Still Multiple Offers in Sarasota Real Estate! Two stories for the month. One Listing at $344,900 and one Purchase at $161,900. So, what happened?
Story #1: The Listing at $344,900 is a Beautiful, 3 Bedroom, 2 Bath Single Family Home built in 2014 with an In-Ground Heated Spa. Listed on a Monday and within 24 hours, we had 5 Offers. The Sellers decided to accept one Offer substantially over asking price, with 50% Cash and 50% Finance with no Appraisal Contingency. This home would be the forever home for the Buyer, so she knew the property would appreciate over that time, far exceeding the Purchase Price.
Story #2: Purchase. A 2 Bedroom, 2 Bath Condo built in 1989 in Sarasota Listed for $149,000. Our Buyers, from Massachusetts, decided that the highest that they wanted to go was $161,000 with a Cash Offer. Again 4 Multiple Offers within 24 hours. Our Offer was not accepted, disappointing the Buyers.
Still Multiple Offers in Sarasota Real Estate!
What should Buyers do in the competitive market with low Inventory and many Buyers? First is a Higher Offer Price. If there are Multiple Offers, the Offer should be 18% above asking price to ensure purchase. Second is contingencies. Remove them. Appraisals are lagging the Market since Appraisers look back 6 months for Comps. The Market is appreciating at 1.5% to 2% a month because of demand and low, under 1 month, of Inventory. Third is a lot of cash down with financing the balance. The Bank will finance against the Appraisal not the Purchase Price. So, a lot down, takes that off the table.
But what if I overpay and the market crashes? Today’s Market is not like 2004-2006. No leverage since Banks are loaning only to qualified Buyers, with thorough financial checks with ratios and verifying information. And there are a lot of Cash Buyers. Sarasota, FL has a population of about 150,000 and it is a fantastic place to live with Siesta Beach voted #1 Beach in the U.S. on 2 different occasions. And the surrounding area is also a great place to live. Another important fact is the Inventory Level. A Normal Market Inventory is 6 Months and we are under 1 Month of Inventory in Manatee, Sarasota and Charlotte County. So, in conclusion, if you plan a long term life, either as a snowbird or retiree in Florida, think like the Buyer in Story #1. Do It!
Sarasota Real Estate Inventory Under 4 Months in June 2019!
As professionals, we know how to help you purchase Your Florida Lifestyle!
Now the three County News …….
Still Multiple Offers in Sarasota Real Estate!
In Sarasota County. The Closed Sales decreased -0.3% over the previous month. New Listings decreased -0.6% and the Inventory Level inched up to 0.7 months (less than 1 month) of Inventory. Remember 6 months of Inventory is considered a Balanced Market. Year to Date Median Price increased +29.4% from the previous year. Days on Market increased to 23 Days. Sold Price to List Price slightly down to 99.8%.
Manatee County. The Closed Sales decreased -6.7% over the previous month. New Listings decreased -12.0% and the Inventory Level increased to 0.7 (less than 1 month) months of Inventory. Year to Date Median Price increased +28.5% from the previous year. Days on Market increased to 18 Days. Sold Price to List Price decreased to 99.6%.
Charlotte County. The Closed Sales decreased -9.0% over the previous month. New Listings decreased +5.9% and Inventory Level inched up to 0.9 (less than 1 month) months of Inventory. Year to Date, Median Price increased +31.3% over the previous year. Days on Market decreased to 19 Days. Sold Price to List Price increased to 100.0%.
Look at the graphics with the Real Estate Activity by County in Manatee, Sarasota & Charlotte Counties. Great Interest Rates around 3%!
Different types of Loan Products are available including:
- FHA 100%
- Bank Statement Program for Self Employed
- FHA 96.5% – Down to 580 Credit Score
- USDA 100% Loans – 620 Credit Score
- VA – 100% Financing
- FHA Streamline Refinance
- W-2 Only Program
- Condo Financing
- International Buyer Financing
Each person qualifies for a loan differently and your interest rate could be different. APR is not quoted, but available. Different programs are available with low down payments. Call me to see what your rate is.
Still Great Interest Rates! What are you waiting for?
We can help you with an REO/Bank Owned, Short Sale, Normal Sale or New Home Sale. Don’t miss your opportunity!
Call Kym at (941) 400-9420 or Helen at (941) 400-9489 to help you find Your Florida Lifestyle!
Published on 2021-10-28 11:18:11
