And you call yourself a Sarasota Buyer Agent?

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?

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

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!

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

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" ??

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!

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

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!

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

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.