Sarasota Real Estate Market Update

April 11th, 2014

Millennials Are Looking To Purchase Sarasota Real Estate

April 2nd, 2014

In the past year alone, we have stated multiple times that the millennial generation is in fact looking to purchase Sarasota real estate more than you would expect. Although many believe that the new generation is a little reluctant to purchase a home, and who would not blame them with the way the economy has gone over the past few years, but with home prices starting to rise and mortgage rates still at relatively low prices, many of the younger home buyers are seeing the potential return on investment in comparison to just renting. Even though many experts may speak the other way when talking about the millennial generation and Sarasota real estate, the newest report from the National Association of Realtors saw a larger market share in the recent purchases nation wide than previously.

The results are in and here are the percentages of Sarasota real estate buyers over the past month by generations:

30 percent – Generation X

30 percent – Baby Boomer Generation

9 percent – Silent Generation

Even the National Association of Realtors Chief Economist Lawrence Yun stated, “Given that Millennials are the largest generation in history after the baby boomers, it means there is a potential for strong underlying demand. Moreover, their aspiration and the long-term investment aspect to owning a home remain solid among young people.” It was also discovered through the survey that 87 percent of those that purchased a home and were 33 years of age or younger stated that a Sarasota real estate purchase was a great investment financially. The middle age of the millennial generation that purchased a home was 29 and the median income was approximately $73,600. The good news is that 87 percent of those that did purchase a home purchased an existing Sarasota home and are planning on keeping their home for a long investment of approximately 10 years. And of course to the biggest surprise, the younger generations were looking for information and help from real estate agents in comparison to the older groups that searched on their own. Although all of the information is readily available online, a source that many millennials cherish, older generations have the experience and know how of the process from previous purchases, making a real estate agent a necessity for the paper work process, but not for the finding process.

From this entire survey, it seems that millennials are ecstatic to begin their work with Sarasota real estate agents as the market continues to thrive. Of course, if you are looking to purchase or sell a home, please feel free to contact Team Works Real Estate for any and all information you may need on where this rising market is going in your area.

New Sarasota Real Estate Flood Insurance Bill Passed

March 28th, 2014

It looks as though the President of the United States is taking a stand against the rising flood insurance premium rates. With the passing of this bill, there will not be a limit to the flood insurance premium which will not allow any greater than 18 percent increases per year.

“We fought the good fight and we won and thousands of middle class families in Louisiana and throughout the nation are going to get immediate relief,” stated Senatore Mary Landrieu. “Most importantly, we reestablished in this arduous legislative process that affordability is important to the long-term stability of the flood insurance program.”

For the past two years, legislature has fought to limit these increases for those the 5.5 million policyholders who are in flood risk areas. Of course Sarasota real estate owners know this very well as the increase in the policy has brought double to ten times the amount that they were paying on their previous premiums. This priced out many middle class families making the program extremely unaffordable.

The new bill, The Homeowner Flood Insurance Affordability Act, will limit price increases to an approximate average of 15 percent per year from the 9 FEMA categories. With the bill’s passing, you will also see the grandfathering provision reinstated allowing for those that are now listed with a greater risk of flooding will not be hit with a substantial increase. You may also see a refund to your Sarasota real estate as well if you purchased after July 2012.

Senator David Vitter even stated, “This huge victory saves families in Louisiana and across the country from losing their homes.” With these changes, there should be almost instantaneous change in the real estate market allowing for an increase in those willing to buy and sell their Sarasota home. With this now off of the plate of millions of home owners around the county, expect to see a sharp change in the market as more owners will begin to have a positive light towards the flood insurance.

If you would like even more information on how this new flooding law will affect you and your property, be sure to contact Team Works Real Estate for a detailed walk through of what you should expect. With these changes coming to fruition, now may be an even better time to buy or sell your Sarasota home as the flood insurance will depreciate immensely.

An Easy Weekend Project to Increase Your Sarasota Real Estate Value

March 21st, 2014

Fixing up your Sarasota home on the weekends can actually be much easier than expected. With this weekend project, you will see a jump in your homes value as well as a decrease in the amount of time that it stays on the market, just from a few minor tweaks. A weekend project is not meant to completely renovate the Sarasota real estate for sale, yet to add some additional appeal and value to the property.

Fixing the lights can be a hit or miss option when you look to change your homes overall appeal. The top three items to replace are the 3 D’s, damaged, dated or distracting. If you are the starlet of Hollywood, it may be time to get rid of that dressing room outlining, or if you are just looking at sprucing up the fixtures, add new bulbs. Low hanging chandeliers are a thing of the past and may need to be replaced. A very basic styled pendant lamp will bring more potential buyers to the yard. Sarasota real estate is hit or miss on lighting, but in order to stand out in this sellers market, any additional changes will help.

