Sarasota Fl Real Estate Update

Wood Ridge at the Meadows | Sarasota Fl.

2009-03-08T10:05:00.002-04:00

Last week, I performed a virtual walk through of the model home in Wood Ridge at teh Meadows located in Sarasota Florida. This enclave of 9 luxury homesites offers the MEadows most premer homes, built in a mediterranean style. Check out the video of Wood Ridge at the Meadows

January 2009 Sarasota pending sales jump almost 18 percent

2009-03-04T18:07:00.003-05:00

January 2009 Sarasota pending sales jump almost 18 percent

To read more and view Sarasota home sales graphs and statistics, go to:
http://wesellsarasota.com/sarasota-fl-housing-statistics/january-2009

In the face of national economic doom and gloom, pending sales in the Sarasota real estate market rose to 683 in January 2009 as reported by members of the Sarasota Association of Realtors®, topping the 500 level for the 13th month in a row. Pending sales last month were much higher than the 516 reported in January 2008, which indicates that local real estate has bucked the national downward to some extent.

Pending sales reflect contracts executed by buyers and sellers. The recent numbers demonstrate a steady, strong pattern, indicating buyers have become more active in the Sarasota market as the traditional season heats up. “These are certainly historic times for our nation’s economy, and we must be realistic and understand that higher unemployment and the recession impacts everyone,” said 2009 SAR President Bill Geller. “But we must also understand that even during downturns, opportunities exist for savvy buyers. The Sarasota market is blessed with tremendous, high quality properties, and the lower prices have made this area a goldmine of opportunity. With the guidance of a well-trained, professional local Realtor®, buyers can be assured that they will find the perfect property in today’s market environment.”

Overall closed sales in the first month of 2009 stood at 319, compared to 327 in January 2008, a year-to-year decline of only 2.4 percent. Sales totaled 406 December 2008, but the monthly decline was expected, especially during a four-year election cycle, when real estate activity often sees a lull prior to a new administration taking office.

The recent signing of the $787 billion American Recovery and Reinvestment Act, plus the Obama administration’s enactment of the $75 billion Housing Support and Foreclosure Prevention program should help improve the real estate markets even more in the months ahead, said Geller.

“We are clearly seeing a focus by this administration on the root of the economic problems – the real estate downturn,” said Geller. “There have been several initiatives adopted which include suggestions by the National Association of Realtors®, and we are hopeful these programs will help us back on the road to recovery.”

For instance, first-time homebuyers who meet eligibility requirements and purchase a home this year prior to Dec. 1 are eligible for a tax credit of $8,000. Unlike the 2008 tax credit, this one does not have to be repaid. Combined with historically low interest rates, experts expect this program to generate an increase in sales. “And the ripple effects of expenditures for household items, moving costs, furnishings and so on should provide a needed shot in the arm for our local economy,” said Geller.

The median sale price for single family homes declined to $149,950 in January 2009 after coming in at $175,000 in December 2008, for a 14 percent decline. Condominium prices fell to $220,000 in January 2009 from the December 2008 figure of $255,000, also 14 percent decline. While statistics have not been tabulated breaking down the number of short sales and foreclosures, many local agents and brokers have indicated these sales have dominated their recent business, which tends to impact the median sales prices substantially.

Another important market tracker – the absorption rate of properties on the market – continues to track lower than last year at this time for both single family homes and condominiums. Absorption rate is the number of months it would take to sell the entire remaining listed inventory in a particular category, based upon the sales for that particular month.

For January 2009, the absorption rate for single family homes stood at 25.3 months, compared to 39.0 months in January 2008. For condominiums, the absorption rate was at 38.4 months in January 2009, substantially lower than the 52.0 months reported in January 2008.

Article from Sarasota Association of Realtors
February 25, 2009

Sarasota Florida Home Sales Statistics

2009-02-07T14:31:00.002-05:00

I studied both Sarasota Florida homes and Sarasota Condos housing Statistics for December 2008, and found some interesting results. I posted my findings on my website at www.wesellsarasota.com

Check out the latest Sarasota housing statistics here. Also, you can search Sarasota homes and condos for sale using an interactive map!

Cascades in Sarasota Florida

2009-02-07T14:23:00.002-05:00

I recently visited the Cascades in Sarasota Florida with some home buyer clients. They were looking for a home in a gated community with activities, and great amentities. We viewed many homes in the 200-300,000 range.

It is a wonderful active adult community. To learn more about the Cascades, please visit my Cascades web page. You can learn more about the Cascades, and search for homes for sale in the Cascades.

Check out The Cascades in Sarasota FL.

Is the Housing Slump at the Bottom?

2008-05-08T12:56:00.003-04:00

Here is a very interesting article from Brett Arends from the Wall Street Journal.

It comes from Wellesley College Prof. Karl E. Case, one of the leading experts on the housing market in the country. And it suggests we may be at, or near, the bottom of the housing crash.
Of course, even if he's wrong we won't know for sure for many months.
But new housing starts have at last slumped below the seemingly magical one million mark. That happened in March. Every time that has happened in the last 50 years, it proved to be the bottom of a recession.
"It is really remarkable how much where we are today looks like the bottom we've had in the last three cycles," Mr. Case says. "Every time we've gone below a million starts, the market has cleared at that moment."
There is no guarantee this market will be the same but the similarities with the past are striking. Each boom peaked at around the same level of 2.5 million starts as well.
"It's bottom-fishing time, I think," says Mr. Case. "There's got to be bargains in Florida, Arizona and Nevada."
Mr. Case isn't alone in his analysis. A hedge-fund manager made a similar case in Tuesday's dead-tree edition of the Journal. Bill Wheaton, legendary real estate professor at the Massachusetts Institute of Technology, was quoted here nearly two months ago suggesting some fears about the real estate crash were overdone.
And it was in January that I cited my favorite market source, a private portfolio manager in London, who said the homebuilding stocks on Wall Street were at last a buy.
Those stocks have rallied more than 50% on average from that month's lows. Share price movements are often thought to anticipate events in the real economy by around six to nine months: If that is the case here, it would suggest actual real-estate prices will bottom sometime over the coming months.
Incidentally, contrarians will also love Tuesday's gloomy first quarter news from leading homebuilding D.R. Horton and from federally sponsored home loan giant Fannie Mae. Both announced massive losses following write-downs. Fannie is holding a $4 billion cash call and both slashed their dividends. You often see these kinds of capitulations at a market bottom, though of course you can see them on the way down as well.
It's important to note that real-estate prices in many areas are far from a historic bargain. And where there is a glut, prices -- obviously -- are likely to stay lower for longer. It is still a buyer's market. If you are buying, drive a hard bargain.
Prices may still fall further. Yet if you are tempted to keep waiting for homes to get a lot cheaper, there are several reasons to think that might not happen.
First, there are too many other bargain hunters out there.
Second, the falling dollar has made these homes even cheaper to foreign buyers. There are plenty of people in Europe for whom Florida is now a bargain.
Third, interest rates are low right now. I hesitate to give my fellow Americans any extra incentive to borrow yet more money, but you can get a 30-year fixed-rate mortgage under 6%. If the economy recovers that won't last. If you are shopping for a home, it is probably worth seeing if you can lock in one of these rates cheaply.
Finally, in an age of weak currencies and rising inflation, "real" or "hard" assets are in demand. That should include land, bricks and mortar. Sure, real estate isn't as cheap as it has been at other times in the past. But are Florida homes any more expensive these days than steel, or copper, or gold? I'm not so sure.

