Larry's Sarasota Blog

Sarasota Florida, Beaches, Parks, Points of Interest and Yes, Real Estate Info too

Category: Real Estate Page 1 of 4

Information and tips for buying or selling a Home or Condo.

What’s in store this year (2022) in residential real estate?

By

On January 18, 2022

In Real Estate

by Peter Crowley, President of RE/MAX Alliance Group

Peter Crowley, President RE/MAX Alliance Group
Peter Crowley, President RE/MAX Alliance Group

With the new year upon us, the question I often get is “Will this hot real estate market continue in 2022?” As I have mentioned in earlier articles, I am no longer confident in predicting much past the end of the month with the constant state of flux our world seems to be in these days. Everyone seems eager to call an end to the wild ride that our local (and in most parts, national) real estate market has experienced. As you will see below, I think most of the same economic factors driving our real estate market will continue for the foreseeable future.

The main driver of our residential real estate market has been a combination of surging demand from buyers and a dwindling supply of available homes for sale. This simple supply and demand imbalance has led to double digit price increases throughout our local market and in fact, most of the nation. In order for a significant change in the real estate market, there needs to be a substantial change in either the demand for homes or significant increase in the supply of available homes for sale.

On the supply side of the equation, there seems to be little hope for any meaningful increase in the number of available homes for sale. Whether it is the resale market or the new homes market, it doesn’t appear that anything will move the needle for an improved supply of homes. The same labor constraints and supply chain disruptions that have contributed to the challenge for builders to deliver on time and on budget seem to remain a factor for the foreseeable future. There was some indication that the removal of the COVID-related foreclosure moratorium would lead to a surge of resale homes. While the number of foreclosures has certainly increased, it is nowhere close to the level that would be needed to balance supply with demand.

Turning to the demand side of the equation, the crystal ball gets a bit murkier. With double digit price increases coupled with unprecedented inflation in almost every aspect of the economy, eroding affordability has to have an impact on the demand for homes to some degree. In a “normal” market this would absolutely be the case, but our local market seems to defy these odds driven by an insatiable demand for our beautiful area coupled with scores of buyers fleeing more restrictive COVID-related states for the more relaxed Florida communities.

Another important factor that typically would dampen buyer demand is a rise in interest rates. With the recent announcement from the Federal Reserve committing to multiple increases of the federal funds rate, the common corollary to this will be an inevitable increase in interest rates on all loans, including home loans. An increase in the interest rate coupled with price increases will price many buyers out of the market. So there it is … the answer we needed to balance the housing market! Not so fast … our local real estate market comprises almost 50% cash buyers – much higher than most markets around the country. This large amount of cash buyers will soften any impact of a rising interest rate environment – at least in the near term. There is some speculation that a rising interest rate environment (or even the threat of one) will spur reluctant sellers to finally put their home on the market to avoid further erosion in their purchasing power for their replacement home. So far, this has not materialized and we are still dealing with a dearth of available homes on the market.

Our local housing market is a huge driver of overall economic activity throughout our area. While some of the headwinds (i.e. affordability and interest rates) may cool the market a bit (high single digit appreciation vs double digit appreciation), the fundamentals of the housing market remain strong and appear to be on solid footing for the months ahead. Larger macroeconomic policies (inflation, money supply, currency valuation) will undoubtedly play a part in the housing market in the years to come, but for now let’s savor the prospect of a healthy 2022!

Peter Crowley is the president of Re/Max Alliance Group.

We would like to thank our guest author Peter Crowley
Larry and Ann Brzostek

As always, for all your Real Estate needs in the Sarasota Area
Call or Text Larry @ 941-993-3125
or
Go to Larry’s RE/MAX Site and search all you like LarrySellsSarasota.com

Sarasota Real Estate Update | January 2021

By

On January 14, 2022

In Real Estate, Real Estate Statistics

Let’s take a look at residential real estate
activity in your area during the month of December.

Sarasota Real Estate Stats for December 2021

Sarasota County Real Estate Market Update
December 2021

Homes SOLD 836
Median Sale Price $436,000
Average Days on Market – 20
Available Inventory .6 months

Sarasota Real Estate Market Update
Sarasota Real Estate Market Update (videos updated monthly)

The number of active listings was down 61% from one year earlier and down 24% from the previous month.

This smaller inventory means that buyers that waited to buy may have had a smaller selection of homes to choose from.

The median listing price for the month was just under $600,000.

Compared to last year the average number of days units spent on the market before being sold was down 61%.

This lower number of days may signal a positive trend in the local inventory turnover rate.

The median sale price was just under $440,000.

