Sarasota Real Estate - The True Story

Urgency in Sarasota Real Estate Market

2010-03-24T12:07:00.000-05:00

As of March 31, only days away, the federal government will cease its backing of mortgage based securities. Many believe that this move will cause rates to begin to rise, perhaps rapidly. Buyers of real estate who are looking to secure a mortgage may see the window of sub 5% rates rapidly closing. A mortgage rate increase of even 1 percentage point makes a huge difference over the life of a loan. If you are considering a real estate purchase requiring financing, this may become the most critical factor to consider.

Sarasota Short Sale Pricing - Follow the Bouncing Ball

2010-03-11T13:44:00.000-05:00

Recently, a home came on the market priced at $325K. A few months later, having not sold, the price was reduced to a $285K short sale. When a buyer made an offer of $235K, the bank never responded. 6 months went by, not a word. The buyer backed out. When the bank foreclosed on the property and listed it as an REO, they priced it at $152K.

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Another property was listed as a short sale for $199K. It never sold. The bank foreclosed, and put the property up for sale for $300K, much closer to its real value. It sold rather quickly, which indicates that the bank never had any intention of selling the property for its short sale list price. These must have been dozens of offers.

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A short sale came on the market for $219K. Given the homes true value of closer to $300K, it went pending rather quickly. Months later, when it sold, it was for a price of $280K.

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For every story of a short sale that went smoothly, there are dozens more that make no sense. Some short sales do work out, and can represent awesome deals. But a buyer needs to buckle up, and hold on for the ride.

Siesta Key Dreaming

2010-02-25T12:20:00.001-05:00

I am watching the weather reports. Another snowstorm is set to hit the northeast, which just makes me thankful all over again that I moved south nearly 10 years ago. That was the best move I ever made.

So in the spirit of warmth, sun, and beaches, I thought it appropriate to revisit a topic of much interest - are there any affordable homes on Siesta Key? Now, more than ever, the answer is YES. And if you are even remotely considering a retirement or second home and you want to walk to one of the top beaches in the world, now is your time.

Siesta Key Homes - Starting at $249K as of 2/25/2010

Siesta Key Condos - Starting at $150K as of 2/25/2010

As a true beach bum who moved to Sarasota after standing on this very beach in awe, I can tell you...like me, you will never regret having a home here. Especially if you can get a great deal.

http://www.TrueSiestaKey.com

http://SeeSarasotaLive.com Live webcam located on North Siesta Key

Short Sales Changes Coming?

2010-02-23T14:02:00.000-05:00

In November of 2009, the guidelines were set for non Freddie Mac/Fannie Mae short sale procedures. The guidelines are set to take place in April 2010. Fannie Mae and Freddie Mac are due to reveal their own version of the HAFA Act very soon. The acts, if implemented and workable, will solve some daunting short sale problems and hopefully begin to clear short sale inventory.

The act will address two of the biggest frustrations of short sales.

1) Blind offers - in the past, the listing agent often set the listing price without input from the bank as to what they will actually take.

New procedures will allow borrowers to receive pre-approved short sales terms before listing the property (including the minimum acceptable net proceeds).

2) Unacceptable time frames - In the past, buyers and sellers had no choice but to wait for unspecified amounts of time - average 6 months, but up to a year or more in some cases - for a decision from the bank.

The new act will allow for standard processes, documents, and timeframes/deadlines.

It is my opinion that should these new processes be implemented in an enforceable way, the inventory will begin to rapidly drop to a normal level. At the moment, short sales dominate the market, and buyers are often unwilling to enter into a contract with so many unknowns and opt instead to wait until a "traditional" sale hits the market. Once lenders begin to utilize these procedures, and short sales are easier to navigate, buyers will begin to take advantage of the sales.

The Paradox of "Foreclosure Value"

2010-02-17T22:40:00.001-05:00

The request goes something like this "I know there are a ton of foreclosures in the area. I want to take advantage of one, but I want to make sure I am buying something that will definitely increase in value"

Don't get me wrong, I understand what they are trying to accomplish. But when a neighborhood (or community or town or county) is rife with foreclosures, the concept of "recovery " and "values" is a dicey one. The very reason you can get so many properties for so cheap is generally because there are just too many abandoned properties in that area. Value in those locations is hard to guarantee. I recently looked at what appeared to be a great deal for a client - until we saw that 11 other homes ON THE SAME STREET were in distress. Value? Probably not.

In Sarasota, we do not see nearly the REOs as they have in other parts of the state - and exceptionally few in higher end properties (over $100K). And when the true steal comes up, it is gone within minutes. This is not an exaggeration. Recently, I saw an REO the moment it hit the system. Recognizing immediately that it was a deal - priced at $275K, worth about $400K - I ran out to the property to take photos for my customers. I got there less than 1 hour from the time it appeared on the market.

I was one of 17 people on property.

By the time one of my clients expressed interest 3 hours later, the property was pending. Gone. A true deal does not last long. The media has made it sound like there are no buyers. But Sarasota is crawling with buyers.

I look at every opportunity for my buyers - and sometimes we get lucky with an REO and steal a property. But I still maintain that some of the best deals to be had are from traditional sellers. If they purchased prior to the boom, they likely have plenty of equity in their home and can afford to sell. You get a great deal, and the home has actually been maintained. Not only that - those homes arent getting nearly the attention of the REOs, which often end in bidding wars and higher prices.

Add Sarasota to Another List!

2010-02-07T14:52:00.000-05:00

AARP Magazine over the years has ranked retirement destinations under a variety of criteria, from "The Best Places to Live a Simple Life," to the "Healthiest Hometowns" and "The Best Places to Reinvent Your Life". From these lists, CNBC.com has focused on a selection of towns and cities recognized as top places to retire, picking the best and most unique locations from AARP Magazine's overall reviews.

Top Retirement Hotspots includes as #4, Sarasota FL.

Sarasota is perhaps one of the most popular retirement destinations in the most popular US state for retirees. Located on the Gulf Coast, Sarasota has 35 miles of beaches and offers residents opportunities from golfing to boating and gourmet dining. The town also offers a range of activities, including an opera, symphony, film society and a range of art galleries.

This destination is attracts plenty of vacationers in the winter months which does make it a bit more crowded during those times. The area also finds median home values at $185,200, which is slightly above the national average. Regardless, AARP Magazine has identified Sarasota, a city with the nickname "Paradise," as #4 on its list of "best places to reinvent your life.” Add that to its recent designation as the most undervalued city in America, and Sarasota is the obvious choice for a second, vacation or retirement home.

Want a Sarasota Condo? You'll Need Cash

2010-01-25T08:09:00.001-05:00

Although lenders and brokers will tell you differently, it is becoming increasingly obvious that if you want to purchase a condo, you will need to be a cash buyer.

In the last several months, we have watched prospective buyers place their hopes in a lending system that promised a condo financing package, only to be left with nothing at the end of the day. While there may be a few programs out there, the rules are so stringent that everyday people are not eligible.

This of course has far reaching implications not only for buyers, but sellers of condominiums. The pool of prospective buyers shrinks considerably when the financing disappears, and sellers are beginning to consider seller financing as an alternative.

Buyers with cash are holding the power card in the Sarasota condominium real estate market.

Sarasota's Rebel Real Estate Market

2010-01-14T14:44:00.000-05:00

I've always been a big of a rebel. I love seeing people or events that buck the trend. That why the latest numbers out of the Sarasota Real Estate Association had me smiling - while much of the world continues to insist on gloom and doom predictions and dire outlooks, no one appears to have told the buyers in Sarasota. Or we are just a bunch of sunshine-loving rebels!

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From SAR -

With 648 total property sales reported in December 2009, the Sarasota real estate market saw the most closed transactions since March 2007, a 33 month span. Overall sales in December 2009 were also 52 percent higher than December 2008, when only 406 properties changed hands, and 70 sales higher than the 578 sales reported in November 2009. Median sale prices were also up last month for both single family homes and condos.

For the full year 2009, the trend lines have been dramatic. Monthly home sales have climbed to the high 500s and low-to-mid 600s, compared to 2008 when sales often dipped to the low 400s and even into the 300s. The overall number of closed sales in 2009 stood at 6,699, compared to only 5,459 in all of 2008, for a 22.7 percent increase. In addition, the overall property inventory has plunged from the 10,000 to 13,000 range in 2008, down to the low 6,000 level at the end of 2009.

For local Realtors®, the monthly and annual trend stands in contrast to the national picture. Sales nationally have slowed during the early winter months, but not in Sarasota.

“This is very good news, especially considering the fact that our market is showing considerable strength against a national backdrop of uncertainty,” said 2010 SAR President Erick Shumway. “Sales are continuing to rise, and we’re starting to see a return of appreciation as the available property market tightens and buyers look more toward arm’s length sales instead of short sales and foreclosed properties.”

The first-time homebuyer tax credit was extended and expanded to include many other homebuyers on Nov. 6, so the home buying sales rush could easily continue through the season and the first quarter of 2010. Recent statistics continue to point to a local market in a prolonged recovery period.

Short sales and bank-owned property sales continue to impact median sale prices locally. Normal arm’s length sales bring more than double the price on average than those for distressed properties. For the full year 2009, distressed property sales accounted for 40.7 percent of all sales, compared to 2008’s total of only 21.2 percent. Thus, while the median sale prices did drop in 2009, this was due in very large part to the distressed segment of the sales.

The inventory level in December 2009 was at the lowest level since late summer of 2005 and the years prior to the boom period from 2003 - 2005.

“One of the biggest statistical positives in December was the month’s supply of homes, which fell to 8.1 months for single family homes and 12.3 months for condos,” noted Erick Shumway. “These are the lowest figures in two years. Once they reach 6 months, the market is considered to be in equilibrium between buyers and sellers. Last year at this time, the figures were 19.1 months for single family and 31.8 months for condos. This is a huge difference in only a short period of time.”

Sarasota Real Estate Homestead Exemption

2009-12-15T09:26:00.000-05:00

One of the great benefits to home ownership in Florida is the Homestead Exemption. If you own a Florida home that is your permanent residence, you are likely eligile to the $50,000 entitlement.

The exemption allows for $50,000 to be subtracted to the assessed value of the home prior to the calculation of taxes. Once a home is homesteaded, it is protected under the "Save our Homes" cap, which stipulates the property's assessed value cannot increase more than 3% per year, a protection that greatly benefited homeowners during the recent boom.

In order to qualify:

* You must hold title to the property
* You must reside in the property (more than 6 months per year)
* You must be a permanent resident of the State of Florida

You must apply in person at the property appraisers office (information below) before March 2nd of the qualifying year in order to receive the exemption.

You will need to bring the following items, which must have been obtained before January 1 of the qualifying year. If a husband and wife reside in the home, these items are required of both.

* Tax bill or deed
* Florida drivers license
* Florida Voters Registration Card or Declaration of Domicile
* Florida Automobile Registration
* Social security number

Resident aliens must present their Permanent Alien Card along with a Declaration of Domicile.

Applications are taken Monday through Friday at one of the following Property Appraiser offices:

2001 Adams Lane, Sarasota FL 34237 (941) 951-5650
4000 South Trail, Room 115, Venice FL 34293 (941) 492-3030

www.SarasotaProperty.net

Sarasota Real Estate - Rates Hit Record Lows

2009-12-07T06:35:00.001-05:00

The average interest rate for 30-year mortgages has fallen to the lowest level since Freddie Mac began compiling its weekly survey in 1971, declining to 4.71 percent this week from 4.78 percent a week ago.

Rates also were more attractive for 15-year fixed loans, which fell from 4.29 percent to 4.27 percent, but many consumers may not have qualified for them because they now face higher credit standards from lenders.

This of course bodes well for the continued recovery of the real estate market as more people are drawn to buy, attracted by the combination of low rates and low prices.

Invest in Sarasota Real Estate? Yes and No

2009-11-30T07:16:00.000-05:00

The investors are back in Sarasota.

After a 3 year hiatus, the front runners - those investors who come back buying before the general population - have been here in Sarasota for months.

While I do agree heartily with investing in Sarasota property right now, I have to throw in this caveat - buy NOW. Sell later.

Flipping of property, or buying/rehabbing/reselling, is still very risky business. The "general" buyers are still making their way into the market. Not to mention, prices are still low.

Given the ability to purchase homes well under market value, the smart investors are buying now, at the bottom...renting the property for a year or more to allow market recovery while collecting income...and then planning to sell at that time.

Investing in real estate is always smart - you just need to know how to read the market for your maximum benefit.

Sarasota Real Estate Market Encouraging - Again

2009-11-24T09:38:00.001-05:00

The skeptics are running out of ammunition.

While the numbers have been on a steady positive trend for months now, many have remained reluctant to acknowledge that the real estate market may actually be recovering.

However, the October numbers recently released show that yet again, Sarasota area sales are up 50%. It seems that the tax credit, coupled with fire-sale pricing, is bringing buyers out in increasingly strong numbers.

Deals are still to be had as median sales prices are not yet recovering, but buyers are learning that the very best deals don't last long. Some are even selling over list price, unheard of just a short year ago.

With the tax credit now extended to all buyers and through the Sarasota high season, we expect to see sales numbers -and competition for the best properties - to rise quickly.

Loan Limits Extended - Tax Credit Next?

2009-11-03T15:42:00.000-05:00

In an effort to spur the real estate market, Washington is attacking the issue on various fronts. While the homebuyer tax credit remains on the floor - discussing both extension and expansion - another key issue has been resolved.

Last week, the House and Senate passed legislation to extend the current loan limits for FHA and Freddie Mac and Fannie Mae through December 31, 2010. These loan limits, set at 125% of local area median home price and capped at $729,750, would have expired on December 31, 2009 in which case loan limits would have been reduced in many markets. The President is expected to signed this bill as of this writing.

Cash buyers continue to enjoy the greatest savings in this market, as they have the agility and ability to pick up the deals quickly.

Real Estate Cynicism

2009-10-20T12:20:00.000-05:00

A friend of mine recently closed on a home. He had waited 3 years to purchase. He watched the markets carefully. He finally decided on a great home in a highly desirable subdivision. He got the home for 50% of what it sold for 3 years ago, and a full 10% under the current market value.

His comment to me? "I just wish I could prevent the powers that be from using this sale as part of the 'market is recovering' hype"!

Now, I understand a healthy dose of caution when purchasing in this, or any market. But to be so cynical just after making such a great buy? His take on it is that although he purchased, he didnt want someone else to use him as an example of a recovering market.

Folks, the market starts recovering when people start buying. Even at depressed prices, decreasing inventory means less available to purchase. Homes selling more quickly means that we begin to see "list to sale" ratios declining and approaching equilibrium.

Lately, there is a lot of resistance from sellers to go any lower. Just ask a few of my buyers who have been frustrated on several properties. On others, there are multiple offers. These are all signs of a market that is ready to recover, if it is not well on its way.

It's not "hype" if all the numbers are favorable. If people are buying. If inventory is decreasing, sellers are holding, and buyers are competing. Its reality.

Could something happen tomorrow to change those facts? Of course. But for now, things are heading in the right direction.

Sarasota Short Sale Pricing is Changing

2009-10-17T10:13:00.005-05:00

This week we received word that the short sale process is being revamped and standardized at the highest levels. The most welcome news is that if the new provision passes, the banks will actually be setting the short sale price, not the listing agent.

I have heard a collective cheer go up amongst my customers. The short sale process is daunting, and most frustrating for many people is seeing a price on a listing that may not be acceptable to the bank, even if they make a full price offer.

I have noticed lately that when the daily "status change report" makes it to my inbox, that many properties have raised their price by a considerable amount. Further investigation shows that they were a short sale that has gone pending at the higher price. For instance, this morning, a home which had been listed at $109K went pending at $136K. What happened? This may be price the bank would actually take as opposed to a fantasy price set by a well meaning listing agent.

