subject: Sarasota Homes For Sale - 9 House-Hunting Tips! [print this page] Sarasota Homes For Sale - 9 House-Hunting Tips!
Sarasota homes for sale jumped off the market in the last few months, thanks to generous tax breaks pushing reluctant home buyers off the fence.
How beautiful to see all the SOLD signs and encouraging sales numbers.
For a moment there, some agents, sellers & buyers actually thought we are out of "woods" and that distressed property sales are over.
Whoa, hold your horses. Take off those rose-colored glasses for a moment and look at the market and economy in general.
Savvy Sarasota real estate experts know better. They anxiously await the next two months' sales reports, fully aware of shadow inventory lurking in the shadows.
Did $8,000 and $6,500 artificially boost Sarasota sales? Regardless, the market must stand on its own now as buyers demand bargains.
More than ever, buyers want to study comps. Just the other day, I showed a property to a North Carolina couple interested in a bargain-priced 2nd homeuntil they retire to be near grandkids.
These buyers were very well informed.
1. They already knew the $362,500 sales price back in 2005 made no difference on today's $189,000 list price.
2. They knew what properties had sold in the last 6 months and at what price.
3. They knew to ask about sales price minus seller concessions.
4. They knew how many listed properties in the comp area.
5. They knew to ask about the percent of rentals in the area.
6. They knew to ask me about percent of value loss each month.
Clearly, these savvy buyers demanded a "smart" buy. They weren't falling for the day-old chatter about 30-50% off 2006 home prices.
They also didn't want to consider short sales. To them, short sales are unpredictable at best. Before I could commiserate, they understand:
1. Buyers' agents have no control in a short sale. The process heavily relies on the list agent's proven experience with distressed properties.
2. The Seller must have a qualifying hardship before the banks will even consider a short sale. Simply being "upside-down" does not qualify as a hardship.
3. The loan being considered must be "seasoned" (12+ months old).
4. Just because the Listing Agent lists a property at a certain price, there is no guarantee the bank will accept list price or any kind of fair market offer. Touch. Leave it to banks to foreclose, allow the property to sit abandoned for months longer before eventually selling for $1,000s LESS than the fair market offers previously put into the banks' conniving hands.
These buyers demanded the best deal they could get, or they weren't buying. They didn't buy in to the Sarasota real estate "experts" claiming market stability and recovery.
Sarasota homes for sale Buyers are not lemmings. Don't try to fool a buyer with platitudes about the "great bargain" priced at list. "Show me the proof!" is what my buyers are saying. They fear buying into a negative position and will body slam any realtor suggesting any negative position is temporary as market returns to the "good ole days." Good ole days? I hope they're not suggesting 2002-2006. If so, ain't gonna happen. If you or someone you know wants (or needs) to buy or sell a house in or around Sarasota, Florida, please contact me now. I want to be your realtor.
