Sarasota Real Estate Real Estate BlogRecently posted or modified blog posts in the category - Sarasota Real Estatehttps://www.raveisflorida.com/blog/Copyright RaveisFlorida.com2023-05-26T06:27:10-07:00tag:raveisflorida.com,2012-09-20:14044Sarasota Florida Architecture & Housing StylesSarasota is an architecture lover’s dream come true. The city, which enjoyed boom periods in the 1920s and ‘50s, has managed to preserve quite a few of the homes and buildings built during those eras. This, along with the fact that real estate developments in the region continue to this day, has resulted in a rich mix of Sarasota, Florida architecture and housing styles.
Downtown Sarasota, Florida home styles alone are surprisingly wide-ranging. Located right on the bay, this area is composed of several distinct neighborhoods, many of which contain designated historic districts. The <a href="https://www.raveisflorida.com/downtown-sarasota">Downtown Sarasota real estate</a> market features everything from single-family homes to duplexes to condos and the Sarasota, Florida architecture you’ll find here include Mediterranean Revival, Craftsman, Spanish Eclectic, Florida Vernacular, and contemporary. You can opt for new luxurious waterfront Downtown Sarasota condos or a 1920s Mediterranean Revival bungalow in a historic neighborhood like Burns Court or Laurel Park.
Another dominant architectural style you’ll notice in the city’s more established neighborhoods is Mid-Century Modern. From the 1940s to the ‘60s, a group of architects—among them Paul Rudolph, Gene Leedy, Victor Lundy and Mark Hampton—built homes and buildings throughout the area that adapted the clean-lined aesthetic of the International style to the region’s geography and climate. It was a movement that became known as the Sarasota School of Architecture and many of the distinctive homes built during this period remain some of the region’s most sought-after properties to this day.
Take a look at the “Properties” and “<a href="https://www.raveisflorida.com/communities">Featured Communities</a>” pages to take a look at the different Sarasota architecture and real estate styles and <a href="https://www.raveisflorida.com/contact">contact the team</a> at Solutions Real Estate Group anytime.<br /><br />
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2020-07-17T00:50:00-07:002020-08-06T04:36:24-07:00RaveisFlorida.com Supporttag:raveisflorida.com,2012-09-20:14043Sarasota Home Buying and Selling Tips<a href="https://www.raveisflorida.com/buying">Buying</a> or <a href="https://www.raveisflorida.com/selling">selling</a> a home is never an easy undertaking, whether you’re a first-time homebuyer or a seasoned investor. As long-time specialists in Sarasota homes for sale and other properties throughout the region, the team at the Key Solutions Real Estate Group are more than happy to provide you with a few Sarasota home-buying and selling tips:
For Buyers:
Clean up your credit; make sure everything is in order with regards to your credit history even before you begin your home search. This might take time, especially if you run into problems, so it’s best to get this done early.
Know how much house you can afford. Run the numbers, factoring in your income, expenses, debts such as student and car loans, and so on.
Get pre-approved, not just pre-qualified. A homebuyer who’s been pre-approved has a better negotiating position.
Have a clear idea about the kind of home you’re looking for. It’s a good idea to make a checklist of the features that you don’t want to live without.
Don’t just look at the house, look at the neighborhood. A house’s value hinges on its location. You’re likely to have an easier time reselling your property in the future if it’s located in a family-oriented neighborhood in a good school district.
For Sellers:
Don’t go it alone. With the market the way it is, now is not the time to take on the challenge of selling your home all by yourself. Find a real estate professional who knows your area and the market.
Repair what needs to be repaired and upgrade what you can. This doesn’t have to be expensive—sometimes all it takes is new drapes and a fresh coat of paint—but it can add significant value to your home.
Stage your home. On average, staged homes sell more quickly and for a higher price than those that aren’t.
Don’t just spiff up the interior of your house—make sure you’ve made the outside clean and inviting as well.
Need more Sarasota home-buying and selling tips? Check out the “For Buyers” and “For Sellers” pages for even more information and <a href="https://www.raveisflorida.com/contact">ask the professionals at Key Solutions</a> about your options in homes for sale in Sarasota today.<br /><br />
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<a href="http://raveisflorida.com/sarasota.php" target="_blank">View listings for Sarasota real estate</a>
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2020-07-17T00:50:00-07:002020-08-06T04:10:16-07:00RaveisFlorida.com Supporttag:raveisflorida.com,2012-09-20:14041Sarasota Florida Relocation ServicesRelocating to Sarasota? If you’re moving to the area and you need more information on real estate in Sarasota as well as insights on everything from the lifestyle options to the job market, the team at <a href="https://www.raveisflorida.com/about">Key Solutions Real Estate Group</a> is here to provide you with a complete range of Sarasota, Florida relocation services.
In this post, as part of their continuing effort to provide you with relevant Sarasota, Florida relocation services, the team is taking a look at the job prospects in the region and how things will look in 2012. Read on to find out whether you should seriously consider moving to Sarasota or investing in <a href="https://www.raveisflorida.com/sarasota-condos">downtown Sarasota luxury condos</a>.
“2012 is shaping up to be a positive growth year, jobs-wise,” says team member Brian Tresidder. Citing a recent Forbes magazine article, “<a href="http://www.forbes.com/sites/susanadams/2011/12/13/where-the-jobs-will-and-wont-be-in-2012/" target="_blank">Where the Jobs Will (And Won’t) Be in 2012</a>,” he notes that the Bradenton-Sarasota-Venice metropolitan area has a net employment outlook of 12 percent for the first quarter of 2012. The article gets its data from the results of the latest Manpower Employment Outlook Survey.
“Out of all the companies surveyed, 18 percent are planning to take on more employees, 6 percent are considering reducing their workforce, and 71 percent are not planning to make any reductions are increases,” he adds. “This gives our region one of the top five best employment outlooks in the country.”
Also according to the survey, industries in the Sarasota area that are likely to grow in the near future are manufacturing, wholesale and retail, education and health services, professional and business services, and the leisure and hospitality trade.
For more information on the local job market and Key Solutions’ Sarasota, Florida relocation services, g<a href="https://www.raveisflorida.com/contact">et in touch with the team</a> today.<br /><br />
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<a href="https://www.raveisflorida.com/sarasota-condos" target="_blank">View Sarasota Condos</a>
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2020-07-17T00:50:00-07:002020-08-06T06:43:25-07:00RaveisFlorida.com Supporttag:raveisflorida.com,2012-09-20:14035Sarasota Spotlight: Downtown<img style="float: right; border: 1px solid black;" src="https://assets.site-static.com/userfiles/1190/image/uploads/sarasota_arts_2311.jpg" alt="Downtown Sarasota Arts" width="432" height="323" />When people from outside the area, hear the name Sarasota, the first thought tends to be about our incredible beaches. While it is very true that our beaches rank among the best in the world, those of us fortunate enough to live the Sarasota lifestyle know there is much more than sand and sun that keeps us here.
Downtown Sarasota is becoming a hub of artistic activity and entertainment for everyone. If you are looking for a night of culture and artistic celebration, the options are endless. The Sarasota Opera House, The Players Theatre, Van Wezel, and the Asolo Repertory Theatre are just a few of the options that offer all styles of plays, music, and even improv events.
If boating is your passion, Marina Jack’s is the ideal downtown Sarasota spot for you. Whether you just want to pull up for the night, or park your boat on a long term basis, this is the place to be with other enthusiasts.
Our nightlife offers something for everyone. If fine dining is on the menu, there are many options of great locally owned, upscale restaurants. If dancing and drinks are more your style, then check out Main Street and explore the many options. One of the favorite local pastimes is heading out to Sarasota Bayfront Park and watching the sunset. Or if you are feeling energetic, try them all!
There is no better opportunity than now to make this incredible piece of paradise home. The current inventory of <a title="Downtown Sarasota Condos For Sale" href="https://www.raveisflorida.com/downtown-sarasota-condos">Downtown Sarasota Condos</a> for sale are priced to sell quickly. Feel free to contact us for any information or questions you may have one the Downtown Sarasota Real Estate market.
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<a href="https://www.raveisflorida.com/downtown-sarasota-condos" target="_blank">Downtown Sarasota Condos</a>
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2020-07-17T00:49:00-07:002020-08-06T04:22:06-07:00RaveisFlorida.com Supporttag:raveisflorida.com,2012-09-20:14033Sarasota Spotlight: Longboat KeyLongboat Key - An Island Gem
The beautiful island of Longboat Key, off the coast of Sarasota, Florida, beckons to the visitor and resident with its breathtaking natural beauty, quiet beaches and cultural
<img style="float: right;" src="https://assets.site-static.com/userfiles/1190/image/uploads/st_armands_circle_500.jpg" alt="St. Armand's Circle" width="319" height="208" />
attractions. <a title="Longboat Key Real Estate" href="https://www.raveisflorida.com/longboat-key#view">Longboat Key real estate</a> will put you in an elegant tropical paradise, close to shopping, recreation and art.<br /><br />As a popular vacation destination as well as location of distinctive homes, Longboat key offers the finest beaches in addition to birds and wildlife. Nearby shopping at the famous St. Armand's Circle puts boutique shopping and fine restaurants right at your door. Recreational opportunities in Longboat Key abound; world-class tennis and championship golf courses are part of the scene. Kayaking, windsurfing and sailing on the Gulf of Mexico keeps residents busy; also available is parasailing, powerboating and jet skiing. So much to do in a perfect setting; Longboat Key condos for sale give you the benefit of all of this plus maintenance-free living. Beautiful views of the sparkling Gulf or Intercoastal Waterway are part of life on Longboat.
Live Just Steps to Everything
Longboat Key homes give you the opportunity to experience culture right in your neighborhood. The Longboat Key Center for the Arts, part of Ringling College of Art and Design, offers exciting exhibits and classes in a beautiful facility. Enjoy fabulous art exhibit opening nights, when the island turns out in style for a fun evening. Dining in Longboat Key offers a choice of restaurants, from dockside fish houses to fine French cuisine. Atmosphere for dining ranges from cottage houses to locations with a view of Sarasota Bay. Your dining experiences, living here, will be varied, delicious and exciting.<br /><br />As a resident, quick trips to scenic Anna Maria Island to the north or to Lido Beach and St. Armands are part of your fabulous days of island living.<img style="float: right;" src="https://assets.site-static.com/userfiles/1190/image/uploads/longboat_key_beach_sunset_400.jpg" alt="Longboat Key Sunset" width="319" height="239" /><br /><br />Longboat Key real estate offers the best in luxury living, fabulous views, romantic sunsets and a lifestyle that encompasses the best of the indoors and outdoors. With scenic views and relaxation a priority, Longboat Key condos for sale are a fabulous investment in an exquisite tropical lifestyle with maintenance-free living. Located mostly on the Western shore, condos with amenities are abundant, and lush landscaping will surround you in your new residence.
Million Dollar Living
<br />Longboat Key homes for sale can be found in the multimillion dollar range to less. All offer the finest in resort-style living, lush tropical environments, outstanding views and many amenities. Privacy abounds in Longboat Key, and your gorgeous new home offers a quiet refuge from the busy life. Whether you are a family, retiree, single person or investor, Longboat Key homes for sale should be explored for elegant island living.
Come discover this exquisite island gem, set in the sparkling waters of the Gulf of Mexico.
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<a href="https://www.raveisflorida.com/longboat-key" target="_blank">Longboat Key Homes For Sale</a>
<a href="https://www.raveisflorida.com/lido-key" target="_blank">Lido Key Homes For Sale</a>
<a href="https://www.raveisflorida.com/sarasota-luxury" target="_blank">Sarasota Luxury Homes</a>
2020-07-17T00:49:00-07:002020-08-06T04:39:19-07:00RaveisFlorida.com Supporttag:raveisflorida.com,2012-09-20:14032Foreclosures DecreasingForeclosures Slowing Down
The overall rate of <a title="Sarasota Foreclosures" href="https://www.raveisflorida.com/idx/?refine=true&search_by=&view=grid&map[longitude]=-82.529296875&map[latitude]=27.75160768754938&map[zoom]=8&map[polygon]=&search_type=Residential&idx=mfr&search_subtype=&custom_area[0]=Sarasota&search_location=&search_subdivision=&search_address=&minimum_price=&maximum_price=&minimum_bedrooms=&maximum_bedrooms=&minimum_bathrooms=&maximum_bathrooms=&minimum_sqft=&maximum_sqft=&minimum_year=&maximum_year=&search_shortsale=&search_bankowned=Y&maximum_dom=0&minimum_acres=&maximum_acres=&search_keyword=&sortorder=ASC-ListingPrice">Sarasota Foreclosures</a> in Southwest Florida has continued to slow over the last month, but many lenders are still busy filing default notices on area properties.<br /><br />In Sarasota, Charlotte and Manatee counties, there were 1,128 properties that were the recipient of some type of foreclosure filing in the month of August 2012. This amount is down by 6.5 percent since July and is a decrease of 14.1 percent since this time last year. The latest statistics have recently been released by RealtyTrac, Inc.<br /><br />Charlotte is one county that bucked the local trend and noticed a dramatic increase in filings. The total filings were up 78 percent since July, but the annual average is up by a mere 0.3 percent.<br /><br />While there are a number of foreclosures in the area, many homeowners are still underwater and facing high mortgage payments with little home equity. Being underwater is an industry term that means that homeowners owe more on their mortgages than their home is worth. Being underwater is also called negative equity, and it affects nearly 37.5 percent of homeowners. CoreLogic said that 70,885 mortgaged residential properties in Manatee and Sarasota counties had negative equity. <img style="float: right;" src="https://assets.site-static.com/userfiles/1190/image/uploads/foreclosure_425.jpg" alt="" width="425" height="282" /><br /><br />The amount of homes that are in negative equity has improved from 75,870 properties or about 40.4 percent since the first quarter of 2012. Florida has been one of the hardest-hit areas in the recent housing crisis and 43 percent of mortgaged properties around the state are underwater. Nevada has the highest number of underwater properties, and 59 percent of homeowners in the state have negative equity. <br /><br />On other fronts, lenders have initiated 540 foreclosure actions in the three southwestern Florida counties since last month. The lenders filed for “lis pendens,” which is the first step of the foreclosure process. The number of filings accounted for approximately 48 percent of the total filings in the area, according to RealtyTrac.<br /><br />In Sarasota County, the foreclosure filings are down from 67 percent in July 2012 and 76.2 percent since the same period in 2011. Manatee County filings are also down and fell by 47 percent from July and by 49 percent since August 2011.<br /><br />Keith M. Redding, Broker of Key Solutions Real Estate, feels many lenders are attempting to utilize other options instead of filing.<br /><br />Redding said a large number of banks are now seeing the advantages of short sales instead of foreclosing on properties because the losses are not as severe. Another indicator of the shifting real estate market is that realtors are welcoming foreclosures and short sales into the market because of the limited supply of available homes. “A controlled flow of these types of property into the market place will help us to satisfy the increasing demand.”
Properties In Limbo
Because the court process can easily take from two to four years, many foreclosures will not hit the market for some time. In addition, the court systems are backlogged, and this could make the waiting period even longer. Estimates suggest that nearly 35 percent of home inventory will be distressed properties, and this should continue for several years.
Industry analysts do admit that there is a bright spot in the currrent equation, and the length of time that it takes the court system to process foreclosures ensures that a spike in supply will not ruin property prices in Southwest Florida.
<br /><br />Other experts believe that the new data is a single-month aberration. They point to the fact that the past few months have been incredibly busy, and the real estate market generally slows in the fall. Many buyers believe that home prices have hit their low and that the Southwest Florida market is at the start of the next rebound.<br /><br />Across the country, lenders made 193,508 filings against properties in August. This is up 1 percent from July but down by 15 percent since August 2011. RealtyTrac reported 1 in every 68 U.S. homes had a foreclosure filed against it during August 2012.<br /><br />
Related Links
<a href="https://www.raveisflorida.com/idx/?refine=true&search_by=&sortorder=DESC-ListingPrice&view=g" target="_blank">Sarasota Foreclosures For Sale</a>
<a href="https://www.raveisflorida.com/property-management"" target="_blank">Sarasota Property Management Services</a>
<a href="https://www.raveisflorida.com/home-buying-process" target="_blank">Home Buying Process</a>
2020-07-17T00:49:00-07:002020-08-06T04:45:45-07:00RaveisFlorida.com Supporttag:raveisflorida.com,2012-09-20:1403130-Year Fixed Mortgage Rate Continues to Rise<img style="display: block; margin-left: auto; margin-right: auto;" src="https://assets.site-static.com/userfiles/1190/image/uploads/interest_rates_600.jpg" alt="Sarasota Interest Rates" width="612" height="256" />
This week mortgage rates rose again. For homeowners looking for a 30 year fixed rate they can expect a 3.39 rate. This is up from a week ago. It seems that rates seem to be staying right between 3.19 and 3.39 percent. This information is being quoted by the Zillow Mortgage Marketplace.<br /> <br /> The reason for the slight rise in rates may be linked to the fact that the Federal Open Market Committee announced a job report that was stronger than was expected. So while rates seem to fluctuate back and forth, for the most part, they remain steady and are expected to stay in this pattern in the near future. Bright information concerning the job market is not expected. This continues to be good news for the new homeowner.<br /> <br /> And for those looking for a shorter loan the rates are even better. The 15 year fixed mortgage was down to 2.63. If one chooses a 5/1 ARM the rate is as low as 2.52 percent. When looking for a mortgage rate Zillow is a great place to find the most up to date current information.
If you would like more information on current interest rates for your <a title="Sarasota Real Estate" href="https://www.raveisflorida.com/sarasota">Sarasota Real Estate</a> purchase, please check out our <a title="Sarasota Financing" href="https://www.raveisflorida.com/financing">financing</a> section or feel free to call us.
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2020-07-17T00:49:00-07:002020-08-06T04:46:37-07:00RaveisFlorida.com Supporttag:raveisflorida.com,2012-09-20:14029Thinking of Buying Sarasota Investment Properties?Buying an Investment Property and Being a Landlord
So you are thinking about buying your first <a title="Sarasota Real Estate" href="https://www.raveisflorida.com/sarasota">Sarasota Real Estate</a> property as an investment and become a residential landlord. You are about to embark on an interesting, rewarding and challenging investment. Have you decided on what kind of property you want to own? If you are looking for Siesta Key Real Estate, you can find anything from a small bungalow, to a high-rise, beachfront <a title="Siesta Key Condos" href="https://www.raveisflorida.com/siesta-key-condos">Siesta Key Condo</a>. If vacation rentals are not what you are looking for, you can find great deals on <a title="Lakewood Ranch Homes" href="https://www.raveisflorida.com/lakewood-ranch">Lakewood Ranch Homes</a> for Sale right now. These would be geared more towards the long term tenants then the short vacation rentals. Once you have found your perfect investment property, here's what you should be thinking about as you get ready for the closing and being a landlord:
What you Need to Do Before the Closing
First, you need to have a good power team to help you with the closing. This starts with one of our knowlegable Realtors at Key Solutions. They will be able to refer to you everyone else you need to help you with the closing. You need to have a good insurance agent for the property insurance. You also need a good attorney to supervise the closing and make sure the title is clean and “all the I’s are dotted and the T’s are crossed” legally.
Thirdly, you need to have a good home inspector. First, your contract for sale needs to be contingent on a satisfactory home inspection. The home
<img style="float: right;" src="https://assets.site-static.com/userfiles/1190/image/uploads/for-rent-sign-150x150_150.jpg" alt="" width="256" height="256" />
inspector can tell you everything that will need to be fixed in the next few years so you are ahead of things when the tenant comes to you for these repairs. Let the buyer aware. Depending on your contract, you can approach the seller to get those repairs done prior to closing. If you are the one responsible for the repairs or the upgrades, you know what you need to do and can get an estimate as to how much it will cost you. In addition, you may also need to hire a cleaner to make sure the house is nice and clean and ready for a new tenant to move into if the old tenant is not staying at the house.
If you are buying an investment property for the first time, it might be a good idea to buy a property with a good paying tenant already in place. In this case, you’ll get a security deposit and pro-rated rent at closing that will be listed on the HUD-1 Settlement Statement. You probably will not have to go in and fix a bunch of items. In this situation, ask the tenant and the landlord for a document verifying the rent and the security deposit and that everything is up to date. <br /> <br /> Door locks: Unless you are buying a property with a tenant in place, of course, you should change the locks as soon as you take possession. Kwikset’s SmartKey system allows you to re-key the door knobs in place every time a new tenant arrives and is priced similar to normal door locks/knobs.<br /> Leasing documents.
If you need to get your own tenant, you will want to get with your real estate agent or attorney to get lease documents. Most states have “cookie cutter”, “cut and paste” forms, but you want to get help putting in the extra items like pet deposits, limit of occupancy persons, the particulars of your lease, etc. You must also do your due diligence with a tenant; get their Social Security number and references and run a background check, financial and criminal. Make the prospective tenant pay for the search which is usually $25-50. Get a good security deposit up front which is usually one month’s rent. If you are not sure about a tenant, get the first and last month’s rent up front and make them pay this by money order or certified funds. <br /> Finding a tenant
If your real estate agent cannot find a tenant for you, post your rental listings for free on Zillow, and if you join the Zillow Rental Network, you’ll get access to a suite of free tools including online rental applications and Craigslist AdHelper.
Talk to your real estate agent and make sure that you are asking for the right rent. If you ask too high, you will waste time since no one will respond to you. If you are too low, you have cost yourself money. Talk to prospective tenants on the phone and do your due diligence (background checks) before you show the property to the tenant. This will save time for you and them. Once you agree on the terms with the landlord, get the lease signed quickly so they can start paying and you can move in. Always follow the Golden Rule and treat your tenants professionally
If you need any managing your Sarasota Real Estate investment, Our Sarasota <a title="Sarasota Property Management" href="https://www.raveisflorida.com/property-management">Property Management team</a> can help you with everything from finding a tenant, to making repairs on the property.