So when the short sale pricing is set by the bank, the issue of "list price reality" will be solved. What folks are not going to like, however, is that the false veil of "rock bottom prices" will be lifted. Many people express shock when a home goes into foreclosure, and the bank actually raises the price of the home from its short sale levels. It's not a surprise to me - the bank is simply finally revealing what they will accept. The reality of that number has been the same all along - we are simply finally privy to it.

Take heart, folks. Many of those prices werent real anyway. I for one would rather deal with accurate reality than fantasy.

Postscript

There is a whole other discussion to buying a short sale - if the short sale price is unbelievably low, the chances of the winning bidder paying that price is slim. They probably made an offer OVER list price. If the home is set 50% below market, making an offer 5-10% over list still makes perfect sense in order to score a great deal over the competiton who are likely offering at or less than list. In case this all sounds familiar, it should. It's called a "bidding war", and it happens in any market for well priced properties.

Sarasota Real Estate Numbers

2009-10-14T17:06:00.000-05:00

Trends continue to signal recovery in the Sarasota market according to the Sarasota Association of Realtors September report:

* Home and condo sales skyrocketed - a 35% increase in sales over September of 2008

* Sales up 10% over August in our traditionally slowest month

* Pending sales have exceeded 800 for 7 of the 9 months in 2009, after lingering between 400-500 much of the last two years

* Time on market numbers are down to 9.8 months from over a year for a single family home - 6 months is considered a market in equilibrium

* Inventory numbers - 3,915 single family homes and 2,337 condos - are the lowest they have been since August 2005.

Median sales prices are lower , fueled by short sales and foreclosures. As these inventories dry up, prices will again begin to climb and we will begin to see more multiple offer situtatons - bidding wars - on the best properties.

Right Under Your Nose

2009-10-11T18:09:00.000-05:00

The market has been abyssmal for so long in Florida, that there is a sense that it will never change. Buyers are content in the knowledge that they are firmly in the catbird seat, and that they should still wait out the "bottom" of the market.

The problem is, that as exclusive buyer agents in Sarasota, we are seeing the exact opposite. Three times this week, my buyers found themselves in multiple offer situations. Often, these situations are resulting in the successful bidder offering list price or higher to get the property.What is happening? The best deals are being scooped up quickly, and there is no more luxury of "wait and see". The fact is this - the list price is the most irrelevant number in the whole process - the VALUE is what is important.

Its a strange time in the Sarasota real estate market. The prices have fallen remarkably low. However, no matter how low they fall, buyers still seem convinced prices are too high. With all evidence to the contrary, they want to lowball the offer thinking that the seller will be thrilled to get an offer. However,the sellers have come to the opposite conclusion. With inventory shrinking, and sales AND values rising - they think they have gone low enough. With season approaching and news media reporting that everyone should consider a Sarasota real estate purchase - they are feeling more empowered than they have in years.

So what happens when buyers don't want to admit that times are changing, and sellers insist they are? Buyers are often missing out on incredible deals as savvy investors are buying the best deals right out from under them. The market is undeniably changing. Buyers will need to adjust their thinking or face the fact that they missed the opportunity.

The GREAT NEWS for buyers? The prices are likely still near the bottom, the properties are still available, and the deals are still there. For now.

Why didn't you show me this one?

2009-10-05T19:56:00.002-05:00

As exclusive buyer agents, we look at a lot of property. We research neighborhoods, scour county records, and run out to preview homes that look like great deals as soon as they are listed. We pride ourselves in knowing the current inventory in Sarasota.

Often people will call us and give us their criteria, asking for our assistance in finding a great property. Criteria usually includes price range, monthly budget, lifestyle preference, and size of home. Most often, I begin to visualize great options before I even open up the search screen.

Because of the great tools on the internet, folks can search on their own. This is valuable to us, because we can begin to see those types of properties that catch your eye. The most common question I get, though, is "Why didn't you send me these homes? (see attached link) They look great!"

The answer lies in access. I simply have more access, and more information, than you do when looking at listings. It's a perk of the license. The most common reasons I didn't send you the "perfect home at the almost unbelievable price" include:

1) The home isn't in Sarasota. Yes, I know the listing says it is. But it isn't. Sometimes listing agents put a more desirable address on a property. You can't tell its 30 miles away and 15 miles from a beach. But I can.

2) It's a short sale. Some clients are well educated on the short sale process and are willing to take on the challenge, and the waiting game. Many others do not have the time luxury to wait around months for a bank. Unfortunately, the listing that you see doesn't always say that the crazy low price you see is actually not bank approved. If you are looking to buy within a time frame, a short sale is not for you. But you can't see the status.

3) I know why its so cheap. It backs up to a major road, or is located next door to a garbage dump. Or it may just have really small lot sizes. Whatever the reason, you have told me your criteria, and I know this won't cut it for you.

4) Country clubs cost money. In this market, many of the homes in the country clubs have dropped in price dramatically, making lovely homes seem too good to be true. But while the home is great, and the community is awesome, there is a required membership fee to the club - and what I have learned in in most cases, only the most avid golfer is willing to pay a membership fee that seems pricey given the price of the home. By the same token, some condos have low prices, and sky high condo fees. These are often not evident on your information.

5) Your kids, your dog, or your work truck are not welcome there - That sounds terrible, but 55+ communities often will not allow occupants under 18, many places have pet policies, or HOA rules. Based on what you told me, I know you aren't moving here without your dog - or your kids! :) So I didn't include the property. Another spin on this is when you are looking for investment/rental property, and the association does not allow rentals.

I understand that when you see a home that looks fantastic, you want to know the information on it! And I am happy to provide it. Just know that we are working diligently behind the scenes, looking at every listing, evaluating if it is good for one of our folks, and sending it along to you. We are also screening the homes that may look good on the surface, but we know to be contrary to your needs or budget.

Together, well find a great Sarasota home.

Are you working with a Dual Agent?

2009-09-25T08:35:00.002-05:00

In Florida, real estate agents have a legal obligation to disclose their relationship to you before you enter into real estate transactions. Most often, although the terminology may be different, these agents are "dual agents". Dual agents represent both sellers and buyers. There’s one clear way to prevent representation from a dual agent: Assume most real estate agents are dual agents, then ask them.

However, there is more to the issue than simply asking, “Are you a dual agent?”

The problem is that this question doesn’t get to the heart of the matter, leaving a little too much room for interpretation. For instance, an agent assigned solely to representing that firm’s home buyers could reasonably answer, “Of course not.” Meanwhile, his or her colleagues are actively adding listings for sale on the multiple listing service.

Here’s the question that gets right to it, leaving no room for creative interpretation: “Do you, or anyone in your firm ever list homes for sale?”

Some agencies might reassure saying the two functions are kept completely separate, with different agents representing buyers and sellers. But remember, when a house sells, real estate agencies split a commission of the purchase price. When an agency represents both seller and buyer, it also splits the commission—and then gets to keep both halves!

So ask yourself, what is the true reality that there will not be an implied incentive to sell the company's own listings? And that you will be presented, up front, with ALL the properties that match your requirements, regardless of who listed them?

The biggest issue that has bothered me is this - when you work with a real estate agent, you are actually represented by the brokerage firm. If this firm has entered into an agreement to get the highest and best fair offer for their seller's home - how can the same brokerage effectively negotiate the LOWEST fair price for the buyer?

If you want true, unadulterated buyer representation, and there’s any company connection to homes listed for sale, that’s your cue to move on. You will meet resistance from the traditional real estate model, because that's the way it was always done. But this is a challenging market, and you need someone representing your interests - and yours alone.

Postscript - I am continually alarmed in speaking with people that have been out with agents and have not been presented with a representation disclosure. It is Florida law that we present you with a Brokerage Relationship Disclosure. Ask for it!

The View from Down Here

2009-09-22T07:18:00.000-05:00

"Success is simple. Do what is right, the right way, at the right time." Arnold Glasgow

Oh that we could guarantee every move we made was the right one. As Sarasota buyer agents we are continually asked the "crystal ball" questions that all come down to this one sentiment -

"Is it safe to buy now?"

I can rattle off numbers at you. I can give you statistics. I can show you trends. Actually, I have done all that...read through the posts! Yes, it seems that in most cases, it is safe to buy right now. But you need to know what your goal is, and do the right thing to attain what you want.

If you are moving here to live indefinitely (once you get here, I predict you'll want to stay), now is a fantastic time to buy. Although the experts may disagree as to when the actual bottom will be - or already was - they do agree we are pretty darn close. As long as you have good information regarding neighborhood values, you will be just fine in the long run.

If you want to live by water or the beach, now is a fantastic time to buy. Can you get in for $200K? Probably not. But property that was listed for $1m just three years ago is now listed for $400K...this is a fire sale if ever there was one. Beach and waterfront have not lost their inherent value - we simply lost our buyers. But with so little true beach available, it will always - always - retain value. Investment 101- buy low!

If you want to buy and flip property, I would strongly caution you. I understand the draw. Prices in some cases are SO low that it seems like a no brainer. But the market is still not healthy enough to guarantee you can flip a property in a timely manner, especially after you sink money into renovation and upgrades. And even the aforementioned beach and waterfront property is a gamble - high end properties have not been moving the way people expected them to, even at deeply discounted rates.

What it comes down to is this - if a property will make you happy...if it will provide years of enjoyment...if you have always dreamed of sunsets over the bay - this is one of the best times in decades to buy a Sarasota home. If its strictly business, I recommend you build in a good amount of time needed to re-sell the property.

Overall, the view from down here - is looking up.

Forest - Meet Trees

2009-09-21T08:28:00.000-05:00

You've heard the saying "you can't see the forest for the trees". Simply put, sometimes we get so hung up on details, that we fail to see the big picture.

In this real estate market, we see it alot. Caught up in the negotiation game, buyers walk away from a GREAT deal because the seller wouldn't give "just a little more". People pass on an incredible deal because the home needs new carpets...or a new roof...or an updated kitchen. But when a home is priced at 50% of market value, adding in the cost of these upgrades still makes it a steal.

Every day new clients tell us that they want "alot of house, a little bit of money". Of course they do, that's what everyone wants. But in the quest for the needle in the haystack, the deal of a lifetime, they often overlook opportunities that are, quite frankly, disappearing quickly.

As unfair as it may seem to everyone else, the incredible steals are sold to Sarasota area locals within hours of listing. The good news is, though, that with a qualified local professional sorting through the opportunity, we can still get you a fantastic deal before the window closes...

It's Not a Lowball Offer if its Accurate

2009-09-10T09:35:00.001-05:00

I can't believe its still happening.

A seller puts a list price on their home. Apparently, they either have a misguided agent, or they choose not to listen to them. Granted - its a great house! But the home is grossly overpriced based on current market value and comparable sales. With the neighborhood knowledge we have, we can spot them immediately as overpriced for that area. I understand the psychology in play, but this market demands reality.

When our clients make an offer on a property, they do so with every bit of information we could find on value, comparables, upgrades, upcoming assessments...and we make FAIR OFFERS. Now, if someone has overpriced their home by $100K, and I make an offer $100K under their asking price, its not a lowball offer. It's a realistic offer. A market offer.

My home is worth about $400K in todays market. I can put a list price on the home of $750K if I want to, there is nothing to stop me. So does that mean if someone offers me $450K, that they are "low-balling" me?

No.

Sellers need to be open to hearing about the reality of market value, and realistically price the home. Then they, like other well priced properties, will likely experience multiple offers as the market improves. But getting offended because someone undercut your inflated price is not going to sell the home.

By the way, the elephant in the room is this - no matter what the agreed upon contract value, the home has to appraise. These days, getting a generous appraisal is unlikely at best. If you truly want to sell your home, take a deep breath, and find out what its worth and price it accordingly. Then my offer will be right in line with your price, and the deal will get done.

Follow this Blog

2009-09-03T11:16:00.003-05:00

Like what we have to say? We have added a feature where you can now follow this blog and be notified of new posts - simply scroll down and click the box!

New features also allow you to search the archives by keyword (also below) and easily leave comments, as well as email a post to a friend. Enjoy!

Why Buy Before Season in Sarasota?

2009-09-03T11:04:00.004-05:00

"Season" - Sarasota residents have a love/hate relationship with this time of year. Officially November through May, the real brunt of season is New Year's through Easter.

What is "season", exactly? Sarasota is a town with a growing residential population, but given our gulfside location, fantastic beaches and year round golf - we also have a huge popualtion of "snowbirds" and part-time residents. Add to those numbers the influx of tourists and vacationers, and the Sarasota population swells to twice its normal size.

While it can get a bit more crowded, season is a boon to local businesses, who often rely on seasonal visitors to sustain their business for the rest of the year.

With experts coming to a consensus that the overall market is heading for recovery, we have our own indicators. Sarasota's sales numbers are up, and our inventory is decreasing. Prospective buyers are reporting that their favorite "Watch properties" are being sold, and we are beginning to see multiple offer situations again on well priced property. US News and World Report says we are the 2nd most undervalued market in the country. Sales are expected to tick up as the first time home buyer credit program expires in November, further depleting inventory.

How does this tie to season? In Sarasota real estate, season has traditionally brought an upswing in prices as sellers anticiapte the influx of prospective buyers. While in recent years sellers weren't quite so optimistic, this year we are already seeing increases. With all the positive news, and homes selling better than they have in years, there is a real possibility that the months prior to season are a closing window to the best deals.

Besides, if you own property during season, you can rent it out ! We are, after all, a seasonal town. And traffic aside, for the most part, we love it.

More Assistance for 1st Time Buyers

2009-08-21T14:25:00.003-05:00

FannieMae announced this week new rules regarding the sale of their foreclosed properties. From now on, properties must be on the MLS for at least 15 days prior to any cash offers being made.

This move is structured to assist buyers who will occupy the home, and have lined up solid financing. In the current "cash is king" envoronment. cash investors were scooping up great deals on foreclosed properties and effectively locking out the traditional buyer.

This new move will allow prospective owners to see a home and negotiate an offer before the cash investors swoop in. This move should go a long way to helping the "ordinary home buyer" take advantage of the great deals in this market.

For more information, give us a call.

Sarasota Real Estate Sales Trend Up

2009-08-21T14:21:00.002-05:00

From the Sarasota Association of REALTORS:

The Sarasota real estate market in July 2009 was substantially more robust than July 2008, with total unit sales up 29 percent to 595, and the months of home supply on the market once again dropping to levels not seen in three years. There were 450 single family and 145 condos sold in July, compared to 331 and 130 last July.

July 2009 sales were only 15 units lower than last month, when overall sales rose above the 600 level for only the second time in 26 months. The statistics all continue to point to a market in the initial stages of recovery, with other news outlets reporting the bottom of the market.

Inventory levels continued to decline and now are at the lowest level in more than 5 years.

Sarasota Real Estate at the Bottom?

2009-08-05T11:03:00.002-05:00

Recently, one of our clients complained that although there are many homes on the market, that there didn't seem to be much of interest. She is not alone - many folks have begun to realize that many of the best properties have indeed been scooped up.

This anecdotal evidence dovetails nicely into the recent news from the AP stating that we are at the bottom of the real estate market. Sales are up, inventory is down - and as mentioned, the really good inventory is dwindling quickly.

Over the last couple of years, when I was asked when the bottom of the real estate market would be, I spoke what I felt to be the truth. The market will be at the bottom when the media declares it to be so. The reason is that people in general wait for the indicators to tell them it is "safe" to buy. Once we are told we are at the bottom, the actual validity of that statement matters little - it becomes a self fulfilling prophesy. With consumer confidence up, the numbers backing up the recovery and the added bonus of the first time homebuyers tax credit - I expect sales to ramp up considerably in the coming months fueling the Sarasota recovery.

This realtor sees things looking up.