SHORT SALES COME UP SHORT

2008-04-24T16:46:00.000-04:00

An article from the national Association of Realtors reports that Realtors across the country believe mortgage lenders make the housing downturn worse by taking months to make decisions on short sales and sticking to high internal target prices. As a result, more home buyers avoid short sale properties, forcing foreclosure sales that typically result in lenders accepting lower prices than they could have achieved in the short sale. "The only question banks should ask is can they make more in a short sale than in foreclosure," according to Lighthouse Point, Fla.-based Realtor Ron Rosen, who cites a "broken" system. "The answer is that in nine out of 10 cases, they will lose more money in a foreclosure." Some Realtors contend that lenders lack the appropriate systems and staff to handle short sale requests, while lenders insist the short sale process is complicated by the need for approvals from investors and mortgage insurers. Still, Realtors note that a more efficient short sale process would boost prices and reduce inventory.

FORECLOSURE RATE UPDATE

2008-03-13T11:08:00.005-04:00

FORECLOSURE numbers and news articles...It's certainly hard to avoid them in the media right now. Although all this press is certainly not good news relating to the housing industry, it does not mean the sky is falling either. Many people are under the impression that a large percentage of existing homes are in foreclosure. In reality, the number of homes in foreclosure is still a relatively small number at one filing for every 534 homes nationally, but the rate of filing has certainly risen, hence all the press attention. With that preface stated, lets actually take a look at the numbers.

Nearly 60 percent more U.S. homes faced foreclosure in February than in the same month last year, with Nevada, California and Florida showing the highest foreclosure rates, a research firm said.

A total of 223,651 homes across the nation received at least one notice from lenders last month related to overdue payments, which is up 59.8 percent from 139,922 a year earlier, according to Irvine, Calif.-based RealtyTrac Inc. Nearly half of the homes on the most recent list had slipped into default for the first time. Most of the troubled properties were located in California, Florida, Texas, Michigan and Ohio -- states where home prices have plunged as the housing boom went bust.

For the Sarasota area, foreclosure action in the first two months of 2008 was nearly three times greater than at the same time last year in Manatee, Sarasota and Charlotte counties.
The 3,683 legal actions so far this year -- actual lender takeovers, notices of delinquency and other advance warnings of foreclosure -- compares with 1,322 for the first two months of 2007 and about 14,000 for all of 2007,

On a national level, February's total represents a 4 percent dip from January, but the decline was just a seasonal blip, said Rick Sharga, RealtyTrac's vice president of marketing. "We seem to be settling in at a new plateau in terms of monthly activity, but it's a much higher plateau than we were at a year ago," he said. February marked the 26th consecutive month with a national year-over-year increase in foreclosure-related filings.

Meanwhile, the number of foreclosed properties that didn't sell at auction and ended up going back to lenders soared more than 110 percent last month versus February 2007, RealtyTrac said. Last month, some 46,508 properties were repossessed by lenders, up from 22,114 a year earlier.

In the 12-month period ended in February, 45 states saw an increase in the number of homes that had received at least one filing. The latest data suggest many homeowners across the nation continue to struggle with mortgage payments, despite highly publicized efforts by government, financial institutions and consumer advocacy groups to modify loan terms or work out long-term repayment plans for troubled borrowers.

In Florida, 32,447 homes reporting at least one filing, up more than 69 percent from February last year and up more than 7 percent from January. Rounding out the top 10 states with the highest foreclosure rates were Arizona, Colorado, Michigan, Ohio, Georgia, Indiana and Tennessee.

So, in the end, YES, foreclosures are up, but it is still only 1 home in 556! It is a GREAT time to buy right now. Prices have adjusted considerably from where we were a couple years ago, interest rates are still very good, and sellers are willing to D E A L ! A true Buyer's market! Several buyers have told me they want to wait for prices to drop a little more, but trying to time the housing market is risky (just as it is in the stock market) There is another factor to consider......interest rates. Unless the buyer is paying 100% cash, they will use financing. If interest rates rise 1/2 point or more from now until the buyer is ready to buy, they may have actually cost themselves a higher monthly payment over buying now. No one knows where the exact bottom of the market will be, BUT, I can tell you that interest rates are very good right now, and will more likely be higher than lower next year. If you plan to stay in your home for 3-5 years, then trying to time the market is ill-advised. THIS is the time to buy!

Search Sarasota Fl. Listings now: www.wesellsarasota.com/map.php

Search Sarasota area foreclosures: www.wesellsarasota.com/bank_owned.php

Let's get started, and as always, give me a call when you are ready to buy!!!!

Sarasota-Bradenton home sales 2nd in '07

2008-01-25T20:01:00.000-05:00

Another positive article about our housing performance locally as compared to the state of Florida! Things are definitely looking a bit better, and activity has certainly improved in January!!!