The number of units sold decreased 20% year over year and held steady month over month.

Fewer sales could indicate an opportunity for buyers to negotiate better terms.

Thanks for watching. I hope you found this video helpful as you gather more information to make smart informed real estate decisions if you’d like more information or assistance please Call or Text me @ 941-993-3125

Larry Brzostek Broker/Associate
Information courtesy of RE/MAX Alliance Group – Sarasota, FL

Stage Your Home to Sell

By

On November 25, 2021

In Information, Real Estate

Infograph
Stage Your Home to Sell

Stage Your Home to Sell

To earn top dollar and sell your home more quickly, you need to make it stand out from the competition. And one of the best ways to do that is through staging.

4 Reasons to stage
1. Your home will shine online. Buyers first found 92% of the homes they visited on the internet. Good staging can make your home stand out before buyers even visit.
2. It shows off the potential. 77% of agents say staging makes it easier for buyers to visualize a property as their future home.
3. It spurs walk-throughs. Clients are more willing to walk through a home that has been staged, according to 40% of agents.
4. Your home will sell faster. Nearly two-thirds of agents say staging decreases the amount of time a home spends on the market.

6 most important rooms to stage
1. Living Room
2. Master bedroom
3. Kitchen
4. Outdoor space
5. Dining room
6. Bathroom

“Staging is preparing a home for sale so the buyer can mentally move in.”
Barb Schwarz, California Realtor and chairwoman of the International Association of Home Staging Professionals.

Simple fixes agents recommend
Declutter – 93% (“Clutter eats equity.” says Barb Schwarz.)
Full home cleaning – 89%
Carpet cleaning – 81%
Remove pets before showings – 80%
Make minor repairs – 75%
Depersonalize the home – 72%
Paint walls – 68%

Cost of professional staging
Most stagers charge $300 to $600 for an initial consultation, then $500 to $600 per room per month.

Sources: NAR 2017 Profile of Home Staging, Househunt.com, realtor.com, Barb Schwarz

I hope this information keeps you informed and I thank Florida Realtors for allowing us to share this.

Have a Great Day!

As always, for all your Real Estate needs in the Sarasota Area
Call or Text Larry @ 941-993-3125
or
Go to Larry’s RE/MAX Site and search all you like LarrySellsSarasota.com

Zillow is out of the home-buying business

By

On November 25, 2021

In Information, Real Estate

by Peter Crowley, President of RE/MAX Alliance Group

Peter Crowley
Peter Crowley, Broker/Owner RE/MAX Alliance Group

Last week Zillow sent a shock wave through the real estate industry when it announced that it was exiting the home-flipping market and terminating its Zillow Offers program. Just a few weeks earlier, Zillow claimed it was merely pausing its purchasing efforts in order to catch up with the backlog of properties it currently held in its pipeline. Ultimately, Zillow’s CEO, Richard Barton, realized the decision was more permanent when he stated, “We’ve determined the unpredictability in forecasting home prices far exceeds what we anticipated, and continuing to scale Zillow Offers would result in too much earnings and balance-sheet volatility.”

This had many real estate professionals claiming a win over the 1,000-pound gorilla that is Zillow. For years, the Zillow Zestimate has been the bane of the real estate agent’s existence as an often wildly inaccurate estimate of a home’s value. Zillow claimed to have refined its home-valuation algorithms to the point where it could accurately predict what price to buy and then subsequently flip the house at a profit. In reality, however, closer analysis of Zillow’s property portfolio demonstrated that it was overpaying for properties (a win for some sellers) but eventually listing and selling those properties at a loss. This may not seem like a big deal for a company the size of Zillow, but those losses will likely total in excess of $500 million when all of the write-offs are accounted for as the program winds down. Even with a balance sheet as large as Zillow’s, this is a big financial hit, and investors have taken note with a beating to the stock price in recent weeks.

I have been reluctant to high-five my fellow real estate agents over this news. First, as a result of terminating its Zillow Offers program, they announced a reduction of 25% of their workforce – that is more than 1,000 individuals who will be out of work and should not be overlooked. Second, and maybe less obvious, is that Zillow is still the behemoth that it was before this setback. It is still a company that relies heavily on the paid advertising platform that was the foundation of the company’s success. Who pays for that advertising? Many of the same real estate agents who were pounding their chests when Zillow swung and missed on the Zillow Offers program.

Rest assured, I am not a cheerleader for Zillow. Ever since the company stood on stage several years ago and insisted that it was only a marketing company and would never enter the real estate business, only to turn around and do exactly that a few years later, let’s just say I have a healthy dose of skepticism about the company’s intentions. But as long as Zillow maintains its grasp on the real estate consumer, it will continue to pivot toward profitability and growth – eventually.

