Home Front by Duff Rubin: Buyers begin to see some relief in Sarasota, Manatee counties
Homeownership offers numerous advantages – security, comfort, pride and financial equity among them. As the National Association of Realtors states it, homeownership is “the centerpiece of the American Dream.” And in the Sarasota area, we are blessed with abundant natural beauty, balmy weather and Florida’s tax advantages. While we’ve undoubtedly been in a seller’s market since mid-2020, we are witnessing a slight pivot that offers homebuyers advantages in their search.
Mortgage rates recently reached their highest peak since 2008. While this might cause some homebuyers to place their plans on hiatus, it may also increase the availability of homes on the market and the likelihood that sellers will lower their asking prices due to less competition among buyers. Although the Federal Reserve recently increased interest rates, they remain historically low.
Tammy Garner, who is affiliated with the Coldwell Banker Realty office in downtown Sarasota, said that while there is pent-up demand in the Sarasota-Manatee housing market, the ultra-competitive frenzy has settled down.
“Earlier this year, there was a listing with 26 offers. Last week, one home had three offers,” Garner said recently. And those are not uncommon examples; Garner has even seen price reductions this spring and summer, although inventory remains tight. There could be some relief in sight, however, due to new construction of move-in-ready spec homes starting at $500,000.
Garner said that in many cases, the challenges buyers faced in the housing market during the last two years have paled in comparison to what they gained. “When you buy a house, you're actually buying a home, a place to suit your lifestyle. I had clients that bought at the height of the market but do not regret it. It was about recognizing the value to them. What is the value of time, of peace, of enjoyment?”
Two-thirds of Americans have not yet found their dream home, according to the latest Coldwell Banker consumer survey. This strong demand coupled with constrained inventory will likely continue to drive competition among buyers, even if it is not as fervent as it was throughout 2021.
As a prospective buyer, there are steps you can take to elevate your chances of winning the bid on your dream home. Come prepared with an understanding of your financing, mortgage pre-approval, and a prioritized list of the most important features you’re looking for in a new home. Enlist a trusted real estate agent who has their finger on the pulse of the local housing market, can act quickly to show you homes that meet your criteria, and can negotiate skillfully on your behalf.
Stay positive; you may not win the first home you bid on, but there will be others. You might wish to consider an expanded search radius when pinpointing your desired location, especially if commuting is less of a concern. Downtown or the shore are desirable for many buyers, but a home in a surrounding neighborhood might offer a more affordable option, especially for first-time buyers who want to start building equity in their homes. If you need help choosing your next locale, Coldwell Banker recently introduced a Move Meter on its website that can help you compare data from different areas across the United States.
If you’re considering a home purchase, the summer real estate market in Sarasota and Manatee counties offers some opportunities that were not there months or even weeks ago. With proper preparation and the expertise of a trusted real estate professional, you can achieve the lifestyle you desire.
Duff Rubin is president of Coldwell Banker Realty in Florida.
This article originally appeared on Sarasota Herald-Tribune: Duff Rubin: Some relief for buyers in Sarasota-Manatee housing market
