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Justin Shirley
941-448-4872
CEO
Shirley International Realty

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(I love these Cartoons! They bring light to, and relax the mood of our dismal Real Estate Conditions.. May was a great month though! Read on..)

This information was compiled & presented by the Sarasota Association of Realtors reflecting, condos & Single-Family Homes Sold in the Month of May, 2008.. Shirley International Realty Inc. looks forward to a summer fueled by International Buying..

Sarasota Real Estate Sales Hits New High Since March 2007! The Best is Yet to Come!

Home sales in the Sarasota MLS for May 2008 stood at 627 – the highest level in 14 months, and approximately 92 percent higher than the sales in January 2008. In 2008, sales have been increasing each month, possibly due to the influence of the new property tax portability law enacted in late January. Sales have climbed from 329 in January to 423 in February, 514 in March and 567 in April.
 
“This year, the Sarasota real estate market has been a beacon of hope as the state and national markets continue to struggle,” said Helen Sosso, 2008 SAR President. “I believe our local agents have embraced the concept of a buyers’ market, and educated sellers on the realities of pricing. We still have advantageous interest rates, and our communities’ natural and cultural amenities always attract buyers.”
 
The May 2008 report continued to reflect strength in pending sales, which stood at 692 – the second highest level since June 2006.  Last month’s pending sales stood at 756, the highest in the period.   In May 2007 only 541 pending sales were reported.  Like closed sales, pending sales have been edging upward since December 2007, when there were only 374 pending sales reported. Pending sales reflect contracts executed by buyers and sellers, and indicate more closings in upcoming months and an improving market in the early summer months.
 
Inventory levels were lower in May 2008 for the third month, and are the lowest they have been since February 2006.  Still, with 9,500 single family and 5,100 condos listed, buyers have a huge selection of more affordably priced housing to select from.  The reduced inventory is a combination of fewer properties being listed, and increasing sales numbers.  As the inventory continues to decline, the market will come back to more balance.  As we approach equilibrium, the buyer’s market we’ve been experiencing will be gone, and price appreciation will creep back into the market.
 
In general, the Sarasota MLS statistics show a rebound throughout 2008 – every month seeing stronger numbers than the month before. In fact, Sarasota statistics have been stronger in recent months than sales in the Miami market, which is a much bigger geographic and demographic area.
 
In the local Sarasota market, we have seen the trend already beginning toward lower inventories, higher sales, and a leveling of prices after several months of declines. The May figures reflect this new reality.

Sarasota Association of Realtors..

This is great news! Looks like our market is showing a short term rebound.. Who wouldn’t want to live in this paradise?

Justin Shirley
941-448-4872
CEO
Shirley International Realty

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What does it take to get your sold in this chaotic Florida Real Estate Market? This is the question Justin has been answering for hundreds of his sellers throughout the state of Florida.. There’s a number of different options & plans a seller can strategically approach to attract a buyer.. According to Justin, “Everyone is looking for a bargain in today’s market.. Many buyers feel they aren’t getting the best deal unless the home has a “Foreclosure” sign in the front yard, or the listing has buzz words like, “Short Sale”, “Pre-Foreclosure”, & “Quick Sale””.. These are all keywords that buyers are looking for when shopping for a home that make them feel they are getting the best possible bargain the market has to offer.. After sitting down with Justin and asking him to share his thoughts on Florida Real Estate, here’s a few points he highlighted..

Buying Short Sales is a Long and Strenuous Process 

Not necessarily.. When buying a short sale, there’s a potential of up to 8-10 weeks before you hear back from the bank on a counteroffer.. Understand, you’re dealing & negotiating with a bank as opposed to an independent seller here, so your offer is in a pile of other offers in the Loss Mitigation Department of the bank is already negotiating.. The bank is swamped with these “hardships”.. After you hear back from the bank, there’s a window of up to 90 days to get the deal to close.. Sit tight and get comfortable if a short sale is your niche buying market.. This could be a long process that is very stressful..

Short Sales & Foreclosures Are Not Necessarily the Best “Bargains”

The Short Sale market buzz could be the next “downfall” of our real estate market.. Rule #1 in short selling  home is to claim a legitimate “hardship” that is so convincing, the bank is willing to take a loss on your loan balance to let you out of the purchase.. We have sellers entering this short sale market that aren’t in a hardship situation, but are just looking for a way to walk away from a bad investment.. This is part of the “glut” in our inventory.. It will take some time to clean up this inventory, but for now, I’m not sure if these are even the best deals in our market.. Most of these sellers paid too much for the property in the first place, so the loss the bank is willing to take on the unit just delivers a home at par (Market Value.. Not sure if there is a market value anymore, but this is not a bargain..)

Where are the Best Bargains & Deals in Sarasota Real Estate?

The real deal and bargain market is still the seller who has owned the property for many years and has enough equity to out price even the discount inventory.. A seller who wants to sell his Longboat Key condo, and has owned this unit for 20+ years has more room to play and negotiate with his/her price than a bank who is swamped with loss after loss contracts being thrown on their desk.. I talk to many sellers who are in this situation and don’t want to compete with the “Short Sale”/“Foreclosure” markets, and have this equity to give you the best bargain on the market. This allows them to sell quickly and move on with their life, creating a win/win for both parties and closing the deal inside of 30 days.. These equity rich sellers are out-pricing the sellers who overpaid for their home in the first place which is all a “Short Sale”/”Foreclosure” seller is.. These equity-rich sellers are bringing the best value to our buyers & it’s these properties my investors are soaking up and being bought for 60-70% of market value..

Speak with Shirley International Realty Inc. for Help and Advice..

I don’t mean to speak too negative about the short sale/foreclosure because there are instances where these sellers are completely distressed situations.. However, I’m not sold on the fact that more of this inventory is doing our buyers any favors.. The process to purchase these homes aren’t clean & can be delayed for 6 months before closing, and banks are swamped with these contracts and are “tightening-up” on the losses they are taking, forcing the homeowner to rethink “Am I in a hardship, or am I just trying to sneak out of a bad purchase?”.. Shirley International Realty Inc. is selling more homes now than we were 3 years ago because we are market leaders in bringing value and equity-based bargains to our buyers.. Give me a call @ 941-448-4872 & speak with Justin Shirley to make sure you buy the best bargain in our Florida Real Estate Market..

Justin Shirley
CEO
Shirley International Realty Inc.
941-448-4872
WWW.TheSarasotaDeed.COM

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