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WHAT’S THE BEST TIME TO SELL PROPERTY IN SARASOTA?

 

They say time is money, apply your talents at the right time and you are guaranteed success. Though the person who quoted this may not have had Sarasota’s real estate in mind, the saying compliments it more than anything else. Knowing when to buy or sell your property is a huge factor when going into the real estate business. Just like all other things, the real estate market also follows the age old golden rule of supply and demand. A condo’s price will rise if there’s a high demand for it and vice versa. Now let’s answer the most commonly asked question on Sarasota real estate investors’ minds.

What’s the Best Time to Sell Property?

The best time to sell a property is when demand is high

What the Heck?

Yes, the answer is that simple. What, you thought I was going to state specific dates on when to buy or sell your property? Even Rockefeller doesn’t know when the real estate market is about to go uphill or downhill, so how can you expect me, a simple blogger, to state future conditions.

See, the most we can do is speculate by looking at past and current trends of the real estate market in Sarasota and buy/sell accordingly. But even then it’s not necessary that the real estate market may follow the same trends. So what else can you do? Think of things from a buyer’s perspective.

Answer me this; what are the months where demand for housing increases exponentially, not only in Sarasota, but throughout the whole world? It’s the summer season of course, with an influx of tourists and vacationers coming in from all over the world to retire for the next 3 months. The tourist destination that Sarasota, Fl is, you can expect many of them to look for rentals and vacation homes, which means an increase in demand for new housing.

Property rates are at an all time low at this time of the year, which means now is the perfect time to invest in beachside condos and apartments. Unfortunately, this isn’t some mystical secret that only I know; there are thousands of experienced real estate investors aware of the trend who would also want to capitalize on the opportunity. That means you need to act fast, since an influx of investing leads to higher demand, essentially driving condo prices up.

Ideally, most investors would purchase real estate within the winter months, but due to the property shortage Sarasota, Fl is facing, they’ve been stalking the grounds for lower property rates. So if you didn’t consider investing before, now is the perfect time.

WHAT’S NEW IN SARASOTA REAL ESTATE?

Sarasota continues to be among the most in-demand cities for real estate in Florida because of its unique combination of affordability and sophistication. The city embodies the ultimate Florida living experience. From the inland neighborhoods of Arlington Park to the luxury properties of Bay Point Drive, Sarasota real estate is positioned to exceed the expectations of every home buyer.

Sarasota is well known for its spacious properties; the average size of homes on the market are 2,400 square feet. With an average list price of $350,000, this makes buying a decent sized home in Sarasota a viable option, especially compared to other parts of Florida.

Neighborhoods like Lakewood and West of the Trail feature properties where the size of the homes and the outdoor space are very large, adding value to the home. Also in abundance are the different style of homes. Buyers can find craftsman homes, ranch style homes, and modern designed homes, among others. Single and split level homes are plentiful. Sarasota is known for its abundant greenspace as well.

Inventory of Sarasota homes for sale average around 2,000 units (including condos and townhomes), with a median list price around $225,000. Listings are active in the market for an average of 60 days before being sold. Only about four to five percent of listings are distressed home, which demonstrates a decline in these types of properties in the market.

The neighborhoods of Lakewood, Arlington Park, and Bellevue Terrace are hot on the market right now. Several properties in these areas feature houses that exceed 3,000 square feet and sit on ½ to a full acre of land. Those with an interest in waterfront living will find Siesta KeyLongboat KeyLido Key and Bird Key exceptional choices. These popular locales offer excellent water views and spacious properties. Condominiums are plentiful in these areas as well.

Golf course living continues to be popular in the state. Bobby Jones Golf Club is one of Sarasota’s premiere golf clubs. Properties in this area provide world-class golfing and homes with upgraded amenities like gourmet kitchens and excellent views. Other favorite golf communities are Founders Club and Concessions.

Sarasota’s master planned communities, Lakewood Ranch and Palmer Ranch offer superior homes for interested homebuyers. As two of the most sought-after parts of Sarasota for homebuyers, inventory is limited. Properties range from modest one or two bedroom units under $200,000 to expansive multi-million dollar mansions.

Are you looking to buy real estate in Sarasota Florida? Contact us today to gain access to all the newest listings.

WHAT’S GOING ON WITH FORECLOSURES IN SARASOTA?

 

Sarasota, Florida provides an ideal lifestyle for a variety of home buyers. Whether you‘re seeking to purchase a home within a value-oriented neighborhood, a retirement community or a great school district, Sarasota has a large selection of affordable properties. In fact, many families are able to buy Sarasota foreclosures that are priced well below comparable home styles.

Living in Sarasota, Florida

If you enjoy sunny days throughout the year, walking on the beach or playing golf, Sarasota, Florida has many local activities that you might enjoy. Popular communities such as Bradenton and University Park are considered hot places to buy a new home or a Sarasota foreclosure.

Buying a home in Sarasota, Florida could be a great idea for newlyweds, growing families, retirees and for young professionals. Whether, you want to view amazing cultural activities, participate in annual festivals or to relax in a local country club, an enviable lifestyle awaits you in Sarasota, Florida.

According to a recent MarketWatch report, Sarasota, Florida was ranked second among the 10 best U.S. cities for retirement.

Amenities for home buyers in Sarasota, Florida

While home buyers in Sarasota, Florida have access to many perks, you’ll notice that certain amenities will vary among communities. For instance, the following communities include an array of popular features.

As a master-planned community, Lakewood Ranch is a development that features a clubhouse, upscale restaurants, a swimming pool and a fitness center. Another planned community on the Sarasota area is Palmer Ranch. Homeowners in Palmer Ranch have access to bike trails, country clubs, canoeing, tennis and plenty of walking paths.