MANATEE --Realtors sold more houses in Bradenton-Sarasota in December than did their counterparts in all but three of Florida's 20 major housing markets.
Only Jacksonville, Orlando and Tampa-St. Petersburg - all more populous areas - reported more sales.
Miami and Fort Lauderdale both reported fewer sales and more drastic declines in sales than did Bradenton-Sarasota, according to statistics released Thursday by the Florida Association of Realtors.
For the year, Bradenton-Sarasota tied the Naples/Marco Island metropolitan statistical area as the state's second best performing market.
The latest statistics, which showed that local sales were down 10 percent in December compared to the same month a year earlier, were a major improvement over the statewide average, which was down 31 percent.
"We are one of the best markets in the state of Florida, which is exciting," said Dan Forbes of Re/Max Gulfstream's Forbes Team.
Many Realtors are cautiously optimistic that the market may be on the road to better days.
"All the agents I'm talking to said the last quarter of 2007 is the best they've had in two years," said Debbie Roth, president of the Manatee Association of Realtors.
There are still bargains to be had and local agents say most the movement has been in the $250,000 and below and $500,000 and above price ranges.
"Our median sales price appears to be stabilizing as well," Forbes said.
Locally, the median sales price in December was $246,900, down from $288,200 a year ago.
For the year, the Bradenton-Sarasota median price was $285,700, more than $52,000 above the statewide 2007 median.
"There are still some homes that are selling the same week or even day they go on the market," said Coldwell Banker agent Patrick McGuire.
Key factors to a sale like that are presentation, price and getting the right buyer to drive by on the right day.
"As an agent in this market, the best marketing tool you have is a great price," McGuire said.
"If you are looking for the key to the health of the real estate market, you have to look at inventory level," McGuire said.
During the boom, there were several times where there was less than two months' supply of inventory. As the market waned and more for-sale signs started popping up, inventory levels surged to 37 months' supply levels. In December, the numbers had come down considerably to about 27 months' supply, McGuire said.
Another figure that helps gauge the overall health of a market is the percentage of the asking price a buyer gets for the home after negotiations. During the boom years, many buyers were scared of losing their dream home to another offer and the number hovered around 97 percent or 98 percent. In 2007, the number stayed at 92 or 93 percent until December when it fell to 89 percent.
"This is the first time I've ever seen it fall below 90 but it's possible that it's an anomaly," McGuire said.
Forbes estimates home prices are 30 percent below what they were in 2005.
"Real estate is on sale right now," Forbes said.
That said, perception is truly reality as far as the market is concerned.
Some believe if Amendment 1 passes, more people will want to buy.
"Whether it technically helps, I think psychologically it will help," Forbes said.
So far things are moving more swiftly in 2008. Roth has two sales lined up and is seeing a lot of interest from international buyers.
"We are on sale to them because of the value of the dollar," Roth said.
Roth has had quite a few parents of IMG Academies, many of whom were previously renting, come in to look for homes because of the good prices.
"I think everyone is cautiously optimistic," McGuire said.
Lawrence Yun, senior economist for the National Association of Realtors, said despite the market troubles in 2007, the year closed out as the fifth highest on record.
In December, interest rates for a 30-year, fixed-rate mortgage average 6.10 percent, down from 6.14 percent the same month a year earlier, according to Freddie Mac and the Florida Association of Realtors.

Multiple Offers

2008-01-10T15:09:00.000-05:00

I took a listing last week that had been listed with two other separate realtors over the past year. The list price had been reduced and reduced, and reduced.... I could go on (after all, I have over a year of history to cover) but in the end, when the Seller came to me after being referred by a neighbor, I wanted to make sure I wasn't the third strike!

I spent a lot of time on the market analysis. This is critical. The mistake Sellers are making is in the pricing.....If you are a seller and even 1% over where you should be, it can hurt you. There is an over-abundance of inventory, so missing the mark here is brutal.

We priced the property very competitively, not overpriced, and not really under priced....priced on the lower end of AVERAGE. The house was in above average condition. Numerous DESIRABLE upgrades. So, in essence, the house had alot of improvements, and priced on the lower end of an average price.....in other words...Priced to succeed! What I warn about most is the "chasing prices down" phenomenon which FAR to many sellers have done in the past 2 years. I can give numerous examples of why my selling strategy works.

And succeed we have on this listing......We averaged more than 1 showing per day, and received 2 offers within 10 days of having the property listed. I can not reveal the terms at this point in time, but I can assure you they are great terms. Two competing offers have driven up the price, and we can forget about that statistic of homes selling for 10% less than list price..... NO WAY! not in this case! We will end up closing with a price ABOVE list! Yes, it is possible!

There are so many benefits to getting an in depth analysis, and then looking at MANY factors in order to price properly to succeed.....and just being REALISTIC! By approaching this listing with a specific strategy, and a very solid marketing attack in the first 10 days, we accomplished what few sellers have done in this market! Forget about 1 offer, we received competing offers and will sell above list price!

If you are thinking of selling, please call me to discuss my plan!

Have housing prices hit bottom?

2008-01-08T11:50:00.000-05:00

Florida's best known economist says market in region has stabilized
By MICHAEL POLLICK

Florida's best known economist says the Sarasota-Manatee residential property market bottomed out in September-October and has now stabilized in both price and volume.Hank Fishkind predicts flat prices for both counties through 2010, as the region chews through excess inventories of new houses and condominiums.His findings jibe with what some Southwest Florida real estate observers have been saying and with what statistics from the Florida Association of Realtors have shown during the final months of 2007.

In November, for example, Sarasota-Bradenton Realtors sold twice as many homes as their Miami counterparts. The median price in November -- the most recent sales reports available -- was $267,700, down 4 percent from a year earlier, but an improvement from $244,300 in September and $263,900 in October. Fishkind made his own predictions for this region as part of a 33-county economic report prepared on behalf of Attorney's Title Insurance Fund Inc., a leading title insurance underwriter. His report painted Miami-Dade and Lee County as the state's most problematic areas, because of excessive condo building in South Florida and a proportionately higher level of home building during the boom in Fort Myers. Orlando has the strongest market in Florida, followed by the Tampa Bay area and Interstate 4 corridor, Fishkind said."But both Manatee County and Sarasota County are still in considerably better shape than many other areas," he said.

Fishkind said that Charlotte County continues to shake off some of the vestiges of 2004's Hurricane Charley, but that the market is in far better shape than its neighbors to the south, where speculation on investment properties was rampant during the housing run-up. "We are starting to see more normal activity," Fishkind said. "I am much more concerned about Lee County than I am about Punta Gorda."

Fishkind projects moderate rates of growth for population and employment in Manatee and Sarasota counties between now and 2010."In regard to housing growth and starts, speculative investing in the real estate market occurred in the area between 2003 and 2006 and resulted in an excessive amount of new homes in both markets," Fishkind said in his report. "This is expected to temporarily slow down the area's housing markets in the next few years, and result in household growth exceeding housing starts in both counties in the next several years. A recovery in housing starts for both counties, however, is expected to begin in 2008," he wrote.

The Sarasota market appeared to bottom out in the spring at 470 to 480 closings per month. But then a national liquidity crisis sprang to life in August, prompted by defaults on subprime mortgages issued during the feverish markets of 2003-05 and continuing into 2006.For a month or so, mortgage makers froze. As a result, sales fell to 310 in September and stayed flat at 319 in October."It seems to me that is the new bottom," Fishkind said, referring to sales in more recent months. "So I'm not seeing any major price declines, and I think volume has stabilized."