Sarasota Buyer Agents - Going Green

2009-07-23T00:03:00.002-05:00

Sarasota is a beautiful natural paradise, and this town attracts people who love the outdoors and are largely committed to staying active and healthy. The opening of several new kayak launches , as well as the Legacy Trail,all speak to that. The newest hot restaurants in town include Lonjevity Cafe, a vegetarian and health food restaurant which boasts downright tasty entrees. What's next? Green real estate!

There are many designations that a realtor can obtain. They include specialization in second home purchases, resort properties, even international buyers. All of these have special significance in the Sarasota market, which is why we are dedicated to educating ourselves on all these specializations. The latest achievement recognizes the growing awareness of our customers of environmental issues and how they affect quality of life.

The Green designation certifies that your Realtor has awareness and knowledge of green building principles specifically applied in residences. They have been schooled in how to guide buyer-clients in purchasing and retrofitting green homes, as well as becoming an advocate for greener homes in the community. They have knowledge of the cost/benefit value of green homes and features, resource-efficient home systems, appliances, building methods and materials, benefits of an energy audit, sources of VOCs and toxins that impact indoor air quality and the environment

William True, Broker, is one of the first Realtors to earn this important and relevant new designation, proving once again our dedication to ongoing education to the benefit of our clients.

Top 5 Reasons to Buy a Home in 2009

2009-07-11T15:02:00.003-05:00

For every realtor that says its time to buy, there is someone calling us opportunists and liars. I understand there is a lot of fear in the market and the economy. However, investment in a home, under the right conditions and if qualified, is still a smart move. What are the right conditions?

1) Ample inventory - you've heard this one before. But why is this important, really? It's simple supply and demand. If one seller is not willing to negotiate , the next one may well be. With far more sellers than buyers, the seller is loathe to let a buyer get away, giving buyers ultimate bargaining power.

2) Low interest rates - Buying an affordable home at a high interest rate cancels out the savings. Buying an affordable home at a low interest rate is the optimum situation, and its where we are now. Having a low interest rate can save you more money over the long run than buying a cheaper home - having both variables in your favor is the best of all worlds.

3) Buy vs. Rent - in the Sarasota metro area, it is now proving to be cheaper, monthly, to buy a home than to rent. Many people cite fear of employment instability in the future as a reason not to buy. However, in either scenario, you have a cash outlay every month. If it is cheaper to pay a mortgage rather than rent - and it buys you equity in a long term investment - it seems the practical way to go.

4) Tax Incentives - The Federal first time home buyer tax incentive is a great reason not to put off your purchase. Complete the transaction on your new home by November 30, 2009 and you are eligible to receive up to $8,000 back as a tax credit. The program is for first time home buyers , or people who have not owned a home in the prior three years. It is retroactive to homes purchased from January 1, 2009 but it does expire soon.

5) Closing Cost Credit - The same Federal program can be used against your closing costs, greatly reducing your out-of-pocket when you purchase a home.

You need money to buy a home

2009-06-26T10:06:00.002-05:00

Sounds logical, doesn't it? Unfortunately, many folks have been misled as to what it actually takes to purchase a home - and what they will need to bring to the table.

The main discrepancy I see is the confusion between your down payment, and your closing costs.

The down payment is the amount of money that your lender will require that you pay upfront on your home. Based on the loan terms, this amount will vary but at this point in time, you will need AT LEAST 3.5% down on a home purchase. To put this in perspective, when buying a $150,000 home, the lender will require at least $5,250 to be placed towards the purchase. Remember, this is a minimum.

This amount of money, however, is not to be confused with closing costs. In Florida, the buyer will incur closing costs of roughly $2,270 on the same $150,000 purchase, which includes title insurance, required taxes, and professional fees. For a handy closing cost calculator, check out

http://www.sarasotaclosings.com/ClosingCostCalculator.shtml

Perhaps the most misunderstood element of money required at closing, however, comes in the form of lender fees. When obtaining a loan, the lender will assess fees. Make sure that you get a clear schedule of fees from your lender.

You will also need to pay for inspections and appraisals, and possibly a survey. Together, these are generally about $1,000. Often, these can be paid at the time of closing and "added into" closing costs.

This blog is not to scare you, simply to point out all the elements involved.
1) Down payment
2) Closing costs
3) Inspections, appraisals etc
4) Lender fees

IMPORTANT - if you are a first time home buyer, you are likely eligible for the federal governments tax credit up to $8000. This credit can be applied to your closing costs - however cannot be used for your down payment.

Choosing a Sarasota Agent

2009-06-22T10:23:00.002-05:00

A recent story out of Hollywood related that the widow of TV pioneer Aaron Spelling, when selling their $150 million dollar mansion, allowed her dog to pick her real estate agent. She simply allowed the dog to sniff the agents - if he reacted badly, they were sent away. Ultimately, the dog approved of one of the agents who got the listing.

Most of our clients (ok, none of them!) are in a position to buy and sell on the level of $150 million. However, to each of our clients, the money they DO have to spend is a major sum, and is not to be treated lightly. So here in Florida, where we might be slightly more realistic than Ms. Spelling - how do you go about finding an agent that will give you the best advice for YOUR home sweet Sarasota home?

Survival of the fittest helps. As a tough housing market has dragged on, many of the agents have necessarily moved on to more lucrative careers. Those that remain likely have a following, a reputation, and a strong business plan that is supporting them in these tough times. These are the agents that have the tenacity, the commitment and the ability that has allowed them to survive, even thrive in these conditions.

But there is another trait of an excellent agent. The desire to develop skills, hone talents and always continue to grow is a rare trait in today's market, where most feel it hard to just hang on. Looking for a great agent? Look for those who have pursued additional designations and education - who have used slow times to further educate themselves to better serve you. Look for agents that go above and beyond, address your specific needs and don't just send form letters. With today's technology, everyone can set up an automatic search to alert you of new properties - does your agent offer insight and thoughts into each new opportunity as well?

I heard someone say once "I don't understand why agents get paid so much - all they do is open doors" If your experience with an agent is akin to that, I suggest you find a better agent. Today's agents are educated, dedicated, interactive and responsive business people. Don't settle for anything less.

Tax Credit Update

2009-06-18T12:22:00.005-05:00

The $8,000 tax credit from the federal government has a string attached that many people are not aware of - the home sale must be completed by November 30, 2009.

If you are a first time home buyer, or have not owned a home in 3 years, you are eligible to receive up to $8,000 in a tax credit. Newly passed provisions also allow for home buyers to apply the credit to closing costs, or to put down more money over and above the required 3.5% ( the tax credit cannot be used to supply the required 3.5% deposit, however)

With average sales taking between 30-60 days to complete, prospective Sarasota home buyers who want to apply for the credit should plan on being in a position to purchase a home by September at the latest. First steps?

1) Get pre-qualified with a reputable lender/brokerage
2) Contact a professional buyers agent who knows the area and inventory well
3) Restrict all other major purchases that might affect your credit
4) Start looking!

Sarasota has an amazing inventory of homes in every price range for the first time home buyer. With low interest rates, low prices, and now this credit, it may be the best time in years to buy a Sarasota home.

Act Now! Home Buyer Tax Credit in 2009

2009-06-03T11:00:00.001-05:00

Sarasota home buyers considering the purchase of their first home now have the chance to take advantage of a federal income tax credit through the American Recovery and Reinvestment Act.

This act modifies the existing, temporary federal income tax credit for qualified first-time home buyers. But the opportunity is time-sensitive, as the purchase must be made before December 1, 2009.

Qualified home buyers - individuals who have not owned a home during the past three years - can receive a federal tax credit of 10 percent of the cost of their principal residence, up to a maximum credit of $8,000. Buyers receive a tax credit on their personal income tax return in the calendar year following the year of closing on their home.

The modified version does not require home buyers to repay the credit as long as they retain ownership of the home as their primary residence, for three years. This incentive is also retroactive, covering those homes purchased on or after January 1, 2009.

To be eligible for the tax credit, qualified first-time buyers must purchase and reside in the principal residence before December 1, 2009. There are also income limits; however should a home buyer exceed the income limit, partial tax credits may be available.

The convergence of low interest rates, a healthy inventory, buyers-side power in negotiation, and this credit results in a “perfect storm” of opportunity for home buyers in 2009. Need more information? Call True Real Estate, Sarasota’s Exclusive Buyer Agents and let us help you get into that dream home.

Sarasota Real Estate Pricing

2009-06-01T06:58:00.003-05:00

When looking for a home, especially in this market, the general tendency is to look for the lowest price. But although we love getting deals as much as the next guy, we need to throw in a word of caution.

There are many homes for sale in Sarasota that have unbelievably low prices. They generate a lot of interest and inquiries. So why aren't they selling? I'm sorry to be the bearer of bad news, but even in THIS market, if it looks to good to be true, it probably is.

1) Location - a beautiful home won't sell if its in an ugly neighborhood. Sounds harsh, but it's true. During the boom, many speculative investors and builders scooped up any patch of grass they could and built a home on it. However, if every other home in the neighborhood is 60 years old, run down or abandoned, a beautiful new home simply won't sell.

A similar problem is a home in a distressed area. If an area has alot of foreclosures, no services or amenities or is far from the beach, they may have trouble selling it with so many homes available.

2) Inherent problems - If a home needs new plumbing,, a new roof, new air conditioning and is prone to flooding, it doesn't seem like such a deal anymore, does it? Often paying more for a home is well worth it if all the major components are in good shape.

3) Environmental/neighborhood concerns - Make sure you do your due diligence on a home - are there any major construction projects palnned? Major assessments coming down the pike? Prison being built nearby? Sometimes homeowners are trying to get out of the area prior to something that may affect their market value - although that will be disclosed as you negotiate, they may hope that the price will lure you in.

The good news is, there are some excellent deals out there. You just can't go by price alone.

2009 is a good time to buy

2009-04-11T09:18:00.002-05:00

First time Sarasota home buyers are now eligible for an $8,000 tax credit for a home purchased in 2009.

Inventory, low rates, bargaining power, and a tax credit? Seems like the perfect storm of home buying. We can help.

Let's Be Honest

2009-04-11T09:07:00.003-05:00

Sarasota real estate is attractive right now. You know the story about the interest rates, the great deals, the home buyer's incentives. (don't know about those? Write to me and I'll fill you in)

But I am continually concerned on the social media sites when a buyer asks a question about a certain home, and the best response the realtors can muster is "I'll show it to you!"

Of course they will show a home. Its our job. The inquiry comes from a potential new client. But as a realtor who works for an agency that values our customers as lifetime clients, I cant help but feel a little awkward.

Oftentimes,the property in question is SUCH a good deal that it seems to good to be true. That's what is prompting the inquiry. If in fact the property is a good deal, let's go get it. But too often, clients are not being clued into WHY it is such a good deal.

There are communities in Sarasota which are locked in lawsuits, with an uncertain outcome for HOA fees. Others have so many REOS its like a ghost town. Still others may be great places to live, but have no children in sight for your kids to play with. I've even had people told that "every home in Sarasota is less than 10 minutes to the beach". What?

I am all about getting my clients a great deal. But it is only a good deal if the community is sound and represents a solid opportunity for recovery. Selling a home is not my goal - selling a home that is a good deal in EVERY way is.

The Times, They Are A-Changin'...

2009-04-04T14:06:00.003-05:00

The Sarasota real estate market is changing yet again. With a couple of years of "bubble burst" under our belt, we are once again having to re-group and employ new strategies to find the best deals.

Just 6 months ago there was still room in list pricing to lower it quite a bit, situation permitting of course. We are finding that at this point, list price is alot closer to the ultimate sales price, because sellers have simply gone as low as they will go.

Although buyers have long felt that the game was to get as much off list price as possible, in todays market we are finally getting down to what is really important - which homes are a good value??

A well priced home might be worth paying full price for. There, I said it. This is completely counter to what every buyers mindset is - but I have seen too many people lose a fantastic home at a fantastic price because they wanted "just a little more off".

Let's assume there are two identical properties, each worth $200K. If one is priced at $250K, and one is priced at $175K, you obviously do better buying the lower priced home at full price than getting 20% off the higher priced home. And yet, I actually had someone say the other day "I would feel more satisfied buying the higher priced home, because psychologically I won the negotiating war"

This market demands that we stop playing games, and take a long hard look at the value of the home - if you get a deal, you get a deal. That's all that matters.

Sarasota Insurance Issues Addressed

2009-03-14T14:26:00.003-05:00

A major insurance carrier recently announced it will no longer be providing coverage in Florida. This announcement, along with other troubling economic factors, have caused many people to worry about the ability to obtain insurance coverage at a decent rate if they purchase a Sarasota home.

My experience, even over the last months, has been that my customers are getting insurance without difficulty, and at prices they can afford. So as this question reared its head again this morning, I asked a "guest blogger" - Phil Visali from www.WeInsureFl.com - about the current insurance situation. For your benefit, here is his full response.

I understand people’s fear of not having the ability of securing property insurance in the state of Florida or paying outrageous insurance premiums. This fear is even more prevalent now that State Farm, the country’s largest insurance company has announced its plans to stop writing any property insurance in our state. Let me first say, relax and know that there are many A-rated carriers in our state that are able and willing to accept the insurance risk. They may not be well known names to your out-of-state clients but rest assured that they all have met the state of Florida’s requirement to become “Admitted Carriers.” This is important because all “Admitted Carriers” are covered by the State of Florida catastrophe fund, which provides protection for the homeowner in the event the insurance carrier becomes insolvent. This alone should give relief to your clients knowing that the state of Florida will back any “Admitted Carrier” in the event of a catastrophe.
Our agency represents all the major carriers and has the specific knowledge and expertise to recommend the right package to your clients.

If you have questions about your current insurance, or are hoping to obtain insurance in the near future, you can rest assured. To reach Phil or learn more, feel free to visit www.WeInsureFL.com or call toll-free at (866) 419-6140.

(for legal purposes, I must point out that True Real Estate is not affiliated with www.WeInsureFl.com and are not responsible for their actions. Neither are we certifying their products...simply offering an alternative. Whew! Glad thats out of the way)

Palmer Ranch Adds "Imagination"

2009-03-05T09:13:00.003-05:00

Palmer Ranch is already a popular oasis in Sarasota - family neighborhoods, walking paths, great schools, tree lined trails.

The recent announcement that The Imagine School will open a Palmer Ranch branch proves the draw of this community just keeps getting stronger and stronger. The charter Imagine School, which recently broke ground, provides an alternative choice to parents for the education of their children.

Imagine Schools is comprised mostly of teachers, and operates 52 public charter schools and independent schools in 11 states. They educate 25,000 students nationwide. Imagine Schools was founded with the goal of restoring vision and purpose to schools and returning parents and guardians to full participation in the education of their children.

Sarasota's schools are already excellent, which explains the huge influx of young families into our area. The Imagine School will only add to our reputation of excellence.

Sarasota - Like No Place Else!

2009-03-02T11:32:00.002-05:00

I speak to hundreds of prospective buyers of Sarasota real estate every week. Many of these folks have never set foot in Sarasota - or maybe they were here once on vacation.

It may seem odd to some that people are actively looking at purchasing a home in a place that they aren't familiar with - but I don't find it all that strange. I bought my home on Palmer Ranch after only seeing it on the internet, and having only 48 hours on the ground in Sarasota. Personally, I still claim it is the BEST THING I have ever done.

The buzz is undeniable. Publication after publication trumpets Sarasota as "the" place in Florida to raise kids, retire, have a business...the list goes on. We have beaches, business, culture, great schools and great weather - its really a pretty safe bet. I cannot even remember the last person that I toured around Sarasota that didn't fall in love.

