Information courtesy of RE/MAX Alliance Group – Sarasota, FL
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
Located on 117 acres of preserves and lakes, Silver Oak on Palmer Ranch is a gated community just off Central Sarasota Parkway.
This community has over 270 Luxury Single Family Homes in three sections – The Estates, The Vineyards, and the Enclave.
Shopping: Sarasota Square Mall with Costco The Plaza at Palmer Ranch with Publix and Target Lowes.
Recreation: The Legacy Trail for walking, running and biking. Also close to Potter Park and the YMCA.
Golf: TPC Prestancia is a private golf club with two 18 hole golf courses located at 4409 TCP Drive, West of I-75 in Sarasota. Amenities include a Mediterranean Clubhouse, this club is a member of the TPC network.
Siesta Key is just several miles away North on Tamiami Trail with Siesta Beach and Siesta Village for shopping and dining.
Map is powered by OODLE and shows the location of Silver Oak on Palmer Ranch
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
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
At RE MAX we know the market. Welcome to July’s Real Estate Market update.
Let’s take a look at residential real estate activity in your area during the month of June.
The number of active listings was down 72 % from one year earlier and down 13% from the previous month.
This smaller inventory means that buyers who waited to buy may have had a smaller selection to choose from.
As you can see the median listing price for the month was just under $540,000 .
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 over $400,000.
The number of units sold increased 39% year over year and increased 9% month over month.
These figures may indicate that buyers have been taking advantage of opportunities in this market.
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
by Peter Crowley, President of RE/MAX Alliance Group
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
Memorial Day to Labor Day is peak moving season with more than 65% of relocations happening during the summer months. Take the stress out of your move with these tips from the Professional Movers Association of Florida.
7 Tips for a Smooth Move
Plan your move in advance so you have time to evaluate your options, and make a decision based on overall value (quality low stress move, insurance/valuation to protect your move).
Confirm that each mover considered carries commercial general liability insurance, automobile liability, cargo liability and workers’ compensation. This can be verified by a certificate of insurance.
Check if the moving company is licensed by Florida Department of Agriculture and Consumer Services by visiting floridaconsumerhelp.com.
Get a written estimate from several movers and compare them. The estimate should be based on an actual in-person or virtual inspection of your household goods. Estimates and Contract for Services must include: – Name, telephone number, physical address and state registration number of the mover. – Date the contract or estimate was prepared and proposed date of the actual move. – Appropriate pickup and delivery address, name and telephone numbers of the shipper. – Name, telephone number and physical address where the goods will be held, if necessary. – Itemized breakdown, description and total of all costs and services provided. – Acceptable forms of payment available.
Determine if the company is a moving broker or moving company. A broker arranges for the transport of your household goods for a fee and sells your move to a moving company – which significantly reduces a consumer’s available funds for the actual cost of the relocation services. Often, the consumer is not aware their move is being sold to another company.
Check your homeowners or rental insurance policies for moving coverage.
Accidents happen, even with the best movers. Discuss valuation with your mover; know the difference between released value at 60 cents per pound and full value protection.
Source: Florida Realtor magazine
Have a Great Day! Larry and Ann
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
It is critical to align yourself with experienced loan officers and real estate professionals to help prepare you to be in the best position possible to win a multiple offer scenario.
by Peter Crowley, President of RE/MAX Alliance Group
Peter Crowley, President RE/MAX Alliance Group
By now, you would have to be living under a rock not to have heard about the intensely competitive real estate market throughout our local market. This seller’s market is not limited to Southwest Florida, but rather the entire country is experiencing the challenge of a limited supply of homes against swelling buyer demand. If you are an active buyer in today’s real estate market, you have likely experienced the frustration of losing out in a multiple offer situation on your potential dream home. All hope is not lost, however, if you equip yourself with some knowledge, persistence and patience.
It should come as no surprise that “cash is king” in a competitive multiple offer situation. Because of the larger percentage of second home and vacation home purchases in our local market, cash has always been a more prominent factor compared to the national average. This has been exacerbated by new entrants into the market – institutional investors backed often by Wall Street investment funds. Often referred to as “iBuyers,” these institutional investors are looking to capitalize on both the increase in home prices as well as the strong rental market for residential homes. To give one example of the increased competition brought on by these institutional investors, an entire newly built community in the Tampa Bay area consisting of about 50 homes was purchased in bulk by an institutional investor who plans on renting the homes, thus eliminating the consumer/purchaser all together.
If financing is a requirement for your home purchase, you must be more prepared than ever when entering this competitive real estate market. Now, more than ever, it is critical to align yourself with experienced loan officers and real estate professionals to help prepare you to be in the best position possible to win a multiple offer scenario. Whenever possible, it is helpful to get a full financing pre-approval on the specific property to demonstrate your ability to follow through on the purchase. An increasingly effective tool to compete with cash offers is the addition of an Appraisal Gap Addendum which states that the buyer has the financial means to cover the difference between the appraisal on the property and the actual purchase price.
Whether you are financing or paying in cash, there are a few more important factors to consider to position your offer most favorably. Escalation clauses – where buyers agree to incrementally increase their offer to beat out competing bids – are almost commonplace in this competitive environment. In addition, providing flexibility to the seller in the occupancy of the home (sometimes in the form of a post occupancy agreement) gives the seller additional time and peace of mind to know they have time to find their replacement home. Furthermore, while it is never advisable to forgo a home inspection all together, most buyers are offering to purchase the home as is and take on any responsibility for repair costs. Finally, offering to pay the seller’s closing costs can be another incentive to allow your offer to stand out above the rest.
Through the help of an experienced Realtor®, buyers can navigate through this competitive real estate market to position themselves in the best way possible to successfully purchase their new home. Setting the right expectations and preparing yourself to put your best foot forward in a multiple officer scenario will lead to an accepted offer on your new home. Always remember, “if at first you don’t succeed, try, try and try again.” Your dream home awaits.
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
Sell your home Virtually Here’s How: Virtual listing consultation Virtual open houses and showings Virtual walk-through and prep with social distancing regulations
Any Questions? 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
Home Buying – Secrets for a Stress Free Transaction
Lay Groundwork Discuss the type of home you are looking for including style, price and location.
Work with an Agent I will guide you through the process every step of the way. The Seller usually pays the real estate commission for their agent and the buyer’s agent. I will be there to help you succeed.
Communicate Ask questions if something is confusing ask about it before you sign. Be direct with your team and speak up if you don’t like something.
Be Flexible Circumstances always change. Besides your financial capabilities almost everything else is beyond your control. Any Questions? 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
Take time to uncover Your Goals, Objectives and Concerns.
Research homes in the area and prepare a Competitive Market Analysis.
Provide comps and suggestions on asking price.
Help with decluttering while advising on home repairs and upgrades.
Take professional photos of your home.
Craft a thoughtful compelling property description.
Place your home on the – Multiple Listing Service (MLS) and hundreds of public real estate sites like Zillow.
Market the property by providing signage and using print and digital Marketing strategies.
Host Open Houses at your request.
Manage and Coordinate all showing requests within Your schedule.
Qualify any potential buyers.
Negotiate offers on your behalf with buyer agents.
Assist with various financial aspects of the home sale.
Provide oversite and follow-up related to property inspections and repairs.
Assist with gathering essential property documents.
Manage all dates and deadlines related to the contract.
Monitor buyer’s loan status leading up to closing.
Work directly with the Title Company to ensure the accuracy of all closing procedures.
Be Present at closing to ensure all your interests are protected.
Infographic: Courtesy of Breakthrough Broker
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
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