Fishkind looked at average prices for all closed residential sales in both counties, taking into account for-sale-by-owner deals as well as builder sales.In Sarasota, the average price for existing homes in Sarasota during 2007 was $330,042, a 12 percent drop from the peak of $374,107 in 2006, Fishkind reported. In Manatee County, the decline in average prices has been more severe, coming down 24 percent to $280,622 in 2007 from a peak $370,200 in 2006.The economist's forecast is predicated on the assumption that the national economy, while definitely in slow motion, will narrowly avert a full-blown recession."We have had a significant slowing to basically zero growth in the fourth quarter," he said. "The U.S. economy isn't going to start improving until the second half of '08 and into 2009."That national assumption is critically important because Florida depends on the Midwest and Northeast United States for a supply of residential real estate buyers, Fishkind acknowledged.When they suffer, Southwest Florida suffers, too, on a lagging basis, he said."Almost everybody who moves to Florida in 2008 made a decision to move in 2007," Fishkind said.

Because of that national slowdown, "we will see Florida's economy slowing in 2008 and not improving until 2009."Other economists have a more pessimistic view, leading to predictions for a more drawn-out recovery for Florida. But Fishkind maintains that the Sunshine State's historical drivers will lift it above other states in the Southeast."Florida tends to generate more jobs and population growth than any other state in the Southeastern United States, so turnaround for some parts of Florida ... will take place ahead of many other states in the Southeast," Fishkind said in a statement." Other parts of Florida, namely Miami-Dade County and Fort Myers, will not recover until later."

Home prices may be leveling

2008-01-01T08:29:00.000-05:00

REPRINT FROM TRIBUNE 1/1/08
Buyers are paying attention as sellers are dangling real estate deals
By MICHAEL POLLICK and MICHAEL BRAGA
SARASOTA HERALD TRIBUNE

Southwest Florida's sagging housing market showed signs of stabilization in November, with Sarasota-Bradenton agents selling twice as many existing single-family homes as Miami and with prices perking up from fall lows."Our area was inflated for so long," said Garrick Newman, a Re/Max agent in Bradenton. "But over the last six months, people really came down hard with prices."The state and nation are suffering lower sales rates and lower realized prices. But the Sarasota-Bradenton market fell out of bed faster than most after the boom that ended in 2005 and seems to be finding a solid footing sooner.

During November, Sarasota-Bradenton Realtors closed on 556 houses -- down 16 percent from the 664 of a year ago -- but a far less painful situation than in South Florida. In Miami, Realtors closed on only 263 houses in November, a 59 percent drop from a year earlier. In neighboring Fort Lauderdale, Realtors sold just 401 houses, down 29 percent.The median price in Sarasota-Bradenton in November was $267,700, down 4 percent from a year earlier, but an improvement from $244,300 in September and $263,900 in October, suggesting that the market might have found a bottom after a decline that has lasted just over two years.

Statewide, real estate agents closed on 8,106 homes, a 30 percent decline from a year earlier. The median slid to $215,800, a 10 percent drop from a year ago.Nationally, sales of existing single-family homes and condos rose slightly from October to November, but have plunged 20 percent during the past 12 months.Home prices nationwide continued to slide: the November median was $210,200, down 3.3 percent from a year ago and the fifth biggest annual decline on record. The median is the point where half sell for more and half sell for less.

"We're getting back to the basics of the housing market -- find a buyer and you can make a house sale, as long as the price is reasonable," said Joe Hembree, president of the Sarasota Association of Realtors.Despite the hoopla about the subprime mortgage crisis, mortgage brokers are begging for qualified customers with money to put down."We can get 15-year fixed rate money at 5 3/8 to 5 1/2 percent," said Dave Hofer of Re/Max. "Thirty-year fixed rate loans are going for 6 percent to 61/2 percent.""The problem is we don't have enough legitimate buyers. They are not motivated.

Promenade on Broadway

When the developer of the Broadway Promenade condo just north of downtown Sarasota began taking orders in spring 2004, Realtors, including Steve Ivan of the St. Armands branch of Coldwell Banker, were falling over each other trying to get to the front of the line.Buyers were finally asked to close in June 2007, but 21 of those buying the 187 units backed away, forfeiting 20 percent deposits."There are a lot of them that are not occupied yet," said Ivan, who has since sold his holdings and has four other listings for sale.One buyer picked up a fourth-floor three-two with a partial bay view in November for $399,000 -- about the same price as in 2004.Sales are picking up, says Marina Coppenrath of Coldwell Banker's The Condo Store and the sales manager for the remaining developer-owned units. She has sold 11 of the 21 defaults in the past three months."There are definitely buyers," she said.

Bradenton, Lakewood Ranch and the beaches

A Re/Max Gulfstream Realty agent in Bradenton, said most of the 70 properties her team has listed are "screaming deals."She cited two listings in Manatee County that have never been lived in, both selling at sacrifice prices. "Because we've had so many foreclosures and such a steep drop in prices, this is now one of the best markets in the country to buy in."

Anna Maria Island actually saw 2007 sales rise to 199 from 158 the prior year, according to an agent with Island Realty on Holmes Beach. The reason: "Sellers are getting realistic and buyers are taking the deals," The average price per square foot of condos, houses and vacant lots sold on the island dropped to $371 in 2007 from $653 the year before. One of the most spectacular deals that he brokered was a canal-front home, with three bedrooms and two baths, once listed for $795,000."We sold it for $525,000, and we sold it to someone who has a real estate license. When Realtors are buying, you know that's a good sign.""If prices get any more realistic, local people will be moving back out to the beach," he said.When the average price of a home on the barrier islands is $750,000, not many local jobs can support that, When they get down around $500,00, someone can sell their $350,000 mainland home and move to the beaches.

Article in Todays NY Times!

2007-12-30T16:30:00.000-05:00

I received an email today from one of my clients. She lives in New York most of the year, but decided to take advantage of the buyers market here in Sarasota a few months ago by purchasing a beautiful condo overlooking Sarasota Bay. She told me that there was a very positive article about Sarasota Fl. in the Ny Times Travel section today.

Check it out!

http://travel.nytimes.com/2007/12/30/travel/30hours.html?ex=1356584400&en=620d04aacfd4f36c&ei=5124&partner=permalink&exprod=permalink

and also:
http://travel.nytimes.com/travel/guides/north-america/united-states/florida/sarasota/overview.html

2007-12-14T13:47:00.000-05:00

Merry Christmas and Happy Holidays to all my past and present clients, family and friends. I just wanted to take a moment to thank everyone for such a wonderful year! The 2007 Sarasota real estate market has been a challenge, but thanks to your support and oh-so-valuable referrals, I have had a strong year. I am very grateful for all your support and look forward to talking to all of you in 2008. I hope everyone has a safe holiday season, and a happy and healthy new year!