What this setback does demonstrate, however, is that real estate is in fact very local. A real estate professional does more than place a sign in the yard. The local expertise of a real estate professional lends itself to better pricing decisions, a cadre of local connections to vendors integral to the home-buying and selling process and an overall understanding of the intangible nuances of the local real estate market. Algorithms and a seemingly endless supply of cash can fix some things, but some things are better left to the local experts.

Peter Crowley is the president of Re/Max Alliance Group.

We would like to thank our guest author Peter Crowley
Larry and Ann Brzostek

As always, for all your Real Estate needs in the Sarasota Area
Call or Text Larry @ 941-993-3125
or
Go to Larry’s RE/MAX Site and search all you like LarrySellsSarasota.com

Home Selling Process – Explained

By

On October 21, 2021

In Home Selling, Real Estate

The Home Selling Process – Explained

Right now, there are not enough houses for sale, with many buyers looking at a small inventory.
So, if you’re thinking about selling your home, now is the ideal time to put your house on the market. Many houses are selling above their asking price, which means more money in your pocket.

But how do you sell your home?

First you meet with a real estate professional.
There is no commitment required on your part for an initial meeting. It will be educational and help you identify your next steps.

I’m Larry Brzostek a Broker/Associate with Re/MAX Alliance Group and I will guide you through the process.

Establish a Price
As your agent I will provide a market analysis, which will help you set an asking price.

Tips on Strategic Pricing
It’s important to review the market analysis and consider your home price objectively.

Prepare Your Home
View your home through the eyes of the buyer and ask yourself what you’d expect. I will offer some useful suggestions.

List It For Sale
When everything is in place, I will put your home in the Multiple Listing System. It’s critical for potential buyers to view your home.

I will also create a virtual tour of your home along with a youtube video.
Social media is another important tool and your home will be posted regularly.

Getting your home the most exposure:

I use Adwerx a web company that places your home on Facebook as well as throughout the web on both desktop and mobile devices.

Open Houses are scheduled at your convenience (usually on weekends) but are not always necessary to sell you home.

Tips on Showings
I like to give my seller’s at least 24 hours notice for a showing

However, Potential buyers may ask to see your home on short notice.
It’s best if you can accommodate these requests. You never want to miss a potential sale.

Offers and Negotiation
If everything goes well, a buyer (and most often the agent who represents them) will present me, your agent, with an offer.

I will present the benefits and risks of each offer. You will have the opportunity to either accept or counter any offer based on its merits.

Under Contract
At this point, you and the buyer have agreed to all of the terms and conditions of the offer and both parties have signed the agreements.

Final Details
While under contract the buyer will work with their mortgage provider to finalize the loan and perform other due diligence.

Inspection Tips
The buyer will usually perform a physical inspection of the home. They may even ask you to make certain repairs. I will explain all your options regarding the inspection.

Closing
This is the transfer of funds and ownership. Depending on when the buyer moves into the home, you will need to be all packed up and ready to move.

CONGRATUALTIONS!
You’ve successfully sold your home.

Thinking of Selling?
I can help! Contact me and let’s talk!
Call or Text me @ 941.993.3125

Have a Great Day!
Larry

As always, for all your Real Estate needs, call or text Larry @ 941-993-3125
or
Go to Larry’s RE/MAX Site and search all you like LarrySellsSarasota.com

2984 Jeff Myers Circle a Classic Luxury Estate Home

By

On October 13, 2021

In Luxury Home, Real Estate


Welcome to 2984 Jeff Myers Circle in the gated community of Laurel Oak Country Club

2984 Jeff Myers Cir Sarasota.mp4 from MoneyShotSRQ on Vimeo.

Take a 3D Tour

MLS# A4513780 Offered @ $2,000,000
View Listing Details

You walk into the dramatic 2-story entrance where the living room with a gas fireplace opens to the pool and lanai.

This 5060 SqFt classic luxury colonial home is truly special with 5 bedrooms (4 on them en-suite), 4 full baths, 2 half baths and 3 gas fireplaces.

The screened lanai and pool feature an outdoor kitchen, lagoon style pool and spa with a preserve view for privacy.

 There is a formal dining room with crown molding.

 The open floor plan includes a kitchen with granite counters and center cooking island with a breakfast area, a sun room.

Beyond is the family room with the second fireplace; also opening to the pool and Lanai.