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Related Links
<a href="https://www.raveisflorida.com/sarasota" target="_blank">Investment Property in Sarasota</a>
<a href="https://www.raveisflorida.com/siesta-key-condos" target="_blank">View Siesta Key Condos</a>
<a href="https://www.raveisflorida.com/property-management" target="_blank">Our Sarasota Property Management Company</a>
2020-07-17T00:49:00-07:002020-08-06T04:52:10-07:00RaveisFlorida.com Supporttag:raveisflorida.com,2012-09-20:140273.8% Tax: What's True, What's NotSome homeowners may have seen an email that has been making the rounds claiming that those who sell their <a title="Sarasota Real Estate" href="https://www.raveisflorida.com/sarasota">Sarasota Real Estate</a> property after January 1, 2013, will be subject to a new tax of 3.8 percent. The tax was voted in with the passage of Obamacare, during the wee hours of March 21, 2010. This bill has caused much controversy since its passage, but many people remain unaware of the exact provisions of the 3.8 percent tax.<img style="float: right;" src="https://assets.site-static.com/userfiles/1190/image/uploads/desk-papers1-150x150_150.jpg" alt="" width="204" height="204" /><br /> <br /> The tax will only affect between 2 and 3 percent of the citizens of the United States. In order for this component of the bill to affect you, you must have unearned income in excess of $200,000 and you are filing as a single person or $250,000 if you are filing jointly. The $200,000 or $250,000 can come from a combination of factors including capital gains on any Sarasota Investment properties, dividends, stocks, interest payments and net rental income to name just a few. It will be necessary for homeowners to check with their CPAs or tax attorneys to find out if they will be impacted.<br /> <br /> At the time of the closing, the 3.8 percent will never be collected. Those affected by the 3.8 percent will have to pay the amount when they file their next tax. If you are buying a property, then you will never have to pay the 3.8 percent. If the home that you are selling is your primary residence, then you will receive a $250,000 for a single person and a $500,000 exemption for those filing jointly before you have to worry about the capital gains.
Some Simplified Examples
Bob Shirk bought a Siesta Key Home For Sale on January 1, 1986, for $40,000 and lived in the house until January 2, 2013. He then sold the house for $120,000. His capital gain would be $80,000. Assuming Bob Shirk had no other earned income, this law would not affect him. His capital gain was well under the $200,000 for a single person.<br /> <br /> Let us assume that Bob Shirk bought the same <a title="Siesta Key Homes For Sale" href="https://www.raveisflorida.com/siesta-key">Siesta Key Home</a>, sold it for the same amount and also owned a Lakewood Ranch Condo which netted him $125,000. Then, since the house in Sarasota, was his primary residence, he would not have to claim that amount since it was his primary residence and he received less than $250,000. He may have to pay taxes on the $125,000 depending on his individual circumstances, but not the new 3.8 percent tax.<br /> <br /> So let us look at an example where the new tax would apply. Bob Shirk bought the Siesta Key Home on January 1, 1986, for $30,000 and sold the home for $280,000, his capital gain would be $240,000. Since Bob Shirk is single if he had no other unearned income, he would get a $200,000 exemption for the home being his primary residence. He may then have to pay the new 3.8 % tax on $50,000. His total tax on this transaction, which would be due when he filed his next tax return, would be $1900.<br /> <br /> Another example where this new law would apply is on homes that are not your primary residence. If Bob Shirk bought a Longboat Key Condo for vacation for $50,000 and sold it for $300,000, his capital gain on the property would be $250,000, he would have to pay the 3.8 percent tax on the $50,000. The first $200,000 of unearned income is always exempt. He would have to pay an additional 3.8 percent on any other unearned income.
Some Realtors, tax attorneys and CPAs have urged their clients to sell their home before January 1, 2013, to avoid having to pay this new fee, which the Obama government refuses to call a tax. The truth is that only between 2 and 3 percent of the property sales in the United States would be affected by the law.
The National Association of Realtors originally said that they intended to lobby to have this part of Obamacare repealed. They have now said that they will not fight this law, because of the small amount of sales that would be affected.<br /> <br /> Those Realtors, CPAs and tax attorneys who are urging the sale of property before the law goes into effect may be giving bad advice in this economy when housing prices are still depressed in most markets. The difference between selling when housing prices is depressed and waiting a few months until the housing market recovers may very well compensate for the additional tax that some sellers will have to pay.
If you would like to speak to one of our knowledgeable Sarasota Real Estate Agents about your home or investment properties, please call us any time (941)894-1255<br /><br />
Related Links
<a href="https://www.raveisflorida.com/sarasota" target="_blank">Sarasota Real Estate</a>
<a href="https://www.raveisflorida.com/siesta-key" target="_blank">Siesta Key Homes For Sale</a>
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2020-07-17T00:48:00-07:002020-08-06T04:55:40-07:00RaveisFlorida.com Supporttag:raveisflorida.com,2012-09-20:14026Sarasota Foreclosed Buyers Returning to MarketFollowing years of decline, the <a title="Sarasota Real Estate" href="https://www.raveisflorida.com/sarasota">Sarasota real estate</a> market is emerging from its slump with renewed interest from buyers, particularly those who have experienced a foreclosure or short sale in the last six years. These buyers are referred to as "boomerang buyers," and they are accounting for an increasing percentage of newly <img style="float: right;" src="https://assets.site-static.com/userfiles/1190/image/uploads/blog_foreclosure_425.jpg" alt="Sarasota Foreclosures" width="276" height="183" />purchased Sarasota homes for sale.
To qualify for a loan backed the Federal Housing Administration, a person cannot have had a foreclosure or short sale within the previous three years. Because the housing bust has been ongoing for about six years, more home buyers who have experienced a foreclosure or short sale during this period are now eligible for a loan. Currently, 729,000 households that experienced foreclosure during the bust are eligible to apply for a loan, compared to 285,000 a year ago, according to The Wall Street Journal.
This means that Sarasota agents and homebuilders must now appeal to this growing segment of boomerang buyers, and are modifying their marketing practices accordingly. Though many of these families are now eligible for FHA-backed loans, it does not mean that they will be able to obtain financing for a new home. These families will have to show substantially improved credit scores and will have to be approved by lending institutions that suffered the consequences of their easy lending during the housing boom, due to the high rate of defaulted loans.
However, time is a significant factor when it comes to repairing one's credit standing. As more time elapses since the collapse of the real estate market, the housing industry can expect that boomerang buyers will increasingly play a role in the housing recovery.
If you have any questions about Sarasota foreclosures or the overall market, we'd love to help. Please <a href="https://www.raveisflorida.com/contact">contact Key Solutions Real Estate Group</a>, or call (941) 894-1255.<br /><br />
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2020-07-17T00:48:00-07:002020-08-06T04:57:07-07:00RaveisFlorida.com Supporttag:raveisflorida.com,2012-09-20:14025Sarasota Real Estate Market Report - September 2012<a title="Real Estate for sale in Sarasota" href="https://www.raveisflorida.com/sarasota"><img style="float: right;" src="https://assets.site-static.com/userfiles/1190/image/uploads/blog_chart_increasing_120.jpg" alt="Sarasota Real Estate Market Report September 2012" width="165" height="121" />Sarasota real estate</a> sales are stronger than they were last year, even though September is one of the slower selling months of the year. According to Sarasota Association of Realtors members, in the month of September 2012 648 properties were sold. This percentage is approximately 14 percent higher than September 2011, which reported 78 less sales in comparison to September 2012. From August 2012 to September 2012 there was a 21 percent decrease, which is what is typically seen from year to year during the start of fall.
In September 2011 there were 140 <a title="Condos for sale in Sarasota" href="https://www.raveisflorida.com/sarasota-condos">Sarasota condos</a> and 430 single family <a title="Sarasota Homes" href="https://www.raveisflorida.com/sarasota#view">homes</a> that were sold in the local realtor market. Those numbers are in comparison to September 2012 where 148 condos and 500 single family homes were sold. Typically realtors tend to see a decrease of sale pendings through the winter until the early spring, which is when they see an uptake in real estate sales. There has been an increase in traffic over the 2012 summer. Open houses are getting more visitors than usual, due to the decreased availability of houses on the market.
According to SAR President Laura Benson, “We have a great demand for homes and potential sellers should it’s a great time to list their properties.” This gives hope to future home sellers in hopes that homes will sell quickly. President Laura Benson also reported that, “Our inventory is now down to 3,460 – the lowest level since 1998. The downward trend in inventory started four years ago, when we had over 9,500 properties for sale.”
September 2011 there was an approximate 4,430 properties on the market for sale, compared to this September’s 3,504. Last year’s total was over 20 percent higher than this year’s total.
Properties that entered into contracts and became sales pending last year were 16 percent lower than this year’s total of 844. That figure is still below August’s total of 953. It’s a good sign that this year’s sales pending are higher than last year averages.
Benson said “For the agents who experienced the down times, this has become a great period of rebound for the market.” He also stated that, “There is a lot of good news out there in the Sarasota marketplace, and the real estate industry has returned to a much healthier place than we were four or five years ago.”
In September 2012 family homes were selling on average for $169,950. This average was considerably close to last month’s total. On the other hand, Sarasota condos for sale prices sky rocketed from August’s sales which were $149,000. Both August and September of 2012 had a $9,000 to $10,000 sales price difference from 2011 in August and September. Over the past 12 months sales prices gradually increased. The average sales price for single family homes has been $170,000. During this same period, the average sales price for condos has been $167,250. In 2011 the average sales price for condos was $163,000. The average sales price for single family homes was $157,500.
From the beginning of 2012 until September, sales prices for condos were at a hefty $178,800 on average. The average sales price from the beginning of the year until now for single family homes was $174,000. Both condos and single family homes sales prices are higher in 2012 opposed to 2011 when they were approximately 8 and 11 percent lower.
The CoreLogic Home Price Index reported that natiowide, sales price are growing. It has been seen that as each year goes by, sales prices of homes are increasing. Last month there was a reported 4.6 percent increase in sales prices, which is the biggest yearly jump since the summer of 2006.
The current sales rate helps to determine the months of inventory. This determines the amount of time it could possibly take for the homes for sale to sell. Single family homes in September represented a figure of 4.4 months of inventory. On the other hand, condos show 8.5 months of inventory. In 2011, single family homes, months of inventory was below 2012’s, while condos months of inventory was above this years.
In the month of November 2008, it had the single highest months of inventory that the market has seen. Condos contained figures of 41.7 months of inventory. During that same period, single family homes had 24 months of inventory. These figures were at the biggest downfall of real estate that the market has seen in a long time. 15.4 percent of the total properties listed for sale include 534 foreclosures and short sales listed in the Sarasota MLS. That percentage is below last month’s percentage of 16.3 percent. According to the beginning of the year’s percentages, that percentage was 18 percent.
Please <a href="https://www.raveisflorida.com/contact">Email Key Solutions Real Estate Group</a>, or call (941) 894-1255 if you have any questions.
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<a href="https://www.raveisflorida.com/sarasota" target="_blank">Homes for sale in Sarasota</a>
<a href="https://www.raveisflorida.com/downtown-sarasota-condos" target="_blank">Current Downtown Sarasota Condos for Sale</a>
<a href="https://www.raveisflorida.com/sarasota-foreclosures" target="_blank">Foreclosed Properties in Sarasota For Sale</a>
2020-07-17T00:48:00-07:002020-08-06T04:58:57-07:00RaveisFlorida.com Supporttag:raveisflorida.com,2012-09-20:14024Competitively Priced Properties Attract Multiple OffersThe <a title="Sarasota Real Estate" href="https://www.raveisflorida.com/sarasota">Sarasota Real Estate</a> market is showing strong signs of improvement. With sales being at record highs for a period over the past couple of years, there are indications of the market strengthening. It is normal to see the housing sales slow in the summertime, but this year’s sales were <a title="Sarasota Real Estate Market Report" href="https://www.raveisflorida.com/blog/sarasota-market-report-august-2012.html">strong</a> even during the traditional lull.
These positive reports are building momentum and creating what is known as a snowball effect. Because of the record low prices from the past couple of years,
<img style="float: right;" src="https://assets.site-static.com/userfiles/1190/image/uploads/blog_contract_400.jpg" alt="Sarasota Real Estate Multiple Offers" width="280" height="185" />
housing inventory is down. Actually, it is the lowest it has been in over six years. What this means for the seller is more opportunity to get multiple offers on their home. Buyers are finding that the selection is not as great as it once was which makes properties of value in competition.
No one wants to have to compete for a home, but as more and more people want to get in on these rock bottom prices, multiple offers come into play. While it is
great to have several offers on a property, the offers nowhere compare to the prices that occurred during the housing boom. Because the property values are at all-time lows, more people are feeling it’s safe to get back into the market, which is causing price wars and shortage of inventory.
Buyers should feel no angst in being involved in competitive bidding, especially if the property is in a fair price range and is what they are looking for. A home that is getting much attention is usually priced low for multiple offers. The owners strategically price them below market in an attempt to draw multiple offers and create a bidding war. Here are some guidelines when being faced in a multiple bidding situation:
Have Financing Approved Before Shopping
Whenever faced with a situation where multiple offers come to the table, the seller wants the sure deal. The person who has the financing already approved may have the upper hand when faced with other offers with no financing. Any seller wants an ironclad guarantee and this is advantageous for the buyer to already have an approval in writing.
Always Use A Real Estate Agent
It is important to involve the help of a professional from the beginning. The market has changed dramatically and the buyers no longer are forcing the sellers to sell for rock bottom prices. The benefits to having an agent are vast. An agent understands the trends of the market and can help understand pricing. They can maneuver clients and when faced with a situation that has multiple offers, they can be an excellent liaison.
No Time For Low Bidding
When dealing with a situation where there are multiple offers, always go in with the best offer, or what is the maximum amount willing to pay. Ensure that the first offer has to be the best, because there is usually no second chance. The sellers strategically place their homes low in the attempt to lure multiple offers that can drive the price higher. They want fast closings and to get more for their home. Remember, most sellers overpaid for their houses according to today’s prices. Sellers want to recoup any monies they can. Go in strong and stay firm that may be the only chance there is.
Keep Little To No Contingencies
Going in with a strong offer on price is important, as is avoiding having too many contingencies. Sellers usually want to sell their homes quickly and not mess with stipulations. They do not want to repair items or they would have already done so. While there are some clauses, like financing, that need to be placed in an offer, some properties can easily slip away with too many conditions in the offer. The seller will look at all of the offers and see which one gets them the money quickly and is hassle free. It all comes down to how bad the buyer wants the home and what they are willing to do to get it. This is where is comes in handy to have a real estate professional assisting.
Buying a home can be an overwhelming experience. While finding that perfect home can be difficult, it is important to have professional help and make the first offer a serious one. Many people lose homes in bidding wars and over silly things like contingencies. If it is the right home, be willing to bring top dollar to the table and never squabble over a small amount of money, if it is indeed the perfect home.
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Related Links
<a href="https://www.raveisflorida.com/sarasota" target="_blank">See All Real Estate Listings</a>
<a href="https://www.raveisflorida.com/agents" target="_blank">Our Raveis Real Estate Agents</a>
<a href="https://www.raveisflorida.com/buying" target="_blank">Home Buyers Guide</a>
2020-07-17T00:48:00-07:002023-05-26T06:27:10-07:00RaveisFlorida.com Supporttag:raveisflorida.com,2012-09-20:14023Not Sure If You Can Afford To Buy? Here's What You Need To Know<img style="display: block; margin-left: auto; margin-right: auto;" src="https://assets.site-static.com/userfiles/1190/image/uploads/blog_hand_in_house_400.jpg" alt="Sarasota First Time Home Buyers" width="321" height="175" />
If you have been thinking about making your first <a title="Sarasota Real Estate" href="https://www.raveisflorida.com/sarasota">Sarasota Real Estate</a> purchase, the boy scouts have a motto they have used for decades; yet is still as cogent today as it was way back then:
"Be Prepared." It's even more succinct when dealing in real estate.
Everyone would love to be able to afford that <a title="Siesta Key Beach Front Condos" href="https://www.raveisflorida.com/siesta-key-condos">Siesta Key Beachfront Condo</a> for sale, but for many, the homes they inspect and fall in love with are usually the ones they can't afford. Ergo, to solve this dilemma your solution is to remember to do these four things:
Breakout all your income and debt paperwork so you'll be able to determine your exact debt to ratio status. In today's fickle financial marketplace banks still have a death grip on loaning money, so they'll probably require your DTI ratios to be 28 percent on the front end, and between 36 and 38 on the back end, plus reasonably good credit.
Go to our free mortgage debt to ratio <a title="Mortgage Calculator" href="https://www.raveisflorida.com/mortgages">calculator</a> and crunch the numbers you discovered in your paperwork. (See the formula below)
Take advantage of the government's free annual credit check and have one run immediately. It will only take minutes, but will not include any FICO scores. They will cost extra, but you'll need them.
Investigate at least two mortgage lenders that are local, and get pre-approved NOT pre-qualified. Pre-qualified means zip, zero, nada. Your 15 year old daughter could get pre-qualified with some mortgage brokers.
There are many different types of loan programs that you may be eligible for. 20 percent down is a type of conventional loan that has no mortgage insurance. There are also conventional loans for 5, 10 and 15% down. Be sure to ask about the PMI (private mortgage insurance) and the difference in your payments. There are other style of loans that aren't considered conventional, VA and FHA. A VA loan is for veterans where zero down is required or FHA where only 3.5 percent will be needed. Actually, these two lending sources are the best available with the best terms and conditions; including competitive interest rates. And another thing that makes using either one of these loan programs is underwriting qualifications and allowing "mitigating" factors to enter the picture in your favor in terms of income, job tenure, and credit history.<br /> <br /> So in the end here is the bottom line, folks. This entire "how much income do you need to buy a home," scenario will boil down to just two things:
What you can afford to pay each month in principal, interest, taxes, and insurance (PITI) without going broke or having sleepless nights.
Knowing in advance what your monthly bills and debts total versus your monthly gross (not NET) income is. And since we didn't give you the easy formula to use when you go online and locate that free debt to ratio calculator site, here it is to save and use.
Total up all your fixed monthly expenses and exclude utilities, food, and all that other stuff. Now add those totals to what you think that home you looked at might cost you per month. It doesn't have to be exact; just make it close and be sure you include PITI. Now simply divide this amount by your monthly gross income, and voila' now you know what your lender knows and will use.
For more in depth information check out our Sarasota Home Buyers <a title="Sarasota Home Buyers Guide" href="https://www.raveisflorida.com/buying">Guide</a>, and our <a title="Sarasota Financing" href="https://www.raveisflorida.com/financing">Financing Information</a>.
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<a href="https://www.raveisflorida.com/sarasota" target="_blank">All Sarasota Real Estate Listings</a>
<a href="https://www.raveisflorida.com/buying" target="_blank">Sarasota Home Buyers Guide</a>
<a href="https://www.raveisflorida.com/financing" target="_blank">Sarasota Home Financing Information</a>
2020-07-17T00:48:00-07:002020-08-06T05:01:55-07:00RaveisFlorida.com Supporttag:raveisflorida.com,2012-09-20:14022Sarasota Real Estate Not Sitting On The Market For Very LongEven while the nation continues to struggle with a sluggish economic recovery, the real estate world is see<img style="float: right;" src="https://assets.site-static.com/userfiles/1190/image/uploads/blog_chart_decreasing_240.jpg" alt="Sarasota Real Estate Inventory" width="240" height="160" />ing signs of a rebound in the housing market. With the ability to purchase a home continuing its kinder and gentler trend, demand from buyers continues to expand. Prices are beginning to creep upwards, but the low interest rates for mortgages are adding more prospective buyers to the market.
Good news for <a title="Sarasota Home Sellers" href="https://www.raveisflorida.com/selling">Sarasota home sellers</a> is that the average time a home stays on the market before receiving offers is decreasing. Figures from Realtor.com show an 11 percent decrease from last year in the number of day’s that a home remains available. A year ago a house stayed on the market an average of 107 days. Housing information from September reports a drop down to 95 days before selling. Overall, California has the lead in being the quickest in home sales with Oakland at 21 days and 43 and 44 days for Stockton-Lodi and San Francisco respectively. Sliding into second place with houses remaining on the market for 38 days is Denver, Colorado.
<a title="Homes for Sale in Sarasota" href="https://www.raveisflorida.com/downtown-sarasota">Homes</a>for sale in Sarasota are also staying available for less time. Single-family homes lasted on the market an average of 59 days in September; this is a drop of 18.1 percent from a year ago. Townhouses and condominiums are being bought up within 61 days of being listed which is a 16.4 percent decrease from last year. A continued trend of diminishing inventory, a decline over the past year of 18 percent, is giving buyers less to choose from.
