Today’s Housing Inventory Is a Sweet Spot for Sellers

One of the biggest challenges in the Sarasota Florida housing market right now is how few homes there are for sale compared to the number of people who want to buy them. To help emphasize just how limited housing inventory still is, let’s take a look at the latest information on active listings, or homes for sale in a given month, as it compares to more normal levels. According to a recent report from Realtor.com:   “On average, active inventory in June was 50.6% below pre-pandemic 2017–2019 levels.” The graph below helps illustrate this point. It uses historical data to provide a more concrete look at how much the numbers are still lagging behind the level of inventory typical of a more normal market (see graph below): It’s worth noting that 2020-2022 are not included in this graph. That’s because they were truly abnormal years for the housing market. To make the comparison fair, those have been omitted so they don’t distort the data. When you compare the orange bars for 2023 with the last normal years for the housing market (2017-2019), you can see the count of active listings is still far below the norm. What Does This Mean for You?  If you’re thinking about selling your Sarasota house, that low inventory is why this is a great time to do so. Buyers have fewer choices now than they did in more normal years, and that’s continuing to impact some key statistics in the housing market. For example, sellers will be happy to see the following data from the latest Confidence Index from the National Association of Realtors (NAR): The percent of homes that sold in less than a month ticked up slightly to 74%.  The median days on market went down to 18 days, showing homes are still selling fast when priced right.  The average number of offers on recently sold homes went up to 3.3 offers. Bottom Line When supply is so low, your house is going to be in the spotlight. That’s why sellers are seeing their Sarasota homes sell a little faster and get more offers right now. If you’ve thought about selling, now’s the time to make a move. Connect with a trusted real estate professional - Bill Bambrick, LPT Realty to get the process started.

The True Cost of Selling Your North Port House on Your Own

Selling your North Port house is no simple task. While some homeowners opt to sell their homes on their own, known as a FSBO (For Sale by Owner), they often encounter various challenges without the guidance of a North Port real estate agent. If you’re currently considering selling your house on your own, here’s what you should know. The most recent Profile of Home Buyers and Sellers from the National Association of Realtors (NAR) surveyed homeowners who’d recently sold their own homes and asked what difficulties they faced. Those sellers say some of the greatest challenges were prepping their home for sale, pricing it right, and properly managing the required paperwork, just to name a few. When it comes to selling your most valuable asset, consider the invaluable support that a real estate agent can provide. By partnering with an agent - Bill Bambrick North Port realtor, you can navigate the complexities of the selling process with confidence. Here are just a few of the many ways an agent is essential to your home sale: 1. Marketing and Exposure Effective marketing is a key piece of attracting qualified buyers to your property. Real estate agent  - Bill Bambrick have access to various marketing tools and platforms, including MLS listings, professional photography, virtual tours, and extensive professional networks. Bill can create a compelling listing that highlights your home's best features and reaches a wider audience. If you sell on your own, you may struggle to match the reach of agents, resulting in limited exposure and, ultimately, fewer potential buyers. 2. Managing Liability and Legal Considerations Today, more disclosures and regulations are mandatory when selling a house. And all that paperwork and all the legal aspects of selling a home can be a lot to manage. Selling a house without professional guidance exposes homeowners to potential liability risks and legal complications. Real estate agents are well-versed in the contracts, disclosures, and regulations necessary during a sale. Their expertise helps minimize the risk of errors or omissions that could lead to legal disputes or delays. 3. Negotiations and Contracts Negotiating the terms of a home sale can be challenging, especially when emotions are involved. You may find it overwhelming to navigate these negotiations alone. Without an agent, you assume this responsibility on your own. This means you’ll have full accountability for working and negotiating with: The buyer, who wants the best deal possible. The buyer’s agent, who will use their expertise to advocate for the buyer. The home inspection company, who works for the buyer. The home appraiser, who assesses the property’s value to protect the lender. Rather than going toe-to-toe with all these parties alone, lean on an expert. Bill Bambrick, a North Port agent will act as intermediary, skillfully negotiating on your behalf and ensuring that your best interests are protected. They have experience in handling tough negotiations, counteroffers, and contingencies. When you sell your house yourself, you’ll need to be prepared to manage these vendors on your own. 4. Pricing and Housing Market Knowledge Determining the right asking price for your North Port property is crucial. It requires in-depth knowledge of the local real estate market, including recent sales data, neighborhood trends, and the current demand for properties. Real estate agents have access to comprehensive market data and the expertise to analyze it accurately. When you sell your house on your own without this comprehensive information, you risk overpricing or underpricing your home. This can result in an extended time on the market and also the risk of leaving money on the table - which decreases your future buying power. An agent is a key piece of the pricing puzzle. Bottom Line While selling a home on your own might seem appealing at first, the challenges that come with it can quickly become overwhelming. The expertise that a real estate agent in North Port Florida - Bill Bambrick brings to the table is vital for a successful sale. Instead of tackling it alone, make sure you have an expert on your side.