University Park offers world-class amenities for its residents such as crochet, yoga, aerobics, casual dining, golf and beautiful lakes.

Benefits of Buying Sarasota Foreclosures

While foreclosures generally represent a financial tragedy for previous homeowners, prospective buyers have unprecedented opportunities to purchase bank owned properties below customary market prices.

A recent report from the Herald Tribune revealed that Sarasota had nearly a 50 percent reduction in foreclosures at the close of 2014 versus the numbers that were tallied in 2013. However, Sarasota foreclosures still outpace many cities within the United States.

Buying a foreclosure has many benefits for first-time home buyers, retirees and investors. Attractive foreclosure pricing could enable you to build equity faster as compared with buying a similar home at the fair market value. Reduced price points on bank owned homes in Sarasota will often result in a smaller down payment, less money for closing costs and a lower mortgage payment too.

WHAT TO LOOK FOR IN A FIXER-UPPER

 

Buying a fixer-upper can be a great investment. The Sarasota, Florida, real estate market provides ample opportunities for enterprising individuals to get inexpensive houses that are ripe for being renovated and resold at a profit. Fixer-uppers are also great for first-time buyers looking for an inexpensive starter home.

Before purchasing a fixer-upper in the Sarasota area, it’s important to know what to look for. There are a couple of areas that can turn an inexpensive investment into a major regret.

To start with, look at the foundation of the house. Is it cracked? Leaking? Crumbling? In need of other repairs? Foundation repairs are typically involved, expensive, and well beyond the scope of the average homeowner when it comes to DIYing. Fixer-uppers with foundation problems are best passed over in favor of buildings that are in better repair.

Next, look at the structure. Is the house falling down? Has it suffered fire or storm damage? Even if the foundation is sound, repairing the structure itself can end up being more trouble and expense than it’s worth. The structure and the foundation should be considered potential “dealbreakers” when it comes to considering a fixer-upper; if they aren’t in good condition, reconsider purchasing the property.

After that, look at the roof. Sarasota, Florida, averages fifty two inches of rain per year– this means that a good, water-tight roof is an absolute must-have. Roofs can be expensive to replace, and one that has been in poor repair for awhile can lead to a house with serious black mold problems or structural issues. A good roof will also help properly insulate a house, increasing its energy efficiency.

After the big three– foundation, structure, and roof– it’s important to look at factors like electrical wiring, the HVAC system, and plumbing. These are all integral to a house functioning, and can result in big problems if they are neglected for too long. Faulty wiring can cause fires, faulty HVAC systems can result in mold growth, and leaking plumbing can cause structural damage. Fortunately, problems with wiring, HVAC, or plumbing can be corrected relatively easily.

While fixer-uppers can make a great investment for experienced DIYers, it’s important to know where to draw the line between a diamond in the rough and a money sink. By limiting themselves to cosmetic fixes, home buyers can turn their fixer-upper into a showpiece without making major investments of time, labor, or money.

WHAT TO EXPECT DURING THE MORTGAGE PROCESS

Buying a home isn’t as easy as it used to be thanks to a crashed housing market and a flurry of foreclosures that have swept the nation. In order to protect the banks and to prevent borrowers from getting in over their heads, the mortgage process has been significantly beefed up. If you’re looking to apply for a mortgage but the overall process seems daunting, don’t be intimidated. While in depth, the home buying process can be relatively stress free if you’re properly prepared for everything it requires.

Pre-Approval

When you apply for your mortgage initially, you’ll provide your mortgage broker with a variety of pay stubs, your most recent tax returns, bank statements, and additional financial documents to get a ballpark estimate about what you’ll be approved for. You can get pre-approved from a few different companies so you can comparison shop and see who might be charging you unnecessary fees. It also helps you get better rates and lower closing costs when you have mortgage companies competing against each other for your money. Just remember a pre-approval doesn’t guarantee you a loan; it merely provides you with a good faith estimate to let you do your house shopping within your means.

Approval

When you submit your formal application, your mortgage broker will submit a credit report request within 24 hours. From there, your debt to income ratio will be examined, as will your debt repayment history. At this point, you’ve most likely found a house and had an accepted offer, so the bank will also put in an appraisal order on your house to ensure that the value of the house meets or exceeds the amount of the loan you’re requesting. They’ll also perform an employment verification and check to make sure your bank holds the proper amount of funds to close. Your broker will then assemble all of the paperwork and submit the package to the underwriter.

Underwriting

While their job title sounds a bit foreboding, the underwriter is the person who checks for any discrepancies in the application. Once the underwriter has the package in hand, approval can take from 24 to 72 hours. The underwrite works to protect the bank from applicants who may make false claims on their applications. Your credit history will be checked again, as will the appraisal to make sure your loan amount matches what the house is worth. The underwriter will also evaluate your debt to income ratio to make sure your already existing debts plus a mortgage won’t mean you’ll be in the red before you even buy a house.

Closing

When the underwriter gives the all clear, the title and deed are drawn up and sent to the title company. This usually takes 24 hours to three days, and then you’re free to come in and sign your loan documents. Once the documents are signed, they’ll be submitted to the bank, who will review the package and approve it before writing a check. Once it has been recorded publicly, escrow is officially closed and you’re a homeowner.

If you have all of your ducks in a row, the mortgage approval process isn’t that big of a deal. Find a trusted mortgage broker and they will be able to lead you through the entire process with minimal stress and road bumps.

At BuyFloridaRealty.com we specialize is residential real estate services. If you have any questions about buying or seller a home, or would like more information regarding home financing, please give us a call or contact us today.

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