That being said, if you haven't been here before, I urge you to keep an open mind. Often, I receive lists of criteria for their desired home - and these lists are helpful. But often, the wish list more closely resembles a home in Roanoke, or St. Louis, or Dallas...the lifestyle, homes and amenities are vastly different here in Sarasota and you will love it! But again, the best way to approach a home search in a different city is to focus less on the home itself, in the beginning - and more on your desired lifestyle. By letting us know what your hobbies are, how you spend your day, what your retirement looks like in your mind, what you want for your kids - we can begin to closely match neighborhoods to your life. And our clients dream home often turns out to be something they never considered for themselves!

Sarasota is like no other place in the world - we love it here, and we know you will too! Let us know how you live, and we'll help you find where to live .

What's Hot in Sarasota Real Estate?

2009-02-19T10:53:00.002-05:00

The current market has opened up areas of town previously untouchable by "normal" homebuyers - those of us who do not have a million dollars lying around.

Once the playground of only the rich and famous, the hottest areas in Sarasota allow walking to the beach, proximity to all downtown has to offer, and scenic neighborhoods on the water.

Bird Key is home to multi-million dollar waterfront homes - but the homes in the middle of the Key, the "garden homes", have fallen to levels that make it completely affordable for families. Why is this Key so hot? The community is surrounded by water, is walking distance to both downtown Sarasota in one direction and St. Armands in the other - and HOA fees are a mere $380 per year! The Bird Key yacht club is available for additional amenities but is not a required expense. Lido Beach is an aggressive walk (20 minutes) or a very short drive across to Lido Key.

Just south of downtown is Bungalow Hill - an upscale bayfront neighborhood characterized by older homes, usually renovated beautifully, and situated on quiet, walkable tree lined streets. Within walking distance is Selby Gardens, the Sarasota Bayfront, Main Street, Towles Court and all of downtowns great events and amenities.

Lido Key (St. Armand's) and Siesta Key have always been favorites for those who want to walk to the beach - every day. Although very different in both personality and amenities, both Key offer what every beach lover craves - expansive, beautiful beaches and crystal water within minutes. And during season, its easy to see why beach bums want to live physically on the Key - no driving over the causeways, which can get very crowded. Both Siesta and Lido are attracting families like never before.

Buy Now, Retire Later

2009-02-13T11:50:00.004-05:00

A recent Money Magazine article confirmed the reality that Sarasota buyer agents have been experiencing for the last 6 months - now is a great time to pick up your retirement place - even if you aren't ready to retire!

With beach, golf and resort communities at levels not seen in years, many people are seeing the opportunity to purchase their retirement home NOW, feeling pretty certain that in 10 years when they DO retire, that the prices may not be this low. And if history is any indication, they wont be.

I loved the fact that the author pointed out several points we have been making over the last year:

1) Are we at the absolute bottom? Maybe not. But we are pretty darn low, and if you can feel confident that over the long term prices will rise, its likely a great investment.

2) Buyer agents are great allies in assisting in finding the great deals, and negotiating steals based on actual data and numbers - giving you a far better chance of getting a great deal than just throwing a low number against the wall.

and # 3, and I find this to be SO important - At some point, you are likely buying a retirement home because you want to have a wonderful place to retire, to have fun, to enjoy your life. Its not always about making a 50% return - you have to be happy that you secured your dream home at a great price, and will get years of enjoyment out of it!

In Sarasota, a brisk and consistent tourist trade also pretty much ensures that you will be able to rent out the home, providing income until you are ready to use it - and THAT'S a smart move.

Pay List Price - Get a Deal!

2009-02-09T21:38:00.004-05:00

Home buyers have been more than a little blind-sided lately.

They find a great home. Deliberate for a time, and decide to purchase the property. Even though the home was exactly what they were looking for - and they were advised the home was priced WELL under market value, they decide to lowball the offer.

After all, who pays list price in THIS market?

They submit the offer, dreaming of the grateful seller's response.

Only to be told there were three other offers, and theirs was rejected. What happened to the desperate bank or seller - and where did all these buyers come from?

The general media has done a marvelous job at making everyone believe that nothing is selling. While the market certainly has issues, one fact remains - a good home, priced well, SELLS. And even in this market, it sells quickly.

A buyers agent provides a wealth of information. People love to hear that a home is overpriced, and we have the numbers to support making a low offer. But when we inform clients that the home is actually UNDER priced, it is met with skepticism. Is that possible in this market?

Yes, it is. I have seen properties listed in the morning, and under contract a few hours later. Yes, even in this market. There are alot of folks looking for a bargain - and when it surfaces, they are ready to move.

I cannot stress it enough - Learn the reality of the market value and dont be afraid to offer full list - if the comps on a property are $300K, and the list price is $200K, a $150K offer won't cut it. Someone else is more than willing to offer $200K, "scoop" everyone else, and take the instant equity. Happily. A home priced at 2/3 of the market value is worth every penny of the list price.

Yes, many homes are languishing on the market. But the GREAT Deals? They go fast. Don't let the hype fool you out of your perfect home. Work with a buyers agency experienced in researching, finding, and scoring our customers the great deals. Even if it means paying full list price. And loving every minute of it.

Senate Housing Stimulus Package

2009-02-06T09:17:00.003-05:00

The housing market in Sarasota is brisk. Low interest rates, ample inventories and low prices have combined to result in a classic buyers market.

Buyers of real estate will see an even greater reason to purchase this year, with Senate legislators unanimously approving a proposal Wednesday that would allow a tax credit for home buyers of 10 percent of the value of new or existing residences, up to a $15,000 limit. Current law provides for a $7,500 tax break but only for first-time homebuyers.

Getting a $15,000 tax credit as a homebuyer makes an huge impact in peoples lives and pocketbooks, and makes this an even better time to get your piece of Sarasota real estate.

Sarasota Real Estate - Above and Beyond for you

2009-01-26T09:54:00.003-05:00

If you need brain surgery, you wouldn't call a family practice doctor to perform the procedure.

They both graduated from medical school, but the key to their relevance in your situation lies in their schooling and individual experience.

Real estate is no different. Every Florida real estate agent has a license - the key to our application in your search has to do with the advanced training we have received.

At True Real Estate, we have gone on to achieve numerous advanced designations. In fact, William True, Broker, holds more professional certifications and designations than any other realtor in the state of Florida. These designations fall into several key categories:

Buyer Agency Management - Accredited Buyer Representive (ABR) , Accredited Buyer Representative Manager (ABRM), Graduate Realtor Institute (GRI), Certified Real Estate Brokerage Manager (CRB), Certified Residential Specialist (CRS)

International Buyers: Certified International Property Specialist (CIPS), Transnational Referral Certification (TRC), At Home with Diversity (AHWD)

Niche Buyers - Senior Real Estate Specialist (SRES), Resort & Second Home Property Specialist (RSPS)

Securing a Good Deal on an REO (Bank Owned Property)

2009-01-26T09:22:00.003-05:00

The news this morning reported that the iminent release of REO's will flood an already saturated market with more inventory.

It seems banks are not really all that interested in holding property, which it took them a while to figure out. I guess they didnt expect people to want a DEAL on an REO, not to pay market value. They also arent really all that keen on forgiving principal balances to keep people in their homes, despite some folks best efforts to gain homeowner assistance.

So we will likely see more bank owned properties, and in accordance with the law of supply and demand, they should be well priced. This is it folks - an unprecendented time in history to pick up your Sarasota vacation, beach, retirement home for a song.

Dealing with banks is different than traditional sellers of Sarasota real estate. If you are going to pursue a bank REO, here are some tips:

1) Cash is king and will put your offer on the top of the pile, ahead of other similar offers
2) If you will finance, have your financing in line and documented by your lender at the time of offer
3) The bank will not generally maintain the home nor fix deficiencies. Do not put clauses in your offer that will require them to do either - instead write an offer "as is" with right to inspect. If the inspection reveals a major issue, you can back out
4) Be ready to close quickly. The bank is motivated by serious and ready buyers
5) Hire a lawyer to review the documents. Banks utilize their own contracts and addendums that may not be familiar to your real estate agent. The bank will have a host of lawyers representing them - it is well worth a few hundred dollars to be protected.

REOs can present an excellent opportunity to buy into a neighborhood you might not otherwise be able to afford. But keep in mind you are not dealing with a personal seller; instead we are negotiating with a corporate entity. Aligning your expectations to that reality will make the process more palatable and rewarding.

Determining What to Offer

2009-01-13T09:53:00.003-05:00

In this market, no one is willing to offer list price - not that they should be expected to. The sellers know this, and almost always have some padding in their list price to allow for the inevitable "lowball" which will take place in an offer situation.

If you are an investor and have no emotional connection to the property you wish to purchase, perhaps throwing lowball offers at the wall to see what sticks is a valid strategy. A friend of mine once told me that if he gets 1 offer out of 10 accepted, he is doing well.

But most of us in this market are looking for a place to call home. The property we choose, we searched for diligently. We walked in the front door and knew "this is it". We went home mentally firguring out where the furniture would go.

To those folks, making an offer that accomplishes not only getting a good price, but actually GETTING the home, is of paramount importance. How do we go about structuring an offer that is a good deal for us, but still gets us the home we want?

List price can be very deceiving. There are as many strategies for setting list price as there are people selling their home. List price is a guide, a parameter. But there are other factors to look at:

1) Recent comparable sales - Not only do we not want to pay more than the market says the home is worth, but if you are getting financing, the home must appraise at the sales price. The bank determines value by looking at similar homes, within proximity, and what they sold for. We must do the same in determining the properties market value today - not 6 months ago, or a year ago, but today.

2) Assessed value - to a lesser extent, we look at assessed value. This number is generated by the tax authority, and is the number on which property taxes are based. Assessed value is almost always less than market value...so if we see a home selling for less than assessed value, it is probably a steal.

3) What did the seller pay for them home? Do they have equity? How much of a mortgage do they have to cover? - All of these questions speak to not only the Sellers desire to sell the home, but their ability to do so at a lower price. Many people are willing to deal, but are going to have to cover their mortgage, and have a little left over for their next place. Folks with lots of equity are prime candidates for being able to negotiate.

4) Is the home a rental, second home, or already vacated? Vacant properties are often easier to get down on price than an owner occupied home - the owner has generally already moved on and ready to be done with the property.

The more information we have on the property, the situation and the seller, the better we can ascertain what a likely sales price will be - and it is sometimes very different than the list price.

And although people often believe that means ammunition to offer lower than list - it can work in reverse as well. Those numbers often tell us that the property is very undervalued - and we should move - quickly! Those dont last long.

When the Hype becomes Reality

2009-01-10T11:21:00.002-05:00

Recently I posted an article on our website -according to the MSN study, the Sarasota-Bradenton area was one of the few places in the country that it now made more sense to BUY real estate vs. RENTING.

Hey! I was only the messenger! But I did get some flack for promoting the "hype" - trying to get people to buy homes was my only motivation, according to the critics.

Well, this week a friend of mine closed on his home. At the closing table, he made a remark that perked up my ears - "The monthly principal and interest on my loan is $150 less than the rent I have been paying!"

What's that? His new, spacious 3 BR home on a lake was going to cost him less per month than his 2 bedroom apartment...and he would be building equity in a long term investment. That is not to say every Sarasota real estate purchase would garner that result - you have to be smart.

But sometimes, hype is not hype at all - simply a voice in the wilderness, going against the grain perhaps, but speaking the truth nonetheless.

I didn't say it - They Did!

2009-01-04T15:21:00.001-05:00

"Unlike the traditional agent who looks out for the seller, a buyer broker acts as your advocate, helping you find the home you want, then negotiating the lowest possible price." -Money Magazine

"We urge consumers who are purchasing a home to first consider an exclusive buyer broker relationship." - Consumer Federation of America

"An exclusive buyer broker - aims for the best deal for the home buyer." -Business Week

"Groups such as the Consumer Federation and the American Association of Retired Persons recommend using buyer's agents...the reason is they work." -Smart Money

"Unless the agent is an exclusive buyer's agent...there is a potential conflict of interest." - Chicago Sun Times

"How can one agent represent the best interest of two opposing sides? -Senior Life Style

"Exclusive buyer agents make every effort to get the lowest possible price for their buyers." -The San Francisco Examiner

"You can't represent the best interest of the buyer or the seller if you are wearing two hats." -The Idaho Statesman

"Exclusive buyer representatives act exclusively on behalf of a buyer...their loyalty to the buyer is never in question." - Fairfield County Examiner

"Buyer's agents focus all their attention on helping buyers find the right house at the best price." - Country Living

"Exclusive buyer's brokers represent you...part of their mandate is to negotiate the best price for you." - The Patriot Ledger (Mass)

"Exclusive Buyer's Agents work only for consumers and often can save them money." - Los Angeles Times

"To protect themselves, buyers can retain their own exclusive representative." - Business Week

"Only by using an exclusive buyer agent can a buyer be sure all information is kept confidential." - Mobility Magazine

"The best buyer brokers are so-called exclusive agents...they represent only buyers, never sellers." -Chicago Tribune

"You can't have partial loyalty; an agent either works for your or works for someone else." - Consumer Reports

Not only investors buying

2009-01-01T18:46:00.002-05:00

The media has managed to convince everyone that the real estate market is at a standstill. Now, obviously we cannot say that the market is healthy - however, as a foot soldier in the Sarasota real estate market I can say this - alot more people are buying than you may think.

Many of my recent offers have run up against multiple offers - with so many homes on the market this clearly points to the fact that the good homes, the good values, are still generating interest.

A recent buyer quipped that no one else was in the market because "no one can get a mortgage". Another stated that he was probably "the sole buyer in the market." Both statements couldnt be further from the truth - there are many buyers taking advantage of the deals this market can offer.

The obvious problem with thinking that "no one else is buying" is getting nonchalant about making an offer on a home you love, thinking it will be there in a few months. We've seen several heartbroken prospective buyers as they watched their dream house (or plot of land) purchased by someone else.

The principle holds even in this market -if you are truly in the market to buy, and you find the perfect place for you, its best to try to buy it. We can negotiate, we can deal, and we will make sure you never overpay - but we can't guarantee someone else won't steal it from you if you wait too long.

Sarasota - Beyond the Beach

2008-12-28T09:53:00.005-05:00

We are well known for our beaches, and rightfully so. The sun and sand are the primary reason for the tourist draw every year, and I can't blame the visitors - our coastline is stunning.

However, at some point folks might want to try something different. And unlike many "Beach towns" in Florida, Sarasota does not disappoint. There are so many other things to do in Sarasota which are sadly missed by many of our visitors.

For instance, Myakka River State Park is an amazing sanctuary just 12 miles east of Sarasota. Myakka is one of the few places where you can still routinely see alligators -and lots of them - roaming about in their natural habitat. Let's face it, the alligators are legendary in Florida, and Myakka is the place to see them up close - and safely! One of my family's favorite things to do at Myakka is to walk out the boardwalk to the bird watching pavilion. To those who think their kids wont be enthralled, think again - to be "this close" to bald eagles, herons and cranes taller than they are, and even the occasional wild boar had my kids transfixed for nearly two hours. The natural beauty of old Florida is breathtaking for us adults as well. Make sure you check on the schedule for the daily airboat ride down the river -its not to be missed.

Another attraction that mesmerizes both kids and adults alike is Selby Gardens. The botanical gardens occupy some of the most stunning waterfront property in Sarasota. The orchid house provides the opportunity to see flowers you've likely never seen before, in an array of colors. The echo of "oh , this one is sooo cool!" is often heard from the kids. Walking the pathways along the gardens you will be shaded and lulled into a "Gone with the Wind" mentality - this really is beautiful, old Florida. Check Selby for bay front concerts, fireworks displays, educational opportunities and seasonal exhibits like the amazing Christmas lights display.

Sometimes its fun to be a "total tourist". I highly recommend you go out to Sarasota's most famous tourist boat, LaBarge. The two hour cruise allows you to see Sarasota from a completely different vantage point - the water. You will cruise past some of the most beautiful homes in Sarasota, see dolphins and manatees, and relax to music while sipping a drink - all while being talked through your tour by an experience tour guide. Ask them to point out the webcam at the north end of Siesta Key, and wave hello to your family back home in the snow!

