How To Relist Your Sarasota Home To Sell!

April 23rd, 2015

How To Relist Your Sarasota Home To Sell!

If your Sarasota home has been on the market for too long, buyers might be finding some flaws with it or think it’s overpriced. It might be time to pull the listing from the market, reevaluate it and then relist it. Although depending on your local multiple listing service, relisting your Sarasota home doesn’t mean it will appear as a new listing.

Rhonda Duffy, broker and owner of a brokerage states that while a lingering listing might give you a bad rep, she thinks getting your Sarasota home sold comes down to marketing.

Sometimes it could be the price that keeps away buyers, but most of the time, the listing is lacking the right kind of marketing. Here are 3 things that could make a difference when listing your home:

  • Make sure that you have updated pictures of your home with enough lighting and the right kind of staging to draw in buyers. Also remember to stick to the current season, if it’s spring try not to post pictures of your home with piles of snow around it.
  • A small price change could also attract buyers who are searching for homes in a certain price range. For example, if your home is priced at $355,000, you won’t be able to attract buyers who are searching for homes between $300,000 and $350,000. By reducing the price of your home to $349,000, you will be able to draw attention to buyers that haven’t previously seen your listing.
  • Staging is also an important part of the process. Something as simple as replacing antique furniture with modern furniture could help you sell your home quicker.

Whether it’s updating your pictures, changing the price or staging your home, making these changes could potentially help you to relist your Sarasota home and finally sell it!

Are Your Ready For The Sarasota Buyer’s Market?

April 16th, 2015

Are Your Ready For The Sarasota Buyer’s Market?

When there are more homes available than there are buyers, sellers may be eager to negotiate on the cost of their home and offer concessions to wrap everything up. Yet potential buyers would be wrong to expect they’ll have the capacity to discover bargain-basement costs.

Here are five tips to make sure you don’t commit any errors when attempting to take advantage of a Sarasota buyer’s market.

1. Be knowledgeable of the market

Gary Lucido, president of Lucid Realty in Chicago, says its essential to comprehend what is being offered by the market you’re interested in.

If you think everything is expensive, now is the ideal time to proceed onward to another neighborhood. Attempting to make offers considerably below market value is usually a waste of time.

If you’re searching for a great deal, do your research and look for a property that has been on the market for a long time. Sometimes, a seller will be more willing to make a deal when the house or apartment has been on the market for a long period of time.

2. Lowball the right way

It’s normal for buyers to make a lowball offer in a buyer’s market—in fact, it’s a decent method. But make sure to have reasonable expectations. Lucido recollects a time in which a buyer offered $500,000 less than what was being asked in Oak Brook, IL which was listed at $2 million.

Lucido said that the buyer got mad when he told him it would sell much higher than that and within days it sold for $1.9 million.

Pay attention to the appraiser’s evaluation of the houses being sold in the area you are interested in.

3. Know when to ask for upgrades and discounts

It’s a buyer’s market, so you’ll have more leverage to ask for things you want.  But do you ask the seller to make the repairs, or deduct those repairs from the asking price to shape your offer?

Lucido says to keep it straightforward.

“Take the property as is and markdown all the issues you have,” he said. “The seller simply wants to leave the property and on the off chance that you start complicating things, you may end up paying more than you would in the event that you just tended to those issues yourself.” Also you may not like the way that the seller fixes those issues.

Remember this strategy might not work for some loans, for example, those offered by FHA, which can have stricter qualifying requirements than other loans.

4. Show you’re serious

When you’re considering the cost of repairs into the expense of the home, don’t talk in simplifications.

“Be specific. This helps everybody know that you are not kidding around and are serious,” says Glenn Phillips, CEO of the multistate business Lake Homes Realty.

Discuss with your Realtor or developer how much certain projects will cost to fix or redesign and utilize those numbers. In the event that you can give a quote, that is even better.

5. Talk closing costs

Closing costs ordinarily add up to around 1% to 2% of the sale price. At the same time when its a buyer’s market, you may have the capacity to get those expenses down. You may request that your loan specialist reduce costs that appear to be too expensive, and you may approach the seller and ask them to pay for certain home-selling fees.

Main concern: Don’t be reluctant to negotiate. Furthermore, don’t be afraid to drop the whole deal.

“Be willing to truly leave,” Phillips said. “When you emotionally get attached to the house, the seller has extra leverage.”

A Sarasota Buyer’s Market is on it’s way with inventory set to sky rocket soon. The faster you are prepared for this the better!

Get Your Palmetto Home Open House Ready

April 9th, 2015

Get Your Palmetto Home Open House Ready

Holding an open house in your Palmetto home is not only an invitation to enter your home to a potential buyer but it can also be an invitation to strangers. There are major security concerns, for both agents and homeowners when it comes to this.

The National Association of Realtors® for its 2015 Member Safety Report says that at least 40% of the agents surveyed experienced a situation that made them fear for their personal safety such as vacant houses, model homes, properties in remote areas, and open houses. The study also found that most of these intruders now carry weapons causing more agents to be killed in the past.