The master bedroom is where you will find the third fireplace it features a sitting room, master bath with dual vanities, granite counters, garden tub and shower. Dual walk-in closets with built-ins

Laurel Oak Country Club 

Laurel Oak Country Club is 813 acres with only 402 homes

The country club has two 18-hole golf courses 12 tennis courts junior Olympic heated pool and a 45,000 square foot clubhouse

Membership is not mandatory for those who want to live in laurel oak and there are several levels of membership to choose from.

Have a Great Day!

As always, for all your Real Estate needs in the Sarasota Area
Call or Text Larry @ 941-993-3125

Go to Larry’s RE/MAX Site and search all you like, you can contact Larry directly from the website LarrySellsSarasota.com

Larry and Ann

Protect Yourself From Wire Fraud

By

On October 1, 2021

In Finance, Real Estate

Infograph
Protect Yourself from Wire Fraud

You’re finally buying your dream home. It’s time to wire your closing costs to the title company. You follow the directions of an email that came to your inbox. Only, the email was fraudulent, and you just lost your hard-earned cash… and the house of your dreams.

It’s called wire fraud, and it’s happening all around the country. Criminals comb through sites looking for pending home sales. Once identified, they will find contact information for the parties involved in the transaction. It’s easy to do through public websites and online searches. Then, they hack into a real estate agent’s or title company’s email system, monitor communications, and, when the time is right, send a fraudulent email that looks like its from a trusted advisor. That email will offer falsified wire transfer instructions to steal mortgage payoff funds, a downpayment or closing costs.

How can you avoid being a victim?

  1. Be skeptical.
    Beware of any changes in wiring instructions, like those that have you wire money to a company that is not the same name as the title company you’re using.
  2. Ask for phone calls.
    Ask for all wire transfer instructions to be delivered to you via phone with the number listed on the title company’s website. If you receive an email that details changes in the wire transfer instructions and that email contains a phone number, don’t call it.
  3. Verify all communications.
    Call the title company immediately after you send any funds via wire transfer to verify it right away. This check-in will give you the confirmation that you sent the funds to the appropriate account and the confidence and peace of mind that the transaction wasn’t real estate fraud.
  4. Confirm the details.
    Ask your bank to confirm the account number as well as the name listed on the account before sending a wire transfer.
  5. Learn to spot a fraudulent email.
    There are telltale signs that an email is a fraud. Look for misspellings, poor grammar and mistakes in the content. Many times, the property address is spelled incorrectly, dollar figures are missing dollar signs, and the return email address doesn’t match, or the company name is spelled incorrectly.

If you are a victim of a wire fraud crime in Florida, call the Attorney General’s Fraud Hotline at (866) 966- 7226. You should also file a complaint with the Federal Bureau of Investigation (FBI). To do so, contact the nearest FBI field office. Locations are listed at fbi.gov/contact-us/field-offices

Sources: altitle.com and Bay National Title Company
Florida Realtors

I hope this information keeps you informed and I thank Florida Realtors for allowing us to share this.

Have a Great Day!

As always, for all your Real Estate needs in the Sarasota Area
Call or Text Larry @ 941-993-3125
or
Go to Larry’s RE/MAX Site and search all you like LarrySellsSarasota.com

Dispelling Refinancing Myths

By

On September 29, 2021

In Finance, Real Estate

Dispelling Refinancing Myths

“Refinancing” is a scary word for many people, but that shouldn’t be the case for you. For many homeowners, refinancing can not only lower your monthly payments and help with your monthly budget, but it can save you thousands of dollars in the long run.

YOU’RE NOT TOO LATE.

For years now, we’ve been hearing that interest rates will be on the rise, and although there have been some small increases, you’re still in a great position to drastically lower your interest rate. The general rule is if your mortgage interest rate is more than one percent above the current market rate, you should consider refinancing.

IT’S NOT TOO TIME CONSUMING.

Don’t brush off refinancing just because it seems like a long and daunting process. An informational call with a lender to see how rates compare will only take a few minutes. There are also some programs for streamlining the application process. And besides, isn’t the amount of money you could save worth the time and effort?

ARMS CAN BE REFINANCED, TOO.

Seeing your Adjustable Rate Mortgage (ARM) increase after the introductory period can be incredibly stressful and place a squeeze on your budget. Many people assume they’re stuck, but ARMs can be refinanced, just like fixed-rate mortgages. You can even switch to a shorter term fixed-rate mortgage, such as 15 or 23 years. The longer you’re planning to stay in the home, the more sense it makes to look into refinancing.

Source: Breakthrough Broker

Have a Great Day!