If you have any questions about Sarasota homes for sale or the overall market, we'd love to help. Please <a href="https://www.raveisflorida.com/contact">contact Key Solutions Real Estate Group</a>, or call (941) 894-1255.<br /><br />
Related Links
<a href="https://www.raveisflorida.com/downtown-sarasota" target="_blank">Downtown Sarasota Real Estate</a>
<a href="https://www.raveisflorida.com/selling" target="_blank">Home Sellers Guide</a>
<a href="https://www.raveisflorida.com/sarasota#view" target="_blank">Sarasota Homes for Sale</a>
2020-07-17T00:48:00-07:002020-08-06T05:04:58-07:00RaveisFlorida.com Supporttag:raveisflorida.com,2012-09-20:14021Inspecting? Here's what to expect:Whether you are buying a Sarasota <a title="Sarasota Homes For Sale" href="https://www.raveisflorida.com/sarasota#view">home</a> for sale or <a title="Sarasota Condos For Sale" href="https://www.raveisflorida.com/sarasota-condos">condo</a> for the first time, or are a seasoned investor, a quality home inspection is a must.<img style="float: right;" src="https://assets.site-static.com/userfiles/1190/image/uploads/blog_hand_in_house_120.jpg" alt="Sarasota Home Inspections" width="175" height="116" /> If you are new to purchasing real estate, this can be one of the scarier elements of the real estate purchase process because you may not know what to expect. While your prospective new Sarasota home may seem perfect, it takes a closer look by a professional to make sure that there are no underlying problems with the property. The process will be less daunting if you know what to expect from each of the parties involved in a typical property inspection.
Gather Information
As the buyer, you should learn as much about the property as possible before the inspection. This will enable you to give the inspector as much information as possible and to ask questions. <br /> <br /> As you are walking though the property, look around and write down any concerns you may have. Include in your list questions about how the electronic, heating and plumbing systems work. Prior to the inspection, obtain a copy of the seller’s property disclosures and review them. Look for and ask questions about renovation work that has been done and whether it was properly permitted. Then ask the inspector about it.<br /> Be very detailed about this process. Before you release the inspection contingency in your contract, you want to make sure that there will be no surprises after closing. <br /> <br /> Make sure you are there and able to walk through the house with the inspector so that he or she can talk to you and point things out. This is a perfect opportunity to ask questions about care and maintenance of major items or about future renovations. <br /> Most inspections go smoothly, but sometimes they turn up issues that will require additional negotiations. Some sellers may even have gotten an inspection before putting the house on the market to avoid surprises at the buyer’s inspection. <br /> <br /> Generally the owner will not be present but your buyer’s agent and the seller’s agent will be present. They have been through many inspections and will have a handle on what’s important and suggestions for handling any issues. If the price of the home is really good, your agent may suggest that you make an issue of small fixes. If you are paying top dollar you should feel more entitled to get a home with everything in perfect working order.<br /> <br /> Even though each agent is there to be an advocate for their client, the goal is to facilitate a clean sales transaction.<br /> <br /> As the purchaser you are the one who hires the property inspector. The inspector works for you and will have entered into a written agreement with you. You should take care to hire a licensed professional with extensive experience doing inspections. The best way to get an inspector is usually to ask for a referral. Most buyers get a referral from their real estate agent.
What Is The Inspection For?
The main focus of a property inspector is to inspect the property for structural and non-structural flaws, inspect the operation of its systems and the general overall condition of the home, inside and out. A good inspector will remain objective and not comment on the merits of the transaction.<br /> <br /> The inspector will spend some time walking around, test all of the systems, make extensive notes and provide you with a detailed report. Most will also give you some feedback on future maintenance and estimates of the future lifespan of major items such as the roof or HVAC systems. It is always good to know that the roof, for instance, while not leaking, will need to be replaced in the next few years.<br /> <br /> Whenever possible try to walk through the property with the inspector and go where the inspector goes. It will be helpful for you if the inspector is able to point things out as he sees them and to show you where the systems are and how they work.<br /> <br /> If the property has a septic system, you may wish to have a separate, experienced septic system inspector perform a septic system inspection. A new septic system is a major investment and it is not a surprise you want to have after closing. Additionally, a septic system inspection will afford you other benefits such as maintenance assistance and septic pumping reminder programs.<br /> <br /> While you may want a friend or relative on hand for “moral support” it may not be a good idea. They may feel the need to point out all the negatives and prove to be a distraction. <br /> <br /> Once the inspection has been completed, you and your agent should get together to discuss whether there is anything in the inspection that requires additional negotiation with the seller. If the inspection pointed out major issues, you may wish to discuss walking away from the deal. Hopefully, the inspection did not uncover and major flaws and you are now one step closer to moving into your new home. In either case, the property inspection helped you to make an informed decision
For more information on what to expect when buying your <a title="Sarasota Real Estate" href="https://www.raveisflorida.com/sarasota">Sarasota Real Estate</a> property, check out our buyers guide <a title="Sarasota Real Estate Buyers Guide" href="https://www.raveisflorida.com/buying">here</a>.
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<a href="https://www.raveisflorida.com/sarasota" target="_blank">Sarasota Real Estate</a>
<a href="https://www.raveisflorida.com/sarasota-condos" target="_blank">Sarasota Condos For Sale</a>
<a href="https://www.raveisflorida.com/buying" target="_blank">Sarasota Home Buyers Guide</a>
2020-07-17T00:48:00-07:002020-08-06T05:06:53-07:00RaveisFlorida.com Supporttag:raveisflorida.com,2012-09-20:14020The Benefits of Homeownership on Children<img style="float: right;" src="https://assets.site-static.com/userfiles/1190/image/uploads/blog_family_400.jpg" alt="" width="293" height="194" />If you are currently renting but considering buying your own <a title="View Sarasota Homes For Sale" href="https://www.raveisflorida.com/sarasota#view">Sarasota homes for sale</a>, three professors in California may have just given you even more reasons to take the leap. In a new study they determined that being a home owner may actually benefit your parenting. The surprising results concluded that children of parents who own a home as opposed to renting may have less potential risk for dropping out of school and even a greatly reduced chance of teen pregnancy.
The study also ruled out other possible factors for these findings. Possibilities like income levels, marital status, age, race, and the education of the parents were all looked at and were attempted to be removed from the equation. The ultimate goal of the study was purely about home ownership. Can owning your own home have an impact on your children? The answer was a startling “yes”.
Some of the important findings were: a 5% drop in the rate of teen births compared to renters, a 2.6% reduction in the drop-out rate for home owner’s children compared to those who rent, and the age at which children seemed to have the greatest response to their parents owning a home. Children or teens aged 12 to 17 showed the highest rate of benefit. The study did still show that younger children were benefited as well, but those in the early teen years benefited the most.
Another surprising twist in the study was the finding that the actual length of time a parent owned a home made little to no difference in the benefits their children saw. Some critics have suggested that it’s more about how long a family lives in a single neighborhood versus actual home ownership that influences the children- but the study showed the same benefit for children regardless of how long a home had been owned. Even recent home buyer’s children showed the same higher success rates as those who had owned a home for a much longer period of time.
The size of the down payment made on the home by the parents also seemed to make no difference in the benefit of the children. However, if no down payment was made, the children earned no advantages whatsoever. Even a very small down payment showed the same increase in rates for children in this curious finding of the study.
There is still speculation as to why buying a home helps children so drastically in the long run. There hasn’t been any conclusive reasoning determined as of yet, but one author had a theory. Richard K. Green, the director of the University of Southern California’s Lusk Center for Real Estate says “…the discipline associated with saving for even a small down payment and subsequently managing a house is, on average, associated with the discipline needed to promote better outcomes for children.”
This is good news if you are a family and considering makeing your first <a title="Sarasota Homes and Condos For Sale" href="https://www.raveisflorida.com/sarasota#view">Sarasota real estate</a> purchase for your family. With interest rates at a historically low level and home prices starting to rebound, it's a great market for Sarasota first time home buyers.
If you would like to view any Sarasota homes for sale or have questions on the overall market, we'd love to help you out. Please <a href="https://www.raveisflorida.com/contact">contact Key Solutions Real Estate Group</a>, or call (941) 894-1255.<br /><br />
Related Links
<a href="https://www.raveisflorida.com/sarasota#view" target="_blank">View Sarasota Homes and Sarasota Condos For Sale</a>
<a href="https://www.raveisflorida.com/financing" target="_blank">Preparing Your Financing</a>
<a href="https://www.raveisflorida.com/home-buying-process" target="_blank">First Time Home Buyers Guide</a>
2020-07-17T00:48:00-07:002020-08-06T05:09:03-07:00RaveisFlorida.com Supporttag:raveisflorida.com,2012-09-20:14019Homeowners Most in Need Slow to Get Help<a title="Sarasota Real Estate" href="https://www.raveisflorida.com/sarasota">Sarasota real estate</a> owners that need the most help are slow to get assistance with mortgage payments, according to a report released by the Federal Government. The report shows that as of June of this year, only seven percent of the $7.6 billion Hardest Hit Fund money has been used to assist homeowners in America who are under financial strain. It has been more than two years since the fund was announced. Seventeen states along with Washington D.C., received funding from this plan back in 2010.
Out of the $1 billion that was awarded to the state of Florida only $51 million (5%) has been used to help homeowners in the state up to this point.
The Hardest Hit Fund was audited earlier this year by the Troubled Asset Relief Program in order to find out why the plan is getting off to such a slow start. The audit found that the fund has a limited reach and is not getting out to enough people. Monies for the plan are "just sitting there" according to a Troubled Asset Relief Program representative.
In an effort to reach more people and give more funding, the Florida program was revamped in April of this year. There was an increase in the amount of money that can be received as well as an increase in the type of candidates that are eligible for the plan.
The restructured Florida plan has caused homeowner funding to double in the past three months according to David Westcott, a director at the Florida Housing Finance Corporation. Initial costs to get the program up and running took about $16 million.
Westcott says that the housing finance company is pleased with the direction that the plan is now going in and that funding is likely to progress at a faster pace.
There are several facets of the Hardest Hit Fund with a number of funding options. Homeowners can get assistance with mortgage payments up to a maximum of $24,000 for a whole year. They can also use the option that allows for homeowners to catch up on payments that they are behind on for up to $18,000. Close to 37,000 Florida residents have applied for the program.
Applicants have to meet a small set of requirements in order to be eligible for the Hardest Hit Funding program. Among these are:
- The applicant must live in Florida and must be a legal citizen of the United States
- The property must be the persons primary residence
- The applicant must have at least a 10 percent decrease in income and must either be unemployed or underemployed
Some residents report that there are a few areas where the application process can be improved upon. This includes an improvement in paperwork and communicating with the non-profit groups that are in charge of taking applicants.
Individuals interested in the program can access applications online at flhardesthithelp.org. For those who prefer to call, the program can be reached by phone at 877-863-5244.
If you would like to see Sarasota <a title="Sarasota Foreclosures" href="https://www.raveisflorida.com/sarasota-foreclosures">foreclosures</a> for sale or have questions on the overall market, we'd love to help you out. Please <a href="https://www.raveisflorida.com/contact">contact Key Solutions Real Estate Group</a>, or call (941) 894-1255.<br /><br />
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<a href="https://www.raveisflorida.com/sarasota" target="_blank">All Sarasota Homes & Condos For Sale</a>
<a href="https://www.raveisflorida.com/sarasota-foreclosures" target="_blank">Preview Sarasota Foreclosures</a>
2020-07-17T00:48:00-07:002020-08-06T05:10:51-07:00RaveisFlorida.com Supporttag:raveisflorida.com,2012-09-20:14018Information About VA LoansIf a man or woman was once listed in any branch of the military or are still listed with the military and are interested in purchasing a home they are eligible for a Veterans Administration Loan or a VA Loan. The veteran will be eligible to buy a home with no money down required. If the person is a veteran they would be able to lower payments on a monthly basis, thus saving a lot of money. Not only are active and retired military possibly eligible for a VA Loan but surviving spouses and others may be able to obtain a VA Loan.
The person seeking a VA Loan can go directly to their financial institution or they can submit a quick form online. They may be matching up with several lenders who approve VA Loans. The quotes are free and well worth the effort to obtain. Basically the veteran will have to put no money down; their payments will be lower, as will the loan rate.
A VA Loan will allow the buyer to finance 100 percent of the value of the home and they will not have to put any money down. This type of loan is a rare loan these days, because financial institutions are requiring more money down for other types of loans. In other words banks and mortgage companies are asking anywhere from 10 percent up to 20 percent money down. Some loans require 5 percent down. These types of down payments are putting people's dreams on hold as they just cannot come up with this large amount of money.
The benefits of having a VA Loan is that private mortgage insurance is not an issue for a VA Loan as it is for other types of loans. The rates on a VA Loan are very competitive. For home buyers to qualify for a VA Loan, qualification is easier because these are government loans. A loan officer who works everyday with VA Loans has far more experience than a regular Loan officer.
These VA Loan officers are well versed in the area of VA Loans. VA Loan officers are expertise in what they do and know the required paperwork and can help the home buyer through the process.
Some financial institutions do not offer VA Loans because in order to offer VA Loans the institution must follow a strict approval process. VA Loans have been help home buyer for over 60 years. The VA will offer loans, cash out loans, and refinance loans with very competitive rates and terms.
Cost of the home that the buyer is interested in can be valued to just over $400,000 with no money down and no private mortgage insurance. Buyers who are eligible for VA Loans will be eligible for low interest rates. No hone appraisal is required. If a veteran is not able to obtain a VA Loan then quite possibly they can obtain an FHA Loan.
VA Loan can be obtained for home loans, loans to refinance a home, they offer a streamline refinance, a refinance loan with cash out option, loans for debt consolidations and are guaranteed at low competitive rates.
In conclusion a home buyer must go to the Veterans website and prequalify for a VA Loan by obtaining a COE or Certificate of Eligibility. If the buyer has already registered all they need to do is log into their account.
The Veterans Administration will determine if the buyer participated in WWII, the Korean War and or the Viet Nam War. At any rate the buyer will have had to serve at least 90 active duty days.
For more information on VA Loans to finance your <a title="Sarasota Real Estate" href="https://www.raveisflorida.com/sarasota">Sarasota Real Estate</a> property, we'd love to help you out. Please <a href="https://www.raveisflorida.com/contact">contact Key Solutions Real Estate Group</a>, or call (941) 894-1255.<br /><br />
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<a href="https://www.raveisflorida.com/financing" target="_blank">More Sarasota Financing Information</a>
2020-07-17T00:48:00-07:002020-08-06T05:12:10-07:00RaveisFlorida.com Supporttag:raveisflorida.com,2012-09-20:14017Sarasota Real Estate Market Report - October 2012<img style="float: right;" src="https://assets.site-static.com/userfiles/1190/image/uploads/blog_chart_increasing_120.jpg" alt="" width="177" height="129" />October Stats Shows Sarasota Home Sales Going Strong
October 2012 marks a great month in Sarasota <a title="Sarasota Real Estate" href="https://www.raveisflorida.com/sarasota">real estate</a> sales. Home sales are up 24% over last year. Pending sales are also up 24% for the same period. <a title="Sarasota Single Family Homes for Sale" href="https://www.raveisflorida.com/idx/">Single family</a> home prices have jumped 17% in the past twelve months while Sarasota <a title="Sarasota Condos" href="https://www.raveisflorida.com/downtown-sarasota-condos">condominiums</a> have increased by 11%. The amount of inventory available is at its lowest level since 1998. Sales are going strong into the winter sales season after a brisk summer and steady autumn.<br /> <br /> A year ago, real estate professionals sold 577 properties in the month of October. This year, that number jumped to 719. That is a 24 percent increase in just twelve months. These numbers support the 2012 real estate recovery that real estate agents have seen for several months.<br /> <br /> To further bolster the good news on October sales, Sarasota real estate <a title="Sarasota Real Estate Agents" href="https://www.raveisflorida.com/agents">agents</a> are reporting a 24% increase in the number of pending sales. Last October, the number of pending sales was 772. This year the number jumped to 954. That increase shows how strong this real estate market is becoming. This marks a 110 pending sale increase over September's 844.<br /> <br /> This upward trend in October bucks the usual lull that happens in September and October in Sarasota home sales. The brisk foot traffic of the summer seems to have spilled over into the early fall months. This bodes well for a healthy winter sales season as well.<br /> <br /> The inventory of available home is at a decade low now. This drives buyers to attend open houses and make strong offers. Many agents are reporting multiple offers on the same property. For those about to decide whether to list or not, now is the time to jump in. With a strong sales market and the beginning of the winter sales season just around the corner, signs are good for quick sales near or above the asking price.<br /> <br /> Sales prices on Sarasota single family homes have gone up nicely. In October, the median sale price for a single family home was $176,000. To compare, that number in September was $169,950. A year ago, that number was $149,838. Single family home sales prices are up 17% average in the last year. The listing prices are following this sales trend with more listings coming in at higher initial sales prices.<br /> <br /> Sarasota Condominiums for sale are increasing in price, but with some dips. In October, the median sales price of condominiums was $160,000. That was actually down from September when the median was $175,400. However, the October number is substantially higher than the same number a year ago which was $143,000. That marks an 11% increase over the past twelve months.<br /> <br /> Sarasota Foreclosures and short sales make up 14.8 percent of the market at this point with 519 properties listed. This is down from 15.4% in September and 17% from the beginning of January.<br /> <br /> As mentioned before, inventory is at a decade low with 3,517 properties available at the end of October. Last year that number was 4,525 available properties. That marks a twenty percent decrease. This tightening inventory means buyers have fewer properties from which to choose. Multiple offers are becoming more common after several years of absence from the real estate scene.<br /> <br /> One of the strongest indicators of the growing strength of the Sarasota real estate markets is the months of inventory available. If sales continue at current pace, it would take 4.4 months to deplete the available listings in single family homes and 6.6 months for condominiums. That might seem like a large inventory. Comparing that to late 2008 shows that is not true. In November of that year, there were 24 months of inventory in single family homes and 41.7 months in condominiums.<br /> <br /> So, what does this mean for the home buyer and seller out there? The average home seller should speak with their real estate agent about listing their property before the winter sales season hits. Placing the home on the market will make it available to interested buyers. Buyers are seeing record low mortgage rates available and this is driving many to buy. Multiple offers are becoming a common thing again. This bodes well for a good real estate winter season for both sellers and buyers.
If you have any questions about Sarasota homes for sale or the overall market, we'd love to help. Please <a href="https://www.raveisflorida.com/contact">contact Key Solutions Real Estate Group</a>, or call (941) 894-1255.<br /><br />
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<a href="https://www.raveisflorida.com/sarasota" target="_blank">View Sarasota Homes For Sale</a>
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<a href="https://www.raveisflorida.com/agents" target="_blank">Our Sarasota Real Estate Agents</a>
2020-07-17T00:48:00-07:002020-08-06T05:15:31-07:00RaveisFlorida.com Supporttag:raveisflorida.com,2012-09-20:14014Guest Blog: Condo Financing Information<img style="font-size: 12px; float: right;" src="https://assets.site-static.com/userfiles/1190/image/uploads/desk-papers1-150x150_150.jpg" alt="" width="150" height="150" />
One of the most common questions that we receive as mortgage brokers seems to be directed towards financing <a title="Sarasota Condos For Sale" href="https://www.raveisflorida.com/sarasota-condos">Sarasota condos for sale</a>. Most clients want to know the minimum amount that can be put for down payment. (Loan to value)
Generally, for a primary or secondary residence the minimum down payment is 20 percent, for an investor the requirement would be 25 percent. When a borrower chooses a lower loan to value, the condominium is subject to a full review by the lender. Some of the expectations of the lender that may be included are as follows: 1. No more than a 49 percent investor concentration, 2. No entity can own more than 10 percent of the units, 3 The homeowners association dues cannot have more than a 15 percent delinquency in payments. 4. The association cannot be in litigation.
For a primary and secondary residence some of the above restrictions can be lifted by a reduction of loan to value or putting 25 percent down. Also some of the local banks will allow “non-warrantable condos” those that do not meet the above expectations to fit into their portfolio programs allowing more options for buyers.
-- Gina Damico, Liberty First Mortgage, LLC<br /><br />
Related Links
<a href="https://www.raveisflorida.com/sarasota-condos" target="_blank">Sarasota Condos For Sale</a>
<a href="https://www.raveisflorida.com/financing" target="_blank">Financing Guide</a>
<a href="https://www.raveisflorida.com/buying" target="_blank">Home Buyers Guide</a>
2020-07-17T00:47:00-07:002020-08-06T05:18:28-07:00RaveisFlorida.com Supporttag:raveisflorida.com,2012-09-20:14013Real Estate Red Flags To Watch Out For<img style="font-size: 12px; float: right;" src="https://assets.site-static.com/userfiles/1190/image/uploads/blog_hand_in_house_120.jpg" alt="" width="120" height="80" />House hunting can be an absolute blast! From fantasizing about how you'll decorate your beachfront <a title="All Siesta Key Condos for Sale" href="https://www.raveisflorida.com/siesta-key-condos">Siesta Key condo</a> to dreaming of raising a family in your new <a style="font-size: 12px;" title="All Current Lakewood Ranch Homes For Sale" href="https://www.raveisflorida.com/lakewood-ranch">Lakewood Ranch home</a>, it can be one of the most fun things you'll ever do. As thrilling as searching for a new home can be, it can also come with huge responsibility and, sometimes, a great deal of stress. There are so many things to watch out for when searching for the next place you'll hang your hat. The following tips are simple and to follow and will have you feeling more confident in your decision. After all, it is one of the most important ones you'll ever make! Coming across one or two of the following conditions shouldn't completely steer you away fro
<br />Look out for signs that the home is poorly insulatedm making a purchase, but proceed with caution and use your discretion! These simple tips will make house hunting a laid back, enjoyable experience.
Take a close look at the windows: if you see condensation between the sheets of glass in double-pained windows, there may be a leak on your hands which could eventually cause the wood in the walls of the home to rot away, not to mention problems with mold and mildew. Feel around for drafts coming from doors and windows. If you feel cold air coming from a closed window, you may want to reconsider the location. Electricity bills are expensive enough without compensating for poor insulation!
How does the roof look?