Market Report - North Port 34286 May 2023

This is a real-time market report for 34286 in North Port Florida.  Like any data, it needs to be curated to your specific home.  No two homes are the same but many facets can be, like fixtures, mechanical, and design elements. New home builders are able to offer all the check boxes buyers want at a more affordable price point.  Builders incentivize the sale making established homes difficult to compete with.  The message is clear, what does your home have from a wow factor to create the needed noise for buyers to desire and want your home? I can answer that question, there is a buyer for every home, it's how hard do we market to them in as many ways possible.  Then rem-market them, repetition keeps your home top of mind.     May 2023 North Port Market Report

The Benefits of Selling Now, According to Experts

Venice Florida Home Owners, if you’re trying to decide if now’s the time to sell your house, here’s what you should know. The limited number of homes available right now gives you a big advantage. That’s because there are more buyers out there than there are homes for sale in Venice. And, with so few homes on the market, buyers will have fewer options, so you set yourself up to get the most eyes possible on your house. Here’s what industry experts are saying about why selling now has its benefits: Lawrence Yun, Chief Economist at the National Association of Realtors (NAR):   “Inventory levels are still at historic lows. Consequently, multiple offers are returning on a good number of properties.” Selma Hepp, Chief Economist at CoreLogic:   “We have not seen the traditional uptick in new listings from existing homeowners, so undersupply of housing will continue to heighten market competition and put pressure on prices in most regions. Some markets are already heating up considerably, but price premiums that we saw last spring and summer are unlikely.” Clare Trapasso, Executive News Editor at Realtor.com:   “Well-priced, move-in ready homes with curb appeal in desirable areas are still receiving multiple offers and selling for over the asking price in many parts of the country . . .” Jeff Tucker, Senior Economist at Zillow:   “. . . sellers who price and market their home competitively shouldn’t have a problem finding a buyer.” SBottom Line If you’re thinking about selling your Venice Florida house, connect with Bill Bambrick of LPT Realty who can share the expert insights you need to make the best possible move today.

Top 3 Things to Sell Your North Port Florida Home

Why Aren’t Home Prices Crashing?

There have been a lot of shifts in the housing market recently. Mortgage rates rose dramatically last year, impacting many people’s ability to buy a home. And after several years of rapid price appreciation, home prices finally peaked last summer. These changes led to a rise in headlines saying prices would end up crashing.Even though we’re no longer seeing the buyer frenzy that drove home values up during the pandemic, prices have been relatively flat at the national level. Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), doesn’t expect that to change:“[H]ome prices will be steady in most parts of the country with a minor change in the national median home price.”You might think sellers would have to lower prices to attract buyers in today’s market, and that’s part of why some may have been waiting for prices to come crashing down. But there’s another factor at play – low inventory. And according to Yun, that’s limiting just how low prices will go:“We simply don’t have enough inventory. Will some markets see a price decline? Yes. [But] with the supply not being there, the repeat of a 30 percent price decline is highly, highly unlikely.”As you can see in the graph below, we’ve been at or near record-low inventory levels for a few years now.That lack of available homes on the market is putting upward pressure on prices. Bankrate puts it like this:“This ongoing lack of inventory explains why many buyers still have little choice but to bid up prices. And it also indicates that the supply-and-demand equation simply won’t allow a price crash in the near future.”If more homes don’t come to the market, a lack of supply will keep prices from crashing, and, according to industry expert Rick Sharga, inventory isn’t likely to rise significantly this year:“I believe that we’re likely to see low inventory continue to vex the housing market throughout 2023.”Sellers are under no pressure to move since they have plenty of equity right now. That equity acts as a cushion for homeowners, lowering the chances of distressed sales like foreclosures and short sales. And with many homeowners locked into low mortgage rates, that equity cushion isn’t going anywhere soon.With so few homes available for sale today, it’s important to work with a trusted real estate agent who understands your local area and can navigate the current market volatility.

