May 2021 Market Report
High Demand and Low Supply Fuels Rising Prices in Sarasota-Manatee
You've heard us say it over and over again. We are in an historically strong seller's market. We haven't seen anything like this before and who knows if we will again? As the country starts to go back to "normal", more and more people are buying property. Interest rates are still historically low and look to be for a while.
What is a market shift?
You've probably heard this term before as well. A market shift will happen when there are fewer buyers and/or there are more sellers entering the market. It's not really happening in Sarasota and Manatee counties yet, but there are a couple of pockets around the country where it is. Sellers who are hoping to ride this high to the top need to be aware it will shift. Maybe not right away, but it will.
What about all those cash sales?
I know I said interest rates are historically low, but cash sales are still winning a lot of offers. Buyers who aren't paying cash, are waiving the finance contingency, which is as close to paying cash as you can get withouth having the total funds. This strategy may or may not be for you. This is a conversation you need to have with a reputable Realtor.
Concerned about over inflated prices? See what the Realtor Association President has to say:
“Regardless of the recent price surge, Florida real estate remains on par or less expensive than the markets from which people are moving–giving those buyers the flexibility to pay more for a home while remaining relatively inexpensive compared to their previous place of residence,” added Krumm. “The last ten years have proven–and decisively so–that real estate is one of the best investments in the world. Even buyers who bought at the highest point before the Great Recession have been made whole again, and in most cases are turning in a profit.”
What do I do?
You do the same as you have been. Be patient, listen to your real estate expert about pricing, condition, and how to put your offer together. Be prepared with a preapproval or a proof of funds. I am still working with mostly buyers and we are having success.
Call or email with any questions on this market that you may have.