Inside and out, the state the roof is in is very important. If you see old, warped shingles or crooked layers, beware. A leaky roof is one of the biggest, most expensive hassles a homeowner can face; picking a home with a bad roof will end up costing you an arm and a leg in repairs!
If the home you're looking at has been vacant for a while
You may want to ask why. Who knows? You could be surprised at the response. Maybe the home is close to a high-crime area, or maybe the home was burgled before. Perhaps it's just not a good location. Vacancy is an important clue to look for.
Finding Dirt?
Do you notice a thick buildup of dirt in the registers and vents? If so, ask when the last time the heating and cooling methods were maintained. You may be surprised at the answer. While you're at it, make sure the fire alarm, fire extinguisher, and carbon monoxide detector are up to date and in good working order.
Flickering lights?
How about buzzing noises coming from light fixtures? This could point to electricity problems, or wiring issues. Faulty wiring is a leading cause of house fires, so beware! Also look to make sure there are no unfinished electrical outlets or phone jacks, and if there are, request that they be fixed before you make your purchase.
Sturdy Foundation
Go through the house and try opening all the doors and windows. If they open easily, you're standing on a sturdy foundation. If, however, you find that many of the doors and windows are hard to open, you're probably on a foundation that is slowly sinking.
Faux Stucco
This siding gives an exotic feel without breaking the bank, so you can't blame the previous owners for installing it, but truth be told the siding comes with many a downfall and should be avoided. Moisture can ferment in between the wall and stucco siding, causing a huge mold problem. It can easily crumble off, and termites simply love the stuff!
Drainage Issues
A sloping back yard may be a stellar place to go sledding, but it if the slope goes toward the house you may have a very big problem on your hands. If there's a storm, water rushes down the slope and toward your home. If the water gets into the basement or the foundation, you'll have a flood on your hands.
If the water slowly pours out of your faucets with no force behind it, you may want to raise questions about the pipes. Pipe work can be a true pain and cost a lot to repair. Also, check around showers, tubs, toilets, and sinks for water stains which would indicate leaky pipes or poor plumbing.
Foundation Cracks
Look for cracks in the foundation of the home. If you happen to find any that are bigger than an inch long, you should bring it up. Although it may be nothing, cracks can signify problems with the structure of the house which could potentially put you and your family in danger.
Sometimes the nose knows!
Take a whiff. What do you smell? Is it sewage? This could mean the sewage system is not in working order. Do you smell a very strong odor of incense, bleach, potpourri, or air freshener? The seller could be trying to keep a very stinky secret. A musty sell is a sign of a mold problem. Smells like pet messes and cigarette smoke are nearly impossible to get out of a house, so this is something to consider. Whatever you're sniffing, make sure it isn't a sign of a much bigger issue.
Just look for anything out of place and follow your gut. Does the whole thing seem 'fishy'? If the seller won't allow you in certain parts of the home or won't answer important questions, you may be in for it. If the seller is not confident, open, and honest, you'll be wise to turn and run as soon as possible.
Even if you're as careful as possible to follow these tips and be on the lookout for any red flags, the help of a professional is indispensable; they simply have the maximum amount of knowledge on the subject. Calling on a realtor for help now can save you thousands of dollars in the long run. A realtor working in partnership with a real-estate agent make the best team to help you find the place you'll find comfort in for the rest of your days: your home.
If you would like more information on any <a title="Sarasota homes for sale" href="https://www.raveisflorida.com/sarasota">Sarasota homes for sale</a> or any of our <a title="All Current Siesta Key Condos For Sale" href="https://www.raveisflorida.com/siesta-key-condos">Siesta Key condos</a> we'd love to show you. Please <a href="https://www.raveisflorida.com/contact">contact Key Solutions Real Estate Group</a>, or call (941) 894-1255.<br /><br />
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<a href="https://www.raveisflorida.com/siesta-key-condos" target="_blank">View all Siesta Key Condos on the Market</a>
2020-07-17T00:47:00-07:002020-08-06T05:20:01-07:00RaveisFlorida.com Supporttag:raveisflorida.com,2012-09-20:1401222% Increase in January Sales Over Last Year<img style="float: right;" src="https://assets.site-static.com/userfiles/1190/image/uploads/blog_chart_increasing_2.jpg" alt="January Sales Increasing" width="300" height="200" />No other market in the U.S. suffered the effects of the 2008 recession and the subsequent burst of the housing bubble more than Florida. All over the state, including the <a title="Current Sarasota Real Estate" href="https://www.raveisflorida.com/sarasota">Sarasota real estate</a> market, housing prices dropped nearly 50% seemingly overnight. This drop left homeowners in serious trouble with little recourse. As one of the most affected cities, residents witnessed thousands of <a title="Sarasota Foreclosures" href="https://www.raveisflorida.com/sarasota-foreclosures">Sarasota foreclosures</a> as homeowners simply could not afford the over-inflated prices. After many years of rebuilding, all signs are pointing to a strong comeback for this traditionally popular real estate market.<br /><br />
Increased Property Sales
For the first time in five years, the Sarasota real estate market has witnessed a marked improvement in home sales. In fact, this year’s January sales figures were up an astounding 22% over January 2012. This is without a doubt a terrific start for the new year, and evidence that the improving market in 2012 was no fluke.<br /><br />In January of 2012, Sarasota realtors sold a disappointing 365 single family homes and only 148 condominiums. Though on the rise, the numers were paltry to say the least. Thankfully, realtors and home sellers witnessed quite an improvement this past January. With 626 combined single family home and condo sales, 2013 seems to be off to a great start, not to mention the 1,047 deals that are currently pending.<br /><br />
Reduced Inventory
Another reassuring statistic for sellers is the reduced inventory of available homes on the market. The current available home inventory in the Sarasota housing market is the lowest it has been in almost a decade. Though the January figure of 3,846 available homes was a slight increase over the 3,657 homes available in December 2012, there were still 1,000 less homes on the market than there was only a year prior. <br /><br />
Rising Home Prices
Another encouraging statistic for sellers and realtors alike is the noticeable increase in home prices over the past year. The average median sale price of $183,800 this January is an incredible 14% increase over the median of $162,000 in January of 2012. However, due to the multitude of sub-$100,000 condo sales, the median sale price of a condo in January of this year was a staggering $50,000 less than January of the previous year. This might seem unnerving, but upon closer examination, due to a 13% increase in 2012 over 2011, the condo market still seems to be in an upswing as well.<br /><br />
Months of Inventory
This is often a misunderstood statistic, but one worth mentioning. In real estate, months of inventory relates to the time it would take to deplete the current home inventory if realtors continued closing deals at the same rate. This important statistic is looking positive for sellers and realtors as well. In fact, in January of 2013, the months of inventory were at 5.4 months for single family homes and 8.4 months for condominiums. Many would have thought these figures were unfathomable five years ago, however, it represents quite an improvement over the months of inventory the Sarasota market witnessed in 2012. In order to fully appreciate these latest statistics, one must examine the months of inventory figures at the height of the housing crisis in November of 2008. At the time, the Sarasota real estate market was saturated with single family homes and condos, raising the months of inventory statistic to 24 months for homes and 41 months for condominiums. The latest figures provide additional proof that the Sarasota market has rebounded quite nicely.<br /><br />
Short Sales and Foreclosures
The massive influx of <a title="Short Sales in Sarasota" href="https://www.raveisflorida.com/sarasota-short-sales">Sarasota short sales</a> and <a title="Foreclosures in Sarasota" href="https://www.raveisflorida.com/sarasota-foreclosures">foreclosures</a> since 2008 has been detrimental in its effect on the real estate market. Real estate markets across the country experienced this phenomenon, but as we all know, Sarasota was severely affected. Thankfully, the worst seems to definitely be behind us, as short sales and foreclosures are comprising much less of the available homes on the market. For instance, in January of 2013, the percentage of short sales and foreclosures on the market was at 12.2%, versus the 17% that existed during the same month in 2012. <br /><br />Overall, the 2013 January statistics reflect a strengthening Sarasota real estate market. All signs are pointing in the right direction towards a full recovery in the coming years. Real estate agents across the city are welcoming a busy spring season.
If you have any questions about the Sarasota real estate market or about the buying or selling process, we'd love to help. Please <a href="https://www.raveisflorida.com/contact">contact Key Solutions Real Estate Group</a>, or call (941) 894-1255.<br /><br />
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<a href="https://www.raveisflorida.com/sarasota" target="_blank">Sarasota Real Estate for Sale</a>
<a href="https://www.raveisflorida.com/sarasota-foreclosures" target="_blank">Foreclosures in Sarasota</a>
<a href="https://www.raveisflorida.com/sarasota-short-sales" target="_blank">Short Sales in Sarasota</a>
2020-07-17T00:47:00-07:002020-08-06T05:21:04-07:00RaveisFlorida.com Supporttag:raveisflorida.com,2012-09-20:14010Just Listed: Elegance on an Acre+<img style="float: right;" src="https://assets.site-static.com/userfiles/1190/image/uploads/lp_1618_kingsdown.jpg" alt="" width="250" height="150" />Eclectic, exciting and with a shout of elegance describes this property located at <a title="Sarasota Home for Sale" href="https://www.raveisflorida.com/listing/m5836107-1618-kingsdown-dr-sarasota-fl-34240/">1618 Kingsdown Dr</a>. This two story <a title="Current Sarasota Homes For Sale" href="https://www.raveisflorida.com/sarasota">Sarasota home for sale</a> has dramatic leaded glass entry doors leading into a house filled with artistry and stunning features and amenities starting with custom stone tile in foyer with black accents. The property offers over an acre of beautifully landscaped yard overlooking the golf course. The tropical paradise is enhanced even further by the heated 30'x15' pool and spa. The classic kitchen has black granite, some Jenn-Aire appliances, an abundance of honey oak wood cabinets, double wall oven, wet bar, desk, tray ceiling and breakfast area. An added bonus is the additional storage room off the laundry room. The regal great room has four large fluted columns, marble surrounded gas fireplace, a carved wood mantle, bookcase, niche, volume ceilings and designer paddle fan. If that wasn't enough, the four pocketing slider doors to pool allows for an incredible breeze to flow throughout the home. There is also a full pool bath with a separate access to house. The Owners' Bedroom Suite and Bath is on the first floor with his and her sinks, Roman shower, and a sunken Jacuzzi tub and TWO walk-in closets. Dining room to your right of foyer is designed with distinction. It has a huge chandelier, tray ceiling and an accent wall alcove. Upstairs has two bedroom suites and sumptuous hall bath with Jacuzzi, perfect for family and guests. Experience the home theater/media and billiards room which has a back staircase to kitchen. The three car over sized garage and 4629 square feet of living area will provide all the room you'll ever need!
If you have any questions about the <a style="font-size: 12px;" title="Current Siesta Key Homes for Sale" href="https://www.raveisflorida.com/sarasota">Sarasota real estate</a> market or the process of buying or selling a <a style="font-size: 12px;" title="Sarasota Golf Homes for Sale" href="https://www.raveisflorida.com/sarasota-golf">Sarasota golf home</a> ,please contact one of our specialists at <a style="font-size: 12px;" href="https://www.raveisflorida.com/contact">Key Solutions Real Estate Group</a>, or call (941) 894-1255.<br /><br />
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<a href="https://www.raveisflorida.com/sarasota" target="_blank">Current Sarasota Homes for Sale</a>
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<a href="https://www.raveisflorida.com/buying" target="_blank">Our Sarasota Home Buyers Guide</a>
2020-07-17T00:47:00-07:002020-08-06T05:23:17-07:00RaveisFlorida.com Supporttag:raveisflorida.com,2012-09-20:14009Sarasota Real Estate Market Report - Feb. 2013<img style="font-size: 12px; float: right;" src="https://assets.site-static.com/userfiles/1190/image/uploads/blog_chart_increasing_4.jpg" alt="Sarasota Real Estate Surge" width="200" height="150" />Sarasota Real Estate Market Continues 2013 Surge
The <a title="Sarasota homes for sale" href="https://www.raveisflorida.com/sarasota">Sarasota real estate</a> market continued its upward trend with a series of positive results in February 2013.
While January 2013 posted a strong 22 percent year-over-year rise in total sales, February 2013 was more impressive with a 24 percent jump compared to February 2012. If this growth pattern continues, the market could be set for a record-breaking year.
The Sarasota Association of Realtors® reported that members sold 733 properties in February 2013 – this consisted of 504 single-family homes and 229 condominiums. In comparison, 591 sales occurred in February 2012 – 414 single-family homes and 177 condominiums.
Last year, sales increased markedly in February, March and April, before moderating in the summer months. Pending sales, which provide a measure of expected future closings, totaled 1,138 in February 2013, up nine percent from the previous month. This suggests that sales in March 2013 and beyond could be even higher than the recent levels achieved. The number of pending sales is at the highest level reported since March 2011, further highlighting the strength of the current market.
SAR President, Roger Piro, commented on the recent market performance, "These statistics continue to demonstrate a healthy, energized real estate market.” Piro continued, “We had the fourth highest sales year in history in 2012, and sales for the first two months of 2013 are already topping last year's monthly levels by 23 percent. The pending sales figure also indicates strong sales continuing in the near term, so we could see yet another historic sales year."
The increased sales activity resulted in a rise in home prices. The median sale prices for single-family homes rose slightly, from $183,000 in January 2013 to $184,500 in February 2013. However, year-over-year, median prices jumped 10.2 percent (median price was $167,500 in February 2012).
<a title="Sarasota condos for sale" href="https://www.raveisflorida.com/downtown-sarasota-condos">Sarasota Condominium</a> prices recovered smartly last month, with the median price rising to $173,000 in February 2013 from $130,000 in January 2013. By comparison, the median price in February 2012 was $150,000, reflecting a 15.3 percent year-over-year increase.
Sarasota Inventory Still Very Low
On the supply side, the available inventory continues to hover at the lower end of levels seen over the past decade. In February 2013, the available inventory stood at 3,790; modestly lower (-1.5 percent) than the prior month, but significantly lower (-17.4 percent) compared to a year ago.
The increase in sales in February 2013 and the lower inventory suggest further supply side challenges. The months of inventory measure represents the time it would take to deplete available inventory at prevailing sales rates.
At the end of February 2013, months of inventory stood at 5.0 months for single-family homes and 5.6 months for condos. By comparison, a month earlier the corresponding figures were 5.4 months and 8.4 months. A year ago, the levels were 7.2 months and 9.1 months, respectively. To provide some perspective, at the low point in the market, in November 2008, there were 24 months of inventory for single-family homes and 41.7 months of condos.
To further highlight the recovery in the housing market, only 427 properties listed for sale in the MLS are short sales or foreclosures (460 in January 2013). This represents around 11.3 percent of all available properties for sale, compared to 12.2 percent a month prior and 17 percent in January 2012.
<a href="https://www.raveisflorida.com/sarasota-foreclosures">Sarasota foreclosures</a> and Sarasota short sales continue to account for a smaller share of the market. While in late 2010, distressed sales represented 51% of total sales, they only accounted for 35.4 percent in January 2013 and 27.5 percent in February 2013.
The sales price differential between distressed sales and normal arm's length transactions continues to remain high in Sarasota compared to the national average. Locally, in February 2013, the median sale price for a single-family foreclosure sale was $96,000, while the median price for an arm's length transaction was $220,000. Nationally, the price gap has narrowed to only 12 percent, according to Business Insider Magazine in an article headlined, "Those Amazing Deals on Foreclosed Homes Are Disappearing".
Overall, the statistics for February 2013 reflect continued vibrancy in the Sarasota real estate market, with both local residents and seasonal visitors purchasing homes or investment properties.
If you have any questions about purchasing <a title="Siesta Key real estate for sale" href="https://www.raveisflorida.com/siesta-key">Siesta Key real estate</a> or about the buying or selling process, we'd love to help. Please <a href="https://www.raveisflorida.com/contact">contact Key Solutions Real Estate Group</a>, or call (941) 894-1255.<br /><br />
Related Links
<a href="https://www.raveisflorida.com/sarasota" target="_blank">Sarasota homes for sale</a>
<a href="https://www.raveisflorida.com/siesta-key" target="_blank">Siesta Key real estate for sale</a>
<a href="https://www.raveisflorida.com/sarasota-foreclosures" target="_blank">Sarasota foreclosures for sale</a>
2020-07-17T00:47:00-07:002020-08-06T05:25:02-07:00RaveisFlorida.com Supporttag:raveisflorida.com,2012-09-20:14008Sarasota real estate for March surpasses the property sales record of August 2005<img style="font-size: 12px; float: right;" src="https://assets.site-static.com/userfiles/1190/image/uploads/blog_chart_increasing_homes.png" alt="Sarasota real estate market increasing" width="400" height="221" />The <a style="font-size: 12.222222328186035px;" title="Sarasota Real Estate" href="https://www.raveisflorida.com/sarasota">Sarasota real estate</a> market is red hot. March 2013 and the first quarter of 2013 set records for the sale of real property. 887 units were sold in March, which surpassed the August 2005 record. During the first quarter of 2013, there was an 11.3 percent increase from 2012.
628 <a title="Sarasota Homes For Sale" href="https://www.raveisflorida.com/sarasota">Sarasota homes for sale</a> were sold by the Sarasota Association of Realtors. The Association also sold 259 condominiums for a total a total of 887 units, which easily beat the record set in August 2005. The 887 units sold is a twenty-one percent increase over the previous month. In February, a total of 736 units were sold, (628 single family homes and 229 condos).The March 2013 total represents a 6.7 percent increase over the March 2012 figures.
The median sales price increase coincided with the huge sales figures and single family homes were the beneficiary. The median price showed its highest increase since August 2008, now sitting at $210,000. That ended a five year drought in the increase of median price of single family homes. Over the past several years, the median price of condos has suffered from heavy fluctuations. A condo’s median price now sits at $182,000. July 2010 represented the lowest point for the median price, which stood at $127,000, roughly the heart of the housing collapse. The record median price was $420,000 set in 2007, the beginning of the mortgage bubble.
There were 1,227 pending sales which represented the highest level in seven years. This is one of the highest levels in the history of the Sarasota real estate. February had 1,047 pending sales and January recorded 1,138 pending sales. This is an amazing start for the first quarter of 2013. All indicators point to the hot streak continuing in April, with forecasts that the April figures could go higher than the March figures.
Inventory of available homes dropped to record levels as well. March inventories declined to 3,643 available units while February inventories showed available units for sale at 3,790. Inventories are expected to decline further in April, with the forecast showing the month breaking the March record.
President of the SAR, Roger Piro said, “We are in the middle of an historic sales period, and the pending sales total indicates we could continue to see closings at or near record highs.” Piro pointed out that, “Agents are reporting very high activity at open houses, and the seasonal surge of buyers has been at the highest level in many years. If this continues, as it did last year, the year 2013 could end up in the record books.”
The number of months inventory available stood at 4.7 months for condos and 3.8 months for single family homes. The number of months represents how many months it would take to deplete the entire inventory for sale. These are the best numbers in the past decade. March 2012 showed 4.8 months of inventory for single family properties while Condos ran at 6.7 months of inventory for sale. At one point, in November 2008, there were 24 months of inventory for homes and 41 months for condos.
The MLS, (Multiple Listing Service) shows only 398 of the properties are foreclosures or short sales, which represents a decrease of 29 homes or units that are currently in the process of foreclosure or a short sale.
30 percent of the sales in March of 2013 represented the sale of properties in distress, up from the February number of 27.5 percent. However the outlook is bright once the distressed properties number decreases. In the fourth quarter of 2012, during the peak of the housing crisis, the figure stood at a whopping 51 percent of properties sold that were distressed properties.
Piro pointed out that, “This is a great time to be involved in the real estate industry in Sarasota, and this market continues to stand out in the national housing recovery. He went on to say, “With the tight inventory, low interest rates, and all the traditional attractions of the market, I don’t see any end in sight to energized local real estate market."