Homeowners can start taking precautions long before strangers show up at the door. You might know to keep your valuables locked away, but here are a few more things to remember when you are hosting an open house in your Palmetto Home:

Say ‘No’ to drugs

If you have prescription drugs in your medicine cabinet, be sure to remove them all even the ones that you think could be harmless. There are many stories out there of open house strangers that have taken a few pills or even whole bottles! These strangers could be looking for “abusable” drugs or  your house can become an easy picking for a drug addict or dealer.

Control your remotes

You might not think about the extra garage remote you have lying around in the open but they are small and easy to slip into a pocket, so make sure to take any extra keys you have lying around with you. You don’t want to come back home after an open house to a missing car or missing valuables!

File this under ‘Lock & Key’

Make sure that your file cabinets are the non-rolling commercial-grade heavy filing cabinets that lock. You will want to lock up all of your important documents such as birth and marriage certificates, financial statements, basically any legal, medical, or any personal information if you are not taking them with you. Identity theft could happen to you if you do not take the right precaution.

It ain’t over till you check your doors & windows

While a real estate agent may go through the house and turn off all the lights after an open house, they might forget to check the doors and windows. There are people who may unlock a window or basement door with the thought of returning to the house later. After every open house, remember to check every single window and door to make sure that everything is locked.

In the end, an open house is a great way to get people in to your Palmetto home to preview the property, but safety is a must. Having this home secure will only help you in the long run and will teach you how to keep your property safe from harm.

Why Baby Boomers Are Choosing Bradenton Homes

April 2nd, 2015

Why Baby Boomers Are Choosing Bradenton Homes

Within the next five years, Baby Boomers are expected to have the largest household growth of any other generation during that same time period, according to the Joint Center for Housing Studies of Harvard. Let’s take a look at why…

In Merrill Lynch’s latest study, “Home in Retirement: More Freedom, New Choices” they surveyed almost 6,000 adults ages 21 and older about housing.

Crossing the “Freedom Threshold”

Throughout our lives, there are often responsibilities that decide where we live. Whether being in the best school district or being close to our jobs is preventing a move, the study found that there is a substantial shift that takes place in your early 60s. Choosing to live in Bradenton homes just happens to be a life decision that they prefer.

The study refers to this change as “Crossing the Freedom Threshold”. When where you live is no longer determined by responsibilities. You now have the freedom to choose.

As one participant in the study stated:

“In retirement, you have the chance to live anywhere you want. Or you can just stay where you are. There hasn’t been another time in life when we’ve had that kind of freedom.” 

On the Move

According to the study, “an estimated 4.2 million retirees moved into a new home last year.” Two-thirds of retirees say that they are likely to move at least once during retirement.

The main reason to relocate cited was “wanting to be closer to family” at 29%. A close second was “wanting to reduce home expenses”.

Not Every Baby Boomer Downsizes

There is a common misconception that as retirees find themselves with less children at home, that they will instantly try to downsize. While that may be the case for half of those surveyed, the study found that three in ten decide to actually upsize!

Some decide to buying Bradenton homes in a desirable destination with extra space for large family vacations or reunions.

“Retirees often find their homes become places for family to come together and reconnect, particularly during holidays or summer vacations.”

Bottom Line

If your housing needs have changed, meet with a local real estate professional in your area who can help with your next step. It looks like people will be purchasing Bradenton Homes soon enough.

Sarasota Home Prices for The Past 30 Years

March 26th, 2015

Home-Prices-over-30-Years

Location is Key For Sarasota Real Estate

March 19th, 2015

Location is Key For Sarasota Real Estate

A recent Demand Institute report stated “almost half of all American households plan to move at some point in the future.”

Seventy-five percent of those surveyed in the report mention location-related reasons for their intent to move. Here are the top 5 reasons to move to new Sarasota Real Estate:

  1. Safer Neighborhood – 30%
  2. Closer to Family – 27%
  3. Change of Climate – 26%
  4. Closer to Work – 25%
  5. For a New Job – 23%

While most Americans (74%) will move within their home state, for those planning to move to a new state, it’s important to know that prices in each state are appreciating at different rates. Waiting to buy or sell your home could have different results in the long run. When looking to sell your Sarasota real estate or when looking to move in to a new home, these statistics may show you exactly why you could be moving. When you move though, you will want to make sure that you are in the right hands. That is where we can help out. Contact one of our experienced agents today and see just how we can help make the moving or selling experience pain free.

Why It Is Important To Use A Sarasota Real Estate Agent

March 5th, 2015

Why It Is Important To Use A Sarasota Real Estate Agent

When someone decides to sell their home, they want to receive the highest possible offer while encountering little to no issues during the process. However, for many sellers, the most important result is to actually sell the home.

In order to achieve all three goals, a seller should understand the importance of using a Sarasota real estate agent. The internet has changed the purchaser’s behavior while looking for a home. For the past two years, 92% of all buyers have used the internet to search for a home, according to the National Association of Realtors.