Finally, if you are here during season you may want to check out America's favorite pastime, Sarasota style. Ed Smith Stadium is the place to enjoy the sunshine and remember what it was like to spend a sunny day at the ballfield with your family - without the high cost of regular season! Fun events like "free wing night" just make this old fashioned, family fun, right in the midst of your vacation.

Sarasota is so much more than the beach - talk to the locals that you run into and ask them what they like to do -you'll find a whole world of activity you may never have known existed -and its all right here.

Case Study in Buyer Representation

2008-12-12T10:24:00.006-05:00

Little by little, people are learning about the realities of representation. The listing agent represents the Seller. A buyer agent represents the Buyer.

The sale of a home is a legal transaction. In any other legal transaction, would you call the opposing side to ask them questions or tell them your situation? Of course not. They can use anything you say to strengthen their position.

Recently, while in the midst of negotiating an offer for a client, it occurred to me that the listing agent seemed to know more about my client than I had told her. And soon after, she said "Well, your client sent me an email saying..."

Needless to say, this caught me quite unaware. The email gave the listing agent insight into the clients plans, and thus allowed her to create a strategy for negotiation. We will never know if we could have had a different outcome had the email not been sent.

I am not talking about illegal or unethical behavior. But think of it as a poker game - if you show your hand, your opponent knows how to play theirs.

Make sure you retain professional representation, but then trust them to do their job. Any communication with the opposing side should ALWAYS be handled through your agent. It is for you own benefit.

Nothing New Under the (Florida) Sun

2008-12-05T10:27:00.005-05:00

Ok, I admit it. I wrote about this on my website too. But this has me FIRED UP.

I read an article today, distributed through a national real estate publication that proclaimed "Bye-bye to buyer brokerages" . Obviously this is of interest to me, so I took a look.

There were many points made in the article about the future of real estate, given the economy and the internet explosion. Really, only one paragraph addressed the buyer brokerage model ( so why pick on us in the title??) I'll tell you why.

The "expert" quoted in the article made the argument that as more and more people search properties online, the online listing - complete with listing agent information - provides everything they need. Apparently in this bold "new" world of online real estate, the buyer need only contact the listing agent for all their needs.

Wait a minute.

Doesn't that sound an awful lot like...the entire history of real estate? In fact, the buyer agent is a fairly new creation, when people realized that the listing agent 1) represented the seller and 2) had every incentive to keep the sales price as high as possible for their seller. The buyer, although perhaps officially "represented", certainly didnt have sole representation or someone fighting on their side.

So how is this new online model different? Why should the buyer be more comfortable with this situation just because they found a listing online and not on a yard sign?

Nope, its the same old game. No matter where or how you find the house, you need professional representation to protect your interests. Don't let 'em fool you.

The Bank Said WHAT?

2008-12-04T09:55:00.003-05:00

Since the beginning of this era, when the short sales and foreclosures began to hit, people have tried to figure out what the banks are thinking.

Most came into the buying process thinking "the bank is going to be thrilled I am willing to take this off their hands!". The offers were low. REALLY low. And in most cases, the banks said no...they were still trying to get as much money as they could.

As we moved forward, we saw banks pricing properties a bit more aggressively. The foreclosed homes often were a very good deal, listed well below the market price. And still, people offered low. Really low.

I cant blame people I guess. But when a house is ALREADY a steal as per the comps, the bank is still going to say "no" when a 50% offer is made.

This week, we made an offer on a foreclosed property. It was priced well. We offered well. We went to contract. But inspections revealed a problem the buyer didn't want, and we invoked our right to cancel the contract.

And the bank came back with the question "What does the buyer want?"

This is nearly unprecedented. A bank is asking what a buyer wants in order to make the deal happen? To me, it signals a couple of trends -

1) Banks, notoriously impersonal and uncaring, really are interested in negotiating with someone who is realistic and fair.

2) Banks are realizing the qualified buyers are qualified buyers, and like traditional sellers - they are loathe to let a qualified, interested buyer walk away.

Unofficial conversations with bank assessors has led me to believe that banks will accept offers up to 10-15% off list price pretty regularly - much under that, and they will simply wait for the next buyer. But if a home is already 25% under market or more, you really cant go too wrong.

And you call yourself a Sarasota Buyer Agent?

2008-11-30T09:18:00.004-05:00

I'm sorry, but I really must object.

There has been alot of emphasis put on the concept of the "buyer agent" of late, and rightfully so. Few consumers knew that the traditional real estate model represented a grave disservice to buyers, as the listing agent represented the Seller of the property, leaving many buyers unaware that they had no true representation.

The Buyers agent model addresses this, giving the Buyer of a property the opportunity to hire an agent that works exclusively for them - representing their rights in a transaction solely.

Unfortunately, there is still alot of confusion surrounding buyer agency, and it can still be a disservice to buyers. By definition a "buyer agent" is simply the person representing the buyer in that transaction. It does not guarantee that person specializes in buyers. Therefore, any licensed real estate agent can be, by default, a buyer agent in any one transaction. In the next transaction, they may represent a seller. Their brokerage likely represents both.

An exclusive buyer agent has no listings at all - and in many cases, neither does their brokerage. So they have no incentive to show and sell any one home over another - truly making their representation of you "exclusive buyer agency" with no danger of showing and selling a home represented by their brokerage, thus diluting the "buyer agency".

So although someone may be a buyer agent in a single transaction, they cannot claim to be an exclusive buyer agent - and isnt that the type of representation you should require when you buy your home?

Why Would I Do Business with You?

2008-11-27T10:08:00.004-05:00

There are alot of real estate agents in the Sarasota area.

You can be quite sure they are not all equal. The only real requirements to be a Florida real estate agent is to be 18, have a GED, and pass the State test.

People from all walks of life are real estate agents, and there is certainly someone who you can feel comfortable with, and relate to. But you must remember one thing - buying a home is serious business. And you should have a serious professional on your side. A smiling face and a license is simply not enough. Even a big name logo should not be evidence of competence.

So who should you look for?

1) Education and experience - A college education and prior experiential background in business indicate a level of professionalism that simply cannot be replicated. Being in business successfully over the last few years is a great sign too - it's not been an easy market and the strongest survive!

2) Commitment to the industry - Ongoing education and designations, and to a lesser extent awards, showcase an agent as one who is not trying to "slide by" with the bare minimum, a license, but is committed to ongoing knowledge and expertise.

3) Willingness to invest time in you - A good agent will spend time talking with you to determine your needs, lifestyle and specifications; as well as offer suggestions, anecdotes and information regarding your new home city. Speak to several agents and see what they know about those things that are important to you.

4) Internet savvy and followup - Let's face it, these days technology makes the process of buying a home a whole new ballgame. But there are still many tricks and insights that an agent can offer you - if you are sent off to search on your own, without input from the agent on what you are looking at, you will be missing crucial information. A good agent will provide information, links and continual insight as to what interests you.

There are many agents to choose from. We appreciate all those who have chosen True Real Estate's Exclusive Buyer Agents for their home search.

Much to be Thankful for in Sarasota

2008-11-27T09:52:00.004-05:00

Thanksgiving morning, and the kids are still asleep. It occurs to me that in Sarasota, FL, even after a tough year, we have much to be thankful for.

* Recent food and clothing drives for the homeless have proven that although there may be fear in peoples heads, their hearts are full. Records were smashed as people turned out in force to donate food to those less fortunate. I've said it before, Sarasota is a caring community.

* The weather has been stunning. Chilly mornings give way to glorious warm afternoons perfect for walking, biking and getting out with friends. Its late November - and we are wearing sunblock!

* Last Monday night a client and I went out to dinner, only to be told there was a 35 minute wait for a table. At least in Sarasota, the economy seems quite healthy.

* Home sales are up from last year, although the average prices have dropped. Both of these facts lead one to believe that home prices are now affordable for many, and those folks are buying the homes they couldnt two years ago.

* At True Real Estate, sales are steady and traffic is brisk. We are very thankful for all of you who have placed your confidence in us.

While news can be disconcerting, it is important to always remember the great privilege of living in this country, of having "enough" if not excess, and of being free to give thanks as we please.

Happy Thanksgiving to all - please remember our armed forces around the world.

Regina Brassil, REALTOR, e-Pro, ABR

Value Your Privacy? Don't Do This!

2008-11-20T11:30:00.002-05:00

On the surface, it seems like a great idea.

Listing agents are streamlining information to home buyers with new products that allow them to provide on the spot property details via text message.

This is how it works - you see a great property in a great neighborhood. The sign out front prompts you to text to an automated system for property details - number of bedrooms, price, etc. Seems innocent enough, and you don't have to talk to sales rep!

But keep in mind, the service exists more for listing agents than for you. While you happily cruise along, finding out instant information on homes for sale from the comfort of your front seat...your cell phone number is being transmitted to listing agents. This is a fantastic form of "lead capture" for them...they know they had someone interested in the property. Now, while I do not begrudge them this opportunity - we are all, after all, in business - it is important a prospective home buyer understands that their information is being recorded and they will be contacted. Text for information on 10 homes? Expect 10 phone calls.

As buyer agents, we have long educated folks on the fact that listing agents are obligated to represent the seller of the property - even if they are acting transactionally (for both parties) they cannot fully represent YOU.

Write down the addresses to look up later; or carry a buyer agents phone number with you, they will be happy to give you all the information over the phone. At my brokerage, we will not call you if you request we don't. But we certainly hope the unbiased information we can provide is of value to you, and you will continue to seek our assistance.

While these new automated systems are convenient, you may find yourself besieged by agents hoping you'll buy their home.

Saving Real Money on Sarasota Real Estate

2008-11-18T09:22:00.004-05:00

You've heard about the Sarasota real estate market.

Much like many markets, the prices are at incredible levels. But unlike alot of places, our real estate is selling. It seems that being in a warm, tropical location next to blue green waters holds a lasting appeal - a fact that, of course, I have known all along. Our prices dropped as much because of investor zeal over the last few years than the real estate situation - too many investors bought too many properties, resulting in a surplus of places for sale.

Great news for you.

Even better news for you is this - the Sarasota Association of Realtors is reporting that as of September, the average sales price of a Sarasota home was 93% of list price - that is, the home sold for 7% off list price. For Sarasota condos, the average number was 10% off list price.

By contrast, True Real Estate's exclusive buyer agents are averaging 24% off original list price over the last 4-5 months - a significant cost savings over the average.

Why such dramatic results? Because True Real Estate concentrates on getting buyers the BEST deals, every day. We know what the properties are really worth, and back up our offers with facts. We fight aggressively to get our clients the very best price for the home, and we will never let you overpay.

All the marketing hype in the world doesn't save you money. But working with a knoweldgeable buyer agent when you buy your Sarasota real estate may save you plenty.

Hurricane Predictions - "Hot Air" ??

2008-11-12T12:22:00.003-05:00

Content from the Florida Association of REALTORS -

The past two years have seen a “remarkable” downturn in hurricane activity, contradicting predictions of more storms, researchers at Florida State University say.

The 2007 and 2008 hurricane seasons had the least activity in the Northern Hemisphere in 30 years, which is in stark contrast to the gloom and doom predictions of global warming causing more and more severe storms.

After the very active seasons of 2004 and 2005, 2006 showed "average" activity and 2007-8 has proven to be well under predicted activity. These number lead credence to the theory presented by NOAA representatives which state the hurricanes, and hurricane activity, simply follow patterns, ebbs and flows like all weather and natural phenomena.

The Next Hot Thing!

2008-11-11T15:21:00.002-05:00

No, I am not going to tell you what the next hot thing in Sarasota real estate is...fact is, once people deem an area as such, I generally begin to veer away from it.

Hype can be a scary thing. It can cloud judgement and make us do ill-advised things. I read an article in the Herald Tribune yesterday about how the city of North Port is being deserted. Once touted as "the" place for the working class, many are finding the lack of jobs and services to be too hard to bear. And they are moving on.

Often when people are searching listings, they see vast differences in prices. Two seemingly identical homes, but one is listed at $300K, and one at $179K? Obviously people tend toward the lower price...but remember, nothing is free. You get what you pay for.

Some areas are untested, untried and quite frankly have grown too fast. There is an extremely popular part of Sarasota that for the last several years has grown like wildfire. I always had my doubts though - and although no one has come out and said it, the listings tell a story of real problems. There are too many listings, too many foreclosures and the owners can't even sell for rock bottom prices. What happened? HYPE. It was the "place to be", and investors swarmed. But the reality cannot keep up with the hype.

In life in general, I have found that once everyone runs one way, its too late to get a deal. The ship has sailed, so to speak. So I rarely follow the crowds with the checkbooks. I'm quietly looking for the next big thing that no one knows about yet.

As exclusive buyer agents, we know every nook and cranny of this town. We know the secluded spots, the fabulous views, the true deals. But we've also learned a very important lesson - hype comes and goes, but in Sarasota, a few things will always have value - water, beach, golf and sanity.

Want a great deal that you STILL think is a great deal 10 years from now? Don't believe the hype.

Sarasota Short Sales and Foreclosures

2008-11-10T10:02:00.006-05:00

There are a lot of great deals out there. And many that just are NOT.

Every day I speak to someone who is completely confused about why the bank isn't responding, or why a home's price just went UP, not down. The answers lie in the process, one which many people do not understand. Although I have blogged about what a short sale is, this is more to explain the response (or lack of response) we may receive when making or considering an offer.

Q. I made an offer only 10% lower than the short sale listing and the bank responded at OVER list price! What was that about?

A. Banks often do not set the short sale price. We do not know until we make an offer what the bank will really accept.

Q: This home was $199K two months ago - now it is in foreclosure and it's $299K! Why would the bank RAISE the price?

A. The home was likely in short sale at the lower price. You may remember from earlier blogs that the listing agent usually sets the sales price in a short sale, not the bank. The fact that it didnt sell at $199K may indicate that the bank didn't accept offers at that level - and once they owned it, they did an appraisal and determined what they would REALLY take. The banks new price is actually far more realistic - and maybe still a great deal.

Q. I made an offer on a foreclosure and didn't hear a word from the bank - now I hear its sold! Can they do that without acknowledging my offer?

A. While we would think it quite rude not to respond to an offer, the bank has no such qualms. Offers come in, often many offers on the same property. They determine which is best for them and work with that buyer. Other offers are often never heard from again. While it doesnt seem right, it is common. And something to think about - again, many people think that a foreclosure means the bank will give the home away. That is not necessarily the case. They do an appraisal and they know what the home is worth. A 50% offer on an already discounted home may generate alot of ...silence.
Offers to a bank are very different than offers to a seller.

Q. So does that mean there are no deals?

A. Not at all. They are there. But if a home is already priced well, someone will buy it without trying to take another 50% off. Case in point - I know of people who saw a great price, did their value research and found that the condo was an unbelievable steal at list price. Knowing others would agree and offer list price, this buyer offered 10% OVER the list price - and got the condo.

Q. Wait, wait wait - they offered OVER list? Who DOES that in this market??

A. In this market, more so than any other time in recent history, its not about the price on a listing - its about the homes true VALUE. If it is worth $500K all day long, and 10 offers come in at the list price of $300K - but one comes in at $325K - he gets it, and still made a great deal. I am not suggesting we offer over list on every property - I am suggesting that if its a deal, its a deal!

As Sarasota buyers agents, we work to get you GREAT deals. We work with you to make solid investments. We wont let you overpay for a property - ever. But we do continually work to make sure that our folks dont miss great opportunities- and in this market, the opportunities are not always as clear cut as one might think.

Sarasota Proves Once Again - We Care!

2008-11-08T07:11:00.003-05:00

The Hope for the Community Outreach, taking place today (November 8th) at the Crossroads United Methodists Church is a special event.