If you have any questions about the Sarasota real estate market or about the buying or selling process, we'd love to help. Please <a href="https://www.raveisflorida.com/contact">contact Key Solutions Real Estate Group</a>, or call (941) 894-1255.<br /><br />
Related Links
<a href="https://www.raveisflorida.com/sarasota" target="_blank">Search All Sarasota Real Estate for Sale</a>
<a href="https://www.raveisflorida.com/sarasota-foreclosures" target="_blank">Search All Foreclosures in Sarasota</a>
<a href="https://www.raveisflorida.com/sarasota-short-sales" target="_blank">Search All Short Sales in Sarasota</a>
2020-07-17T00:47:00-07:002020-08-06T05:26:05-07:00RaveisFlorida.com Supporttag:raveisflorida.com,2012-09-20:14007Sarasota Real Estate Agents Sell Over 1,000 Properties in April<img style="float: right;" src="https://assets.site-static.com/userfiles/1190/image/uploads/blog_chart_increasing_4.jpg" alt="Sarasota Real Estate Sales Increasing" width="300" height="275" />April 2013 was a banner month for the members of the Sarasota Association of Realtors. Not since June of 2005, the height of the housing market has the members reached four figures in sales. For 90 years, the SAR has only reached four figure sales ten times, and nine of those figures occurred during the top of the housing market in 2004 and 2005. The 1,000 sales represent a strong upward trend in the Sarasota housing market. <br /><br />The <a title="Current Sarasota Homes for Sale" href="https://www.raveisflorida.com/sarasota">Sarasota real estate</a> market for the spring of 2013 showed 714 single family homes sold along with 303 condominiums sold. A total of 1,017 closings occurred during the spring months, representing the highest total in eight years. The numbers represent a 14 percent increase from this time last year when 886 total closings were reported. 1,223 is the record amount of sales that occurred in April of 2004. <br /><br />Median sales prices helped fuel the surge in buying. In April of 2004, the median sales price of a home in Sarasota was $175,000. In April of this year, the figure rose 24 percent to a new median price of $217,000. However, the figures for condos continue to fluctuate where the median price of $185,000 is slightly lower than last year’s median sales price of $191,000. However, those figures do not drive away investors who still believe than can obtain a property in Sarasota for pennies on the dollar. In January of 2013, the median price for a condo stood at $130,000 which is one of the major reasons why investors flooded the market all the way through April. <br /><br />SAR President Roger Piro remarked, “This historic number of sales is a testimony to the hard working, professional realtors who belong to the SAR association. He went on to say, “Many agents and brokers I talk with are spending countless hours with buyers and sellers, working nights and weekends and going the extra mile to make sure they meet the needs of their clients. This has been an amazing time for the Sarasota real estate market, and it’s our members who help make dreams come true for those who want to make Sarasota their new home.”<br /><br />Inventory in Sarasota remains at the lowest levels in nearly a decade, meaning buyers are continuing to flood the market. April inventories were recorded at 3,479 as compared to the March figure of 3,643. Since April of 2012, inventories year over year are down nearly 19 percent which again points to new buyers investing money in the Sarasota market. <br /><br />April of 2013 showed inventories currently available at 3.2 months of supply for single family homes and 3.9 months of supply for condos. These figures represent some of the lowest inventory levels in the past decade. The numbers reflect the amount of time in months it would take to deplete the housing inventory at the current sales rate. April 2012 showed 4.7 months of inventory for single family homes while condos stood at 5.1 months of inventory during the same month. The market was at its worst point in November of 2008, where 24 months of inventory was available at that particular sales rate for single family homes. Condos in November of 2008 showed a whopping 41.7 months of inventory for the sales rate at that time. <br /><br />As far as short sales and foreclosures for the month of April 2013, the Multiple Listing Service shows that only 376 properties are distressed or facing foreclosure. The figure represents 10.8 percent of current homes and condos that are listed for sale. This figure far exceeds the numbers from January 2012 where 19 percent of available properties for sale were short sales, distressed properties and foreclosures.<br /><br />
Related Links
<a href="https://www.raveisflorida.com/sarasota" target="_blank">Sarasota homes for sale</a>
<a href="https://www.raveisflorida.com/sarasota-condos" target="_blank">Sarasota condos for sale</a>
<a href="https://www.raveisflorida.com/buying" target="_blank">Sarasota home buying guide</a>
2020-07-17T00:47:00-07:002020-08-06T05:27:24-07:00RaveisFlorida.com Supporttag:raveisflorida.com,2012-09-20:14006The Modern Day IRA: Sarasota Real Estate Investing<img style="font-size: 12px; float: right;" src="https://assets.site-static.com/userfiles/1190/image/uploads/blog_contract_120.jpg" alt="Real Estate Investing in Sarasota" width="240" height="160" />Most Americans know that you can invest the money in your IRA account in bonds, stocks and mutual funds. What most people do not know is that you can use your IRA to acquire real property. Investmenting in <a title="Sarasota real estate investments" href="https://www.raveisflorida.com/sarasota">Sarasota real estate</a> is associated with two advantages; appreciation and rental income. However, several procedural conditions must be fulfilled before you can acquire property using your IRA. There are also numerous limitations on the kind of property that you can obtain using your IRA. Below are a few pointers that can help you during your investment.
Finding a good custodian
The first step towards acquiring real property using your IRA is finding a capable custodian. In most cases, traditional IRA custodians are banks and brokerage firms that do not directly deal with real estate. They thus limit your investment to the products they usually offer, such as bonds and stocks. You must find an acceptable investor who handles self-directed IRAs. The easiest way to find a good custodian is by searching online for a self-directed IRA trustee. Most of these administrators charge a fee for their services. It is important to find a custodian who charges a reasonable fee and fulfills all your investment needs. After creating an IRA custodial account, you can now start purchasing some real estate by transferring money from an existing IRA account.
Types of properties
There are limitations to the property you can buy using your IRA. It must be a commercial or business property, and not a residential home, occasional rent or a second house. On the other hand, it must be property not currently owned by you, your spouse or something that a family member already owns. Another limitation is that you cannot use or live in the property that you obtain using your IRA. However, you are allowed to use the property after retirement and disbursement. A self-directed IRA allows you to buy and sell <a title="Sarasota Homes For Sale" href="https://www.raveisflorida.com/sarasota">Sarasota homes</a>, commonly known as flipping. However, the number of transactions you can carry out every year is limited. Profits made from such deals are tax-free, enabling your IRA to continue growing.
Investment concerns
It is important to understand that you must have sufficient cash in your IRA account to purchase property because you cannot qualify for a traditional mortgage loan. Remember that you will be paying the custodian a certain fee to administer your self-directed account. Depreciation or losses made from any property obtained using an IRA account cannot be written off, making it impossible to get those traditional tax savings associated with rental properties. Failure to comply with any of the rules can lead to tax penalties or completely destroy your IRA.
Pooling your resources
The beauty with using your IRA is that you can pool your resources with other investors and use it to obtain property. Two families each with an IRA of $100,000 can come together and buy real estate property worth $200,000. All they need is a joint venture agreement that stipulates the ownership, maintenance and sale to prevent future conflicts.
If you have any questions about purchasing Sarasota real estate with your IRA or about the buying or selling process, we'd love to help. Please <a href="https://www.raveisflorida.com/contact">contact Key Solutions Real Estate Group</a>, or call (941) 894-1255.<br /><br />
Related Links
<a href="https://www.raveisflorida.com/sarasota" target="_blank">Sarasota Investment Properties For Sale</a>
<a href="https://www.raveisflorida.com/buying" target="_blank">Sarasota Home Buyers Guide</a>
<a href="https://www.raveisflorida.com/selling" target="_blank">Selling Your Sarasota Home</a>
2020-07-17T00:46:00-07:002020-08-06T05:29:57-07:00RaveisFlorida.com Supporttag:raveisflorida.com,2012-09-20:14005Sarasota real estate market report: July 2013<img style="font-size: 12px; float: right;" src="https://assets.site-static.com/userfiles/1190/image/uploads/blog_home_sales_120.jpg" alt="Sarasota real estate market" width="240" height="160" />The real estate market in Sarasota has been on an amazing streak lately, and that positive trend has continued in July. <a title="Best Realtors in Sarasota" href="https://www.raveisflorida.com/agents">Sarasota Realtors</a> were a part of 911 sales during the month of July, which is over 30% better than the numbers we were seeing at this point last year. In fact, this was actually a 3.2% increase over the numbers we saw last month. 2013 is looking to be one of the best years for <a title="Sarasota real estate" href="https://www.raveisflorida.com/sarasota">Sarasota real estate</a> in the entire history of the Sarasota Association of Realtors.<br /> <br /> In addition to having more real estate sales in Sarasota, July also saw an increase in the median sale price of <a title="Sarasota single family homes for sale" href="https://www.raveisflorida.com/sarasota">Sarasota single family homes</a>. There was an increase of over $25,000 in the average sale price this past month, as the average sale price in July was $227,500. This turns out to be a 7.2% increase in one month. Over the past year, the median single family home price has increased by 16%. It is looking like 2013 will bring the largest single-year increase in sale prices of these particular types of homes in the last four years. Although, we like to compare sales month by month, it is important to remember that real estate sales are most accurate when looked at in a 1 year, 5 year, and 10 year block. The month to month is great in conveying sales as they happen, but one large sale may skew the numbers. <br /> <br /> While the housing market is on the rise, the current market for <a title="Sarasota condos for sale" href="https://www.raveisflorida.com/sarasota-condos">Sarasota condos for sale</a> has not been performing as well. Prices of condos dropped to $162,900 from $192,500 in one month, which is an amazing drop of more than 15 percentage points. Condo prices have been a bit volatile this year, and the range of median price by month this year has been between $130,000 and $194,500. The main reason for the recent decline in condo prices has been the increase in condo sales for less than $100,000. The additional factor is that Million dollar condo sales are on the decline. The 12-month median condo sale price is only 2% higher than it was at this point in 2012.
Inventory was on the rise in July, as it grew to 3,152. This is roughly 1% higher than what we saw in June. While this slight increase is a good sign for buyers, we are still dealing with a 13% inventory drop from this time last year.
Pending sales were at 909 in July, which is roughly 10% lower than what we saw in June 2013. The number of pending sales in July of 2012 was 919. This slight decline in pending sales can be directly attributed to the lower inventory levels and increases in pricing.
SAR President Roger Piro thinks that the 30% increase in home sales year over year is the biggest news of the summer. The buyers are here to stay in Sarasota, so it is important for everyone to get in on the action while they can. Piro also referred to the current local real estate market as a "historic time." One of his final thoughts was that this does not have the making of another bubble because we have seen condo prices go up and down during this same time period where housing prices have seen a steady rise in value. This, in addition to the financial strength of the buyers in this market can give real estate professionals a good sense that the steady increasing in prices will be seen for a while. <br /> <br /> For July 2013, single family home inventory was at 3.1 months. This number rises to 4.6 months for condos. Both of these levels are near record lows for the past decade of the local real estate market. These numbers indicate the amount of time that it would actually take all of the real estate agents to sell everything at the current rate of sales. The numbers for this time last year were 4.5 months for single family homes and 7.5 months for the condos.<br /> <br /> Piro has stated that he expects the growth to continue in the real estate market until the end of the year as it did in 2012. It will be hard for this kind of repeat to happen since home values were up so much by the end up 2012, but the past has shown us that the entire housing market can be rather unpredictable at times.
If you have any questions about purchasing a <a title="homes for sale in Sarasota" href="https://www.raveisflorida.com/sarasota">home for sale in Sarasota</a>, or <a title="Investment properties in Sarasota" href="https://www.raveisflorida.com/best-buys?sortorder=ASC-ListingPrice">investment properties in Sarasota</a>, we'd love to help. Please <a href="https://www.raveisflorida.com/contact">contact Key Solutions Real Estate Group</a>, or call (941) 894-1255.<br /><br />
Related Links
<a href="https://www.raveisflorida.com/sarasota" target="_blank">Current Sarasota Real Estate for Sale</a>
<a href="https://www.raveisflorida.com/sarasota-condos" target="_blank">Current Sarasota Condos for Sale</a>
<a href="https://www.raveisflorida.com/agents" target="_blank">Best Sarasota Realtors</a>
2020-07-17T00:46:00-07:002020-08-06T05:30:02-07:00RaveisFlorida.com Supporttag:raveisflorida.com,2012-09-20:14004Ask an Expert: Is Now The Time To Buy Sarasota Real Estate?<img style="font-size: 12px; float: right;" src="https://assets.site-static.com/userfiles/1190/image/uploads/blog_ask.jpg" alt="" width="200" height="133" />We receive questions every day from buyers around the globe concerning the market for <a title="Real Estate in Sarasota" href="https://www.raveisflorida.com/sarasota">real estate in Sarasota</a>. Each week, our Broker Keith M. Redding will answer a few questions our clients have.
“I read that the number of Sarasota home sales are down from June to July. Does this mean we should wait to purchase because prices will be decreasing with less sales?"
Only you know when the time is right to make a real estate purchase. The facts of the market are that sales did decrease in Sarasota County from June to July. What you may not have seen was that the decrease was only by 1%. Many contribute this slight decrease to a lack of available inventory over fewer buyers looking to purchase. Much like with any product, a limited supply accompanied with a higher demand will cause the market value to increase. The best way to compare real estate is looking at year-to-year instead of month-to-month for short term evaluation. In that regard sales are up by roughly 18% from June of 2012 to June of 2013.
"Will the prices of Sarasota homes continue to rise at the double-digit numbers that we have seen over the last 2 years?"
While no one has a crystal ball, the available date shows that the prices of homes will begin to slow. They will still continue in an upward trend, but may not offer the double digit increases. The reason for this is 2-fold. First, housing is not as “cheap” as it has been over the last few years. While we are still down substantially from the peak of the market, the Sarasota area has seen a 15-20% increase from the bottom. This increase has taken some potential buyers out their affordability range to make a purchase. The second reason is that we have seen an increase in mortgage rates, which have caused some buyers to pause on purchasing. When rates were in the low 3s, most felt they these rates had bottomed out and needed to buy something immediately. Now that rates are in the 4s, and based on recent reports may be staying there for a while, the overwhelming urgency we saw has subsided a bit. This new level of rates is still much lower than what we saw just a few years ago, but slightly up from the historic lows. Now that buyers appear to be more comfortable with the rates maintaining current levels, some are thinking through their purchases longer.
"There have been reports that we are on the verge of another real estate bubble in Sarasota because of the historic level of homes being purchased and the pricing increases. Are we going to see the same thing that happened in 2008?”
This market is much different than the one that led to the real estate collapse in 2008. The most important thing to keep in mind is that those who are, and have been, purchasing over the past 4 years have been doing so under much stricter lending regulations. Every borrower is put through a much more rigorous application process in order to be approved for a loan. Many are purchasing with conventional loans and average roughly 20% down. In addition to these buyers, a huge percentage of Sarasota area buyers are using cash for their purchases. What this situation leads us to is a much stronger basis of value for neighborhood stabilization as the risk of potential default by these types of buyers is incredibly limited.
<a title="Keith M. Redding" href="https://www.raveisflorida.com/agents/keith-redding/">Keith M. Redding</a> has been licensed to practice real estate since 2005 and is part of an executive team responsible for over $550 million is residential and commercial sales. His experience and aggressive approach to the real estate business has resulted in Keith being one of the most recommended Realtors in the Sarasota area. As Broker of Key Solutions Real Estate, he manages a staff of 21 Realtors and employees and is hands on with almost all of the transactions conducted by this firm. If you would like to have your real estate questions answered please <a style="font-size: 12px;" href="https://www.raveisflorida.com/contact">contact Key Solutions Real Estate Group</a>, or call (941) 894-1255.<br /><br />
Related Links
<a href="https://www.raveisflorida.com/sarasota" target="_blank">View all Sarasota real estate for sale</a>
<a href="https://www.raveisflorida.com/buying" target="_blank">Sarasota real estate buyers guide</a>
<a href="https://www.raveisflorida.com/about" target="_blank">Find out more about Key Solutions Real Estate in Sarasota</a>
2020-07-17T00:46:00-07:002020-08-06T05:30:48-07:00RaveisFlorida.com Supporttag:raveisflorida.com,2012-09-20:14003Sold! Premiere Vacant Land on Lido Key<img style="float: right;" src="http://fusion.realtourvision.com/tours/66318/images/mob/0_93761500_1366314742.jpg" alt="129 Taft Dr. on Lido Key" width="320" height="180" />The highly sought after <a title="Lido Key real estate" href="https://www.raveisflorida.com/lido-key">Lido Key real estate</a> land, 1.12 acres located at <a title="Lido Key Land for Sale" href="http://fusion.realtourvision.com/mypage/tourdetail.php?tourid=66318&userid=12631&referrer=129TAFT.COM">129 Taft Dr.</a> Sarasota, Fl 34239 closed on Friday August 9, 2013. The sale price was $2,205,000 (public records) almost 20% over list price. The property is zoned WFR and allows for a density of 20 units. Key Solutions Real Estate Commercial Division’s Larry Richards and Keith Redding represented both sides of the transaction. “The amount of interest in this property was overwhelming. We contribute the success of this sale to our custom, cutting-edge <a title="Lido Key Virtual Tour" href="http://fusion.realtourvision.com/66318">Fusion Vision marketing</a>and global networking reach,” said Broker and Co-Lister Keith Redding. “Our new method of selling vacant land in Sarasota is going to be a game changer for property owners.
If you have any questions about the <a title="Lido Key Real Estate Market" href="https://www.raveisflorida.com/lido-key">Lido Key real estate market</a> or about the buying or selling process, we'd love to help. Please <a href="https://www.raveisflorida.com/contact">contact Key Solutions Real Estate Group</a>, or call (941) 894-1255.<br /><br />
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<a href="https://www.raveisflorida.com/lido-key" target="_blank">Lido Key Real Estate</a>
<a href="https://www.raveisflorida.com/buying" target="_blank">Real Estate Buying Tips</a>
<a href="https://www.raveisflorida.com/about" target="_blank">About Key Solutions Real Estate on Siesta Key</a>
2020-07-17T00:46:00-07:002020-08-06T05:31:55-07:00RaveisFlorida.com Supporttag:raveisflorida.com,2012-09-20:14002What Sarasota Real Estate Buyers Need To Know About Todays SellersSarasota Home Buyers Need To Understand and Respect Sellers
<img style="font-size: 12px; float: right;" src="https://assets.site-static.com/userfiles/1190/image/uploads/blog_family_400.jpg" alt="" width="400" height="266" />The somewhat adversarial attitude many home buyers took toward the people whose homes they wanted to purchase just a few short years ago has now turned into a more open and beneficial relationship. As the economy shows signs of recovering from its multi-year downturn, buyers realize the <a title="Search Sarasota real estate" href="https://www.raveisflorida.com/sarasota">Sarasota real estate market</a> is now starting to tip toward sellers. Potential home buyers who educate themselves about the issues facing sellers will have a much better chance of finding the property they really want, at a price that helps their budget and shortens the entire purchasing process.
Although the demographics related to Sarasota home sellers haven’t changed substantially, there are some factors a buyer should consider when searching for his next home. Unfortunately, the <a style="font-size: 12.222222328186035px;" title="Search Siesta Key real estate" href="https://www.raveisflorida.com/siesta-key">Siesta Key real estate</a> market, and surrounding areas, while improving throughout 2013, hasn’t reached the robust level it enjoyed several years ago. Therefore, a buyer needs first and foremost to keep in mind that the owner who needs to sell his home may be one of the almost 30 percent of all homeowners in the US who owes more on his mortgage than his home is worth. Offers that would have gotten a buyer laughed off the property several years ago are now a viable option for many sellers who just want to move on from their unfortunate real estate experiences.
It’s a fact of life that people change jobs, end marriages or downsize. As a result, a person selling his home is very often looking to buy another home himself. In order to move on in his life, he needs to sell his current home as quickly as he can. A buyer who can offer a seller the opportunity to move his property in as short a time as possible is one who can create the best terms for themsleves. A seller will be much more willing to listen to the buyer who has a pre-approval in place and money ready to hand over in exchange for the keys to the front door.
Someone who is ready to sell his home, even if he isn’t hindered by negative equity or the need to move quickly, has likely been affected indirectly by the recent free-fall in the housing market. He’s watched family members or friends suffer the horrors of a home that took many months if not years to sell or a situation in which the seller had to take less for the home than was owed on it or who felt he had no other option but to walk away from the home entirely. While the seller appreciates the improving real estate market, he’s not willing to gamble on the chance that he can make more money he waits for a bidding war to start. He’s likely to accept a valid offer that can be closed on as soon as possible.
Many real estate experts say that it’s in the buyer’s best interest to take a bit of time and put himself in the seller’s shoes. A family that has to keep its home in a pristine condition for showings at all times will become very weary of the added work as weeks go by without a nibble. A buyer whose offer might have been turned down early in the sales process may be able to get a second hearing on the offer once several weeks have passed.
Sellers also frequently don’t have the time or the money to do cosmetic overhauls as a condition of the sale. It’s often better if a buyer simply makes a lower offer, explaining that he plans to hire someone to make the improvements once the sale is complete. Likewise, the seller may want to or need to take appliances with him in his move. If this is the case, the buyer can again likely negotiate a lower price in order to have some funds available with which to buy his own appliances.
While buyers still have the upper hand in today’s real estate market, the savvy buyer should respect the seller's position and avoid making unreasonable demands. A homeowner is frequently willing to do everything he can to help encourage a buyer to purchase his home but he eventually will reach his limit. Once he’s at that point, he usually won’t budge any further. A buyer who understands that he needs to work with a seller rather than fight against him should be able to purchase the home he wants at the best possible price.
If you would like more tips on buying <a title="Sarasota homes for sale" href="https://www.raveisflorida.com/sarasota">Sarasota homes for sale</a> or any of the <a title="Siesta Key Condos for Sale" href="https://www.raveisflorida.com/siesta-key">Siesta Key condos for sales</a> we'd love to help. Please <a href="https://www.raveisflorida.com/contact">contact Key Solutions Real Estate Group</a>, or call (941) 894-1255.<br /><br />
Related Links
<a href="https://www.raveisflorida.com/sarasota" target="_blank">Search All Sarasota Real Estate</a>
<a href="https://www.raveisflorida.com/siesta-key" target="_blank">Search All Siesta Key Real Estate</a>
<a href="https://www.raveisflorida.com/buying-guide" target="_blank">Sarasota Buyers Guide</a>
2020-07-17T00:46:00-07:002020-08-06T05:35:12-07:00RaveisFlorida.com Supporttag:raveisflorida.com,2012-09-20:14001Sarasota Real Estate Market Report - September 2013<img style="font-size: 12px; float: right;" src="https://assets.site-static.com/userfiles/1190/image/uploads/blog_chart_increasing_house_2_400.jpg" alt="September 2013 Sarasota Real Estate Market Report" width="400" height="300" />
Seasonal trends in real estate happen everywhere, and the <a title="Current Sarasota Real Estate for Sale" href="https://www.raveisflorida.com/sarasota">Sarasota real estate</a> market is no different. For a more accurate assessment on the local real estate market regarding homes and <a style="font-size: 12px;" title="Current condos for sale in Sarasota" href="https://www.raveisflorida.com/sarasota-condos">condos for sale in Sarasota</a>, statistics should be viewed on a year-over-year basis, not month to month.