However, the report also said that for the second year in a row, 96% percent of buyers that used the internet bought their home through either a Sarasota real estate agent /broker or from a builder or builder’s agent. Only 2% purchased their home directly from a seller.

Buyers search for a home online but depend on a Sarasota real estate agent to find the actual home they will buy or negotiate the terms of the sale & price.

Stephen Phillips, the Chief Operating Officer for HSF Affiliates LLC, put it best:

“Home buyers are more informed than ever with their Internet searches and ongoing research; however, there’s a critical need to transform that information into analysis and advice that helps consumers make the best home-buying and selling decisions.

The mass of information now available has resulted in a rise in the percentage of buyers that reach out to real estate professionals to “connect the dots”. This is obvious, as the percentage of overall buyers who used an agent to buy their home has steadily increased from 69% in 2001.

If you are thinking of selling your home, make sure you understand the role a Sarasota real estate professional can play in the process.

Top Ways To Decrease Your Sarasota Mortgage

February 25th, 2015

Top Ways To Decrease Your Sarasota Mortgage

No one wants to spent excessive years making Sarasota mortgage payments. The obvious way to pay off a Sarasota mortgage more quickly is to get a shorter-term loan. With shorter-term loans, however, your monthly payments are more expensive. So how do you choose a loan you can afford, yet still pay it off quickly? Here’s a look at four common approaches.

Refinance, then reinvest savings

It’s always a good idea to evaluate refinancing when rates decrease, but unless you refinance to a drastic shorter-term loan, refinancing doesn’t automatically shave years off your Sarasota mortgage. You can run your own refinance calculations to find the best balance between monthly budget and the fastest loan payoff.

Make biweekly payments

A biweekly payment plan is the easiest way to shorten your Sarasota mortgage without a significant budget increase. This plan shaves about four years off your mortgage by paying half your payment every other week. Your lender can brief you on how to set up a biweekly payment plan.

Increase your monthly payment amount

Increasing the amount you pay towards your Sarasota mortgage each month will inevitably shave years off your mortgage. If you’re paying significantly more, however, it’s worth looking at whether your budget can accommodate a shorter-term loan. Rates on 15-year loans are about 0.5 percent lower than 30-year fixed loans.

Just make sure your budget can accommodate this payment increase.

Make one-time loan payments when you get extra cash

If you can’t commit to the 15-year loan budget but know you may occasionally come into extra cash — like bonuses from work — you can pay a large amount towards your loan at one time.

Normally, when you pay extra on your loan, it shaves years off your mortgage, but your payment stays the same. However, for large one-time pay-downs like this, some lenders may decrease your payment, too. When you’re shopping for mortgage lenders, ask them in advance if they’re willing to do this.

At the end of the day, a your will be paying a mortgage whether you are renting or buying. So why not look for homes in the area in which you will have a Sarasota mortgage that can build your wealth and equity instead of burning through money renting?

Sarasota Homeownership Net Worth 36x More Than Renters

February 11th, 2015

Sarasota Homeownership Net Worth 36x More Than Renters

 

Over the last six years, Sarasota homeownership has lost some of its appeal as a positive financial investment. As homeowners struggled through the housing drop, more and more began to question whether owning a home was a good thing or a bad thing.

Every three years, the Federal Reserve holds a Survey of Consumer Finances in which they collect data across all economic and social groups.

 

Some of the findings revealed in their report:

  • The average American family has a net worth of $81,200
  • Of that net worth, 61.4% ($49,856) of it is in home equity
  • A homeowner’s net worth is over 36 times greater than that of a renter
  • The average homeowner has a net worth of $194,500 while the average net worth of a renter is $5,400

Bottom Line

There are many reasons why owning a home is a positive investment. The Fed study shows that owning is still a great way for families to build wealth in the United States. Sarasota homeownership will continue to flourish over the next year

Sarasota Home Buyer Confidence The Highest In Decades

February 11th, 2015

Sarasota Home Buyer Confidence The Highest In Decades

 

Two recent reports showed that the Sarasota home buyer confidence is starting to feel much more comfortable with the state of the U.S. economy. The University of Michigan’s Surveys of Consumers showed that:

 

“Consumer optimism reached the highest level in the past decade in the January 2015 survey…Consumers judged prospects for the national economy as the best in a decade, with half of all consumers expecting the economic expansion will continue for another five years. The anticipated strength in the overall economy has been accompanied by more favorable income and employment expectations.”

 

Here is a chart showing results over the last decade:

sarasota home buyer

 

As all consumers are feeling more positive, more young adults are moving out of their parents’ house and into an apartment of their own. The recent Census report shows that new household formations skyrocketed in 2014. Below is a chart showing the historical significance of the numbers:

 sarasota home buyer

Bottom Line

The economy is definitely on the upswing and, more importantly, the Sarasota home buyer confidence is beginning to feel much more optimistic. This should lead to a very healthy real estate market in 2015.