Sarasota Real Estate News

Photos below of homes sold by Linda Holley and Team Dunn.

This month, I'll renew my Florida real estate license so I'm cramming in 14 hours of continuing education (CE).  As much as I hate the online classes, the tests are not that bad.  We Realtors (please do not say Real-A-tors) are required to have 3 hours of real estate law, 3 hours of ethics, and 8 elective hours to renew our licenses every two years.  Most of us really are law-abiding Realtors and are driven by the Code of Ethics, but CE reminds us of our responsibilities, how to stay out of trouble, and how to protect our clients/customers.  Make no mistake, the Bonnie and Clydes do exist in this business, and many others fall asleep at the wheel--makes no difference if they are top producers or not.     

I was delighted to see a class offered on marketing in hot and cold markets, because the real estate market in Sarasota, Florida has shifted to a Buyer's market.  On Siesta Key, according to Trendgraphix, the inventory for condos under $500,000 is up 70 percent from the same time last year, and sales are down 26 percent.  Listings are expiring every day, and the Realtor who listed the property is usually blamed by the Seller.  Not fun.

It's important to realize that the same negotiating strategies for a hot market won't work in today's Buyer's market.   If Sellers don't want low-ball offers, they need to first get a home inspection and take care of any repairs.  Stage the home as if they are the Buyers walking through the first time.  Email me at LindaHolley@MichaelSaunders.com and I'll send you a staging checklist.  So what if you have a fantastic ski photo taken in 1990 in Aspen in your skinnier days?   These things are distractions to potential Buyers, and 50% of Buyers who see homes today just can't envision themselves living there.  Get boxes and pack that stuff away. 

Do you have animals?  Guess what...there is a scent peculiar to your home that others recognize immediately when they walk in.  Get a bag of charcoal and cut it open lengthwise, and wait about 24 hours.  This is suppose to work; I wouldn't know because my cute little Burt Reynolds does not stink :-) :-)

What about the comparable properties that have sold?  It's best to use the same neighborhood but if nothing has sold in the past 3-6 months, other comps for neighborhoods must be used.  The idea is to find a property with most of the same features that sold recently and use that as a benchmark.  Unsold homes and expired listings also come into play because that tells a Seller what the competition is doing and the pricing strategies that did not work.  Pricing your home above the other comps in the neighborhood makes about as much sense as a screen door in a submarine.  For every "comparable" property, there must be adjustments for the differences: maybe one has a pool, one is on the canal, and one has a larger lot, and no garage.  We don't use distressed properties as comps - for example, a fix-it-upper is not comparable to an updated home. 

On my website, www.LindaHrealtor.com, you will see a tab for 5439 Azure Way in Siesta Isles. Team Dunn and I listed this home after it had been on the market over a year with another brokerage...it had been overpriced and forgotten.   The owner was really frustrated, as all owners are when their listings expire.  His Realtor was called more names than a Real-A-Tor.  It's not fun to keep a home perfectly clean for a year, show the home, and no decent offers come in.  This home was impeccably maintained and staged, and it sold in 86 days after Team Dunn took the listing. 

Below are the photos so you can see the benefit of a beautifully staged home.  I did not like the idea of a formal living room at the beach; to me, a boat and baby grand piano don't go together, but everyone has their toys.  The Seller did not like me after I mistakenly blurted that out during the listing appointment, but we got the listing anyway and I won him over during open houses.  What I would rather have seen in that living room was a second office or nothing.  Photos are below.  We and these Sellers became fast friends and they gave us an awesome testimonial....also on my website.

We were not thrilled that this homeowner liked to pop in and out during open houses and showings.  He helped me answer Buyers' questions about the canal and access to the bay.  Being a meticulous homeowner, he had everything done to this home, from the roof to the flooring.  The kitchen remodel was fabulous, but we had to adjust the price to get this lovely canal home sold, and this was the beginning of the market shifting from a Sellers' to Buyers' advantage.  It's very hard for many Sellers to come to that realization.

Today in Siesta Isles, the homes that are selling are canal homes and luxury homes.  Some non-waterfront homes are languishing on the market over 200 days and I really feel for the Sellers and their Realtors.  Team Dunn has sold two in Siesta Isles, and both required serious price adjustments.  One Seller listened and got an appraisal, and that helped us negotiate lowball offers. 

I sold a beautiful pool home in Nokomis last year and the Sellers listened--they got an appraisal and a roof inspection, and that really helped during negotiations.  The Buyers were getting a VA loan, and the VA inspector was thrilled that he did not have to do a roof inspection--we handed it to him when he arrived!  The Sellers were also very meticulous, it was beautifully staged, updated, and very clean. 

I'm here to give you a complimentary market analysis on your home and send you a checklist on preparing your home to sell. 

Most sincerely yours,

Linda Holley, Realtor, GRI

Michael Saunders & Co., Siesta Key

941-914-4914  email: LindaHolley@MichaelSaunders.com

5439 Azure Way - this Siesta Isles was perfectly staged and sold by Team Dunn.  Notice the professional photography, video and that the home was easy and ready to show.  

Eisenhower Drive, Nokomis - notice the professional photography, staging, and updates.

Click Here for Virtual Tour! 5439 Azure Way