Reminiscent of September 2012, late summer tends to have lower real estate sales numbers compared to August highs, but September 2013 showed sales were up 22.5 percent compared to 2012. Compare August 2013 sales of 957 homes and September 2013 sales of 817 homes just in Sarasota County alone and you get a 14.6 percent difference. Most September sales were single family homes compared to condominiums. For example, 545 houses sold compared to 272 condominiums.
Late summer usually has slower sales because of back to school and vacation issues. Buyers do not want to include a move during a late season vacation or interrupt the beginning of the school year. That said, sales were not in a slump in September by any means. Keith Redding, Broker of Key Solutions Real Estate who specializes in <a title="Homes for sale on Siesta Key" href="https://www.raveisflorida.com/siesta-key">Siesta Key Homes</a> and <a title="Condos for sale on Siesta Key" href="https://www.raveisflorida.com/siesta-key-condos">Siesta Key Condos</a> saw a huge upswing in September. “This was the best month for sales that our company has on record. We saw a late summer push for buyers looking to relocate and those wanting to secure their second homes and vacation condos before prices begin to rise for season.”
September 2013 pending sales stand at 750 properties compared to August 2013 property sales at 864 units. Although indicating a significant drop between months, September 2012 showed almost the same selling pattern with 734 properties under contract, making the fourth quarter a strong selling period for realtors.
Sarasota County's median price for condos in September 2013 was $165,000 whereas last year's median only reached $155,000. August 2013 remained at a modest median of $161,000. August 2013 still beat both September 2012 and 2013 with its median single family home price of $195,000. September 2013 showed a staggering increase in single family home prices with a median of $185,902. With September 2012 prices at $157,000, this year produced an 18.5 percent increase compared to last year.
With the real estate market recovering, the 12-month median price for a single family home in 2013 was $179,000. To compare, September 2012 was 21.7 percent lower in median price at $147,000. Condominiums showed a similar increase in 2013 of 8 percent. Condos sold for a median 12-month price of $147,000 in September 2012 compared to $160,000 in September 2013.
SAR President Roger Piro remarks that low and steady interest rates have improved the market. As the government shutdown issues subside, home sales are still intense and continue to sell well as the market recovers. Buyers see the investment potential in quality properties with good schools nearby. A well-populated area contributes to property taxes and funds important neighborhood essentials, from new school textbooks to police coverage.
The time required to completely sell all the properties in a given area based on current sales is called months of inventory. A six month inventory level indicates a healthy supply and demand in the real estate industry. September 2012 reflected 4.2 and 5.5 months of inventory of single family homes and condos, respectively. In comparison, September 2013 offered 4.4 and 4.0 months, respectively. Although this trend did not affect single family homes significantly, condo selling rates show that they are a hot item in today's market. August 2013 indicated an almost identical rate to September 2013 with 4.2 and 4.0 months for single family and condos, respectively.
August 2013 showed 13.2 percent of available Sarasota County properties as short sales or foreclosures, compared to September 2013 numbers at 14.4 percent. For example, 499 properties in August were distressed whereas 569 properties in September had the same foreclosure or short sale issues. Moving into October, 15 percent of the listed 1,100 properties were distressed.
Although there is a high percentage of distressed properties, sales from these areas are dwindling. September 2012 had a distressed sale percentage of 37.1, but August 2013 showed a significant drop to 20.6 percent. September 2013 had a slight increase to 23.0 percent of sales, but this percentage usually decreases over time.
With high quality properties in the Sarasota County area, the real estate industry should flourish into the new year as sales increase through October, November and December.
If you have any questions about purchasing a <a title="homes for sale in Sarasota" href="https://www.raveisflorida.com/sarasota">home for sale in Sarasota</a>, or <a title="Investment properties in Sarasota" href="https://www.raveisflorida.com/best-buys?sortorder=ASC-ListingPrice">investment properties in Sarasota</a>, we'd love to help. Please <a href="https://www.raveisflorida.com/contact">contact Key Solutions Real Estate Group</a>, or call (941) 894-1255.<br /><br />
Related Links
<a href="https://www.raveisflorida.com/sarasota" target="_blank">Homes for sale in Sarasota</a>
<a href="https://www.raveisflorida.com/lakewood-ranch" target="_blank">Homes for sale in Lakewood Ranch Florida</a>
<a href="https://www.raveisflorida.com/best-buys" target="_blank">Real estate deals in Sarasota</a>
2020-07-17T00:46:00-07:002020-08-06T05:36:56-07:00RaveisFlorida.com Supporttag:raveisflorida.com,2012-09-20:14000Sarasota Real Estate Market Report - October 2013<img style="float: right;" src="https://assets.site-static.com/userfiles/1190/image/uploads/blog_chart_increasing_house_400.jpg" alt="Sarasota real estate price increasing" width="314" height="236" />
Prices Soar in the October 2013 Sarasota Market Report
Those wondering if the real estate recovery was beginning to slow down need not look further than the most recent sales report from this October. When looking at October 2013 against October 2012, we have seen a dramatic surge in median pricing of 11.6% for single family homes and a huge spike of 20.7% for <a title="Sarasota Condos for Sale" href="https://www.raveisflorida.com/sarasota-condos">condos in Sarasota</a> County. In dollar terms, the median price for a condo in Sarasota was $145,000 in 2012 and is now $175,000 as of this October.
Granted, when considering the median sales price for single family homes and condos, one must always keep in mind that the swing could have been caused by several outlier sales that sparked the drastic increases. In order to get more accurate information, we look at what is called the rolling median price. This takes into account the twelve months leading up to this past October, instead of just year over year. When looking at these statistics, we see that single family homes have increased to a median price of $180,000, up from $147,000 for October 2012. For condos the results still showed the upward trend from $148,000 in October of 2012 to $162,900 for 2013. What this shows is that both scales are significantly trending upward during this time frame.
In order to better understand these numbers, we must also consider the number of sales. The red hot summer in which the <a title="Sarasota Real Estate Market" href="https://www.raveisflorida.com/sarasota">Sarasota Real Estate Market</a> had seen sales eclipsing 1,000 units per month, has cooled to 818 for October. While many attribute this lesser amount to the pricing increases, the main reason we have seen this is lack of inventory.
When asked about the current market and inventory, Keith Redding, Broker of Key Solutions Real Estate, gave us some insight. “Our Clients are continuing to look for properties to purchase, but the inventory is affecting the time frames in which they are purchasing. They still believe that this is a great time to purchase because of the inevitable rise in interest rates we will be seeing next year. This will have a great effect on buying power and what someone can afford at a 4% rate versus a 5% rate.” Redding went on to say, “Our agents have stepped outside of the traditional methods of waiting for a property to come onto the market, then notifying our clients. I am seeing many of them calling and going door-to-door asking if people would consider selling if the home is within our client’s criteria.”
Current Sarasota Real Estate Value
Those who have been considering purchasing <a title="Sarasota Real Estate" href="https://www.raveisflorida.com/sarasota">Sarasota real estate</a> should feel confident that they will still be able to get a great place at a good value. While the statistics indicate that pricing has clearly increased, we are still well off of the highs of the market for the Sarasota area. Anyone planning for a future retirement home, investment property or looking to upgrade their current living situation should take a very serious look at purchasing in the near future. If prices continue on this trend, many individuals may be paying 20-30 percent more in the upcoming years.
If you have any questions about the Sarasota real estate market or about the buying or selling process, we'd love to help. Please <a href="https://www.raveisflorida.com/contact">contact Key Solutions Real Estate Group</a>, or call (941) 894-1255.<br /><br />
Related Links
<a href="https://www.raveisflorida.com/sarasota" target="_blank">Sarasota Real Estate</a>
<a href="https://www.raveisflorida.com/sarasota-condos" target="_blank">Sarasota Condos</a>
<a href="https://www.raveisflorida.com/buying" target="_blank">Sarasota Home Buying Tips</a>
2020-07-17T00:46:00-07:002020-08-06T05:37:57-07:00RaveisFlorida.com Supporttag:raveisflorida.com,2012-09-20:13999Thinking of Buying in 2014? Changes in the Lending Industry You Should Know<img style="font-size: 12px; float: right;" src="https://assets.site-static.com/userfiles/1190/image/uploads/blog_hand_in_house_400.jpg" alt="" width="283" height="188" />With new regulations in place, mortgages will be reviewed to ensure that each new mortgage meets the standards of a qualified mortgage: The APR must be within 1.5 percentage points of the annual prime offer rate, a loan term maximum of 30 years, and points and fees cannot exceed 3% of the loan amount.
Based on these conditions, the mortgage will be able to qualify for “safe harbor”. This means the lender has much less risk of a borrower suing them for not being able to repay the loans. This has been happening recently as multiple banks were accused of predatory lending during the mid 2000s real estate boom. There will still be options for loans that do not fall under these conditions know as rebuttable presumptions.
Rebuttable Presumptions
Rebuttable presumptions mean that the lender is required to comply with the “ability-to-pay requirements” if the loan is does not fall under the safe harbor. These are as series of requirements that the borrower must meet, such as credit score and most importantly, debt to income ratio. Lenders will need to show that these results place the consumer in a loan they can reasonably be expected to repay. The goals of these new programs is to help protect the consumer form overpaying in fees when they obtain the mortgage and, most importantly, ensure that the buyer understands the loan they are getting and the actual amounts to be repaid.
Given these limitations, and additional new restrictions on lenders that take effect in January, some experts have suggested that consumers may find themselves struggling to acquire a mortgage. In the past some loans have been more artwork than science. The art comes in when a loan originator decides to approve or deny a mortgage application. Even if a borrower doesn’t meet every requirement in the book, the originator’s experiences can give important context to a case that numbers and rules may not. These new regulations will concentrate more on the science and give less leeway to those making the decision to approve or deny.
Speak to Your Lender Before Shopping for a Home
According to Key Solutions Real Estate Broker Keith M. Redding, the most important step for those looking to purchase Sarasota Real Estate in 2014 is to speak with a lender first. “For most buyers there have been many changes in lending since they last purchased a home. Much more documentation is being required. The best way to ensure a loan approval is to speak with a lender prior to looking at a property. They will tell you the exact information that you need to supply them with and any new requirements. This will save buyers substantial time and money.”<br /><br />
Related Links
<a href="https://www.raveisflorida.com/buying" target="_blank">Use our buyers guide and handy tools</a>
<a href="https://www.raveisflorida.com/sarasota" target="_blank">Search homes for sale in Sarasota</a>
2020-07-17T00:46:00-07:002020-08-06T05:38:49-07:00RaveisFlorida.com Supporttag:raveisflorida.com,2012-09-20:13998Sarasota Investment Properties - How to Tell the Good From the Bad<img style="font-size: 12px; float: right;" src="https://assets.site-static.com/userfiles/1190/image/uploads/blog_hand_in_house_400.jpg" alt="Picking the right Sarasota investment property" width="300" height="200" />Sooner or later, investors of every age or stature in the community will have heard all the real estate scuttlebutt jargon they care to hear. It comes in several recognizable forms: "Where are the good deals anymore, I can't find them?"
"You know Fred, I had this good deal all locked up and then lost it to a higher bidder."
And the ever popular Mantra: "I sure wish I could land a good deal once in a while!?"
That said, investor wannabe's are all different, in terms of agenda, pricing, and location. What might be the "best deal in town" for you may have been passed over and totally ignored by a dozen investors who thought it to be a bad deal. Which may have you scratching your head and thinking: "What do they know that I don't?" The real estate trails are loaded with little torn pieces of "what-if" papers.
Decades ago, a wise investor had shouted to any person who would listen that investment beginners tend to focus on what is commonly known in real estate parlance as "technique," and eschew more important issues. The formula for learning how to spot a "good deal" doesn't magically float down in a parachute with your name on it including specific directions. Good real estate deals come from education, research, and most of all, experience. The experienced "high rollers" usually have the best formula; ergo, close most of the best deals.
What is a good deal formula?
#1 - A property that will not "eat-you-alive" in costs. One that provides income with a positive cash flow. And a property that doesn't require a ton of rehab money to meet the PITI mortgage payment.
#2 - A property you can "leverage." The less cash upfront you put down allows you to buy more properties. If the property goes up in value, so does your rate of return. On the downside, if the value goes the other way, you may be faced with a negative cash flow, and that's not good for your pocketbook. However, if you're in the game for the long haul, since real estate is cyclical, you'll win in the end. On that subject you should keep in mind that a "no down" deal may put a smile on your face, but should be approached with some caution.
#3 - A property that presents risk often times might be a consideration, but require you have an alternative plan in place. Comments like: "It looks great," "Gee, I love the location," "sure there are vacancies, but a little rehab will work wonders." This is the time you should have a "Plan B" which means expect the best, but plan and prepare for the worst, and know what color a caution sign is.
Look folks, the reason you're investing in real estate is to make a profit. If your consideration is a 4-plex unit, will the income justify the mortgage payment? Is it a fixer-upper? Are the rents inline with other units in the area? Does it have any profit potential? Price versus value are the keywords here.
Finally, in small or large income rental property, the question before the board of common sense is: who is going to manage the units? Are you in over your head? Yes, good deals are out there. You just need to know what to look for and make the ultimate decision: will it be a good deal or a money pit?
We'd love to help you find the perfect Sarasota investment property. Please don't hesitate to <a href="https://www.raveisflorida.com/contact">contact the team</a> at Key Solutions Real Estate Group for assistance, or call (941) 894-1255.<br /><br />
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<a href="https://www.raveisflorida.com/sarasota-foreclosures" target="_blank">Search for foreclosure deals in Sarasota</a>
<a href="https://www.raveisflorida.com/sarasota-condos" target="_blank">Find that perfect Sarasota rental property</a>
2020-07-17T00:46:00-07:002020-08-06T05:39:31-07:00RaveisFlorida.com Supporttag:raveisflorida.com,2012-09-20:13996Sarasota December Home Prices & Sales Climb<img style="float: right;" src="https://assets.site-static.com/userfiles/1190/image/uploads/blog_chart_increasing_3.jpg" alt="" width="250" height="180" />Home prices in Sarasota County continue their ascent, as the median sales price for condos and single family homes in December 2013 were up double digits over the figures from December 2012, once again ending the year on a high note.
The median sales price of a single family home reached $189,950 in the month of December, marking an impressive 15.1 percent increase over last December’s median sales price of $165,000. The condo market also experienced a significant price jump in December 2013 as the median sales price for condos in Sarasota County reached $182,000, representing a 10.2 percent increase over last December’s median sales price of $165,100.
Furthermore, at $184,900 for single family homes during the month of December, the 12-month rolling median, which is a useful statistic that moderates price swings from month to month, was up nearly 20 percent over last December’s 12-month rolling median of $150,000.
Sarasota Property Sales Up
In all, there were 920 property sales in Sarasota County during December 2013, up from 906 for December of last year. Of these, 621 were single family homes and 299 were condominiums. December 2013 property sales also rose by 16.9 percent over the previous month, besting the 787 sales taking place during November 2013.
These substantial sales figures become all the more impressive when viewed within the context of the sales tracking history of the MLS. In fact, Sarasota’s 11,184 property sales in 2013 ranked second amongst annual property sales ever tracked in MLS.
SAR President Peter Crowley remarked, “Overall, December 2013 was a great month for real estate in our market. Many of our winter residents and visitors seem to have turned their attention to buying and selling homes. This could be partially attributed to the recent news that predicts increases in mortgage interest rates in 2014. Also, as homeowners see their properties appreciating in value, many are no longer under water and are now able to put their homes on the market."
Crowley is not alone in his beliefs. In fact, numerous respected news sources have predicted rising interest rates, surging personal wealth, falling home affordability, and the return of home equity for most homeowners, all of which create added incentive for relocating in 2014.
Dr. Lawrence Yun, a chief economist for NAR, revealed cautious optimism about the 2014 home market at NAR’s latest annual conference in November, stating he is expecting a transitional year in which interest rates and home prices will continue to rise, but so too will the number of available homes on the market.
Inventory & Pending Sales
Dr. Yun’s assessment has been substantiated by the 10-month high in property inventory currently available in the Sarasota area, which now stands at 4,417. Last month, the number of available properties stood at 4,288, and one year prior, the property inventory in Sarasota County was at 4,223. Although the inventory figure seems relatively unchanged over the past year, it fell to 3,747 in July, meaning substantially more homeowners are hoping the currently hot market will result in a tidy profit.
Overall, there were 750 pending sales during December 2013, which was nearly identical to the 758 properties under contract the previous month. A year earlier in December 2012, the total number of pending sales stood at 725.
"While no one has a crystal ball, there has been a clear trend in recent years of a mild drop off in January sales, followed by higher sales in February, March, April and May. Last year we experienced an amazing spring boom. So, if historic trends continue, 2014 could be another great year in Sarasota County real estate," said Crowley.
In December 2013, Sarasota County had 4.8 months and 4.7 months of inventory for single family homes and condos respectively, both of which were lower than November’s figures. Typically, a six-month inventory is representative of a balanced market, indicating an equal proportion of buyers and sellers. At 4.7 months of inventory for single family homes last December, there was minimal change in this figure. However, there were 5.5 months of inventory for Sarasota-area condos in December 2012, nearly one month more than there is in the current market. In November 2013, there were 5.4 and 6.1 months of inventory respectively.
At the moment, 552 properties listed in the MLS for Sarasota County are foreclosures or short sales, which is down from the 567 listed in November 2013 and 596 listed in October. This figure represents 12.5 percent of all available properties. Due in part by a rise in available inventory, this figure is down from the 13.2 percent figure a month earlier in November. Last December, on the other hand, the figure was considerably higher at 15.7 percent.
In December 2013, 22.5 percent of the total sales were distressed properties, down significantly from the 29.3 percent November 2013 figure and the 29.7 percent December 2012 figure.
We'd love to help you find the perfect Sarasota property. Please don't hesitate to <a href="https://www.raveisflorida.com/contact">contact the team</a> at Key Solutions Real Estate Group for assistance, or call (941) 894-1255.<br /><br />
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<a href="https://www.raveisflorida.com/blog/sarasota-real-estate/" target="_blank">Read more about the Sarasota market</a>
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2020-07-17T00:45:00-07:002020-08-06T05:41:02-07:00RaveisFlorida.com Supporttag:raveisflorida.com,2012-09-20:13995Eagle Trace New Community in Lakewood Ranch Area<img title="Eagle Trace in Lakewood Ranch" src="https://assets.site-static.com/userfiles/1190/image/uploads/eagle-trace_300.jpg" alt="Eagle Trace in Lakewood Ranch" width="300" height="267" align="right" border="1" hspace="5" vspace="5" />I had the opportunity today to tour the new Eagle Trace community located at the north end of Lakewood Ranch. Eagle Trace is being developed and built by local quality builder Neal Communities and celebrated a grand opening on December 7. The neighborhood amenities are numerous and include gated entry, tennis court, pool, two dog parks and an outdoor entertainment area with a gas grill.
Home Models in Eagle Trace
Typical of Neal Communities, the floor plans are well thought out and the model homes are decorated beautifully. Currently there are five single family home plans to choose from ranging from the 1772 square foot, three bedroom, two bathroom Freshwater 2 model that starts at $239,990 to the Sweetwater 2 model which has four bedrooms, 2 bathrooms, 2443 square feet which is priced at $279,990.
The Eagle Trace community also offers 2 bedroom and two bathroom paired villas ranging in size from 1434 square feet to 1524 square feet. The starting price for the villas is $191,990 which represents a tremendous value in the Lakewood Ranch real estate market. With great amenities, wonderful floor plans and close proximity to all the wonderful things this area has to offer, Eagle Trace is sure to be hit with home buyers in the Lakewood Ranch area.
Eagle Trace Site Plan
<img style="font-size: 12px; display: block; margin-left: auto; margin-right: auto;" src="https://assets.site-static.com/userfiles/1190/image/uploads/eagle_trace_400.jpg" alt="" width="400" height="275" />
We'd love to help you find the perfect Lakewood Ranch property. Please don't hesitate to <a href="https://www.raveisflorida.com/contact">contact the team</a> at Key Solutions Real Estate Group for assistance, or call (941) 894-1255.<br /><br />
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<a href="https://www.raveisflorida.com/lakewood-ranch" target="_blank">View all listings in Lakewood Ranch</a>
2020-07-17T00:45:00-07:002020-08-06T05:45:41-07:00RaveisFlorida.com Supporttag:raveisflorida.com,2012-09-20:13992Sarasota Upcoming Real Estate Trends<img style="float: right; margin: 5px;" src="https://assets.site-static.com/userfiles/1190/image/uploads/blog_hand_in_house_400.jpg" alt="Real estate trends in 2014 and beyond" width="268" height="178" />
How to Approach Real Estate in 2014 & Beyond
With the financial crisis that struck in 2008 effectively driving the housing market into the ground, the real estate market has been the top story on the news for several years. At first, the housing implosion left homeowners underwater, forcing them to abandon their investments and creating empty homes ripe for crime and robberies. As the nation slowly rose out of the Great Recession, more people were finding jobs and reestablishing credit. The housing market responded in 2013 with homes that almost anyone could buy with interest rates that were historically low. As 2014 comes bounding in, the real estate market is not as exciting. Interest rates are rising, and buyers are more wary about paying higher monthly mortgages. However, some traditional buying advice still holds true from several decades ago. By doing what is right for you and your family, it is possible to find a great deal in the 2014 housing market and beyond.
Peer Pressure
Avoid relying on the news for any real estate information. Every forecaster has a different perspective, and statistical slant, regarding interest rates and home availability. Data and graphs depicting rising rates may top the news, or social media may start an entire conversation about a buyer's market. Don't fall prey to peer pressure. If you are not ready to buy, it is not time for you, regardless of the data being churned out. Each data set has its errors. You've probably seen the error percentage printed in small numbers alongside a graph. Statistics and data are striking when placed on an official graph, but limited data sets and skewed information can make any subject look either dire or triumphant. When you are mentally and financially ready to purchase a home, then it is time to contact a real estate agent.