Of course, be sure to let go of the energy efficient yet ugly looking fluorescent tube lighting that is displayed in so many kitchen. Nothing normally looks elegant and delightful underneath them unfortunately. With all of this being said though, at the very least you will want to change out the bulbs to show crisp, clean and bright lights coming from every angle. This part of the project will cost the least amount of money and time to change out, but could increase your Sarasota real estate value immensely.

If you are looking for even more help with your Sarasota home, feel free to contact Team Works Real Estate, the expert real estate team. We are industry experts in the real estate market and can help stage and set up your home for the most amount of offers to come right away. In this sellers market it may be easy to over look staging, but with a few tweaks to your Florida home for sale, you could be adding even more money to the price tag in the end. Contact Team Works Real Estate today and see just why we are the best in the Sarasot real estate market.

See The Ringling’s Art of Our Time in Sarasota Florida

March 16th, 2014

Visit Sarasota Florida and See The Visitor’s Center

March 14th, 2014

As a large tourist destination in the Spring Break capital of the world, be sure to stop by the Sarasota Florida visitor’s center once you are here to see exactly what you can do while you are staying down here! Of course once you get here you may not want to leave after seeing just how low the Sarasota Real Estate mortgage rates are and why more people are moving to Florida than ever before. For more information on what you can do with your Sarasota Real Estate options and how you can have fun in the sun every day of the year.

Enjoy Spring Break in the best city in Florida, Sarasota!

Sarasota Real Estate Agents Aren’t #1 On Top Home Owners Profession

March 7th, 2014

sarasota real estate

Listed above are the percentages of real estate owners in the United States. When you look at these statistics, what is the first thing that comes to your mind? Are these your top nine owners as well? In the Sarasota Real Estate Market we have seen a mixture of every profession look to move in to our area and find their dream home. From Sarasota Luxury Homes to the even more modest Single Family Homes, it seems that everyone in every profession is looking at getting a hold of the American Dream by owning a home.

What does shock us from this picture is that the Sarasota Real Estate Agent is not listed as number one, whereas the farmers and ranchers are listed higher than the professionals selling properties. When you even look at the percentage of real estate agents compared to the third place category, we are only .9% above postal workers. Although this does seem a little strange to us, the good part is that other Sarasota real estate owners are spread around every profession. With the market rising almost daily it is great to see everyone coming back to a traditional American cornerstone.

If you are looking at buying or selling your Sarasota real estate, then feel free to contact the Sarasota Real Estate experts. We have multiple listing and buying agents on staff that can help you determine your exact needs to see just what will fit your dream home. With multiple decades experience in the market we can help you purchase and sell your dream home easily with all of our intense marketing solutions. As a top team of Keller Williams on the Water, you can expect a great deal of excellence towards your property as we make sure that every item is in place to sell quickly in this drastically one sided sellers market. Contact Team Works Real Estate today and experience the difference.

Top Tips To Sell Your Sarasota Real Estate Fast!

February 28th, 2014

Selling your Sarasota real estate in this market can be a little tricky. Even though the home values are rising what seem to be daily and there is a lack of inventory on the market causing a bidding war, sellers can not just state that they will sell their home perfectly the first time with little to no work. Putting a for sale sign in the yard and doing nothing else will not attract the buyers the way that new marketing techniques can. If you are looking to sell your Sarasota Real Estate, here are 7 tips that you should take to heart while preparing to list.

1). Price It Realistically From The Start

As prices continue to rise, most buyers are becoming a little cautious as to how much they can spend. With mortgage rates hovering around the 4.50% range in comparison to the low 3% we saw at the start of last year, some buyers are getting priced out of the property that they desperately want.

Since most showings of your Sarasota home will occur within the first two to three weeks, it is wise to price it competitively to the market, but without price gauging. We all know that most offers come in below the asking price, but setting an asking price that is completely out of their range will just push back the closing date even further.

2). Be Prepared To Lose Some Money

Just showing the home as we stated before will not work any more. Now ever buy wants the Car Fax of home information before making their decision. A new appraisal, tax assessor’s estimate and anything else that will show documentation on pricing will more than likely be asked to be shown by the potential buyer. Be prepared to negotiate and show any documents on your Sarasota home as most buyers are coming ready with questions in mind.

3). Promote, Promote, Promote

Open Houses are still a hot item to get traffic to your home, but long gone are the days when you would hold one open house, get an offer and sell. Buyers are now wanting information at the palm of their hands and if the Sarasota real estate agent does not have a way to get that information to them digitally, then your property is missing potential buyers. The more that you stay up with the modern trends the better.

