were 6.9 months of inventory for single family homes and 9.8 months of inventory for condos. At the worst point of our market in November 2008, there were 24 months of inventory for single family homes and 41.7 months for condos. Currently, only 472 properties for sale in the MLS are listed as short sales or foreclosures, down 9 percent from last month’s figure of 519 properties. This represents about 13.2 percent of available properties, down from last month’s figure of 14.8 percent and down from the start of the year when the figure represented 17 percent of the market.

Looking forward to potential market conditions in 2013, NAR has been pushing federal lawmakers to leave the mortgage interest deduction in its current form. But the deduction has been mentioned as a potential target for cutting the federal budget deficit – part of the ongoing “fiscal cliff ” negotiations – which might put a damper on sales. On the “good news” front, the U.S. Census Bureau reported in December that more people are moving from state to state now than in 2011, when mobility levels hit hear records lows. The state experiencing the largest influx of new residents has been Florida, with New York residents making up the largest segment of those relocating here.

ClickHERE for the complete press release in PDF format, plus several pages of statistical charts.

Sarasota Association of REALTORS®

The Sarasota Suncoast Team, Inc credits the attached Sarasota Association of REALTORS® for the attached press release. We appreciate their dedication to helping area Realtors and in so doing they are helping our team so we can help our customers.

New Home Construction - Going it Alone. New Home Buyer Myths That Will Cost You.

New Home Construction - Going it Alone. New Home Buyer Myths That Will Cost You.

New Home Construction - Going it Alone. New Home Buyer Myths That Will Cost You.

The Realtors of the Sarasota Suncoast Team in Lakewood Ranch, FL are part of a boom in new home construction. Along with that they are also seeing buyers making mistakes that are costing them more money than they are saving.

There are many of us savvy shoppers that do our homework online, do some preview shopping and go it alone to get the best deal as quickly as we can. Unfortunately for us independent types, home buying isn’t one of those items that should be done entirely alone…it’s a team event. Even the most experienced real estate agent knows it’s a good idea to get some feedback and fresh perspective from a fellow agent when buying a home for themselves. Here are 5 common buyer myths and comments that our team has heard over the years from buyers shopping for new homes in Lakewood Ranch, FL.

Buyer Myth:  If I don’t bring my agent to buy a home from a new home builder, the builder will pass the savings on to me.

Truth:  Builders don’t pass commission savings on to buyers. They actually prefer to pay buyer’s agents a commission to support the industry and to entice agents to bring more customers to them.

 As a buyer, you are more likely to save more money or get more value for your money when you are represented by an agent or Realtor. New home builders charge buyers the same price for a home regardless of whether they are represented by an agent or not. However, buyers with an agent are likely to get more features, benefits and upgrades than they would on their own!

As well, builders see an un-represented or “unsecured” buyer as a single home sale. Where as a buyer’s agent might represent multiple home sales to the builder. Builders treat buyer’s agents and their clients with a great deal of care and attention because of the relationship.  

Buyer Myth: New home builders don’t want to deal with a buyer’s agent. It just makes things more complicated.

Truth: Builders really appreciate buyer’s agents. Builders know that a secured buyer is better educated and more likely to be prepared to make a purchase than those without representation. Buyer’s agents enhance the ease of the purchase process by handling various aspects of the transaction. They explain and shepherd the buyer through the process whenever they have questions or are not familiar with what’s going on with the purchase.

Buyer Myth:  I already went to a builder without my agent. It’s too late to bring my agent in now.

Truth: You may have walked in and signed up without your agent, but by telling the builder later (before the transaction has closed) that you are working with an agent, most builders will likely welcome your agent into the transaction and compensate them. If you are working with a builder that does not want to accept your agent or pay their commission, it might be a sign that they are an unscrupulous builder and are not going to be very honorable with you at some point down the road.

Also, buyer’s agents only get paid and “bring home the bacon” to their families if their buyer buys a home. Agents spend countless hours working behind the scenes, preparing many details and doing research for their buyers to help them buy a home. A buyer that abandons their agent in order to save a small commission is not dealing fairly. Even if a buyer stumbles upon a home community on their own, the honorable thing to do is to at least try to get the builder to accept their agent in the transaction or pay the agent a fee for their time.