In a world where people are holding onto everything they can, worrying about self preservation, the event has been planned to bring together the hurting of the Sarasota community and those who wish to help.

The free event is primarily aimed at those out-of-work but offers services to all who show up. Over 60 businesses and ministries will be on site giving free haircuts, health screenings, free flu shots, job and housing help, and providing food and clothing distribution.

When I moved to Sarasota years ago it was because of the beaches and gorgeous weather. Turns out that the people here are just as warm. I maintain this is a great place to live.

For Information:

Community outreach – November 8th.

Crossroads United Methodist Church
4726 N. Tamiami Trail Sarasota, Florida 34234 (by University)
941-355-5485

Foreclosures may be a goldmine for buyers

2008-11-05T10:43:00.004-05:00

Foreclosures are an unfortunate sign of the times. I dont want to rehash all the ugly details. But the hundreds of short sales which have been on the market for 18 months now are converting to foreclosures, and the banks hold more property every day.

This is not what they want. They want money in their coffers.

As unpleasant as the whole scene is, at this point the deed is done. And given that the banks now hold all this property, many of them are putting up properties for sale at exceptionally low prices (vs. the current market) to sell them quickly. And selling quickly they are - the really good deals are gone WITHIN HOURS.

How good? How about a 1200 square foot, updated condo directly on the sands of Siesta Key - for $250K? At nearly 50% of current market value (which is low!) someone got a deal. And a beautiful place to relax and watch the sunsets.

Deals like that are appearing every day. But there are other, more veiled deals. What if the list price is at market value, as many of them are? Does that mean we can't get a deal?

Within reason, banks are accepting less. And without the variable of "hurting the sellers feelings", we can make lower offers. Sure, often the bank is loathe to go too far below list price. But there are a few things we can do to sweeten the offer and grab a fantastic deal.

1) Quick closings - as the saying goes, fast nickels are better than slow dimes. A lower price might fly if they can get it off their books in 2 weeks - they dont know how long they will have to hold it if they let you get away.

2) Cash offers - This goes hand in hand with the above. No mortgage necessary means a far better chance of closing, and a highly qualified buyer

3)No contingencies - often people make offers based on certain variables "if I can build a pool", or "if I agree to the HOA". By making a contract contingency free, it gives the buyer less chance to cancel the contract. This can be risky business however, especially as we get into the area of inspections, so we do recommend you only enter this realm with professional advice - say, with a Sarasota buyer agent?

For years you have been told it is "time to buy". With the foreclosures now on the market, this really is a good time. Don't miss your chance.

Great Deal? You Might Want to Take It

2008-08-21T09:34:00.003-05:00

The buyers market of the last several years has produced a unique demographic of home purchasers.

With such an extensive inventory, it has become increasingly hard for people to say "This is the one!" . Even if it is the perfect home, at the right price, in the right neighborhood, there is always that nagging feeling that you might be missing another one - out there, somewhere.

It's a valid thought. But here's the reality - the best deals are selling. They probably won't be sitting there waiting for you to come back to them. Many folks have expressed extreme dismay that after looking for a few more weeks, and determining that the home was in fact the perfect home (as they suspected), someone else agreed with them, and its off the market. Now the prospect of finding another home that good for you is daunting - the "one that got away" never leaves your mind.

In this market, there are some excellent deals. And if its a great house in a great location at a great price, someone will buy it. Why not you?

Buy or Rent in Sarasota ?

2008-08-01T16:37:00.003-05:00

In a recent MSN article, Sarasota-Venice-Bradenton was listed as one of 66 areas in the country where market conditions make it more practical to buy than rent.

Realistic home prices and low interest rates have combined to create a situation where it is affordable for nearly every price range to purchase a home at a good price.

The article does point out a key point - those looking to make a quick buck should not consider this a green light. Home prices , while considered at bottom, are not expected to rise very quickly either. But for those looking for long term home ownership, this is the place!

Read the Article:

http://realestate.msn.com/Buying/Article2.aspx?cp-documentid=8378117

Buyers Don't Fit a Formula

2008-07-22T11:53:00.001-05:00

This is a re-post of a previous blog from May 2007:

Buyers Welcome

In a recent Realtor newsletter, the author of a story offered his criteria as to who was a "worthy buyer". His argument, essentially, was that the only real way to make money long term was with sellers..."list to live" as many have said. Buyers, he argued, can take alot of your time and should be carefully screened.

While I agree that it is important to ascertain whether or not someone is willing and able to buy a home, certainly they are not always completely ready when I first encounter them. Perhaps they need more information on the area , or need to feel comfortable about the schools. But if I followed the unspoken rules, I never would have sold homes to some of my most loyal customers.

* The couple from NJ who viewed 75 homes before buying the perfect one - with a phone call.
* The couple from Tennessee who called five realtors in town and were told "Call me when you get here". We worked with them to narrow down the search before they got here. When they did, they bought a home in two days.
* The young couple who were buying their first home and just felt they were being rushed into unfamiliar territory. After a few long conversations answering every question they had, they happily bought their home.

There was an old rule - show a buyer 5 homes and then ask them which one they want. In today's market, Buyers rule and have lots of options, so likely won't rush. But in any market, at this brokerage , Buyers are welcome. Whatever stage, whatever comfort level, whatever you need. Because sometimes all you need is someone to understand YOUR personal buying style - whatever that may be.

Sarasota Buyer Agents Roles

2008-07-21T09:36:00.003-05:00

There have been many blogs and articles on what a buyer agent is, or isnt. To our mind, here is the value we offer to a home buyer.

1) Time and Focus - Since we do not list property, our time is solely for our buyers. We are not distracted by creating sales flyers, marketing properties, or scheduling open houses. We are not taking calls from frustrated sellers or spending hours in sales caravans to learn about each others listings so we can promote them. Our time is spent researching the best properties that represent the best value for our buyers.

2) Expertise in Pricing - A listing agent cannot tell you how low a seller will go. They will not offer up the information that a list price is too high, or that the home next door sold for $50,000 less. We wouldn't expect them to - their job is to get the best possible price for their seller. But OUR job is to get the best possible price for our BUYER - so we will scour the records to find out the true market value of the home based on assessments and comparable sales; find out what the current owner paid for the property, and when they purchased the home. We also find out what they owe on the property, and extrapolate a likely sales price range using ALL the information. We make sure you never overpay for a home!

3) Protection - We guide buyers through the home buying process. Our reputation and career depends on it. It is therefore of utmost importance that our buyer is protected every step of the way. We know the contracts, and we know how to write them to best protect you. We understand the nuances, so that our customers don't lose deposits, don't get caught with an unexpected money pit, and don't get forced into a deal they didn't expect.

Working with a buyer agent means you are working with a SPECIALIST in the field of home buying. And when making a purchase of thie magnitude, don't you want the best by your side?

William True, REALTOR, Broker, ABR, ABRM, CRS, GRI

Short Sales & Myths - Revisited

2008-07-20T17:27:00.005-05:00

I have posted on this subject before, but as I talk to buyers everyday, I feel once again we should discuss the reality of the short sale.

The definition of a short sale is this - the home needs to be sold, and due to market conditions, it is clear that the home's current value (and subsequently its likely sales price) will be less than the seller paid for the property. Most of the time, this is due to the fact that the seller originally purchased the home somewhere between late 2003 and late 2005, when Sarasota's home values were increasing exponentially.

I find buyers greatly misunderstand short sales. Here are some myths I can dispel for my potential buyers.

Myth # 1 - The Seller is in financial crisis - While some sellers may be in a financial hardship situation, others simply need to sell for another reason. For instance, if they are offered a job in another state. They are up to date with their mortgage payments, but also realize that when they sell, the sales price will not cover their mortgage payoff.

Myth # 2 - The bank will be happy to take anything - The fact is, during the short sale process, the bank (and every other debtor or lien holder) is still trying to get the most they possibly can for the home. An offer submitted for a short sale is often not responded to for several months - could they be waiting on a higher offer?

Myth # 3 - The list price reflects what we can get the home for - Much to everyone's frustration at times, the bank often gives the listing agent virtually no guidance as to what they will accept. Remember, they are going to lose money. They would rather not specify how much they are willing to lose. That being said, the listing agent, God bless 'em, is left to set a price on a home , not knowing if the bank would accept it or not. What this results in are alot of folks who see a price that seems too good to be true - and often is.

Case in point - some buyers of mine recently came across a home listed for $225K. It was beautiful, and close to downtown - and in their price range! It was a short sale, but they were adamant this was their home. We made a full price offer, after ascertaining the value to actually be about $100K over the asking price. We later found out that the bank would not take an offer less than $300K. Being well out of their range, my buyers were crushed after having their hopes raised so high.

There is an upside to some short sales - if you can wait out the bank, are willing to be flexible, and get a bit lucky, you might get a great deal. But this type of home buying is not for the faint of heart. Can I show you a nice home right down the street...???

Buyer Agents - and Why you Want One!

2008-07-07T12:58:00.004-05:00

As the person responsible for content on our website, I recently went looking for "quotable quotes" regarding buyer agents.

After all, our brokerage made the decision to become exclusive buyer agents, and we no longer have listings. In traditional real estate, this would have been considered suicide - "list to live" has long been the mantra of real estate agents.

The best quote I found was from Consumer Reports: "You can't have partial loyalty; an agent either works for you or works for someone else."

Of course that makes sense, but it is not often a homebuyers first inclination. They see a home, there is a sign out front, they call the listing agent. But as we have often discussed, they represent the Seller. And no amount of disclosure or legal wording will make them YOUR agent.

A real estate transaction is complex. Buyer Agents represent ONLY you and your interests to make sure you get the best possible terms and price, and that you (and your deposit) are protected should a problem arise.

Putting the scary legal stuff aside, though, lets look at other practical facts - a buyers agent does not represent listings, and therefore has no incentive to show one home over another - we show you the BEST homes for your needs. Buyers Agents are not consumed with marketing properties, holding open houses, or prospecting for new listings. This frees up our time to work on the buyers side of the transaction all day - every day. Not insignificant is the knowledge we provide by showing more homes than...well, let's just say we show alot of property, and know the neighborhoods well!

I will close with another quote I found which sums up the importance of buyer agency - "Groups such as the Consumer Federation and the American Association of Retired Persons recommend using buyer's agents...the reason is - they work." -Smart Money

Relocate to Sarasota

2008-05-27T08:30:00.003-05:00

Here at True Real Estate, we have a lot in common. We love the beach, the water...boating, fishing, and the overall lifestyle that this beautiful Gulf Coast town represents.

We have another demographic in common - each one of us has relocated here from another part of the country.

Relocate America's editorial team has released its 11th Annual Top 100 Places To Live, and it is no surprise that Sarasota is in the Top 100. Relocate America accepts nominations for each city considered as a great place to live, and each nominating party must include all the top reasons this city qualifies as a best place to relocate. The nominations are reviewed, along with demographic data regarding education, environmental greenworthiness, economic opportunity, parks & recreation, and real estate & home ownership options.

This is just further validation of what we at True Real Estate have known for years -a decision to move to Sarasota is one you will never regret.

Sarasota is On Sale

2008-05-19T10:57:00.002-05:00

There are certainly alot of different views on the state of the Sarasota real estate market. While some disagree on the "bottom", if we have reached it or have yet to; one fact seems to be above dispute...

Sarasota is on sale.

As buyer agents, we show properties all day, every day. Being well versed in this market, the market values and prices, we know without a doubt the values that exist for home buyers right now.

Especially for those looking for boating communities, beachfront properties or downtown waterfront, homes are at unprecedented levels.

If you are an investor and looking to flip a Sarasota property, we will advise against it. But if you are looking to purchase your first home, lock in your retirement place or simply wish to have a great property for the long term...

The sale is on.

True Real Estate are exclusive buyer agents in Sarasota and the surrounding area.

List Prices in Sarasota Offer Little Room

2008-04-10T14:15:00.003-05:00

The latest numbers from the Sarasota Association of REALTORS may surprise some people. Over the last 3 months, sales are up. Of those transactions, the sales amount has averaged 93% of list price.

This flies in the face of the popular opinion that people can lop 30-40% off the list price and take advantage of a desperate seller. The fact is, list prices are necessarily as low as they can go, if the Seller wants to sell their home competitively.

So although buyers shouldnt expect huge reductions off list price, the great news is that the homes are already priced competitively low and offer great value.

Sarasota Real Estate Deals - Siesta Key & Longboat Key

2008-04-07T11:52:00.005-05:00

Think you can't afford the beach? Check out a few of these opportunities - and this is only the beginning. Call today to find out how you can get your dream vacation, retirement or primary home at the beach! Sarasota Real Estate has never been hotter -and having a Sarasota Buyer Agent is the ONLY way to go.

RESIDENTIAL - SINGLE FAMILY ON LONGBOAT AND SIESTA KEY

$325,000 - 740 Longboat Court, Longboat Key - Value priced at lot value, secluded and charming. 3 BR /2 Ba

$347,000 - 5212 Calle de Costa Rica - Updated 3BR home, beautiful tropical landscaping, walk to Siesta Key Beach!

$349,000 - 636 Calle de Peru - Adorable 2 bedroom /1 Bath cottage, walk to Siesta Village and the world famous beach!

$399,900 - 5255 Winding Way - Less than 5 minutes by bike to Siesta Key Beach, shady mature canopy road. 3 Br/2 BA plus efficiency apt for extra income! 1300+ sq. ft

$445,000 - 660 Fox Street - Located in the historic village of Longboat Key. 2BR/2BA, 1500+ sq. ft.

$459,900 - 5159 Oakmont Place - Large family home that needs care but has great potential. 3 br/ 2 ba, with a pool! 1900+ sq. ft.

$484,900 - 549 St. Judes Drive - Remodeled and a mere 150 feet to a private beach on Longboat Key! 3BR/2BA, 1400+ sq ft

$489,000 - 700 Russell Street, Longboat Key - Totally updated and turnkey furnished pool home. 3/4 Bedrooms and 2 Baths

$549,900 - 508 Treasure Boat Way - Updated large pool home, with high end updates like bamboo flooring; large yard. 3 BR/ 2 BA. Over 2000 sq. ft.

$750,000 - 7180 Gulf of Mexico Drive - Canal front Longboat Key home, with a pool. Live the beach and boating lifestyle! 3BR / 3BA, 2500+ Sq. ft

CONDOMINIUMS ON LONGBOAT & SIESTA KEY

$247,500 - 4822 Ocean Blvd #4E - Gulf front Siesta Key views, turnkey furnished large (800 sq ft) 1 BR.

$249,000 - 3808 Gulf of Mexico Drive - On the Bay on Longboat Key, 2BR /2BA, needs updating and TLC but what a price!

$299,900 - 741 North Spanish Drive #30, Longboat Key - 55+ Turnkey furnished, steps to the pool, bay views. 2Br/2BA, 1600+ sq. ft

$325,000 - 6157 Midnight Pass Road #E 52 - Turnkey, classy unit, tropical pool. 2 Br, 1100+ sq. ft.

$379,000 - 1250 N. Portofino Drive #M307 - Updated spectacular 2 BR unit, intracoastal views. Deep sailboat water.

$399,900 - 8635 Midnight Pass Road # 307C - Full bay views, private cabana, turnkey 2 BR. 1100+ sq. ft

$449,000 - 1930 Harbourside Drive, Unit #131 -Beautiful Longboat Key, bay views, full amenities, 2 Bedroom, 2 Bath

$475,000 - 1103 Lake House Circle #C-107 - Across from famous Siesta Key Beach, turnkey 2BR unit with garage! Over 1300 sq. ft

$499,000 - 5260 Gulf of Mexico Drive, #404, 3 BR /3BA furnished, Gulf to Bay Longboat Key complex, 1400+ sq. ft.

