Amazing what happens when the market changes....
What happened to all of those homes for sale in Sarasota? Only a few years ago, all I could find for my clients were short sales and REOs. The regular sales seemed mostly overpriced and the sellers out of touch with the market. Buyers mostly chose to buy short sales and REOs because they could get a bargain on a home. Homes were typically updated and sold under value.
Bargains and high inventory
In addition to the bargains that could be had, there was also a ton of inventory on the market. There was no urgency for the buyers and they were in a position to visit house after house after house and then come back to their favorite home months later and it was still on the market. Many buyers simply waited it out - were on the fence. They were worried that the market would continue to drop and they'd loose their equity as well and be "under water".
Then came the Fall of 2012. It seemed all the buyers that were previously on the fence got the memo that the market was changing and the time to buy was NOW. We witnessed quiet a buying frenzy and many homes received multiple offers, as well as above their asking price. The excess inventory started to shrink.
Where are we now?
Today, we are looking at an entirely different market. The Sarasota real estate market is clearly in favor of sellers and prices have increased significantly since 2012. Since home prices have been on the rise, we see fewer short sales and REOs because sellers realize that time and the tight inventory is on their side. Today out of all of the available 2917 homes for sale in Sarasota only approximately 1.3% are short sales and only approximately 5.1% are REOs. That is a very different picture than we had just a few years ago. The market has changed to the point where some buyers are about to get priced out of the market or need to significantly trim their wish list.
Are you looking to sell your home and take advantage of today's hot market? Then fill out this form and find out what your home is worth. You might be surprised!
If you are looking to buy, let us help you navigate this challenging market! We're working with many buyers. We will help you find your dream house and get you to the closing table. Our team is experienced, knows the market and the neighborhoods. We are here to help! Call us at 941-894-4063.
Thank you for reading my blog "Amazing what happens when the market changes...."