Warm Regards,

Bill

** This picture just cracks me up... Its not the kid, its Santa! Look at his face!!! He is totally unphased by the kicking and screaming child! Way to go Santa! This Bud's for you!

Regional housing showing some life

2007-11-29T09:09:00.000-05:00

Hello everyone,
More decent news on our local real estate market as compared to the rest of thestate. I do believe in the "first in-first out" theory, meaning our market was the first to get hit as the market started its downward slide, and I do feel we will be the first to see recovery as well. Prices have shifted much quicker in the Sarasota market as compared to others, thus attracting the buyers who are looking for better value, particularly the foreign buyers. Here is a re-print of another Herald Tribune article in todays paper..... 2 positive articles about Sarasota real estate from the Tribune???? ...in 1 week????? Wow... that tells ya somethin!

Reprinted from Herald Tribune 11/29/2007
By STEPHEN FRATER and MICHAEL POLLICK
More homes sold in the Sarasota-Bradenton market in October than any place in Florida besides Jacksonville, Orlando and Tampa-St. Petersburg.It speaks to the depth of the malaise in the housing market in Florida, where sales dropped 29 percent when compared with the same month last year.But it also offers hope to some market watchers that perhaps Sarasota-Bradenton is emerging from the doldrums brought on by the 2004-05 housing rush faster than other places in the Sunshine State."First in will be the first out, and maybe we are seeing some signs of that in Sarasota's relatively good performance compared to the state as a whole," said Chuck McKenna, president of Sarasota's McKenna and Associates Realty.The action in Southwest Florida comes against the backdrop of an October decline in the national median sales price that was the largest on record and worries that the housing mess could tip the nation into a recession.Sellers in Sarasota-Bradenton moved 528 homes during October, a 17 percent decline compared with the same month last year. But major markets Miami and West Palm Beach-Boca Raton had only 367 and 450 sales, respectively.Prices in Sarasota-Bradenton, meanwhile, dropped 5 percent to $263,900. But that was better than September's median of $244,300, which was 15 percent below September 2006.The Charlotte County-North Port market continued to struggle. Only 168 homes sold there, 33 percent fewer than a year ago, while the median price dropped 11 percent to $183,300. But that was higher than September's median of $170,000.Analysts blamed the worsening housing slump nationally on the credit crunch that hit in August.The National Association of Realtors reported that national sales of existing single-family homes and condominiums dropped by 1.2 percent last month. The median price of a home sold dropped to $207,800, 5.1 percent less than a year ago.Florida's two coastsTo evaluate how Southwest Florida compares with the southeast part of the state, prices are the key, said Jack McCabe, a real estate consultant based in Deerfield Beach.At a median price of $263,900, the typical home now selling in Sarasota-Bradenton has fallen 23 percent from $340,700 two years ago.In contrast, the median sale price in the Miami metro area has fallen by only 3 percent. In Fort Lauderdale, today's median is only 4 percent less than two years ago, when prices were close to their peak."That is one of the reasons there are so few sales in South Florida as compared to a much smaller market like Sarasota," said McCabe. "Because there has been resistance by sellers -- they are still hoping to get those 2005 prices."Miami-Fort Lauderdale sellers only now are becoming more realistic in their asking prices."The price drops in Southeast Florida are going to happen in the next couple of years," McCabe said. "Whereas markets like Sarasota and Fort Myers, the price drops are already in progress."Southwest Florida Realtors pointed to some signs of improvement."The luxury market continues to sell, and with prices nearing a four-year low in many cases, the seasonal market is perceiving it truly is the time to buy," said Sue Wolverton, senior vice president for the Sarasota Bay Region for Coldwell Banker Residential Real Estate Inc. "It is difficult to say that we are at the bottom, but with renewed interest from the customers, we are already seeing dual offers on homes appropriately priced."Wolverton and Candy Swick, another Sarasota Realtor and broker, said there has been a higher level of interest from foreign buyers, particularly Canadians and Brits."The educated who are watching the statistics are discussing the euro's strength and the Canadian loonie's strength," Swick said.For Michael Saunders & Co., sales this October were 20.6 percent higher than a year ago."We are once again regularly fielding multiple offers on well-priced listings," said founder Michael Saunders, adding that appointments to look at properties are up 7 percent year-to-date. "So far in November we have received 400 more calls than for the same period last year and are still selling upwards of $5 million in properties each day."Condominium results in Sarasota-Bradenton for both the third quarter and for October are signs of improvement, Saunders said.Last month, condo sales were up 10 percent, from 193 to 212. The median price was down slightly, from $226,000 to $224,000."That's very good news for us, suggestive of a bottoming out in that segment of our market," Saunders said.Inventories remain highBut the number of houses and condos for sale remains at doggedly high levels.As of Nov. 1, for example, there were 8,005 single-family homes for sale in the Sarasota Multiple Listing Service. That is down 5 percent from the peak of 8,411 in March, but 100 to 200 houses more than in July, August or September.Realtors are chipping away at an average weekly rate of 62 houses, meaning 128 weeks worth of inventory, or more than two years worth, at the current sales pace.There were 4,653 condos for sale, down 11 percent from the peak of 5,224 in April. The number of listings has been trimmed down steadily in recent months.Realtors are only closing on 27 units per week, meaning it would take more than three years to clear out the existing stockpile.There has been movement of homes in the upper ends of the market, said McKenna, the Sarasota Realtor. But what concerns him is the lack of liquidity in the "meat and potatoes of the market -- those $400,000 to $800,000 homes that simply are not moving as fast as Realtors or owners would like."Louise Guido, broker and president of Westcoast Realty of Florida, said she is "not sure there is movement in the market that shows a change of direction. I personally believe some people are just getting out of the deals they are in.""Yes, there are buyers, and the magic number is around $400,000, which is 2004 pricing. Some sellers are holding firm because they feel there will be a turnaround," Guido said. "I do not see that just yet."Some home builders echoed the more optimistic Realtors.Neal Communities said it sold its 100th home this year, outstripping the 88 sold in 2006. "Traffic has changed, and we're seeing an uptick in the numbers of visitors to our communities," said Pat Neal, president of the Lakewood Ranch-based company. Lee Wetherington, president of the Lakewood Ranch home building company bearing his name, also has seen more activity."The amazing thing is that we are seeing about a 50 percent increase in traffic, which is a great improvement from last year at this time," he said, noting attention from foreign customers. "There are a lot of buyers out there feeling out the market in Sarasota and Manatee."They are cautious, though, and definitely looking for bargains. "But they are not fence-sitters, they are buyers."In Englewood, broker J. Erick Phelps of Corin Bay Real Estate was coming to some of the same conclusions.Like Wetherington, Phelps is getting buzzed by foreign clientele -- Canadians and Germans -- whose currencies are gaining buying power as the dollar weakens.Phelps also said that the decline in prices has boosted the market."There was virtually nothing below $200,000 for quite a long time," he said. "When everything started crashing, it lowered prices back down to where first-time homeowners could get into a home, and they are the ones who have kept the market going."That local buying has helped push the median price lower, he believes."Now we are getting into the snowbird season. You will see more of the high-dollar property moving now."