$699,000 - 1701 Gulf of Mexico Drive #4D, Designer turnkey furnished, over 1500 sq. ft, 2 master suites on Longboat Key, 2 BR/ 2BA

Agents do More than Open Doors

2008-03-12T12:59:00.006-05:00

Recently, while out to dinner, I overheard a gentleman ask his friends "Why should real estate agents get paid what they do? All they do is unlock doors!"

I try not to get offended when I hear such things. After all, not many people know the hours of work a Buyers Agent puts in - looking up appropriate properties that meet all of the clients requirements, scheduling showings through listing agents and sellers, and doing all the research on the home prior to (ahem) opening the door for you.

I work primarily with out of town buyers. They generally come to town with a good picture in their mind of what they want. Condo or home, beach or country, close to downtown or beaches...and I certainly love to work with someone who has thought it through. But I also know from experience that often, they end up buying something entirely different that what they envisioned.

As an effective agent, it is not just my job to open doors. It is my job to listen to the reason for the purchase, the lifestyle of the buyer, and those things which are truly important to them. Further, I need to step out and recommend to people those places which I think may fit perfectly, even if the suggestion is something totally different than they had originally considered. If we are spending several days together, the goal may change daily, as we identify what we love - and what we don't - each day.

A recent customer thought they wanted a downtown condo, yet settled on a private home in a vibrant area of Sarasota 20 minutes from downtown. Another was convinced that Sarasota would be home, yet fell in love with Venice. How did she get to Venice? After hearing her describe her "perfect lifestlye", I knew I had to bring her down there. It was a better fit, but she never would have known that had I just sold her a place in Sarasota like she had asked.

One of the things that makes an agent special is their willingness to be a willing and knowledgeable tour guide; not being so quick to sell a home as to find the right neighborhood, type of home and situation for their client.

(But I will be more than happy to open the door for you as well)

Mom and Dad are Moving In!

2008-02-14T22:18:00.002-05:00

Increasingly, I see builders offering courtyard homes that have a separate, small guest house across the pool from the main house.

I have made jokes about banishing the husband out there, or perhaps using it as an effective place to keep a barking puppy...but the reality is, as baby boomers are faced with retirement, they are also faced with caring for their parents. Not wanting to leave them alone or put them in a care facility, the courtyard/guest house option is growing in popularity. This allows the option of having aging parents close by, but still in their own space, and independent.

I hope my daughter buys one....

New Homes in a Buyer's Market

2008-02-14T22:11:00.003-05:00

I recently took out a client who asked me to find him a few resale homes in the $350,000 price range on Palmer Ranch. He also asked to see a certain new home community in the same area.

He was shocked to find out that the new homes were identical in price to those homes that were built 15 years ago. Try as he might, he couldn't even imagine buying a resale home when the new homes offered such quality at a comparable price.

I can't say that I blame him.

A tight market has caused builders to offer more in upgrades, better pricing and more aggressive strategies, putting them at a decided advantage over the single home seller. While touring the new homes, we learned of standard inclusions like "his and hers" bathrooms, hurricane shutters, and granite surfaces.

While there is charm to the older neighborhoods, with their mature landscaping and shady streets...now might just be the best time in years to get a brand new home loaded with upgrades - for a steal!

New Low Rates

2008-01-24T08:12:00.000-05:00

Sometimes as Realtors we really do feel like we are crying out in the wilderness...

New interest rates this week will make a HUGE difference in buyers ability to pay for a mortgage.

The prices are low. Beautiful homes in every price range are out there, waiting for a buyer.

And yet people wait...

Investing 101

2007-12-27T08:44:00.000-05:00

Everyone knows the mantra: Buy LOW. Sell HIGH.

Which is why this market confuses me a bit. Several years ago, with prices spiralling out of control, and house values rising every day, people were scrambling to buy. The higher the prices went, the faster they bought.

Today, with home prices at levels not seen for many years, it seems only the savvy few are buying. Isn't that backward?

If the age old theorem is correct, BUY LOW. Prices are low. THIS is when people should buy. Prices are still LOW and will go UP eventually. This is sound investment strategy. Investment 101. Many have said that they are "waiting for the recovery to buy". However, by the time a recovery is reported, it will be because enough people have bought LOW, and the prices are RISING again. Don't be fooled, many people ARE already buying. To those who know the rule of investing, they are GLEEFULLY buying.

BUY LOW. SELL HIGH. It's simple, effective and proven strategy. Regina Brassil, REALTOR
All opinions are solely those of the author.

Who's Afraid of a Real Estate Agent?

2007-12-16T21:39:00.000-05:00

In a world where telemarketers hound us, junk mail clutters our mail box, and unsolicited requests seem to come from everywhere, it is understandable that no one wants to deal with more useless correspondence.

I suppose that is why so many people avoid speaking to real estate agents until they are ready to buy. Is it fear of high pressure tactics? Fear of committment to a certain agent or course of action before you are sure?

You can lay those fears to rest. We won't call if you ask us not to. We never force anyone to sign anything that obligates them to buy from us. But we do want you to talk to us. Especially if you are NOT sure of what you ultimate home looks like, or where it is. Because we can offer valuable advice and provide information on properties that goes far beyond a listing.

We believe that if you have just one conversation with us, you will stay with us. And you will realize that having someone with knowledge of the local market, neighborhoods and communities is a major plus in narrowing down what you are looking for, saving you alot of time.

You can read through testimonials of our customers. They all speak to the insight we can provide and the expertise we pride ourselves on. And many of those people were working with us for months, if not years, before their actual purchase. But why not make the call and find out for yourself? Have a conversation and let us help you zero in on what is the best property for you. It never hurts to have a sounding board, and we will respect whatever level of communication works for you.

I'm looking forward to talking with you.

Regina Brassil, REALTOR, Buyer Agent
All opinions posted are solely those of the author.

Sarasota is a Small Town at Christmas

2007-12-12T17:49:00.000-05:00

For the first time since I moved here in 2001, I had the opportunity to attend two Sarasota Holiday events. I found myself regretting that it had taken me so long.

We spend our days by the beach, which makes many think of us as a resort town. We enjoy a rich business, arts and culture environment, which makes others think we are a city. But at the parade, Sarasota Main Street looked eerily like small town mid-America.

Strolling down lit streets, it was comforting to see so many people lined up, side by side, enjoying the beautiful evening long before the parade began. I would only travel a few feet before seeing a familiar face to greet, even if I didn't know their name. There was a closeness there, a solidarity. We love our town and were out in force to enjoy it. As the parade progressed, you couldn't help but notice the quaintness of it..little children from a dance school pranced by, a small float with a local choir belting out Christmas carols, and the equestrians riding horses bedecked with garland. Small in number, large in joy and community. I was in tears as three local Marines marched past in full dress uniform, waving at the crowd who rightly rose to their feet with cheers of appreciation.

The following week, the same crowd was out at the Bayfront to view the Holiday Boat Parade. Local mariners enter a friendly competition for charity, and decorate their boats as festively as they can. It was a balmy night, and you would never have known how crowded it was by the friendliness and camraderie. I didn't hear one cross word, one angry tirade, all night. Just glowing, singing boats sailing along our beautiful Bayfront, celebrating this special season.

A few days later I found myself at the mall, battling lines, cringing as two cars raced for the same parking spot, and thinking how overpriced teenagers clothes are. But I can simply think back to those two special nights when we were all just common citizens of our amazing Sarasota at a special time of the year. Regina Brassil, REALTOR

Paradise Found

2007-11-26T19:43:00.000-05:00

Wait a minute - is that contentment I hear?

For months and years, it has seemed, the media has tried, for some inexplicable reason, to turn people off to this area. One would think the local paper would promote our city, but no... to read the news, we live in the most blighted spot on the planet. Woe is me, woe is me - no wonder the real estate market slowed.

Now, don't get me wrong, the market DID need to cool off from its dizzying rise. We did need to see a return to realistic pricing. But as to all the naysayers predicting gloom and doom, I say - have you walked outside lately?

* It is no secret to those of us in Sarasota that a major hurricane hasn't landed here in over 100 years, and scientists have explained the reasons why we are far less likely to entertain such an event. (See "Legends and Weather Patterns" Post) As a matter of fact, we haven't even had a stiff breeze since the fall of 2004.

* We were blessed this year with minimal red tide occurences, making nearly all of 2007 idyllic on the water - most of the time, we felt like we were looking at the Carribbean Sea.

* Although we are often chastised for our "brutal" summers, this year (like most) we actually were NOT one of the 14 states suffering through 100+ degree temps. To the contrary, we've had terrific, moderate weather.

* The housing prices HAVE settled into a range that makes living here a reality for almost anyone. It is not fair to compare the Sarasota prices with that of small landlocked towns as a recent internet story did, trying to point out the high cost of living here. Compare us to any other resort, waterfront, cultural town -think Miami - and we are a BARGAIN. First time home buyers are finding ample inventory in their price range.

You may have seen me on the beach lately. I'm the one singing and skipping. Ok, maybe not SKIPPING, but certainly this is an awesome place to live and work, and I for one am ready for people to realize it!

Need a fix of paradise? Check out http://www.SeeSarasotaLive.com !

Regina A. Brassil , REALTOR

Opinions are solely those of the author. And the author is admittedly biased. A New York transplant, Regina LOVES Sarasota and unashamedly promotes her adopted home

Short Sales are Not for Everyone

2007-10-17T09:53:00.001-05:00

The current housing market nationwide has caused some distress. The number of foreclosures and short sales has increased, making an already strong buyers market look even better to investors and buyers.

While most understand foreclosures, the definition of short sale has caused some confusion. In a nutshell, the Bank or lender who owns the property has agreed to sell the property for less than currently owed, in order to recoup some of their money.

In other words, the owner of the property may have borrowed $200,000 from the bank, but the bank is agreeing to sell the property for $180,000 in order to protect most of their investment.

While deals are to be had in short sales, the mentality of negotiating with banks can be entirely different than what buyers are used to. The offer for a short sale has to go through bank red tape, often prolonging negotiations. The bank may require more information, fewer contingencies, and more patience. For instance, on a recent short sale offer, my Buyer didn't receive an answer for 6 weeks - and the "answer" was a request for further terms. If you are in a hurry to purchase or require an answer quickly so that you can move to the next offer, short sales may not be for you.

There are some questions to ask before entering into a short sale negotiation, and expectations to be managed. If you think these deals are worth fighting for, call a real estate agent and hang on for the ride. It is usually well worth the effort when you close on a property that you have instant equity in.

Regina Brassil, REALTOR, Exclusive Buyers Agent
Blog posts are the sole opinion of the author.

I Know when the Real Estate Recovery will be!

2007-08-25T10:56:00.000-05:00

Are you still waiting to buy? Before you answer, consider this:

* 1 BR condo, furnished, walking distance to Sarasota's vibrant downtown $83,000
* 2 BR Villa , garage, huge screened lanai, hardwood floors, new kitchen - $153,000
* 2 Br built in 2002, lake views, 3 miles to beach, turnkey with top of the line furniture - $199,900

These are all deals that I secured for my customers within the last 4 weeks. Sounds great, doesn't it? But you are still reluctant because you think the prices might drop more?

I don't really know when the prices will stop dropping. But I DO know when they will begin RISING. The simple answer is, when people start buying, the prices will rise. By the time the media tells you there is a recovery, its too late to get the best deals - the prices are already on the rise. As evidenced by the above, the Buyers ARE here. If you are looking for a long-term investment, retirement home or any property you plan on holding, it is a fantastic time to buy. Will prices go down? Possibly. In the longer term, will they go up? Absolutely. With Sarasota on track to be one of the most affluent cities in the Southeast, not to mention the recipient of virtually every award for growth and quality of life- we are positioned for a healthy recovery. Don't get caught wishing you had purchased when the prices were lower...Regina Brassil, REALTOR. All opinions are solely those of the author.

Sarasota Real Estate Beats the Market

2007-07-27T16:27:00.000-05:00

You know that children's cartoon when the little boy walks around with the black cloud raining on his head no matter what he does? Well, it seems Sarasota is walking around with just the opposite - as a matter of fact, the sun is shining pretty brightly on Sarasota.

In a recent accounting of the numbers showing existing home sales in all major Florida Metropolitan areas over the last 6 months, the results were bleak. Existing home sales are down 40-50% across the state when compared to last year. With one SHINING exception.

Sarasota was the only metro area in Florida to report net home sales have RISEN this year over last. That's right - we are up 10-15%, the only area in the state that can claim positive numbers. While the eternal pessimists will say that it is a fluke, or a cosmic mistake that will reverse ...I disagree. A recent article professed my assertion that the Buyers were creeping back. Tentatively, carefully...even gleefully when they realize the Sarasota real estate bargains to be had. And regardless of what the media is trumpeting, that its a bad time to buy, I simply refuse to believe that long term real estate investment, especially in a thriving area, is a bad thing. Ever.

Why the pocket of sunshine over Sarasota? Perhaps the answer can be found in our accolades - Top schools, the best place for entrepreneurs, one of the top places to live...Sarasota continues to offer Buyers good value, gorgeous locales, family amenities, ample opportunity and one of the most active community calendars I have ever seen. People know its a great time to move here, and they are doing just that.

No rain cloud here. Not by a long shot. Regina Brassil, REALTOR all opinions posted are solely those of the author.

Blonds, Lawyers, and Real Estate Agents

2007-06-23T08:01:00.000-05:00

How many real estate agents does it take to screw in a lightbulb?

Ok, I have not heard that joke yet, but I'm sure it is coming. The fact is, by "news magazine" standards, real estate agents are the new lawyers - deceptive, often incompetent, only out for a buck and largely unnecessary.

First let, me applaud the latest 20/20 episode for presenting some real estate topics beautifully - the benefits of home ownership versus renting, and tips for selling your home in a down market.

But the balance of the episode, in large part, dealt with why Realtors are , in some cases, nearly obsolete...in others, are pushing their clients to take deals they themselves wouldn't take. A panel of "experts" rattled off how Realtors have to have a lapse in conscience in order to survive; and my favorite, the authors (promoting their own book, by the way) who stated that using a Realtor assures you of getting a lower offer on your home.

Their example was a statistic that said that Realtors sell their homes for 3-4% higher than the general public, a fact which MUST mean they they counsel their clients to take low offers just to get a commission check. I have a different theory. When our clients have a solid offer in front of them, I cannot in good conscience counsel them to wait it out for a better offer. If they roll the dice that another offer will be higher, and if that offer never comes in, they are stuck. However, as a Realtor, I may be willing to assume that risk personally. I have always counseled my clients to work the numbers to a point that they have a bottom line fixed in their minds before the offer comes in - then the decision is mathematical and practical, not emotional.

There is no doubt that the Internet, and wide access to the MLS, has changed our industry. I have no problem with that. The brokerages that survive will be the ones that adapat and offer programs to their clients that work with the new capabilites, and don't try to resist them.

One final kudo to the show - in an effort to explain why Realtors don't care what the house sells for, they inadvertently pointed out that the average agent makes not 6%, but 1.5% after everyone gets paid. So instead of $24,000 paid on a $400,000 home, its more like $6,000, often for months and months of work. A drastic difference and one that is rarely discussed when it comes time to say Realtors make too much.

Regina Brassil, REALTOR, Buyer Agent
All opinions posted are solely those of the author.

When Considering a Home, Do All the Math

2007-06-04T10:48:00.001-05:00

As a buyer's agent in Sarasota, I talk to alot of prospective home owners. Given the state of the market over the last 24 months, I can understand why many of them have chosen to adopt a "wait and see" attitude.

But there are several factors involved in the true cost of a home. One is, of course, the list price. This is the magic number that everyone seems to watch.

At this point in the market, however, the more important number may be INTEREST RATES. Most data seems to indicate home prices are near the bottom, and may begin to slowly creep up. But even if they drop slightly lower, if the interest rates are rising, you will pay more, long term, for your home.