Two Reasons You Should Sell Your House

Wondering if you should sell your house this year? As you make your decision, think about what’s motivating you to consider moving. A recent survey from realtor.com asked why homeowners are thinking about selling their houses this year. Here are the top two reasons (see graphic below):Let’s break those reasons down and explore how they might resonate with you.1. I Want To Take Advantage of the Current Market and Make a ProfitWhen you decide to sell your house, how much you’ll make from the sale will likely be top of mind. So, here’s some good news: according to the latest data, the average seller can expect a strong return on their investment when they make a move. ATTOM explains: “The $112,000 profit on median-priced home sales in 2022 represented a 51.4% return on investment compared to the original purchase price, up from 44.6% last year and from 32.8% in 2020.”Even though home prices have declined slightly in some markets, they’re still much higher overall than they were just a few years ago. To understand what’s happening with home prices in your area and the current value of your house, work with a local real estate professional. They can give you the best advice on how much you could gain if you sell this year.2. My Home No Longer Meets My NeedsThe average person has been in their house for ten years. That’s a long time when you think about how much may have changed in your life since you moved in. And typically, those changes have a direct impact on what you need in a home. Whether it’s more (or less) space, different features, or a location closer to your work or loved ones, your current house may no longer check all the boxes of what feels like home to you. If that’s the case, it could be time to work with a real estate agent to find a better fit.

We’re in a Sellers’ Market. What Does That Mean?

Even though activity in the housing market has slowed from the frenzy we saw over a year ago, today’s low supply of homes for sale is still a sellers’ market. But what does that really mean? And why are conditions today so good if you want to list your house?It starts with the number of homes available for sale. The latest Existing Home Sales Report from the National Association of Realtors (NAR) shows housing supply is still astonishingly low. Today, we have a 2.6-month supply of homes at the current sales pace. Historically, a 6-month supply is necessary for a ‘normal’ or ‘neutral’ market in which there are enough homes available for active buyers (see graph below):What Does This Mean for You?When the supply of homes for sale is as low as it is right now, it’s much harder for buyers to find one to purchase. That creates increased competition among purchasers and keeps upward pressure on prices. And if buyers know they’re not the only one interested in a home, they’re going to do their best to submit a very attractive offer. As this happens, sellers are positioned to negotiate deals that meet their ideal terms. Lawrence Yun, Chief Economist at NAR, says:“Inventory levels are still at historic lows. Consequently, multiple offers are returning on a good number of properties.”Right now, there are still buyers who are ready, willing, and able to purchase a home. If you list your house right now in good condition and at the right price, it could get a lot of attention from competitive buyers.

4 Key Tips for Selling Your House This Spring

Spring has arrived, and that means more and more people are getting their homes ready to sell. But with recent shifts in real estate, this year’s spring housing market will be different from the frenzy of the past several years. To sell your house quickly, without hassles, and for the most money, be sure to follow these four simple tips:1. Make Sure You Give Buyers AccessOne of the biggest mistakes you can make as a seller is limiting the days and times when buyers have access to view your home. In any market, if you want to maximize the sale of your house, you can’t limit potential buyers’ access to view it. If it’s not accessible, it could cost you by sitting on the market longer and ultimately selling for a lower price.2. Make Your Home Look as Good as Possible on the InsideFor anything to sell, especially your home, it must look inviting. Your real estate agent can give you expert advice on ideal staging for your home. Even updating a room with fresh paint, steam cleaning carpets, or removing clutter from the garage can make a big impact.3. First Impressions MatterThe old saying “you never get a second chance to make a first impression” matters when selling your house. Often, the first impression a buyer gets is what they see as they walk up to the front door. Putting in the work in on the exterior of your home is just as important as what you stage inside. Freshen up your landscaping to improve your home’s curb appeal so you can make an impact with potential buyers.4. Price It RightThis is probably the most important aspect of selling your home in today’s real estate market. If a house is priced competitively, it’s going to sell. Period. To do this, you have to know what’s happening with home prices in your area and understand the factors that are affecting the market right now. That’s why it’s best to work with a trusted real estate professional who can ensure you list your house at the right price.