Look Around
Before dropping in on every local open house possible, make a list of all your needs regarding the property. Although purchasing property is an investment, you are also buying a large piece of your future. You and your family will spend considerable time at the home, making the structure an emotional facet of all your lives. Consider the neighborhood you want to live within. Cul-de-sacs, single-family homes and local school districts are just some of the choices you need to consider before even stepping into a prospective home. If no available homes match your needs today, it is best to wait several months to start looking again. Although you cannot possibly fulfill all your listed wants and desires in one property, most of your critical needs, from three bedrooms to two baths, should be available in time. Patience is the key to finding a perfect property for you.
Feeling Left Out
You may have friends that are pressuring you to buy the empty home next door because the real estate market is perfect, according to media and consumer rumors. Don't feel like you are being left out. The real estate market is cyclical, offering ups and downs throughout the months and years. Interest rates may have been extremely low last year, but the home you wanted was not available, for example. You shouldn't compromise on your core needs just to give in to an emotional fear of being left out. Although the conditions may not be perfect when you find the right home, you are the one who is making the commitment, and must live in the home once the paperwork is done. Listen to your needs, and politely decline other people's opinions on your situation.
Buy When You Are Prepared
You may be saving up a large down payment for a home, or simply rebuilding credit. Waiting until you are completely prepared for a home purchase is one of the smartest strategies to select. A large down payment allows you to have the upper hand against other bidders, along with lowering your monthly mortgage payment. Waiting until you have a better credit score helps you with low interest rates as well. A high credit score tells lenders that you are responsible, allowing them to give you the best rate and securing a home loan. Paying off a student loan or waiting for that big employer bonus are other reasons to wait on a home purchase. When you are financially prepared with ample cash resources, your financing and bidding selections are more prone to benefit you in the long run.
Everything Is Relative
Each community has a different real estate condition, swaying between a seller's or buyer's market. Contacting a local real estate agent helps you understand your local conditions. You may have noticed several empty houses on one residential street, indicating that foreclosures and short sales are still available. By understanding the local area, you can decide when to bid on a home. You may want to wait until more inventory is available, or until that favorite cottage comes onto the market. Only you know when you are ready for an investment of a lifetime. In the past, interest rates were as high as 18 percent, but buyers were still available for potential property sales. Take a look at your financial situation to decide the best time for house shopping. You may want to retain a REALTOR® for informational purposes only. They can sit down with you to discuss the local market. When you are ready to buy, the REALTOR® already has an idea of your property needs. House hunting could be simple at that point, allowing you to find the best property in the area.
If you have any questions about buying or selling a Sarasota home, please "Ask An Expert." Don't hesitate to <a href="https://www.raveisflorida.com/contact">contact the team</a> at Key Solutions Real Estate Group for assistance, or call (941) 894-1255.<br /><br />
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2020-07-17T00:45:00-07:002020-08-06T05:50:07-07:00RaveisFlorida.com Supporttag:raveisflorida.com,2012-09-20:13987Investment Properties: Know When to Hold ‘Em, Know When to Fold 'EmMapping Out A Rental Unit Exit Strategy
<img style="font-size: 12px; float: right;" src="https://assets.site-static.com/userfiles/1190/image/uploads/blog_hand_in_house_400.jpg" alt="Sarasota Investment Properties" width="400" height="266" />One of the reasons for the recent uptick in home sales is the irresistible lure of a bargain property. For the past several years, investors have been picking up real estate at small fractions of their previous value. Since most of these people already have houses to live in, they find themselves exploring either the resale or rental market. <br /><br />In some circumstances, investors who planned on flipping a house found themselves unable to sell or uninterested in selling at the price they could get. Instead they joined the ranks of landlords in an effort to wait for prices to rise. The result of all this is there are a large number of property owners in the rental market who find themselves wondering whether they should stay or go, and if so, when. <br /><br />Naturally, there is no single answer to this question, but here are a few factors to consider in any individual situation.<br /><br />• The first consideration is whether the property is cash positive, cash negative, or approximately running even. While an answer to this question might seem to provide all the guidance necessary, it is actually dependent on several additional inquiries.<br /><br />• The next thing to consider is whether the area is declining, stagnant, or climbing. It is also important to consider any news of future urban plans that may affect the area. <br /><br />• Another important factor is that of how much capital is tied up in the project, and whether that money is best used somewhere else or can be safely parked where it is for a while.<br /><br />Once this initial series of questions is answered, it is important to compare them to the possible scenarios listed below and then decide what choice is best for you.<br /><br />• The worst of all possible worlds is the shipwreck property which eats money, is relentlessly cash negative, and has no hope of making it to safe harbor any time in the future. The only real option here is to abandon ship and save whatever you can.<br /><br />• The castaway scenario is somewhat similar to a shipwreck, but involves a property where there is no immediate danger of ruin and some likelihood of eventual rescue, but you will have to be patient. Although it may be a little cash negative and perhaps even a little underwater, there are reasons to believe the market will improve and allow you to get off the island eventually with some money in your pocket.<br /><br />• The long haul property is one that is making a little bit of money and has a chance to appreciate in value in keeping with general market conditions. You can probably get out now and not get hurt, but you will do better if you hang on.<br /><br />• The home run is the one that everybody dreams about. It is in a nice, rapidly recovering neighborhood, is definitely cash positive, and can be cashed in at any time or held forever. The choice is yours.<br /><br />Obviously, properties break down into two distinct groups. There are the ones which are permanent dogs, and the only choice is between taking a beating now or hoping to recoup some of the losses by being patient. <br /><br />The other group are either plow horses or show horses. These will make money no matter how you play it. A lot depends on what else you have cooking at the moment. If you have nothing else on tap, hang on. If you can make more money by cashing out, then do it.<br /><br />
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2020-07-17T00:44:00-07:002020-08-06T05:53:47-07:00RaveisFlorida.com Supporttag:raveisflorida.com,2012-09-20:13986Community Spotlight: Edgewater at Lakewood RanchDiscover Edgewater Village Real Estate
<img class="floated alt" style="border: 1px solid black; margin: 5px;" title="Gorgeous home at Edgewater in Lakewood Ranch" src="https://assets.site-static.com/userfiles/1190/image/uploads/floridanicehome_400.jpg" alt="Edgewater homes for sale, Edgewater real estate Lakewood Ranch" width="400" height="268" hspace="5" vspace="5" />
The delightful gated community of Edgewater is part of the greater master-planned area of Florida’s Lakewood Ranch development. With the 160-acre Lake Uihlein bordering the five neighborhoods within Edgewater, residents can enjoy beautiful scenery and lovely landscaping throughout the community. Moreover, the distinctive golf and country club lifestyle at Lakewood Ranch makes Edgewater one of the best residential areas in western Florida.
Edgewater Real Estate
The quality homes in Edgewater range from maintenance-free condominiums to roomy single family homes and luxurious custom estates. The open floor plans for the condos and single family homes start at 1,700 square feet and go up to 3,000 square feet. Many of the single family homes have gorgeous glass-covered patios that showcase the fantastic view of Lake Uihlein and stunning sunsets. There are even a few lakefront homes that provide access to quaint docks for non-motorized boats.
Edgewater homes range in price starting around the mid $300,000 up to the low $700,000. In addition, the homeowner’s association provides a comprehensive lawn care service to maintain the beauty of all of the neighborhoods. With the security of a gated community and the serenity of lake living, the residents in Edgewater can comfortably make the choice to live in Florida seasonally or year-round.
Edgewater Community Amenities
Within the Edgewater neighborhoods, Lake Uihlein provides great fishing and kayaking opportunities. The Moorings at Edgewater features a wooden boardwalk to Moorings Point Island with sitting areas to enjoy the lake, a boat club and a Bocce ball court. With biking and walking trails weaving throughout Edgewater, homeowners can actively enjoy the natural beauty of the area daily.
As part of Lakewood Ranch’s master-planned area, Edgewater residents can experience all the amazing amenities within the community. Golf enthusiasts will love the challenging golf courses that are wonderfully maintained all year long. The Legacy Golf Club offers members and non-members daily rates for the fabulous 18-hole golf course designed by Arnold Palmer.
Nearby, the Lakewood Ranch Athletic Club features eighteen lighted tennis courts and a state-of-the-art fitness facility. Members and their guests can work out on the latest fitness equipment or join an invigorating exercise class. The center also offers a heated resort-style swimming pool and a Junior Olympic lap pool. For relaxation and renewal, the steam room, sauna and massage treatments are the perfect solution.
Restaurants and Shopping
The Lakewood Ranch Town Center is conveniently located adjacent to the Edgewater neighborhoods. The Main Street shopping area is filled with charming boutique shops and several different restaurants. From strolling down the palm-lined streets to catching a movie at the Lakewood Ranch Cinemas, residents and visitors can enjoy an evening out anytime. Moreover, the pavilion in the middle of Lakewood Ranch Town Center showcases seasonal concerts, annual festivals and farmer’s markets on a regular basis.
Medical and Educational Services
The Lakewood Ranch Medical Center is located across the street from Lakewood Ranch Town Center. This quality medical facility provides in-patient and out-patient medical care with over 400 physicians and healthcare professionals. The hospital has an emergency area with room for 120 acute care patients whereas a medical office building next door houses doctors’ offices as well as diagnostic and laboratory facilities.
For families with children, Edgewater residents also have access to Lakewood Ranch’s excellent education system. There are several high-ranking public schools and elite private schools that provide schooling from preschool through high school.
Overall, Edgewater is a fabulous place to call home. From the beautiful 160-acre Lake Uihlein and the pretty Wharf Park to the distinctive Lakewood Ranch golf community, Edgewater homeowners have access to an exclusive Floridian lifestyle.<br /><br />
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2020-07-17T00:44:00-07:002020-08-06T05:54:54-07:00RaveisFlorida.com Supporttag:raveisflorida.com,2012-09-20:13985Sarasota Real Estate Market Stable<img class="floated alt" style="border: 1px solid black; margin: 5px;" src="https://assets.site-static.com/userfiles/1190/image/uploads/real_esate_trends_350.jpg" alt="Sarasota real estate home sales" width="350" height="232" hspace="5" vspace="5" />
Continuing a three-year spring trend, Sarasota County saw more than 1,000 property sales during March, 2014. Evidence of a rebounding Sarasota housing market included sales of distressed properties at levels significantly lower than those seen four years prior. Wild price swings have also been largely absent among single-family home and condo sales over the previous 12 months, further indication of market stability.
There were 1,050 home sales recorded in March, up from 787 in February, but slightly below last March’s figure of 1057. Of this figure, 698 were single-family homes and 352 were condo sales. By comparison, monthly sales of similar properties have lingered around the mid-300s for the low end of the last decade. Short sales did not contribute greatly to the March sales figures, with only 51 being recorded. More than 200 short sales occurred in June of 2010 when the market was at a low. Despite optimism from March activity, foreclosure sales of homes and condos made up 183 of March’s sales numbers.
Year-over-year median home sale prices were virtually identical - $189,472 versus $190,00 seen last March. Condo prices saw slightly more variability, with prices for this year and last at $170,900 and $165,000, respectively. Greater price fluctuations were seen in condos versus single-family homes during the last 12 months. Condo prices varied between $159,000 and $182,000, while single family homes ranged betwen $180,000 and $195,000.
Median Home Prices Up
The median 12-month sales price ending in March also showed increased growth for single-family homes, with a price of $188,000, demonstrating a 20% increase over the previous 12-month period. Condos saw a growth rate of 9.2% over the previous 12-month period with a median price of $166,529.
Many economists see pending sales as a good indicator of future sales, and if this holds true, a strong sales period could be seen in March, April and May. Pending sales hit a three-year high of over 1,200 in March, solidly beating February’s total of 1,030.
During March, inventory levels dropped to 4,810 after hitting a high of 5,000 in February, an event not seen since May of 2011. Still, inventory has not reached the low seen in July of 2013, when inventory numbers hit a low of 3,747.
According to Sarasota Association of REALTORS® President Peter Crowley, "This spring has seen very robust sales, just like last year at this time. Agents have been extremely busy and buyers are actively investing in our local market. It's a great time for our local real estate industry, and judging by the pending sales figures, April and May should also put up great numbers."<br /><br />
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2020-07-17T00:44:00-07:002020-08-06T05:55:25-07:00RaveisFlorida.com Supporttag:raveisflorida.com,2012-09-20:13982Monthly Sarasota Homes Sales in April at Highest Peak Since 2004The month of April 2014 has seen the second highest rate of sales in Sarasota County with 1,195 closed transactions being reported by the My Florida Regional MLS system. That figure was topped in April 2004 with 1,223 reported sales. The spring and summer months of 2004 and 2005, and March, April and May of 2013 were also close in reported sales. Single-family home sales that closed in April 2014 reached 759, plus 436 sold condos. The reported totals were higher than March's numbers which included 698 single-family homes sold, along with 352 condos. April’s numbers in 2013 were 703 single family and 429 condos.
Peter Crowley, the president of the Sarasota Association of Realtors, has seen a dramatic rise in the level of activity, and it seems to be continuing among interested buyers. June and July 2013 enjoyed robust sales with the local real estate market, and many are hoping for a repeat performance in 2014.
In addition to the continued heightened level of growth and activity in the spring months, the number of distressed sales has also stayed below those that the housing industry experienced nearly four years ago. Short sales and foreclosures were close to 16.6% in April 2014, compared to 22% that were seen in April 2013. The reduction in short sales was the largest contributing factor with last April at 107 compared to this year’s figures at 45.
Sarasota Homes & Condo Prices Rising
Condos and single-family homes continued to enjoy a stable market with the median sale price of the dwellings at $196,250 for single-family and $183,500 for condos. This equated to a rise of 3.8% from last month and 4.4% from the previous April. Condo prices also enjoyed a hefty surge last month by as much as 8% and up near 14.7% from the previous April.
The 12 month median sale price that ended the year in April came to $189,900 for single-family homes. This was approximately 15% than figures reported in the previous 12 months. Condos were up 8.8% over the same 12-month period with a median sale price being reported near $169,000.
Pending sales showed as high a level in April 2014 as in previous months and economists consider this an excellent indicator of the forecast for future closed sales. If the experts are correct yet again, May and June sales could experience as busy a period for the months of May and June as they did in 2013. Pending sales hit close to 1,040 after reaching 1,248 in March 2014. This was a level that hasn’t been reached for at least three years.
The inventory levels for April 2014 dropped to 4,728 from the figures of 4,810 in March. February saw the inventory levels exceeding 5,000, which was a first since May 2011. The lowest point of the recent market came in July 2013, when the numbers were far lower at 3,747.<br /><br />
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2020-07-17T00:44:00-07:002020-08-06T05:57:26-07:00RaveisFlorida.com Supporttag:raveisflorida.com,2012-09-20:13979Benefits & Risks of Real Estate Investment<img class="floated alt" style="border: 1px solid black; margin: 5px;" src="https://assets.site-static.com/userfiles/1190/image/uploads/real_estate_investment_350.jpg" alt="Real Estate investing Sarasota " width="350" height="234" hspace="5" vspace="5" />
The bottom may have fell out of the real estate market in 2008, but it opened the door wide open for Sarasota real estate investors interested in seeing a profitable return on their investment. Today, housing prices are still staggeringly low, creating innumerable opportunities for savvy investors. If you are looking to allocate some of your investment capital into real estate, you will notice that there are many routes that you can take. Since every type of real estate investment has its own inherent risks and benefits, you should have a solid understanding on each before writing the check. Let’s examine the benefits and risks of a few of the most popular types of real estate investment so you can choose the best route for your individual goals.
Individual Direct Ownership
This type of real estate investment involves purchasing properties on your own and taking care of every aspect of the investment, such as the leasing, management, and maintenance of the properties. However, you could also hire an experienced property management company to oversee the operations for a fee.
Benefits: You are in complete control of your investment, allowing you to make all of the decisions, have direct control of the asset, and reap 100 percent of the financial rewards.
Risks: You could be strapped with bad tenants and have to deal with other management issues, or you could choose the wrong property and assume full liability for any money lost on the sale of the home.
Partnerships with Those That You Know and Trust
Rather than owning a property outright and assuming full responsibility and liability, you could choose to partner with a family member, friend, or another like-minded investor that has the same investment plans or goals. If taking this route, it would be wise to know the financial position and work ethic of your co-investor. For your protection, you should have a written agreement that outlines the responsibilities of each party, such as who will manage the property. This will eliminate possible disputes that may arise.
Benefits: You will have less investment costs, both in the beginning and ongoing. You will also have less responsibility and be able to brainstorm with a partner with mutual interests. After all, two minds are always better than one.
Risks: You will have to share the profits with a partner that has direct control over the asset as well. You may also choose a partner that is less sound financially than you may have originally thought, and you also may disagree on the management of the property. In addition, you will still have the same risks associated with direct ownership that are listed above.
General or Limited Partnerships
Also known as private real estate investments trusts, these real estate investments require you to completely trust the “sponsor” to control a sizable portion of your investment capital. Unfortunately, many investors do not perform proper due diligence on their investment sponsors, such as reviewing their investing history, credit report, and investment tax returns. Many investors also neglect to check their civil litigation and criminal history, contact past investors they have done deals with, or consult with attorneys that can provide them with valuable insight regarding this type of investment.
Benefits: You are able to receive a decent return on investment without having to deal with managing the property. You can also benefit from partnering with an investor with considerable experience in real estate investments.
Risks: You give up full control of the property and could encounter unscrupulous sponsors, loss of investment, and personal liability.
Publicly Traded Real Estate Investment Trusts
This type of real estate investment requires that you invest in a large company that is strictly involved in buying and owning investment property. Unlike general or limited partnerships, there are numerous publicly traded REITs that can provide you with audited financial statements and extensive reports on their long-term operating histories. You simply need to choose a company that can provide you with handsome dividends and a long track record of results.
Benefits: With this type of investment, you are not responsible for managing any of the properties, have limited liability, and you have an experienced real estate investment company on your side.
Risks: There is the possible risk of losing your entire investment. Also, your shares in the company are subject to the fluctuations and risks of the stock market, which could result in diminished share value.
There are plenty of options at your disposal when it comes to real estate investment. The key to choosing the right option is weighing the benefits and risks of each and deciding upon your ideal level of involvement. Regardless of the option you choose, making the choice to invest in real estate will likely be a very wise and profitable decision.<br /><br />
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2020-07-17T00:43:00-07:002020-08-06T05:58:55-07:00RaveisFlorida.com Supporttag:raveisflorida.com,2012-09-20:13978Sarasota Real Estate Market Remains Strong<img class="floated alt" style="border: 1px solid black; margin: 5px;" src="https://assets.site-static.com/userfiles/1190/image/uploads/realestatemarketup_350_01.jpg" alt="Sarasota real estate market, Sarasota home sales" width="350" height="234" hspace="5" vspace="5" />
2014 is shaping up to be a record-breaking one for property sales in the Sarasota area, and demonstrates a continued rebound as more people want to relocate to Southwest Florida, and continue to do so. The news is terrific!
With the release of sales statistics for June 2014, a pattern of continued strong sales topping 1,000 for four months in a row shows no sign of weakening. June's closings, at 1,048 total, bettered the 997 closings from June of 2013, and fell just shy of May 2014's number of 1,100. June 2014's closings included 321 condominiums and 727 single-family homes in Sarasota.
2013's sales were likewise very strong, coming in with the second-highest rates in 91 years. The first half of 2014 shows that this year is stronger than 2013, and is on track to make 2014 an exceptional year for real estate sales.
Another indication of a strong Sarasota real estate market is that median sales prices have increased. For the first time, condominiums sold for prices matching those of single-family homes, coming in at $195,000. This median price represents 2% increase over May's median of $191,500 and is 8% more June 2013's figure of $180,000. The increase in median condominium sales prices is even more significant, beating May's figure ($175,000) by 11.4% and June 2013's number ($165,000) by a whopping 18%.
Additionally, the 12-month period ending in June 2014 signified an increase of 15% for single-family home sales and an 8.8% uptick for condo sales over the same period that ended back in in June 2013. For the 12-month period ending in June 2014, overall median prices stood at $190,000 for single-family residences and $170,000 for Sarasota condominiums.
Distressed Property Sales Continue To Decrease
Another great piece of real estate news is that distressed-property sales continue to drop as part of the overall percentage, especially when compared with sales percentages following the housing market crash from 2010. In June 2014, distressed properties, including foreclosure sales and short sales, represented 20.1% of the total properties sold. While a slight increase over May 2014's 19%, June 2014's number is still better than June 2013's figure of 23% and remains far below the high foreclosure numbers seen four years ago, representing a return to an overall strong and normalized real estate market.
Property inventory levels demonstrated a decline from May 2014, with June's number coming in at 4,196 from May's figure of 4,513, representing a 7% decline. By comparison, June 2013 showed an inventory of 3,758 homes, and July 2013 boasted only 3,747 homes for sale, far lower numbers than June 2014. May 2014's inventory numbers of 5.0 for houses and 4.6 for condos were higher than June's inventory levels of 4.6 for homes and 4.2 for condos, but beat last year's numbers of 4.3 for houses and 4.2 for condominiums.
June 2014's pending sales remained strong at 901, which indicates strong sales in July 2014, but also that July's sales should be slightly lower overall. This is to be expected, as many residents of Sarasota choose to head out of state on vacation during this time of year. June's numbers represented a decline from May's pending sales of 1,042. However, June 2013's pending sales numbers were 899 and translated into July 2013 completed sales of 969.