Sarasota-Bradenton Home Sales Tops In State

2007-11-25T17:17:00.000-05:00

Sarasota-Bradenton home sales tops in state
By STEPHEN FRATER - printed in Herald Tribune 11/25/07

All things being equal, it was not a bad third quarter for home sales in the Sarasota-Bradenton market.In fact, the 5 percent drop in sales for the local market was the best performance in a state that saw total sales drop 29 percent when compared with the same time in 2006.Ocala posted a 53 percent drop, Miami a 42 percent decline and Fort Myers-Cape Coral and Orlando, 39 percent, the Florida Association of Realtors reported Wednesday.There were 2,084 homes that changed hands in Sarasota-Bradenton during the quarter compared with 2,195 during the third quarter of 2006."We are encouraged by the improvement in our area compared to last year," Joe Hembree, president of the Sarasota Association of Realtors, said Wednesday. "This report mirrors what we have been seeing as a trend all year -- that the Sarasota market is faring much better than many other parts of the state.Both Hembree and Pat Neal, president of Lakewood Ranch-based home builder Neal Communities, said they have seen an increase in activity."September was unusually quiet as was October, but things are moving now in November," Neal said. "Many more customers are looking at resale homes in addition to new homes, which tells me that after the new home sales guys adjusted their prices to reflect the new market reality, the existing homeowners are also doing the same, which is creating competition."The price decline during the third quarter in the Sarasota-Bradenton market was in line with the rest of the state. The local market saw a 6 percent drop -- from a median sales price of $301,800 to $283,800.The Charlotte County-North Port market had a much weaker performance, with sales dropping 24 percent and prices declining 18 percent -- the biggest price drop in Florida for the quarter.There were 597 homes that changed hands during the third quarter in Charlotte County-North Port, while the median sales price declined from $217,500 to $178,600.The median is the price point where half the homes sold for more and half for less.Sales performance among condominium sales in Sarasota-Bradenton market was also among the best in the state, with a 15 percent increase in sales, from 634 to 732. Median sales price was flat at $241,700.There were only 50 condo sales in Charlotte County-North Port, a 58 percent decline, while median sales price slid 4 percent, from $170,000 to $163,300.With single-family homes, other big price declines occurred in Fort Pierce-Port St. Lucie, which saw a 13 percent drop, from $252,000 to $218,300; and Melbourne-Titusville-Palm Bay, which saw a 9 percent drop, from $215,400 to $196,500.A total of 31,910 homes changed hands in Florida during the third quarter compared with 44,776. Nationally, that was the worst performance of any state except Nevada, which saw sales drop 35 percent.The median sales price for all homes in the state was $232,100, down 6 percent from $246,800, during the third quarter of 2006.Meanwhile, a total of 9,622 condominiums changed hands in Florida during the quarter, a 26 percent decline from the 13,028 that sold during the same 2006 quarter. The median sales price for condos was $196,300, down 4 percent from $205,000 in the year-ago period.Realtors blamed the most recent quarter's performance on high inventory levels, mortgage disruptions and tighter lending standards.The state association's national counterpart is still predicting that the credit crunch will subside and a modest recovery for sales will occur next year."Over the near term, home sales are likely to be fairly flat as the lingering impact of the credit crunch filters through the system through the end of the year," Lawrence Yun, the National Association of Realtors' chief economist, said in a statement. "In some ways, the extended real estate boom from 2001 to 2005 created unrealistic expectations that housing is a short-term, high-yield investment."Nationally, sales of existing homes fell in 46 states during the July-September quarter as the housing market's slump worsened. Vermont and North Dakota were the only two states to show sales increases. Existing home sales in Vermont rose 0.8 percent from the same quarter a year ago, while sales in North Dakota rose 2.9 percent.No sales figures were available for Idaho and New Hampshire.The Realtors saw a silver lining in the data, noting that home prices rose in 93 of the 150 metropolitan areas surveyed.Trade group officials emphasized that the real estate market is not a national one, and conditions vary -- sometimes dramatically -- from market to market."Some metro areas are hot while others are experiencing localized problems," Yun said. "Home prices in the vast midsection of America, from the Appalachians to the Rockies, are affordable and, perhaps, even undervalued."Still, numerous experts forecast a continued decline in median prices nationwide as conditions deteriorate in the housing and mortgage industries.Nationwide, existing homes sold at an annual rate of 5.42 million units in the third quarter, down 13.7 percent from the sales pace of the third quarter in 2006, the Realtors group said.Mortgage lenders, would-be home buyers and Wall Street investors alike have been grappling all year with the impact of rising defaults, the result of lax lending standards that were prevalent during this decade's housing boom.As defaults have risen, lenders have grown more cautious, which has resulted in fewer buyers qualifying to purchase homes for sale.Information from The Associated Press was used in this report.

Proposed Florida Property Tax Reform Explained!

2007-11-06T07:50:00.001-05:00

On Jan. 29, 2008, Florida voters will decide whether or not to reform the property tax system in the state. Here is an explanation of the proposed changes related to portability.

Property tax savings portability (money saved over time on property taxes because of yearly increase limits through Florida’s Save Our Homes amendment) applies to homesteaders (homeowners with a homestead exemption) moving anywhere within Florida. Up to $500,000 of accumulated savings, applied to taxable value, may be transferred when one home is sold and another is purchased, with the transfer applying to all taxes, including the school portion. Homeowners have two years after they sell a home to buy a new one and transfer the savings.

If buying a more expensive home, a homesteader calculates savings by subtracting the assessed value (taxable value) from the just value (market value). The amount (savings over time) is then subtracted from the just value on the new home purchased. In most cases, the $50,000 homestead exemption will also be subtracted.

Example 1: Susie currently owns a home and has lived there for a long time. The house’s just value is $500,000, but because of Save Our Homes, the assessed value is only $200,000. Susie buys a new house for $700,000. The following year, she’ll pay taxes on only $400,000, however, because she’s “porting” $300,000 in value to her new home. After factoring in the new homestead exemption of $50,000, her total assessed value would be $350,000.

If buying a less-expensive home, the calculation changes and is based on the percentage of tax savings rather than a dollar amount. If the assessed value on the original home was 50 percent of the just value, for example, the homesteader would transfer that percentage to the new home, or have a new assessed value that is 50 percent of the new home’s just value. The percentage system was created to keep homesteaders from effectively eliminating their property taxes altogether by moving from a high-cost area of Florida to a low-cost area – a change that could severely hurt smaller rural economies.

