Finding Solutions for the Unexpected
Ray and I took a road trip in July. Like so many of us who have moved to the Sunshine State where we can enjoy summer all year round, our family lives up North or out West. We headed west for a two-week road trip visiting family including kids, grandkids, and some of my sisters all along the way. Then five days in, a problem occurred. Nope, not car problems. I became ill with that pesky Covid, and I was a pretty sick lady. So, we had to cancel the trip and drive home. Not exactly the fun summer vacation we had planned. There had to be a solution, right? The solution was for me to make a couple solo trips flying to see the kids and grandkids. Overdue hugs from daughters, son-in-laws and grandchildren were joyfully received. (The picture above is of three of my sisters, their husbands and Ray and me. This was at the beginning of our trip West.)
We all have stories of plans that just didn’t work out the way we intended and we had to find a solution. In real estate that is a big part of what Realtors do, we find solutions. That’s why folks hire us, to get them from point A (finding the right home or selling) to point B (keys in hand or cash in the bank). In every transaction there is an issue that needs a solution. The issue could be a repair item, right now the most common item is a faulty GFCI (so take this as a friendly PSA-Check your GFCI outlets). From minor repairs to more serious issues such as the Seller has a family emergency and can not close on the contracted date throwing everything into a tailspin. There are also the problems that are neither the Buyer’s fault or the Seller’s fault; such as a hurricane or maybe we are all waiting on the County to do a final inspection on a roof, or septic system. Realtors find solutions, that’s what we do.
It has been a month since the new real estate standard of a Buyer Representation Agreement came into play. What was perceived as a problem to navigate, causing extra steps in the real estate buying process has actually created a solution. The new improved way of house hunting is that a potential buyer must first have a conversation with a real estate sales professional explaining the buying process, from there they sign the Buyer Representation Agreement and start house hunting. Buyers being informed of the buying process is step one in setting the stage for smooth transactions. It also builds a relationship with the agent and the Buyer. Building a relationship with the person who is going to walk with you as you make one of the biggest financial decisions in life is a big deal. Sellers, too, benefit from the Buyer Rep. Agreement. Sellers know when they leave their property for a scheduled showing that the Buyer has been vetted by the Buyer’s Realtor. The new standard of the Buyers Rep Agreement makes the Seller of a property more
informed of the buying process too. The listing agent will explain to the Seller the different options of compensation paid to a Buyer’s Agent. This conversation will explain the positive advantage of the Seller offering compensation to the agent who brings them the buyer of their house. Both Buyer and Seller now have full disclosure and understanding of the compensation allowing both parties to make informed decisions. When a solution brings clarity, it brings trust—an essential foundation for any relationship.
We made this 2 minute video as a quick explanation of the Buyer Representative :
Stats and Data Time
Has the real estate market changed in the past year? Have prices dropped or gone up? Are Buyers buying? For answers let’s take a big picture look at the average type home a 3 bedroom, 2 bath house. This macro-overview does not include new construction, so only resale homes in Manatee, Sarasota, and Charlotte counties. We will look at the Active, Pending, and current SOLD data. We will then compare the current Sold data with Sold data from September 2023. Ok, ready to jump in and see what we discover?
Manatee County
Active listings:524 Pending sales: 181 Price range $219k to $4.9Million
There were 145 Sold in the last 30 days and Sellers got an average of 97% of list to sold price. It took an average of 61 days to go under contract. Sold prices ranged from $230k to $1.9 Million
Compare that to September of 2023: Sold 122 , Days on the market 47, List to Sold was 97%, sold prices were $280k to $2 million
Click right here to tour this home on Anna Marie Island
Sarasota County
Active listings:849 Pending sales: 290 Price range $169k to $10.5Million
There were 221 Sold in the last 30 days and Sellers got an average of 97% of list to sold price. It took an average of 67 days to go under contract. Sold prices ranged from $199k to $2 Million
Compare that to September of 2023: Sold 206, Days on the market 46, List to Sold was 98%, sold prices were $160k to $2 million
Click here to check out this home just blocks from Siesta Key
Charlotte County
Active listings:865 Pending sales: 163 Price range $140k to $2.9Million
There were 146 Sold in the last 30 days and Sellers got an average of 96% of list to sold price. It took an average of 93 days to go under contract. Sold prices ranged from $145k to $835,000
Compare that to September of 2023: Sold 139, Days on the market 60, List to Sold was 97%, sold prices were $175k to $850,000
Click here to see a home with direct access to Charlotte Harbor
What I discovered as I jumped into the data is the market seems to be pretty steady and level, no big jumps or dives. Average sold prices have come down a bit year over year. Sellers are still getting close to their list price. I would say 97% is good. Homes are going under contract/pending at a steady rate. One noticeable change is the days on the market has increased by 20 days or more in each county. Longer days on the market means Sellers will go days if not weeks without a showing. One reason would be the healthy number of homes on the market. The market is leaning more towards a "Buyers Market" with about 4 months of inventory. (a year ago it was about 2 months) That means Sellers really need to put their best foot forward when listing their house making it stand out to Buyers. In this market the “let’s price it high and see what happens” strategy won’t work because there are plenty of homes for Buyers to choose from.
The overall big picture view of the single family house market seems to be in a steady place right now. It might be moving a little slower than Sellers would like but it is moving. And Buyers should be pleased because there are plenty of homes for them to choose from.
Click the addresses to see more about these wonderful listings. One is a fabulous 4 bedroom home in Parrish, another is a terrific condo overlooking Plantation Golf and Country Club in Venice and the third one is a 2022 built Gulfstar house in North Port:
8575 Starlight Loop, Parrish
437 Cerromar Lane #414, Venice
Just a silly little meme to make you smile...
Hope your summer was filled with sunshine and happy times.
Mary & Ray
Real Estate QUESTIONS? send us a note , or call us, or text us! Ray & I are your GO-TO Realtors