Of course, do not neglect modern curb appeal either by posting professional images online. Realtor.com, Zillow, Trulia and Keller Williams are all big name avenues that we want your property to be showing. Post them here and get the traffic your deserve on your Sarasota home for sale.

4). Don’t Be Afraid To Throw In Extras

We all know that a home will come with the rooms, the bathrooms, the bathtubs and grass, but do not be afraid to throw in a little something extra to sweeten the deal. Have a washer and dryer that you do not want to move? Why not add them in to the contract as an extra? A washer and dryer, refrigerator, couches, etc. are all great ways to spice up the contract and to get the potential buyer to close on the Sarasota home that much faster. Never be afraid to let the other party see how much you are really wanting to sell them your home by sweetening the deal.

These are our top four selling tips, come back tomorrow to our Team Works Luxury Real Estate site for the last three and to see just how you can make your Sarasota real estate fly off of the market when listing with Team Works Real Estate!

Sarasota Real Estate Market Experiences Easier Mortgage Availability

February 19th, 2014

Is 2014 the perfect time to get that mortgage you have been searching for? In a recent survey, Sarasota home owners polled these stats in regard to the potential of moving.

  • 52% of respondents thought it would be easy for them to get a home mortgage today
  • 70% of respondents said they would buy if they were going to move

Doug Duncan, Senior VP of Fannie Mae took time to debunk these statistics and explain a little further why most Sarasota real estate owners were looking at potentially buying:

“A majority of consumers now believe that it is getting easier to get a mortgage. For the first time in the National Housing Survey’s three-and-a-half-year history, the share of respondents who said it is easy to get a mortgage surpassed the 50-percent mark. The gradual upward trend in this indicator during the last few months bodes well for the housing recovery and may be contributing to this month’s increase in consumers’ intention to buy rather than rent their next home. The dip in overall home price expectations, though notable, is consistent with our view of moderating home price gains this year from a robust pace last year, while positive trends in perceptions about the economy and personal finances over the next year support our view of stronger growth in the broader economy.”

Confidence is key in the Sarasota real estate market and as we see home owners starting to state that they are becoming more and more ecstatic at the potential of selling or buying, this is great news for the economy as well. We are seeing an increase in home prices and homes sold in the start of 2014, even though it is still a smaller change than we saw in 2013. With the economy picking up, we are set to see another 2013 like change as the Sarasota real estate market continues to thrive.

Sarasota Real Estate Set To Increase Listings in 2014

February 13th, 2014

Anyone who is a real estate fan will notice that this market has been primarily noted as being a “Sellers Market”. The reasoning behind this title is solely due to the fact that inventory is still lower than the normal average, while buyers are flocking to invest and purchase their next home. With all of this being said though, it looks like the tables may turn very soon.

Recently, a survey was completed by Lending Tree to see what Sarasota home owners were more than likely to see this up coming year. Over all of the statistics created and displayed, the following three revealed quite the shocker to most Florida Real Estate experts.

1). 63% have a positive outlook on the economy this year

2). 69% have a positive outlook on housing this year

3). 71% said they are considering selling their home this year

Going in order, we notice that almost 2/3rds of those surveyed are noting that the Florida economy is looking to increase in a positive fashion in 2014. From how many have viewed our state’s wealth and economic issues since 2007, this is quite the exciting news for all business sectors. Then we noticed that 6% more stated they have a positive outlook on the Sarasota housing market this upcoming year. Almost 7 out of 10 individuals believe that the real estate market is in the recovery phase and will be experiencing another increase/ stability this upcoming year. That is fantastic news as the change from 2012-2013 saw an increase nationwide in a 12% pricing jump. Another increase of this caliber would surely bring up the listed inventory for the area.

Finally, the highest percentage, and the most amazing to us, showed that 71% of homeowners are considering selling their home with in the next 10.5 months. While we definitely know that selling and purchasing 71% of the housing market in Sarasota within the next year is quite unlikely, the fact that people are thoroughly interested in entertaining the idea is what makes this amazing news. Since families lost equity and economic confidence over the past few years, seeing people even give a thought about this is quite substantial!

When you are looking at putting your Sarasota home on the market, give us a call and let us help you get the price you want and deserve. This market is hot right now and buyers are coming in from everywhere to regain their own equity in the form of a new home. We are a top rated real estate team of Sarasota and are skilled, dedicated, educated and talented enough to help make the sale of your property an easy and simple transaction. We want nothing more than to make your home selling process to be a breeze.