Example 2: Susie currently owns a home and has lived there for a long time. The house’s just value is $500,000, but because of Save Our Homes, the assessed value is only $200,000. Susie buys a new town home for $300,000. She’ll pay taxes only on $120,000 because when buying down in value, she’ll keep the same ratio (40 percent) of assessed value to just value that she enjoyed in her old home. After factoring in the new homestead exemption of $50,000, her total assessed value would be $70,000. Also, portability is retroactive to Jan. 1, 2007 – so everyone who bought this year and moved from an established homestead will be able to “port” their savings for next year.

Since yearly tax values are based on ownership as of Jan. 1 each year, portability would not affect this year’s tax bills, which most homeowners have already received; but the savings will be applicable to next year’s tax bill.

We shall see what happens. Florida needs to do SOMETHING regarding portability. The current system is convoluted, and actuallg discourages real estate activity within the area. At least portability would open up the market a bit, encourage more activity and moves WITHIN the area, and hopefully take a neccessary step towards jumpstarting the current local housing market.

University Place in Sarasota

2007-10-15T13:55:00.000-04:00

This past week was another good one. I have a listing that is located in University Place, which is a beautiful gated community located a mile or so behind the Home Depot in University Parkway. It is located in Manatee county, and Sarasota county is just a block or so away.This home is immaculate, and looks like a model home. I have come close to selling it a few times, but this time was the charm, and it will have a brand new owner soon! It was a pleasure marketing this home!....now off to the next one! I actually need some more homes to sell, so if you know anyone thinking of selling, I would greatly appreciate your referral!

Recent Activity

2007-09-28T13:20:00.000-04:00

It's been a little while since I have posted. I am happy to report that I have been very busy the past couple weeks. I successfully closed two properties this week alone, and negotiated a deal for my client to purchase Lee Wetherington brand new construction home to be built in Lakewood Ranch. We negotiated a GREAT deal. It really pays to use a buyer's agent, even with new construction!!!!! Call me, I am happy to help, and it costs you nothing as a buyer to use my services. We saved tens of thousands of dollars on that deal alone!

The first closing was a 12th floor unit in Bay Plaza, on Gulfstream Avenue. Gorgeous views of Sarasota Bay!!! The other was a nicely updated home in Lockwood Meadows which had a real large fenced back yard, and it sold for only 185,000! Both are very nice properties, and good deals. This really is a great time to pick up some very nice properties in Sarasota at very competitive prices. There are good deals to be had, sellers are anxious to sell, so if you are thinking of buying, give me a call to help you find the perfect home for you!

Sarasota Home Sales Update

2007-09-10T12:41:00.000-04:00

As a real estate professional, I am constantly looking at data in order to stay on the market. I look at sales reports, I look at newspaper articles, I look at my offices sales, my personal sales stats, etc etc. One thing has become very clear to me over time; it is really hard to get an accurate Sarasota homes sales statistic, which is frustrating. What really concerns me is the way statistics are reported overall, and how grossly inaccurate numbers that are reported can be, and how that influences buying decisions. We all know the market has been slow, but is it improving? Well, that all depends on what numbers one chooses to look in order to report we are "better"....or "worse".

According to the local newspaper, comparing July 2006 to July 2007, residential sales were down 12%. According to the board of Realtors, residential sales are up 7%. Hmmmmn, not even close!

In the end, I have seen the newspaper grossly distort numbers, and I have seen the Board of Realtors report numbers that just don't make sense regarding the current market. It is my opinion that the current market may still a little downward movement left, but not as much as many people think. The foreclosure rate will continue to rise over the next year, which may impact pricing, and to what degree, we don't really know. Anyone throwing a number out there is just speculating, however I personally have been experiencing more sales activity lately. First time buyers and investors are looking at opportunities again. My last two sales were to first-time homebuyers, and this market had very little opportunity for them to buy two years ago. Investors are circling as well. There was a very recent article in the Tribune reporting that a particular investor is attempting to raise 700 million for housing investment purposes. I am seeing more and more inquiries for primary residence buyers, specualtors, and investors.

Just like the stock market, trying to "time" the market is virtually impossible to do. My advice is that there are great buying opportunities in Sarasota right now, far better than a couple years ago, and like everything else, its a cyclical market. If you have been on the fence about buying, take advantage of being able to buy a home for 20-30% less than you could have 2 years ago, and heck, offer what you feel comfortable offering on a home. THere are some sellers waiting for your contract! IF you plan to live in the home for any length of time, you will come out ahead! Housing purchases are not meant to be treated in a "day-trading" manner. It's a long term investment for most folks, and its a great time to buy. Sellers are becoming much more negotiable, builders are finally becoming much more negotiable too.

I am growing tired of all the negativity in the business right now, from the newspaper, from doom and gloom tire kickers who have no intention of buying, and other agents. I am actually having a great real estate year, I have realistic sellers, and have dealt with eager qualified buyers that have scored some great deals! My office experienced sales 40% higher than just a month ago. Take it for what it is. These stats I know to be true for sure. Seems like interest is increasing in my opinion, as a guy on the streets daily. Lets see if sales continue to increase too!

Sarasota Fl Real Estate at WeSellSarasota.com

Sarasota market continues to be bright spot in Florida real estate

2007-08-29T12:04:00.000-04:00

Well, good news considering the general slow real estate market for Florida. Here is an article reporting on the current numbers:

"Sales of homes and condominiums compiled in the Sarasota MLS system, and sales within the Sarasota-Bradenton Metropolitan Service Area (MSA), are continuing to reflect strength compared to the overall state of Florida.
Statistics indicate the summer months have actually seen a strengthening of sales activity in the Sarasota real estate market, with overall sales in July 2007 up 7 percent from July 2006.

There were 369 single family home sales recorded in the Sarasota MLS in July 2007, compared to only 351 sales in July 2006 - a 5 percent increase, while the MSA showed a drop of 4 in single family home sales for the period. But even that figure stands out in stark contrast to other MSAs across the state. A total of 14 MSAs saw double-digit percentage declines in single family home sales, and statewide the real estate market saw a sales decline of 24 percent from July to July for single family homes.

Condominium sales were also up in the Sarasota MLS, with 159 sales in July 2007 compared to 141 sales in July 2006, for a 12 percent increase. Condos also saw a median price jump of 14.8 percent for the Sarasota MLS, from $269,990 in July 2006 up to $310,000 in July 2007.

