Thoughts and prayers to the Bahamians, and others on the US east coast affected by Hurricane Dorian. Close to 2,000 people read my blog last week, so I'm pleased that the hurricane preparedness information provided by our affiliate, BK Insurance, was helpful. Next weekend I'm traveling to Nova Scotia, Canada, where Dorian is headed today.
Real Estate Trivia:
According to TrendGraphix, here's the real estate statistics for the last 12 months - August 2018-2019 - all types of homes:
Sarasota County - Average Price of Homes Sold: Aug 2018: $358K, Jan 2019: $386k; Aug 2019: $354k. Months of Inventory: 4, 8, 3 (same period). Note! winter-time increases in prices and inventory.
Siesta Key - Average Price of Homes Sold: $896k; $804k; $858k. Months of Inventory: 10, 18, 7 (same period).
Venice/South Venice: Prices: $302k, $316k, $296k; Months of Inventory: 4, 7, 3 (same period).
Palmer Ranch (zip code 34238): Prices: $369k, $332k, $389k; Months of Inventory: 4, 10, 4. (same period).
City of Sarasota (zip code 34236): Prices $652k, $1 Million; $762k; Months of Inventory: 9, 17, 8 (same period).
When someone asks, "How's the real estate market in the Sarasota area?" Your answer is: "It depends on the area and time of the year." You may explain that generally, things are about the same in Sarasota County as far as prices and inventory over the past 12 months.
Take the discussion to the City of Sarasota and how our downtown area is booming. And on Siesta Key, there are many luxury homes on the water that take longer to sell, which really skews the data. In Sarasota County, the 2019 inventory and prices peak during the winter months and come back down in the summer and fall.
You can also say that NOW is the time to buy because prices are at a low point, but will go back up during the season - and Sellers will likely get close to their asking price. What is perplexing to me is that the basic economics theory of supply/demand does not apply here in Sarasota during the winter months. Inventory goes up, as well as the prices.
Additionally, during the summer and fall, many builders reduce their prices of their spec homes, so now is definitely time to shop around for a new home. By the way, I'll need to go with Buyers before they connect with a new community, otherwise, I can't help them through the buying process. That may not seem important because those new home real estate agents are so nice and excellent sales people. There is much they don't say - like what were the last sales in that development? Have they had recent price increases or decreases? When will the county come by to inspect framing? (New home buyers need their own independent inspector of the framing AND punch list items before the builder and county do their own. I reimburse Buyers for those independent inspections that are so necessary...)
NOW is the time to find a professional, experienced Realtor if you plan to make a house-hunting trip to Sarasota this fall and avoid paying $20k or more in rent. Think about this: If you are planning to buy after you get here, you have thrown away your rent money, plus the prices could increase as much as $30k.
Call Linda Holley, Realtor, GRI, at 941-914-4914 for more information about Sarasota real estate and visit my home page at www.LindaHrealtor.com. I have a mortgage calculator and also home search feature on my home page for you to start looking around.
Selling your home? I would love to send you information about staging your home to sell. Photography is everything: Examples of great staging and photography: 1078 Eisenhower Drive, Nokomis and 5439 Azure Way, Siesta Key; Homes that are priced right sell quickly. Both of these properties were impeccably maintained, beautifully decorated, and the Sellers priced their homes to sell. I have also reimbursed Sellers for roof inspections and appraisals, which helps during contract negotiations when "lowball" offers come in. Thinking of updating your kitchen? A good rule of thumb as far as pricing is $35k. See beautiful kitchens below.
Have an awesome week and please pray for those affected by Hurricane Dorian. And Hurricane Charlie hit the east coast of Florida, came across to the west coast at Port Charlotte, and hit the Gulf of Mexico picking up steam, before slamming into Florida and Alabama, where my mother lived at the time.
Most sincerely yours,
Linda Holley
941-914-4914
1078 Eisenhower Drive, Nokomis, FL 34275
5439 Azure Way, Siesta Key, FL 34232
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