Is this year a bottom to the Sarasota and Manatee county real estate markets ?
The real estate industry sure has become competitive in recent years and many deals have suffered a significant drop lately. What’s the result? Well, for one thing, real estate marketing has gotten a lot harder. All service agents have to work smarter, use more marketing channels than before, and truly “out-think” their competition in order to succeed. According to Fishkind, noted economist and financial oracle, the Sarasota and Manatee county real estate market will stay at the bottom for 12 to 18 months to burn through existing inventory and then begin a 3 percent to 4 percent annual growth climb (April 06, 2007).
As Barrett K Webber, an appraisal expert in Sarasota (see above), explained, the market has made a U-turn compared to the Summer of 2005. Two years ago properties were selling at what seemed to be overnight, bidding wars were underway, with some properties selling higher than list price. The average days on the market (DOM) were much less, in some cases a few days, many in less a month. But here we are in the Summer of 2007 and my how things have changed. Listing vs. Sales Price ratios have dropped. Price reductions are now the norm, and seller’s concessions are becoming more common. The average days on market and subsequent marketing and exposure times have also increased considerably. Barrett indicated that recently he completed an appraisal for a local couple who wanted to sell their house with an agent. After reviewing the appraisal, they thought the appraisal was low, but after conversation, agreed with the results. The house was then listed and had a contract in a short period of time with an offer very close to Webber’s appraised value. Needless to say, the agent and sellers were quite pleased, especially considering the current state of the local market. Any questions to Barrett K. Webber –RD 4402, you may contact by email webberappraisal@comcast.net or 941-362-9914