As always, for all your Real Estate needs in the Sarasota Area
Call or Text Larry @ 941-993-3125
or
Go to Larry’s RE/MAX Site and search all you like LarrySellsSarasota.com

Sarasota Real Estate Market Update for August 2021

By

On August 31, 2021

In Real Estate, Real Estate Statistics

Information courtesy of RE/MAX Alliance Group – Sarasota, FL

Sarasota Real Estate Market Update
Sarasota Real Estate Market Update

At RE MAX we know the market.
Welcome to August’s Real Estate Market update.

Let’s take a look at residential real estate
activity in your area during the month of July.

The number of active listings was down 62 % from one year earlier and up 4% from the previous month.

This recent increse presented a larger selection of homes for at buyers
to choose from.

The median listing price for the month was just under $500,000.

Compared to last year the average number of days units spent on the market before being sold was down 76%.

This lower number of days may signal
a positive trend in the local inventory turnover rate.

The median sale price was just under $400,000.

The number of units sold decreased 10% year over year and decreased 20% month over month.

Fewer sales could indicate an opportunity for buyers to negotiate better terms

Thanks for watching. I hope you found this video helpful as you gather more information to make smart informed real estate decisions if you’d like more information or assistance please Call or Text me @ 941-993-3125

Larry Brzostek Broker/Associate
LarrySellsSarasota.com


Will high construction costs persist?

By

On July 6, 2021

In Home Buying, Information, Real Estate

by Peter Crowley, President of RE/MAX Alliance Group

Peter Crowley
Peter Crowley, Broker/Owner RE/MAX Alliance Group

It has been well documented that the costs for supplies for new construction have risen steadily since the pandemic – a simple function of supply and demand impacting the cost of steel, concrete, and most importantly, lumber. These escalating costs have forced several builders to stop or significantly reduce the number of homes that they are producing for fear of absorbing those increases and eroding their profit margins.

The reason for this imbalance in supply and demand, particularly with lumber, is a congruence of factors. Many lumber mills were forced to shut down their factories at the onset of the pandemic. Furthermore, as mills began to open, the industry underestimated the intense demand stemming from both the home improvement projects spurred on by being “locked” inside for months, as well as resurging demand in new homes for people looking to relocate or upgrade in the post-pandemic economy. This imbalance of supply and demand has led lumber prices to reach a peak of over $1600 per thousand board feet in early May (as a point of reference, the price was less than $400 per thousand board feet a year ago). As lumber suppliers woke up to the increased demand, they have been slow to respond with an increase in production due to the far-reaching labor shortages brought about by the pandemic.

There seems to be a light at the end of the tunnel, however. As more workers return to the mills and the mills begin to operate at full capacity, the production of lumber is gradually picking up pace. Furthermore, some of the demand from stimulus driven remodeling projects has dampened, thus bringing the supply and demand curve closer to some semblance of normal. The previously mentioned pause by many home builders is also loosening up the demand for lumber. The result is a dramatic drop in the lumber futures market, which has tumbled more than 45% (closing just below 900 on June 18). While lumber is the most dramatic example of this increase in supply, most of the other materials and components of new construction are following a similar trend.

Does this mean new home prices are going to come crashing down and buyers should wait? Not so fast. What it hopefully means is that builders will be able to resume a more “normal” pace of construction to start to fill the huge gap of new home units needed to keep up with the current level of demand – by some estimations the nation is lacking more than 3 million homes to satisfy demand. The additional supply of new homes is necessary to supplement the anemic existing home inventory to merely keep up with the existing level of demand.

What is significant about the rapid decline in the lumber futures market is the possibility that the inflation pressures that we have experienced recently (the Consumer Price Index rose by 5% – the fastest pace in 13 years) are only temporary because of these wild fluctuations in materials costs brought on by the pandemic. This seems to be the basis of the Federal Reserve’s stance to keep interest rates low – citing these as temporary inflationary pressures rather than permanent.

The coming months will be telling to determine if these fluctuations in prices were indeed driven by supply challenges brought on by the pandemic. If so, we should expect to see a stabilization in the cost of new construction and renewed confidence by the building industry to resume a normal level of housing construction. A more modest inflationary environment should also lead to a more sustained economic recovery, which is welcome news as we approach our new normal.

We would like to thank our guest author Peter Crowley
Larry and Ann Brzostek

As always, for all your Real Estate needs in the Sarasota Area
Call or Text Larry @ 941-993-3125
or
Go to Larry’s RE/MAX Site and search all you like LarrySellsSarasota.com

Page 1 of 4

Next

Powered by WordPress & Theme by Anders Norén

The owner of this website has made a commitment to accessibility and inclusion, please report any problems that you encounter using the contact form on this website. This site uses the WP ADA Compliance Check plugin to enhance accessibility.