Wednesday, May 11, 2016
I saw a newspaper headline the other day that said – “Low housing inventory drives housing prices up.” I hate headlines like this. As a responsible, and long-standing Real Estate Brokerage, we try our best to give sage advice. Then, while we’re advising our customers about the realities of the market they’re looking at, out of the blue someone says, “But the newspaper said…”
There is no Nationwide Real Estate Market, nor is there a citywide market nor a countywide market. Real Estate is Hyper Local. As a brokerage with now over 400 sales associates working in Sarasota, Manatee, Pinellas and Hillsborough counties, I can assure you that we are seeing far different activities in nearly every market that we serve.
For example, as of the writing of this article, the Sun City Center market as a whole has a 2.3 month supply of available homes. Said another way, if no more listings come on the market, there will be no houses left to buy in Sun City Center in 2.3 months. Conversely, in the zip code surrounding our Sarasota office, there’s a 10 month supply of homes, South Tampa’s hot with barely a 5 month supply of homes and the Gulf Beaches are a little out of balance with an 8 month supply of homes.
Let’s drill down even further. Apollo Beach has a 6 month supply of homes, however the MiraBay community has over a 10 month supply of homes. So different communities within markets can have different dynamics at play as well. Can you see why you need an agent to help you navigate through this process?
What does all this mean and why am I telling you this? One of the services customers expect from their agent/broker is market advice. Market advice does not come from the newspaper. It comes from living on the streets and studying the trends. Depending on our clients’ motivation and the current market for their home, we may suggest an aggressive pricing strategy to make the home be one of the first to sell, or we could recommend a higher price to take advantage of the market, or we may recommend staying off the market for a while to give those who are desperate to sell a better chance. This is where our exclusive Strategic Pricing Analysiscomes in, it’s how we empower, educate and encourage you to make the right decision based on your needs.
Curious what your property is worth? One of our excellent agents will ask you a series of questions and show you 15 properties like yours in 3 different categories. We’ll choose 5 homes on the market now similar to yours, 5 homes that have sold and 5 more that have expired or withdrawn from the market. Our exclusive Strategic Market Analysis (SPA) allows YOU to pick a price according to your personal motivation to sell and of course, we’ll educate you on the supply of homes in your market. And it’s free, without any obligation. Who knows, your home may be worth more than you think!
Please, give us a call if you or someone you know is thinking about taking advantage of this rising real estate market and super low long term mortgage rates.
Until next time, may you have fair weather and following seas!
Craig J. Beggins, President
CENTURY 21 Beggins Enterprises