Fact is , that over 30 years, the interest is the more compelling number. And getting the home for $10,000 cheaper is actually far less of a concern than getting a home at a good interest rate.

Last week, interest rates rose on data that home sales were picking up. These are both good indicators that the market may be ready to turn around. Don't let the interest rates quietly climb while waiting for another price drop which experts say isn't coming - it could prove costly over the years.

Regina A. Brassil, REALTOR
This article is the sole opinion of the author.

Beach Retirement a Reality for 40 Year Olds

2007-05-29T08:22:00.000-05:00

One of the frustrating aspects of being a real estate agent is seeing all these great properties and wishing I could buy them. I have bought a couple...but of course, I can't buy up all the great deals. My current obsession is a terrific loft on Longboat Key - gulf views, beach front for an unbelievable price.

A story came out yesterday about how the investor market has dried up, yet the vacation home market is going strong. The reason for it, in my mind, is simple. People my age, years away from retirement, recognize this market for what it is, and realize we may never see beachfront property at this price again. If I retire in 20 years, and my loft has tripled in price, could I afford it?

There are many negative aspects to this market. But the overriding positive has been, and remains, that for someone with a dream of beach living, the market has not been more auspicious in years.

Naysayer Math Just Doesn't Add Up

2007-05-07T06:17:00.000-05:00

I read an article this morning that said in one breath that 1) prospective first time home buyers should continue to rent and 2) put their money into stocks, not real estate.

While I respect the opinion, the math just does not work, except perhaps in the wealthier enclaves of the country. Most first time home buyers I deal with are working with a strict budget - they have a small amount to put down, and plan on spending , say $1250 per month for their mortgage and taxes.

If they continue to rent, that same monthly budget goes to their landlord. It is not "extra" money. They cant rent for $1250 a month and put money into stocks.

If the monthly budget is either going to rent, or into the equity of a home, the choice is clear.

Buyers Welcome

2007-04-29T20:31:00.000-05:00

In a recent Realtor newsletter, the author of a story offered his criteria as to who was a "worthy buyer". His argument, essentially, was that the only real way to make money long term was with sellers..."list to live" as many have said. Buyers, he argued, can take alot of your time and should be carefully screened.

While I agree that it is important to ascertain whether or not someone is willing and able to buy a home, certainly they are not always completely ready when I first encounter them. Perhaps they need more information on the area , or need to feel comfortable about the schools. But if I followed the unspoken rules, I never would have sold homes to some of my most loyal customers.

* The couple from NJ who viewed 75 homes before buying the perfect one - with a phone call.
* The couple from Tennessee who called five realtors in town and were told "Call me when you get here". We worked with them to narrow down the search before they got here. When they did, they bought a house in two days.
* The young couple who were buying their first home and just felt they were being rushed into unfamiliar territory. After a few long conversations answering every question they had, they happily bought their home.

There was an old rule - show a buyer 5 homes and then ask them which one they want. In today's market, Buyers rule and have lots of options, so likely won't rush. But in any market, at this brokerage , Buyers are welcome. Whatever stage, whatever comfort level, whatever you need. Because sometimes all you need is someone to understand YOUR personal buying style - whatever that may be.

Can you hear me now?

2007-04-25T12:02:00.000-05:00

Did you ever feel like you knew something amazing and no one would listen to you???

You've heard the interest rates are low. You've heard the inventories are high. You've heard that buyers have more bargaining power than ever before. You've even heard this Blogger telling you that the leading edge people were already here, buying up everything they could get their hands on in this market. And the good news just keeps on coming.

Last week Sarasota was named by Money Magazine as one of the best places to retire. Inc. Magazine has now named Sarasota as one of the best places for entreprenuers to set up shop.

Not convinced yet?

In March, the Sarasota-Bradenton real estate market seemingly shook off the gloom and doom as sales rose 19%. Naysayers will say its a fluke. That it won't last. But maybe they don't know what I know.

Sarasota is beautiful. It's lifestyle is amazing. People are buying here even when they aren't anywhere else, mainly because at these prices, paradise is on sale. When people get here, living anyplace else seems unthinkable. We win award after award. Come on down and see for yourself!

Romancing Real Estate

2007-04-20T09:10:00.000-05:00

I read an interesting article today that compared the decision to hold off on buying real estate to fear of commitment in relationships.
"This one is perfect - but what if I see something even better tomorrow?"
"My situation is not exactly what I want, but it is comfortable and at least I know what I have"
"It's a huge commitment, and so permanent - I am not sure if I am ready".

Any of those statements could, in reality, be applied to real estate, or real life. The reason being, either decision is highly emotional and carries long term ramifications. In actuality, they can be applied to any big decision, which can sometimes seem paralyzing. In the face of a significant change, human beings often opt for the safety of what we know. Its human nature.

The real estate process, however, should be looked at far more practically. If you are currently paying $1200 in rent, that money may be better served paying a mortgage instead - in effect, you are adding to your investment every time you make a payment. At the end of ten years, you either have paid ten years of rent, and you move out with only your personal possessions - or you have solid equity in your future. Although it is tough for sellers right now, the longer term investor will almost always be safe with a real estate purchase. The key is to not NEED to sell, but to be able to wait until it is favorable to sell. Which is exactly the situation of a person looking to buy a home in order to live here.

History has proven that in a slow market, buyers are waiting for someone else to buy first. In essence , it provides validation that it is "safe" to buy. Traditionally, it is the leading edge investors - the first ones back into the market - that get the deals. By the time the market is back in an upswing, many buyers realize they are now coping with rising prices, not falling ones.

Right now, "all of the good ones" are not taken. So get out there - you may be suprised at what you find.

Pretend You're A Tourist

2007-04-07T16:00:00.000-05:00

One of the strangest phenomena, it seems to me, is that people who live in a certain town rarely take advantage of the towns many attractions. Oh, we know where they are, we can tell visiting friends and family about them, we might even have snuck into one or two. But overwhelmingly, I meet people who confess to rarely getting to the beach...or have never seen a show at the Van Wezel. After recently extolling the virtues of Towles Court to an artistically inclined client, they asked "have you been there?"

Wow. I knew so much about the place, the schedule of their art walks, even some of the artists. But had I been there? It was almost a startling realization that I had not! With resolve I decided to go to the Friday night art walk that very week - by coincidence, a friend was exhibiting at the Sonnet Gallery. On Friday, I surprised the kids with our plans (no need to hear whining until absolutely necessary ) and we were off.

As a lifelong art lover, I expected to be charmed. Wowed. Intrigued. And to totally fall in love with the open galleries, live music and softly lit walkways. I was not disappointed. What I didn't expect was the reaction of my children. My 7 year old son who couldn't get enough of talking about the "cool colors" of glass sculptures and asking me if we could try pastel painting. My 13 year old who was so intrigued with a photography gallery, that she asked to take a photography class and has begun filling her walls with her own shots. They made me visit every gallery, didn't miss a one. And as we strolled with our drinks (white wine for me, apple juice for them) and discussed art, I realized I was exposing them to a whole new world. And it had been in my own back yard all the time.

One of the best things about being in real estate is the exposure I have to all the neighborhoods, all the properties, and the varied personalities Sarasota offers. I was glad to be reminded what a fantastic, vibrant town this is - for those of you moving here, I would love to point out some of my favorite spots. But once you get here, don't forget to be a tourist in your own town - Sarasota is a great place to explore - no matter how long you've lived here. - Regina Brassil, REALTOR

Should you invest in a Sarasota Condo?

2007-04-02T14:58:00.000-05:00

I only had the previous post up for a few minutes when I received a call to clarify a point on condos - do the rules of investing hold true in the current condo market in Sarasota?

I will keep this short and to the point. If you are looking to purchase a condo as your primary residence, or for any personal use, it is actually a terrific time to buy. With such a glut of condos on the market, some still in pre-construction, you can scoop up a condo with great amenities for a really fantastic price.

If you are looking at condos as investments to re-sell within a few years, keep in mind that it is estimated that we may have as much as a 5 year inventory of condos in Sarasota County right now. Essentially, that means that for as many years, we will likely be experiencing a tough situation for sellers of condos. I would only consider a condo for a resale strategy if I were thinking very long term, at LEAST 5 years out. If investing is of interest to you, please read the post below as well. I hope you find it informative and helpful.

Regina Brassil, REALTOR

Real Estate Investing in Sarasota

2007-04-02T14:15:00.000-05:00

Much has been made of the plight of the real estate investor in the last 12 months. Foreclosures, abandoned deposits, and unwanted multiple mortgages on properties they couldn't sell are scary facts. As with any investment, whether it be real estate or stocks, it is the short term thinker that often gets burned. When the risk pays off, its big money, and that was the allure of too many people investing over their heads. The risk, unfortunately, didn't pay off.

However, history is quite clear that real estate as a long term investment is reliable and profitable. As someone who has invested in real estate most of my adult life, I can vouch for the fact that over the long haul, real estate has been very good to me. And I encourage others to invest in real estate if possible. But do so with a level head and some basic rules -

1. Have long term view. If conditions are favorable in the short term and you want to sell, terrific! But if your plan is to hold the property for a set period of time, market fluctuations are not nearly as intimidating.

2. Fix your mortgage. Yes, the rates can be a bit higher, but there is comfort and safety in a set, known payment - especially in uncertain times. If your plan is to rent the property out, know the going rental rates and make sure you can afford the payment if the property does not rent out immediately.

3. Buy when no one else wants to. Right now, many people are afraid to invest, but leading edge investors are buying, and buying aggressively. An investor friend of mine says his only frustration is that he wishes he could buy up more. Prices are low, the boomers are coming over the next several years and many neighborhoods in Sarasota are enjoying a renaissance. Deals are out there for the asking.

4. Find a neighborhood with promise. In Sarasota, waterfront acreage is all but gone. But there are several communities that are undiscovered gems, still unbelievably priced for their proximity to the water. Sure, the homes are older but the neighborhoods are changing; renovation and rebuilding is occurring as we speak. And if you think I am talking in terms of "Sarasota affordability" think again - I know of a few homes under $250,000 in waterfront neighborhoods. Locations within walking distance to downtown, but in quiet neighborhoods, also have fantastic upside.

5. Be realistic. The days of "flipping" on the same day of closing and making $50,000 are gone now. But Sarasota is growing, boomers are retiring, and we live in a beautiful town. The market is returning to normal. Just don't expect double digit returns within weeks and you will be fine.

If real estate investment is of interest to you, give us a call. Don't wait until the market starts to rise again - as an investor, the time is now.
Regina Brassil, REALTOR

Can You Feel the Love?

2007-03-23T09:03:00.000-05:00

My broker always tells me that the reason our websites have such loyal followers is "the love" . It's that quality that personal, first hand knowledge and writing brings that a "professional content writer" could never understand. Its a passion for the Sarasota area, an in depth knowledge of neighborhoods our friends and family live in, and a true love for this lifestyle. In our websites, we try to convey information in a familiar way. We take our own photos of places we go to ourselves; we write about issues important to this area, we try to provide the best tools and we always listen to your feedback as to what we include. Far from a one-time project, our 5 sites are worked on EVERY DAY by a full time realtor - we may not have the flashiest website, or the most technical - but we have the love.

I like to think the REALTORS in our organization do our jobs the same way. I received a testimonial letter this morning from a couple who recently closed on their home. Such glowing words, from a couple who had been fantastic to work with. In the back of my mind, I heard my broker "It's the love". But it really is - its the desire to show off our town, to make sure our clients not only buy a house, but buy the RIGHT house. It's making sure they understand where they are moving. It is doing reconnaissance work before they get here and handling the deal from start to finish so they can relax.

Bill has clients that have bought upwards of 10 places from him, and wouldn't dream of going elsewhere. I don't have as long a career, but aspire to the same. We have heard over and over that we get so excited when showing someone a great neighborhood, or pointing out a gorgeous secluded beach, and we do. I just can't hide the excitement and awe I feel about where I live.

Anyone can unlock a front door and point out a granite countertop. Not everyone has the love.

Regina Brassil, Realtor.

Perfect Home Not Always What You Expect

2007-03-16T08:01:00.000-05:00

When moving to a new area, there is much research to be done. Not insignificant to the relocating party is the real estate market - what is available, at what price.

The MLS search engines are fantastic tools for everyone to have access to the current listings on the market. But it is important to remember that often, when we have limited knoweldge of an area, it is nearly impossible to determine which will be the right home for you, no matter how many photos are provided. Not knowing where a home is geographically located creates a huge blind spot in your search.

When you come to an area, ask your Realtor to spend some time simply driving you around town. Ahead of time, they can research where the homes in your price range are, then can drive you through those neighborhoods. Because lets face it, the most beautiful home won't be the right home if it is too far from the beach, or the school, or your job.

When I put on my "Tour Guide" hat (which I enjoy immensely, by the way) I am always interested to see where a client decides they like. Folks who thought that they wanted acreage, fall in love with downtown; people who thought they wanted to live in Sarasota find the tranquility and peace of Venice to be more their style. It is important to understand neighborhoods in their proximity to what is important to you...and to get a "feel" for the neighborhood you may soon call home.

It is only once you understand the area, and your Realtor gets a feel for the neighborhood ambience that works for you, that seeing the inside of a house will be valuable. Take the time to understand your surroundings, and your perfect home, no matter how unexpected, will likely jump right out at you.

Nothing to Gain By Waiting ? UF Study says Buy...

2007-03-11T08:35:00.000-05:00

For a few months now, we have been advising people that the conditions are right to buy your home in Sarasota. Low interest rates, high levels of inventory and the lowest prices in years seemed to be the perfect mix of ingredients to make this a hot buyers market.

But sometimes, you get the feeling that as a REALTOR, people think it may be hype, designed to generate sales for yourself. That is why it is with great relief that I report the following:

A 5-quarter study by the University of Florida in Gainesville was released this week stating that "if you are thinking of buying a home, there is not much to be gained by waiting any longer" . The study found that home price movement is maintaining the same pace as inflation, which is a benchmark for the study. "It indicates the market is stabilizing".

The stabilization of the market came earlier than expected, and is not expected to hit all areas of the state equally, but the South Florida market is included. I have long maintained that purely from my own observances, the buyers were venturing back. Hopefully, the UF Study will convince folks that it really is a fantastic time to buy into Sarasota County - lets face it, those Gators have got a pretty good streak going!

Buyers market, Buyers Agents, Buyers Rebate - its all about the Buyer at True Real Estate. Call us today.

A Good Story in Sarasota

2007-03-03T10:44:00.000-05:00

Sometimes, anecdotal evidence is all you need.

Word of mouth is a powerful tool - everyone who has ever marketed a product knows this. What people are saying - about you or about your product - directly impacts your sales.

And so it goes in the Sarasota real estate market. Everyone is aware of the gloom and doom of the past year - but the story is changing.

"She sold her house in 2 days!"

"There were 13 buyers at the open house"

"We ran an ad and the phone hasn't stopped ringing"

These are all statements I have heard from fellow realtors in the last 48 hours. This might not jive with the national news stories, but the fact of the matter is, the Buyers are back. Not in huge numbers, not yet - but the word is spreading about great prices, low interest rates and affordable first homes. Those pesky hurricanes stayed away last year, weather is horrible up North. Buoyed by stories from elated buyers, more people are venturing back into the Sarasota market every day.

We maintain 5 regional websites. Our main Sarasota site has seen a spike in hits over the last two weeks, and my broker reports a huge increase in calls into the firm. Many are still asking for information, or for clarification on the rebate. But they are calling.

Need numbers? Currently it can cost up to $1300 to rent a 2-3 BR in Sarasota.

The stock market fall last week caused interest rates to drop as well - to below 6% for a 30 year fixed mortgage. Isn't it time to start putting that money into your own home?

The story, for those listening, is a very good one.

Regina Brassil, REALTOR