The MSA fared better, with a 41 percent increase in condo sales, July to July. This was the third best performance in the state, and Sarasota-Bradenton was one of only six MSAs to show positive condo sales growth in July. Only two much smaller MSAs - Panama City (up 78 percent) and Fort Walton Beach (up 49 percent) - fared better than the local MSA. Statewide, condo sales were down 19 percent.

"When you look at the numbers, we are clearly seeing the Sarasota market taking the lead in the anticipated real estate market recovery in Florida," said Joe Hembree, 2007 SAR President. "Our Association has taken the lead in educating the public concerning the fundamentals of our market, and this has made a big difference. Local real estate agents have also done an excellent job of counseling sellers on the need to price their properties realistically."

With an eye toward the bigger picture, and discounting the historically abnormal years of 2003-2005, we have seen a return to the normal market experienced as recently as 2001 and 2002, Hembree noted.
In July 2001, there were 359 homes and 175 condos reported sold in the Sarasota MLS. In July 2002, there were 328 homes and 187 condos sold. The biggest difference this July is that the median price, even with recent declines, is still much higher than those recent years.

The median home in July 2001 sold for $176,000, and the median condo sale price was $132,000. The numbers went up a little in July 2002 - $190,000 for a single family home, and $179,900 for a condo. But the figures are much higher today - $299,000 for a home, and $310,000 for a condo - so the overall sales volume is far greater.
"The current market is in a normal adjustment period, which makes this an historic buyer's market," Hembree continued. "Our area has always offered tremendous amenities, abundant cultural assets, and great natural beauty and climate. Now, it's all more affordable than it was two years ago."

The lowest point in the recent local market was apparently reached in December 2006, when only 355 sales closed. Sales have escalated since then, and were much higher in July 2007, with 528 total sales - almost 50 percent higher than the sales low. The strong pending sales numbers - nearly 500 reported pending sales - continue to reflect a brighter future as the Sarasota area begins to enter the traditionally stronger fall and winter sales period."

My "Price Is Right" Adventure

2007-08-22T10:58:00.000-04:00

Well, the days of the infamous Bob Barker hosting "The Price is Right" game show are behind us, but on a trip to LA in May of 2005, I got my shot at about 2.5 minutes of fame. My brother and I decided to go check it out since we had tickets, actually, we had tickets to two shows. On the first day, we showed up at 6am, like the tickets instructed us to do (Why 6am I thought??...hmmmmn) Well, we found out quickly. When we arrived at the studio, there was a line around the block! Apparently, having a ticket does not guarantee entry! There are only 350 seats, so scrap that day. The second day we got their MUCH earlier!....like, bring your lawnchair and camp out early. Midnight the night before early! We are on vacation, right? So, what the heck,.....we did!

I had no idea what the people that actually MAKE it on that show go through. There are lines after lines, waiting after waiting, background checks, interviews with producers! In the end, EVERYONE that makes it into the studio audience has to go through all this. (this is why people are SOOOOO excited when they finally make it to contestant's row!

Anyway, about half way through the show, I hear the announcer say " William McCue...COME ON DOWN! "No way! Get outta here", I yelled to my brother. 1 minute later, I was the winning bidder for a dishwasher (I better know how much a dishwasher costs,right?) Anyway...on to the main game.

The game was a simple one: There were two prizes on the stage: An armoire, and an air hockey table......pick the prize that was $2540 dollars and win both. Now, I picked the armoire.. but apparently, the Price is Right was offering the "Mack-Daddy" of all air hockey tables that day, and I lost! Who spends 2500 bucks on an air hockey table anyway??? So...I heard the dreaded "I'm a loser music" ba ba ba-naaaaaa. I did get to spin the big wheel though, but lady luck was not with me anymore. I guess I used up all I had just getting on the show, so even though I didn't win the big prize, I still felt great. I had the opportunity to see one of the greatest game shows of all time, AND...I actually got on and met Bob! Everytime I wash the dishes, I think of my "excellent adventure" !

Ten Sarasota Home Buying Tips!

2007-08-20T21:20:00.000-04:00

1. Find a real estate agent that’s FULL TIME and a good match for you! Home buying is not only a big financial commitment, but also an emotional one. It’s critical that the agent you chose is both skilled and a good fit with your personality.

2. If you are "on the fence" about buying and are waiting for prices to potentially fall before taking the plunge, there is another factor to consider. Interest rates are low right now. Speculating that home prices will drop in the future may be offset by an increase in interest rates, so if you see a home you love, go for it! A fabulous home which is competitively priced will not stay on the market that long.

3. Don’t ask for too many opinions. It’s natural to want reassurance for such a big decision, but too many ideas will make it much harder to make a decision.

4. Very few previously owned homes will be an absolute "perfect" match unless it is custom built to your taste. Focus in on the things that are most important, the small details can be changed once you move in!

5. Don’t try to be a killer negotiator. Negotiation is definitely a part of the real estate process, but trying to “win” by getting an extra-low price may lose you the home you love.

6. Remember your home doesn’t exist in a vacuum. Don’t get so caught up in the physical aspects of the house itself—room size, kitchen—that you forget such issues as amenities, noise level, etc., that have a big impact on what it’s like to live in your new home.

7. Don’t wait until you’ve found a home and made an offer to get approved for a
mortgage. Investigate insurance availability, and consider a schedule for moving. Presenting an offer contingent on a lot of unresolved issues will make your bid much less attractive to sellers.

8. Factor in maintenance and repair costs in your post-home buying budget. Even if you buy a new home, there will be some costs. Don’t leave yourself short and let your homedeteriorate.

9. Accept that a little buyer’s remorse is inevitable and will probably pass. Buying a home, especially for the first time, is a big commitment, but it also yields big benefits.

10. Choose a home first because you love it. Then think about appreciation. While U.S. homes have appreciated an average of 5.4 percent annually over from 1998 to 2002, a home’s most important role is as a comfortable, safe place to live.

20 ways to "alter" your Sarasota Home value

2007-08-16T14:47:00.000-04:00

I read an article today on Yahoo, and I thought it may interest you. It lists ten ways to add value, and 10 ways to detract value for your home. Keep in mind this is a national article, so the "pool" listed as a detractor is not reality here in Sarasota!

Increase home's value
1. An updated kitchen
2. Modern bathrooms
3. A well-appointed master suite
4. Natural materials
5. Curb appeal
6. A light, airy spacious feel
7. Good windows
8. Landscaping
9. Lots of storage
10. Basement

Decrease home's value
1. A pool
2. No garage or small garage
3. Garbled floor plan
4. Outmoded appliances or systems
5. Stale or overly personal decor
6. A bad roof
7. Bad location
8. Poor maintenance
9. Environmental hazards
10. A long list of needed home improvements