Buyer Myth: As a buyer, I don’t want to deal with a buyer’s agent. They don’t care about me. They are only going to take me to one or two builders and then try to rush me into something I don’t want. They just want to get their money and run.

Truth: An experienced agent takes into account their client’s wants and needs and are trained to help their buyers get the most home they can afford. Because the experienced agent has helped dozens of buyers, they can see the clear path that will lead to a successful match. In fact if you have a great agent, they won’t show you all the new home builders on the market, because they are taking you to the type of home that most closely matches the style you said you wanted to have.

Buyer Myth: My agent just wants to spend time in their office. They ask a lot of pointless questions and slow down the process. All I want to do is buy a new home. I already know what I want and they are wasting time.

Truth: Spending an hour or more in an agent’s office talking and filling out a few forms saves everyone from spending days of pointless driving around in the car. A seasoned agent knows their market and they know the new home builder’s products. They may know of a home builder that you haven’t learned of yet. They use the honest answers their clients give to go directly to the builders that sound like a good fit. If a buyer’s agent suggests you meet in their office first before shopping for homes, it’s a safe bet they are going to save you time and money.

Want to Buy a New Construction Home from a New Home Builder in Sarasota, Bradenton or Venice? We Can Help! 

If you’d like the guidance of a Realtor when you purchase a home from a new home builder in Lakewood Ranch or anywhere in Sarasota, Bradenton or Venice Florida, contact John and Anja Buetergerds of the Sarasota Suncoast Team at Keller Williams Realty at 941-894-4063 or visit our website at www.SarasotaSuncoastHomes.com

Buyers Are More Optimistic About The Sarasota Real Estate Market

Call the Sarasota Suncoast Team at 941.894.4063 or visit our website at http://www.SarasotaSuncoastHomes.com 

Buyers Are More Optimistic About The Real Estate Market - are you? Redfin surveyed home buyers and 71% believe that home prices in their neighborhood will increase over the next year. 2012 is being called a big turn-around year for the real estate market. Don't be left out! If you have considered buying a home, NOW is the TIME to BUY! Home inventory is at 4.1 months in Sarasota. That is very low and considered a seller's market. Search the MLS here to see what is available in Sarasota. 

You are not sure what neighborhood in Sarasota is the one for you? Call your Sarasota Suncoast Team at 941.894.4063 to learn about the different neighborhoods. Sarasota has many beautiful neighborhoods and so much to offer! Sarasota's real estate market has changed over the last 12 months but there are still great deals to be made. Let the Sarasota Suncoast Team help you today to buy your dream home in Sarasota. Call us today or visit our website at http://www.SarasotaSuncoastHomes.com

If You Are Paying Rent Right Now, You Might Be Able To Buy A House!

Call the Sarasota Suncoast Team at 941.894.4063 or visit our website at http://www.SarasotaSuncoastHomes.com 

If you are paying rent right now, you might be able to buy a house! Interest rates are at historic lows and home prices in Sarasota are still very affordable. Call your buying specialist at the Sarasota Suncoast Team to find out what is available for sale in Sarasota or search the MLS here:

Make sure you have a strong partner on your side that is working on your behalf when you start your home search in Sarasota. The Sarasota Suncoast Team has years of experience and is standing by to help you get started with your house search. We have a variety of tools available to make sure you are on top of the market and know about current Sarasota market trends. Call your buying specialist at the Sarasota Suncoast Team today at 941.894.4063 to schedule your confidential consultation or visit our website at http://www.SarasotaSuncoastHomes.com. 

Sarasota: Your Home Away From Home

Call the Sarasota Suncoast Team at 941.894.4063 or visit our website at http://www.SarasotaSuncoastHomes.com 

Sarasota: Your Home Away From Home. Why Sarasota you may wonder? Sarasota is a small town but has a big city's entertainment. Sarasota offers art, ballet, opera, museums, plays and much more. Best of all, housing prices are still very affordable and interest rates are at historic lows. Don't let this unique opportunity go by! Where will you be in 5 years? Hopefully a proud homeowner in Sarasota!

