Believe It or Not, Homes Are Still Selling!
It’s Saturday March 21st as I write this post. Despite all the turbulence in the market right now due to health and stock market concerns, it’s worth noting that our local real estate market continues to push forward.
As of today, the past seven days has produced over 400 homes under contract according to the MLS statistics for the area of Bradenton, Sarasota, and Venice, FL. I know that seems hard to believe, but those are the facts!
It seems like crazy times, because, well, it has been and IS crazy times these past couple weeks. However, where there is turbulence lies opportunity too. I am already receiving emails from our local builder contacts offering incentives and “name your price” type promotions, and interest rate incentives. Builders are still marketing and selling, but reducing virus exposure risks by booking appointments with Realtors and their buyers for model tours rather than leaving models open to public. I am also receiving many price reduction announcements for resale listings as well.
This Past Week’s Deal Find
I showed a Siesta Beach condo foreclosure on Friday which was a solid deal. $140,000 less than the most recent sale of the same size, which was 2 years ago! There sure has been a lot of appreciation since then. The condo had gorgeous water and beach views, it can rent weekly, it has on-site property management, and the pricing was below market value…and that is BEFORE we negotiate with the bank! I am thinking banks maybe willing to take a deeper discount at the moment. There are definitely some deals to be found.
What are the Best Real Estate Opportunities?
For health reasons, I certainly am not encouraging buyers to book appointments to go see a pile of re-sale homes at the moment, but I do encourage buyers to stay informed about the local real estate market. I will keep my website up to date on the latest statistics, and will keep the pulse on the local sales volume. You may not be ready to buy right now, but when you are ready, we’ll be ready! In the mean time, sign up for our monthly video enewsletter.
Buyers interested in new construction should consider taking advantage of builder existing spec home inventory while it lasts, or consider homes on the market that are vacant, whether new construction or resale. I say “while it lasts” because I suspect that existing new construction spec homes (homes already in the process of being built) will sell off at discounts, and buyers will indeed pick up a bargains without ever making the trip to see it in person. This is an opportunistic time to get a solid deal everyone wants in the marketplace but can seldom find.
If you have general concerns or questions about Sarasota real estate, or would like to discuss how you take advantage of the buying opportunities in this turbulent time, or later this year or next year, let’s talk and get to know one another! I love to talk real estate with my clients and website visitors, and would enjoy getting to know you too. My phone line is always open, or drop me an email!