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Graphs and statistics provided by the Sarasota Association of Realtors
According to the recent statistics released from the Sarasota Association of Realtors, November 2009’s home sales in Sarasota are up 86% over the same period last year. In November 2008, there were 311 sales posted, and this year that number escalated to 574. There are currently 793 pending sales as well, compared to 504 last year at this same period.
The strong increase in sales clearly shows that buyers are taking advantage of market conditions to get a great buy. Value for the purchasing dollar has not been this strong in many years in the Sarasota market. Also, with the extension of the $8000 first-time home buyer credit, and addition of the $6500 credit for many existing homeowners, the trends will most likely continue into the next quarter of 2010. Buyers who are searching in the under $300,000 are quickly realizing that they are many times competing with other offers. Also, the average list price to sales price is currently 94%, so buyers taking an offer strategy of 20-30% off purchase price (which was common a year or so ago) will find themselves frustrated quickly.
Each property is different, and priced different. Some are grossly overpriced, some are under-priced (and sell fast at or above list price) , and many are priced according to the median market price. Taking a blanket approach to offers is a real poor strategy. It is more important than ever to work with a dedicated agent that will help you every step of the way, including ensuring your offer finds success at a great price.
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