Call your specialist at the Sarasota Suncoast Team today to find out which homes are available for sale in Sarasota. We can keep you informed and set you up on a up-to-date search so that you know at all times which homes are available for sale. You can also save your favorite homes and we can compile a list of homes for you to see. Call us today at 941.894.4063 or visit our website at http://www.SarasotaSuncoastHomes.com.

Where Are You Going To Be In 5 Years?

Call the Sarasota Suncoast Team at 941.894.4063 or visit our website at http://www.SarasotaSuncoastHomes.com 

Where Are You Going To Be In 5 Years? The real estate market is changing in Sarasota and well priced homes receive multiple offers. As a matter of fact, one of our buyers finds himself competing with 7 other offers! The seller is accepting offers until midnight tonight so it is very likely that they will receive even more. If you don't want to miss out on great home prices in Sarasota and the islands, make sure you start your house hunt soon! Home inventory in Sarasota is at a 14 year low. Let a specialist at the Sarasota Suncoast Team help you find that perfect home that fits your needs and your budget. Start your home search here:

Where Are You Going To Be In 5 Years? You want to BUY NOW because prices are low and so are interest rates. As soon as interest rates go up, your buying power goes down. Don't miss out on potential real estate gains and make your home part of your investment strategy. Let us show you what is out there! Call the Sarasota Suncoast Team today at 941.894.4063 or visit our website at http://www.SarasotaSuncoastHomes.com for a confidential consultation. Where Are You Going To Be In 5 Years?

Home Inventory In Sarasota Is At Its Lowest Level Since 1998!

Call the Sarasota Suncoast Team at 941.894.4063 or visit our website at http://www.SarasotaSuncoastHomes.com 

Home Inventory In Sarasota Is At Its Lowest Level Since 1998! The number of sales are lower than August 2012 but inventory is at very low levels. According to the Sarasota Association of Realtors the inventory of single family homes in Sarasota stands at 4.4 months and for condos in Sarasota it stands at 8.5 months. The inventory for single family homes in November 2008 were 24 months and for condos 41.7 months. 

What does this mean for a buyer? There is going to be competition for well priced and well maintained homes. You need to make your offer as attractive as possible for the seller. If there are multiple offers, you have to provide a bank approval or proof of funds and you may want to consider making an offer above the asking price. It sounds overwhelming? Call your specialist at the Sarasota Suncoast Team today at 941.894.4063 to get a strong professional on your team. We will get the job done for you and get you the most house for the least money!

What does this mean for a seller? There is going to be competition for your home if it is well priced and nicely showcased. If you considered selling your home, now is a great time to call a specialist at the Sarasota Suncoast Team or visit our website at http://www.SarasotaSuncoastHomes.com and request a complimentary market analysis to find out what your home is worth. But be prepared: you may be packing boxes within 2 weeks of listing your home. There is a shortage of homes and we are actively looking for homes to sell. 

Remember, Home Inventory In Sarasota Is At Its Lowest Level Since 1998! If you have been sitting at the side line for the market to change, NOW is the time to SELL your home with the Sarasota Suncoast Team at Keller Williams Realty and move to where you need to be! Call us today at 941.894.4063 or visit our website at http://www.SarasotaSuncoastHomes.com

Gone Are The Days Of Large Inventory Of Homes On The Market

Call the Sarasota Suncoast Team at 941.894.4063 or visit our website at http://www.SarasotaSuncoastHomes.com 

Inman News reported on October 1, 2012 that many homebuyers are getting frustrated because there are so few homes on the market. Gone Are The Days Of Large Inventory Of Homes On The Market. Limited supply means more competition and many homebuyers are getting outbid. The Sarasota Suncoast Team has been reporting that the inventory of homes in Sarasota is getting smaller. We have seen multiple offer situations in different cases. You are thinking about selling your home? Find our what the value of your home is! Your listing specialist at the Sarasota Suncoast Team can prepare a complimentary market analysis for you. Call us at 941.894.4063 today!

You are wondering if this is a good time to buy? It is still the Golden Age of Real Estate although Gone Are The Days Of Large Inventory Of Homes On The Market. Interest rates and prices are still low, so don't miss out on your dream home! The search might take longer but a buying specialist at the Sarasota Suncoast Team can help you buy your perfect home. You can search the MLS here to see what is out there and decide for yourself.