What all of this indicates is that the property market continues to be strong and robust as the first half of 2014 has demonstrated. It is an exciting time in real estate, whether working as a professional or placing a Sarasota home or condominium for sale. Prices continue to improve and the sales are strong, indicating great things to come.<br /><br />
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2020-07-17T00:43:00-07:002020-08-06T05:59:26-07:00RaveisFlorida.com Supporttag:raveisflorida.com,2012-09-20:13977Sarasota Real Estate Sales Solid In July<img style="font-size: 12px; float: right;" src="https://assets.site-static.com/userfiles/1190/image/uploads/blog_chart_increasing_3.jpg" alt="" width="180" height="135" />In July 2014, for the fifth consecutive month, Sarasota real estate sales reached close to the 1,000 mark with 928 closed transactions. Only once in the entire county's history has a five-month streak that hit the 1,000 mark been accomplished. This occurred between March and July 2004. June 2005 and July 2014 were the closest, falling just short of that level.
According to the Sarasota Association of Realtors, there were 643 single-family homes and 285 condos that were sold in July 2014. The number of closings decreased from 11.4% from June 2014, which hit a total of 1,048 sales. Also, July 2014 was down around 4% from the previous year which had 969 closings.
The first seven months of the 2014 fiscal year had a near-record sales pace, ahead of the first seven months of 2013. So far, 2014 has shown the second highest number of sales in Sarasota County's 91-year history with 6,875 real estate sales to the end of July. At the same time in 2013, there were 6,786 sales.
In July 2014, the median single-family home sales price was $201,000 with the median condo prices at $205,000. In June 2014, both types of housing were assessed at $195,000 showing a 5.1% increase from June to July and 3% increase in home prices. In July 2013, the median single-family home sale price was $189,900. The greatest change was the median condo prices in July which were 29% higher at $159,000 than last year's price.
With distressed sales being much further below the levels incurred four years ago, this indicates a strong market return toward historical prices. 19.5% of total sales in July 2014 were from foreclosures or short sales. This was down from 20.1% in June 2014. However, in July 2013, the figure was at 24.9%, showing the year-to-year improvement.
For the period ending in July 2014, the 12-month media sale price, which has moderated monthly swings, finished at $189,000 for single-family homes. This figure is up around 11.2% more than the period from 2012 to 2013. Similarly, condo sales were up to $176,000 which is a 10.6% over the previous 12-month period.
Also, pending sales showed strong growth in July 2014 at 834. This indicates August 2014 will more than likely be slightly below July's numbers. During July of last year, sales hit 849 with sales during August 2013 being 957. Nevertheless, the growth continues to be strong from four years ago.
However, in July 2014, inventory levels declined below 4,000 to 3,912 from 4,196 in June 2014. This is a single month decrease of 6.7%. In July 2013, inventory was at 3,747, the lowest point in the recent market and 4% lower than the figures from July 2014.
For single-family homes, the month's supply was 4.4 and for condos it was 3.8 in July 2014. During the month of June 2014, these metrics stood at 4.6 and 4.2. In July 2013, the numbers stood at 4.1 and 4.2. According to the Sarasota Association of Realtors, the county is statistically in a seller's market with prices continuing to rise and low inventory. All of the numbers are pointing to a healthy 2014 for the local real estate market.
Note all property statistics were generated in the MLS from on August 15th, 2014. Single-family statistics are calculated through property style single-family homes. Median sales price indicates the middle values showing that half of the homes sold for more and the other half for less money than the average. Property listings that were sold indicated that transactions occurred during that specific month.<br /><br />
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2020-07-17T00:43:00-07:002020-08-06T06:01:59-07:00RaveisFlorida.com Supporttag:raveisflorida.com,2012-09-20:13976Sarasota Real Estate Keeps Up Record Setting Rate<img style="font-size: 12px; float: right;" src="https://assets.site-static.com/userfiles/1190/image/uploads/blog_chart_increasing_house_400.jpg" alt="Sarasota Real Estate Report" width="400" height="300" />October was another strong month for real estate sales in Sarasota, and the county remains on course to set a record for annual sales. Total sales topped the crucial 1,000 mark for the fifth time in the past eight months. The grand total for the month came to 1,011 closed sales. Of these, 288 properties were condos and 723 were single family residences. This is an 8.2 percent rise over the 934 homes sold in September and a full 23.3 percent higher than the 820 sales in October of last year.<br /> <br /> Sarasota County may finally break the record it set in 2004 when 11,482 single family homes and condos were sold throughout the county. Total sales for 2014 already total 9,795, putting the goal well within reach. In fact, realtors in the county only need to sell another 417 properties to breach the 10-year old record. <br /> <br /> The record should fall before Thanksgiving if sales continue at their current pace. It would take a serious setback in the market to prevent the record from falling and nothing of the sort is expected to happen before the end of the year. The economy continues to improve and unemployment is still dropping. Sales haven't yet begun to slowdown for the holiday season. This isn't a surprise since Sarasota County hasn't experienced the traditional holiday decrease for the last several years. The improving economic conditions should only add to the sales totals for the remainder of 2014.<br /> <br /> Prices continue to rise as well. Condos alone dropped in price last month, shaving 11.4 percentage points off their September median of $195,000, bringing the median condo price in Sarasota County down to $175,000 in October. Such fluctuations are normal in the condo market as investor interests change, and the median price over the 12-month period, $180,000, is still an increase of 12 percent from October 2013's median 12-month price of $162,900.<br /> <br /> Single family residences are seeing much better price increases. The median price of a home in the county stood at $189,000 at the end of September and rose to $195,000 in October. The 12-month median price increased 10 percentage points, from $178,000 to $196,000.<br /> <br /> November closings are forecast to be somewhere in the neighborhood of the 818 sales which closed in November of last year. This number is projected using the number of sales pending at the end of October, which stood at 773. While this figure represents a drop from last October's 820, and is a 17.5 percent drop from the 938 sales that were pending at the end of September, it is still a strong number.<br /> <br /> The number of distressed properties that sold in October remained steady at 24 percent but has declined from the 25.8 percent value seen in October 2013. The percentage of short sales and foreclosures listed for sale in Sarasota County has ranged from 10-12 percent all year and October was no exception; the percent of distressed properties for sale in the county was 10.1.<br /> <br /> October's supply of inventory for single family residences remained unchanged from September at 4.0. This is slightly lower than the 4.4 figure from October 2013. The condo supply of inventory rose from September's 3.8 number to a healthy 3.9. This figure is also down from 4.3 in October of 2013.<br /> <br /> Seasonal residents are beginning to return to the county, and this is causing the usual rise in inventory as more people begin listing properties. The number of available properties in Sarasota County increased from 3,666 in September to 3,791 in October, a rise of 3.4 percent. This is still 6 percent less than the 4,032 properties that were on the market in October 2013.<br /> <br /> The monthly statistics report will change soon as the Sarasota Association of Realtors® merges with the Manatee Association of Realtors®. The statistics for both counties will be combined once the merger is complete.<br /> <br /> Regardless, 2014 is going to be a record-breaking year for Sarasota county and with any luck, 2015 will be even better.<br /><br />
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2020-07-17T00:43:00-07:002020-08-06T06:02:38-07:00RaveisFlorida.com Supporttag:raveisflorida.com,2012-09-20:139753 Tips For Baby Boomers Looking To Buy A Sarasota Home<img style="font-size: 12px; float: right;" src="https://assets.site-static.com/userfiles/1190/image/uploads/blog_baby_boomers_computer.jpg" alt="Tips For Baby Boomers In The Sarasota Real Estate Market" width="250" height="150" />Many Baby Boomers are finding themselves at a point in their lives when they are ready to move into a new home. Perhaps they are looking for a smaller home that is easier to care for, or they may want to move to another area for retirement. Whatever the reason for the upcoming move, Baby Boomers need to take a fresh look at how homes are bought and sold.
In many cases, Baby Boomers have lived in the same home for over 20 years. Things have drastically changed in how homes are bought and sold since the last time they went home shopping. Understanding these new techniques and what they should expect when looking for a home will make their next home purchase a much easier transaction.
Begin Your Search At Home
In the past, home buying began with going to a local real estate office and searching through current listings. Now, buyers are more apt to use the Internet and different apps to help them find their next home. Sitting in their living room, buyers can search local listings, take virtual tours of homes they are interested in, and access enormous amounts of data about the real estate market in the area they are interested. This access helps buyers become more informed before physically viewing a house, and it cuts down on search time.
Finding A Good Local Agent
Once you have a feel for the homes you are interested in from your Internet search, it is important to find a good local real estate agent to help you with the buying process. Our agents have much more to offer now than just a book of available listings. Key Solutions agents are armed with important knowledge about the current Sarasota real estate market, selling prices, and comparable sales. They are also very knowledgeable about permit issues and if there may be any problems with a home you are interested in from an agent’s perspective.
Find a <a title="Sarasota Real Estate Agents" href="https://www.raveisflorida.com/agents">Sarasota real estate agent</a> now, or call us at (941)894-1255 to get setup with a REALTOR® that specializes in the area you are interested in.
Negotiations And Paperwork May Not Require Face-to-Face Meetings
Many agents now work using the Internet as their strongest tool. They will correspond with you via the web, and paperwork and other negotiations can be conducted online. It is not unusual anymore for an offer to be drawn up, sent by email for approval by the buyer, sent back to the agent, forwarded to the seller, and then accepted all online. The days of running down to the real estate agents office to sign paperwork or sending faxes are gone.<br /> <br /> Most of the transaction, including signing the purchase agreement, now happens in this manner. Of course, if you feel more comfortable to handle this type of paperwork in person instead of online, your agent will accommodate you. However, be prepared for the buying process to be extended if you opt for the old style of completing the transaction.
Understanding how the new buying process works in the real estate industry will help make the buying process much easier. In fact, once you are finished with the buying process, you will wish that buying a home had always been this easy.
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2020-07-17T00:43:00-07:002020-08-06T06:03:33-07:00RaveisFlorida.com Supporttag:raveisflorida.com,2012-09-20:13974Sarasota Real Estate Report for November<img style="font-size: 12px; float: right; margin: 5px;" src="https://assets.site-static.com/userfiles/1190/image/uploads/blog_line_chart_homes_increasing_400.jpg" alt="Sarasota real estate trends" width="400" height="300" />Overall Sarasota real estate wound up being the second highest year for unit sales in 2013. It had 11,184 closed sales which was exceeded in 2004 with 11,482 closed sales. A record for 2014 could be set if December has a strong end of month for closing.
Sarasota real estate for 2014 has been on a near-record pace with 10,621 closed sales which is 364 more than 2013 at this time. With the December 2014 sales past 500 by mid-month it is expected the annual total for 2014 will be the second highest, topping 2013 closed sales in the county.
While set for a possible record for second highest sales year, the November figures dropped belong 800 in Sarasota County for the first time in eight months. This was after topping sales of 1,000 per month for five months during the year. While November may have closed out chances for a record high sales figure for the year, second highest year is still good.
Inventories of available properties rose in November, giving more choice to buyers, but were still low when compared to the boom years of 2004-2006. Less available inventory follows the law of supply and demand, driving up prices while also lowering sales as there are fewer choices for buyers to find the features they seek in a property.
According to Association President Peter Crowley, "Lower inventory could be one reason for the decline in existing home sales in November. Another might be the fact that the new construction segment of the market is enjoying a resurgence, and some of those sales are not reflected in our MLS system. Local builders have been reporting an excellent sales year, and that could be the difference in the sales numbers in the past few weeks."
Median sales price for a single family home in the county was just below October’s figure of $195,000 and averaged out to $193,000. The 12-month rolling median for this years is $203,847 for a single family home. This is up 18 percent over last year this time which was $181,000. Condo prices were approximately the same as last month, averaging $175,000. This was lower than the 12-month rolling median of $182,000 for condos which is up by 11.8 percent over last year at this time for a price of $163,000.
The Sarasota real estate housing market did show a good sign of health with a drop to 21.2 percent of distress sales of homes in November as compared to October with 24 percent. Nearly 50 percent of sales were for distressed homes during the 2008 market crisis.
"While November sales were down a bit, we remain hopeful for the late winter and early spring rebound that we've historically seen. Our usual influx of winter residents has obviously started, as traffic is picking up on the roads and the shopping centers and restaurants. This should begin to translate to the normal increase in real estate sales once the holiday season winds down," said Association President Peter Crowley.
Pending sales for November were 725 which was slightly below October’s total of 773. This was also close to the November 2013 pending sales figure of 758. The pending sales figure indicates the final sales figure for December 2014 will be very close to November’s total.
"Overall, the local real estate market continues to show strength and staying power, despite the November respite," said Crowley. "The national economic numbers are the strongest in several years, and unemployment continues to drop. Our feeder markets in the northeast are getting healthier every month, and we expect new residents to continue to flock to our region."
If you are interested in Sarasota real estate or want to meet with one of our Sarasota Realtors, we'd love to help. Please <a href="https://www.raveisflorida.com/contact">contact Key Solutions Real Estate Group</a>, or call (941) 894-1255.<br /><br />
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2020-07-17T00:43:00-07:002020-08-06T06:04:31-07:00RaveisFlorida.com Supporttag:raveisflorida.com,2012-09-20:13972Sarasota real estate market still red hot!<img style="font-size: 12px; float: right;" src="https://assets.site-static.com/userfiles/1190/image/uploads/blog_homes_increasing_steady_400.jpg" alt="Sarasota real estate market report - March 2015" width="400" height="266" />2015 was already off to a record-setting pace, and the March 2015 Sarasota real estate report showed there has been no slowing down. That's great news to a market that continues to rebound with increased sales in both Manatee and Sarasota Counties. In Sarasota County, closings in March reflect a 14.3% increase over March 2014. That’s the difference between 1,201 and 1,050 sales.
The news gets better!
There was a 43.5-percent increase in real estate transactions in March 2015 when 837 properties closed, thus Manatee County boasts a 10.1-percent sales increase between March 2014 and 2015 when 666 closings morphed into 800. From February to March, there were 34.9-percent more closings, bringing that month’s total to 593.<br /><br />In Sarasota, during the month of March 2015, a total of 789 single family homes closed and 412 condos were snapped up between February 28th and April 1st. Sales pace accelerated the momentum: for the first quarter of 2015, busy sales agents racked up a 6-percent sales increase in Sarasota County.<br /><br />The story in Manatee is equally optimistic. Realtor transactions were up by almost 9-percent. Quarterly totals are equally impressive; 2,781 properties closed in Sarasota County between January and March (there were 2,604 for the same period in 2014), and Manatee County kept pace, reporting an increase from 1,737 closings for the first quarter of 2014 to a healthy 1,952 for the same period in 2015.<br /><br />Does this mean that you can pop the champagne cork? Ask Association President Stafford Starcher, who calls closing numbers recorded between 2014 and 2015 “fantastic.” He cites facts and figures casting a hopeful light on real estate markets in both counties, citing historic data to prove his optimism: The all-time, one month sales high for Sarasota in 2004 was only 1,228 properties. “Manatee County hasn’t seen monthly sales numbers exceed the 800 level in many years,” Starcher adds. He envisions near record sales if 2015 numbers continue to pace and exceed 2014 levels.
What’s driving this trend?
Median house sale prices for starters. Shoppers expect to find an average price of $207,500 attached to single family dwellings (up 9.5-percent from March 2014) and condos are recovering from dips by commanding median prices of around $180,745. This reflects a 5.8-percent increase over March 2014. Manatee County homeowners witnessed a 17.3-percent increase between March 2014 and 2015 that elevated single family house sale price averages to $265,000. Condo values climbed 21.2-percent to a median price of $157,000. <br /><br />The local real estate community has reason to expect things to continue recovering, which means that both Sarasota and Manatee County residential property sales numbers are poised to improve. In March 2015, there were 1,126 pending sales in Saratoga (inventory totaled 1,686 properties) and in Manatee County, 781 transactions were completed with an inventory of 1,082 properties. Realtors noticed a slight drop in pending sales from last March in both counties, but nobody is worried. <br /><br />Further to the topic of property inventory, it’s worth noting that both counties reported fairly identical listing-to-sale time spans (between 4.5 and 4.7 months). Those numbers are below the market-defining, six month level that constitutes buyer/seller equilibrium. These days, sellers hold all the cards, as evidenced by an increase in median sales prices across all types of residential property.<br /><br />Whether you see price as the common denominator or you rely upon active inventory on which to base your projections, it helps to factor in both. There were 4,418 properties on the market in Sarasota County and 3,156 in Manatee County in March 2015. The Sarasota number is an 8-percent drop over the previous 12 months, while Manatee County remained static. <br /><br />As a rule of thumb, if lower inventories trigger escalating asking prices based on supply and demand, what can you expect from the market throughout 2015? Starcher suggests letting history be your guide. His conclusion--that strong monthly sales throughout early summer months in 2014 that gave way to what he calls “an appreciable slowdown until November”--is likely to repeat in 2015. He’s further reassured by trending local, state and national sales statistics that echo this 2014 arc. <br /><br />There’s a motivating factor to complete this equation: Foreclosures, short sales and distressed sales dropped dramatically in March 2015, representing 17.4-percent of real estate sales in Sarasota County and 14.9-percent in neighboring Manatee. In March 2014, 20-percent and 25-percent, respectively, of closed sales for Sarasota and Manatee properties were reported.
Ideally, any number below 20-percent is a hopeful market indicator, so while distressed inventory fell just 7.9-percent in the Sarasota foreclosed homes market and a comparable 7.7-percent in Manatee, it’s cause for celebration any time inventory holds at 20-percent or lower.
Starcher envisions a time in which “the good old days” return and just 3-percent of real estate fits into the distressed category, but until then, all signs point to a solid residential real estate recovery, and that portends bright futures for buyers, sellers and real estate professionals.
We'd love to help you find the perfect Sarasota home. Please don't hesitate to <a href="https://www.raveisflorida.com/contact">contact the team</a> at Key Solutions Real Estate Group for assistance, or call (941) 894-1255.<br /><br />
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2020-07-17T00:42:00-07:002020-08-06T06:05:56-07:00RaveisFlorida.com Supporttag:raveisflorida.com,2012-09-20:13971Florida’s Sarasota & Manatee Counties are some of the hottest real estate areas in the country<img style="float: left;" src="https://assets.site-static.com/userfiles/1190/image/uploads/blog_chart_increasing_house_2_400.jpg" alt="Sarasota real estate market report - May, 2015" width="400" height="300" />Located on Florida’s Gulf Coast, the counties were impacted by the real estate bubble and the recession that followed just like the rest of the country. However, though real estate continues to struggle nationally, sale prices are rising and sale numbers are hovering around all-time highs in Sarasota and Manatee counties. Not only is this a good sign for home sellers, it is a good sign for everyone who is living in these counties as an indication of the economic strength of the local area’s economy.
Sale prices in both Sarasota and Manatee Counties have increased significantly in the past year as the area’s economy continues to grow and strengthen. The median sale price of homes in Manatee County grew from $225,000 to $257,111 from May 2014 to May 2015. Condo prices moved from $157,600 to $160,000 during the same period. In Sarasota County, prices jumped from $191,500 in May 2014 to $230,000 in May 2015. Sarasota condos also shot up in the past year, from $175,000 in May 2014 to $210,000 in May 2015.
Sales of both single family homes and condominiums in Sarasota County are up 20 percent, while Manatee County homes are up 14.3 percent and condos are up 1.5 percent. The 1.5 percent growth in condo sales in Manatee County is largely due to the small number of condos on the market. In May, there were 1182 sales in Sarasota County and 827 sales in Manatee County, which compares to April’s numbers of 1222 and 813, respectively. This shows a marked increase over sales from May 2014, when there were 752 sales in Manatee County. Distressed properties remain a significant part of the market, with 15.9 percent of Sarasota County and 15.7 of Manatee County sales being distressed properties. This does show a decrease from May 2014 with the percentages were at 20 and 23 percent of sales, respectively.
The high sales numbers reported in 2015 are on pace to set annual sales records in both Manatee and Sarasota Counties. As the employment numbers continue to improve in the area, and across the country, real estate sales are also expected to improve in the area. As homes sell, fewer homes are available on the market, which should result in higher sale prices as buyers fight over a smaller number of properties.
The number of area homes available has fallen by double digits in recent months.
With the lower number of homes available for sale, it is expected that the number of sales will fall in the coming months. In fact, pending home sales are down for May. Sarasota County shows 949 pending sales, which is down from 1127 in April. In Manatee County, pending sales are listed at 667, which is down from 770 in April. While these numbers are not wholly unexpected, due to the seasonal residents leaving and tourists coming into the area, lower pending sales seems to indicate falling sales in future months. These numbers may, in part, reflect the current low inventory levels in the area. However, as the low inventory numbers continue to push selling prices higher, more owners will eventually begin putting their houses onto the market. As owners put their properties onto the market, the increasing inventory will help to keep sales strong into the future.
The percentage of available inventory that is distressed properties also continues to fall dramatically. Recently about 20 percent of the homes available for sale were short sales, foreclosures or other distressed properties. However, these numbers have fallen by more than half to 6.7 percent in Manatee County and 8.6 percent in Sarasota County. The decrease in distressed properties for sale is good news for sellers as sale prices should continue to increase as fewer and fewer distressed properties are available to buyers.
We'd love to help you find the perfect Sarasota property. Please don't hesitate to <a>contact the team</a> at Key Solutions Real Estate Group for assistance, or call (941) 894-1255.<br /><br />
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2020-07-17T00:42:00-07:002020-08-06T06:06:29-07:00RaveisFlorida.com Support