Get Ready Sarasota: The Best Time To List Your House Is Almost Here

If you’re thinking about selling this spring, it’s time to get moving – the best week to list your house is fast approaching.  Spring break is winding down and the Sarasota area is poised for spring and summer buyers to find thier next home.  Experts at realtor.com looked at seasonal trends from recent years (excluding 2020 as an uncharacteristic year due to the onset of the pandemic) and determined the ideal week to list a house this year: “Home sellers on the fence waiting for that perfect moment to sell should start preparations, because the best time to list a home in 2023 is approaching quickly. The week of April 16-22 is expected to have the ideal balance of housing market conditions that favor home sellers, more so than any other week in the year.” If you’ve been waiting for the best time to sell, this is your chance. But remember, before you put your house on the market, you’ve got to get it ready. And if you haven’t started that process yet, you’ll need to move quickly. Here’s what you should keep in mind. You also may want to list your home "As-Is" so the preparation step is not as important.  Sometimes just this stage of preparing the home is daunting. As your local Sarasota Realtor, Bill Bambrick with LPT can help with your questions. Work with an Agent To Determine Which Updates To Make Start by prioritizing which updates you’ll make. In February, realtor.com asked more than 1,200 recent or potential home sellers what updates they ended up making to their house before listing it (see graph below):   As you can see, the most common answers included landscaping and painting. Work with a trusted real estate agent to determine what projects make the most sense for your goals and local market. If Possible, Plan To Have Your House Staged Once you’ve made any necessary repairs and updates to your house, consider having it staged. According to the National Association of Realtors (NAR), 82% of buyers’ agents said staging a home made it easier for a buyer to visualize the property as a future home. Additionally, almost half of buyers’ agents said home staging had an effect on most buyers’ view of the home in general. Homes that are staged typically sell faster and for a higher price because they help potential buyers more easily picture their new life in the house.

Have You Thought About Why You Might Want To Sell Your North Port House? [INFOGRAPHIC]

Look at the Big Picture When it Comes to Home Prices - Video

The Role of Access in Selling Your Sarasota House

Once you’ve made the decision to sell your Sarasota house and need to hire a real estate agent - Bill Bambrick a local Sarasota Realtor to help, he ask how much access to your home you want to give potential buyers. Your answer matters more now than it did in recent years. Open Houses are important in getting active buyers to see your property, but this is a small part of the bigger marketing strategies I utilize today. A strong paid digital campaign getting eyes on your listing not just for local buyers but people looking to relocate to the Sarasota area.    Here’s why. At the height of the buying frenzy seen during the pandemic, there was a rise in the number of homebuyers who put offers on houses sight unseen. That happened for three reasons: Extremely low housing inventory A lot of competition from other buyers wanting to take advantage of historically low mortgage rates And general wariness of in-person home tours during a pandemic Today, the market’s changing, and buyers can usually be more selective and take more time to explore their options. So, in order to show your house and sell it efficiently, you’ll want to provide buyers with as much access as you can. Before letting your agent know what works for you, consider these five levels of access you can provide. They’re ordered from most convenient for a buyer to least convenient. Remember, your agent will be better able to sell your house if you provide as much access to buyers as possible. Electronic Lockbox on the Door – This allows buyers the ability to see the home as soon as they are aware of the listing or at their convenience. Providing a Key to the Home – This would require an agent to stop by an office to pick up the key, which is still pretty convenient for a buyer. Open Access with a Phone Call – This means you allow a showing with just a phone call’s notice. By Appointment Only – For example, you might want your agent to set up a showing at a particular time and give you advance notice. That way you can prepare the house and be sure you have somewhere else you can go in the meantime. Limited Access – This might mean you’re only willing to have your house available on certain days or at certain times of day. In general, this is the most difficult and least flexible way to show your house to potential buyers. Agent Present for Showings - Make sure your agent is there for all showings so they can articulate the unique features of your home while engaging the level of interest of those buyers.   As today’s housing market changes, be sure to work with your local agent to give buyers as much access as you can to your house when you sell.  

Here’s Why the Housing Market Isn’t Going To Crash

Leverage Your Equity When You Sell Your Venice Florida House

One of the benefits of being a homeowner is that you build equity over time. By selling your Venice Florida house, that equity can be used toward purchasing your next home. But before you can put it to use, you should understand exactly what equity is and how it grows. Bankrate explains it like this: “Home equity is the portion of your home you’ve paid off – in other words, your stake in the property as opposed to the lender’s. In practical terms, home equity is the appraised value of your home minus any outstanding mortgage and loan balances.” Majority of Venice Florida Homeowners Have a Large Amount of Equity If you’ve owned your Venice Florida home for a while, you’ve likely built up some equity – and you may not even realize how much. Based on data from the U.S. Census Bureau and ATTOM, the majority of Americans have a substantial amount of equity right now (see graph below): And having such large amounts of equity is a benefit to homeowners in more ways than one. Rick Sharga, Executive Vice President of Market Intelligence at ATTOM, explains: “Record levels of home equity provide security for millions of families, and minimize the chance of another housing market crash like the one we saw in 2008.” Over time, your home equity grows. In addition to providing financial stability while you own your house, when you’re ready to sell it, that money could go a long way toward paying for your next home.