Call your specialist at the Sarasota Suncoast Team today at 941.894.4063 to discuss your option. Gone Are The Days Of Large Inventory Of Homes On The Market - make sure you buy your dream home before its too late! You can also visit our website at http://www.SarasotaSuncoastHomes.com for more information.

Five Years From Now Many People Are Going To Wish...

Call the Sarasota Suncoast Team at 941.894.4063 or visit our website at http://www.SarasotaSuncoastHomes.com 

Image provided by Susan Janett of  National Energy Advocate

We've been saying it all along: The time to buy your home in Sarasota is now!!! This is the golden age of Real Estate! Prices are very affordable and you get a lot of home for your money. Interest rates are also at historically low rates. Don't let this opportunity go buy. In five years from now many people are going to wish they had bought real estate in Sarasota! Don't be one of them!

Contact a buying specialist at the Sarasota Suncoast Team today at 941.894.4063 or visit our website at http://www.SarasotaSuncoastHomes.com

We can set up a search for you so that you will never miss out on new homes coming on the market. Start your home search right here:

Should I Stretch My Budget To Get Into A Home?

Call the Sarasota Suncoast Team at 941.894.4063 or visit our website at http://www.SarasotaSuncoastHomes.com 

Should I Stretch My Budget To Get Into A Home? That's a question that is likely going to come up during your house hunt. When you decide to purchase a home, you should write down a written budget to see where all of your hard earned money is going.

Deciding how much house you can afford

Your lender decides what you can borrow but you decide what you can afford.

Lenders are careful, but they make qualification decisions based on averages and formulas. They won’t understand the nuances of your lifestyle and spending patterns quite as well as you do. So, leave a little room for the unexpected – for all the new opportunities your home will give you to spend money, from furnishings, to landscaping, to repairs.

Historically, banks use a ratio called 28/36 to decide how much borrowers could borrow. An approved housing payment couldn’t be more than 28 percent of the buyer’s gross monthly income, and his or her total debt load, including car payments, student loans, and credit card payments, couldn’t be more than 36 percent. (In Canada lenders apply similar formulas to determine how much a buyer can afford. The Gross Debt Service ratio, or GDS, is not to exceed 32 percent of the buyer’s gross monthly income, and the Total Debt Service ratio, or TDS, is not to exceed 40 percent of the buyer’s total debt load.) As home prices have risen, some lenders have responded by stretching these ratios to as high as 50 percent. No matter how expensive your market though, we urge you to think carefully before stretching your budget quite so much.

Deciding how much you can afford should involve some careful attention to how your financial profile will change in the upcoming years. In the long run, your own peace of mind and security will matter most. Now the question again is Should I Stretch My Budget To Get Into A Home?

Maybe you decide that today the best course of action is to stay within your budget rather than stretching it. Search the MLS here to see what your money can buy - you may be surprised!

Should I Stretch My Budget To Get Into A Home? This is a question only you can answer but a specialist at the Sarasota Suncoast Team is happy to help you answer this question during a confidential consultation. Call today at 941.894.4063 or visit our website at http://www.SarasotaSuncoastHomes.com

Explore the West Of The Trail Neighborhood In Sarasota

Call the Sarasota Suncoast Team at 941.894.4063 or visit our website at http://www.SarasotaSuncoastHomes.com 

Explore the West of the Trail/Ringling Museum area which is also referred to as Indian Beach-Sapphire Shore: This neighborhood was established in 1891 and is within biking distance to downtown and a short stroll to the bay. Are you looking to buy a home in the Indian Beach-Sapphire Shore neighborhood? Call your specialist at the Sarasota Suncoast Team at 941.894.4063. We are looking forward to helping you buy your dream home in this lovely neighborhood! Homes that are currently listed for sale can be found here:

This neighborhood has a variety of different homes ranging from the low $100,000's to a few million. There is something for everybody's taste and budget! Let us help you explore this wonderful neighborhood that is surrounded by museums and colleges. Call a specialist from the Sarasota Suncoast Team at Keller Williams Realty today at 941.894.4063 to arrange a complimentary consultation. Or visit our website at http://www.SarasotaSuncoastHomes.com and take a look at the neighborhood video with its beautiful sunset!