Selling your Sarasota condo can be an exciting and appealing opportunity to capitalize on several years of appreciation. Is 2022 your year to list your Florida condo with a realtor and move to a bigger home that better suits your preferences and lifestyle? If it is, you may have several questions. Are condos selling as fast as houses in Sarasota? How to get your condo ready to sell for maximum profit?
Several essential tips and tricks will separate your Florida condo from all the others and make the selling process as lucrative, smooth, simple, and stress-free as possible.
Learn About the Condo Selling Process
Selling a condominium in Sarasota, FL, is not the same as selling a typical single-family home. Did you know that condos are usually managed by a homeowners’ association (HOA)? This is why, before listing your Florida condo for sale, you should check with the board that manages your condo to find out about any particular rules and laws that apply to selling your unit.
As the seller, you should disclose to potential homebuyers the regulations, rules, fees, and potential assessments of the relevant condo association.
Hire an Experienced Real Estate Agent
This step is essential in selling your condo for maximum profit. Hire a professional, articulate, trustworthy, and communicative realtor. What do buyers look for in a condo? If you want to know buyers’ preferences, a professional agent will help you.
An experienced agent can also help you target your ideal homebuyer in Florida, promote your condo to people who are in the real estate market for a new home, and even help you prepare your Florida condo for listing. This is especially helpful if you are selling your condo for the first time.
Highlight and Emphasize Your Condo’s Best Features
How do I prepare to sell my condo? This is a common question. You should consider all the selling points and unique aspects of your property. For example, potential condo buyers are usually interested in a low-maintenance home.
As a result, your marketing materials should highlight the maintenance your association or entity handles on the condo owner’s behalf.
You can also detail the amenities that your condo provides, like access to:
Get the Price Right
Keep in mind that pricing your Sarasota condo right is one of the most crucial decisions. Usually, in a seller’s market, it is tempting for homeowners of Florida condos to overprice their property in an attempt to get more return on their property investment.
However, note that the best way to encourage and persuade your target market to make offers on your condo is to price it right. Also, your HOA might have restrictions on price, so make sure to consult the guideline. If you price your Sarasota condo competitively, you are more likely to benefit from multiple offers.
Pick the Best Time to Sell
Traditional wisdom states that spring is the best time to sell; however, these rules may or may not apply. Unlike conventional houses, when the busiest and most competitive home buying seasons are usually spring and summer, condos do not follow a particular selling cycle.
So, if you live in Sarasota, where people vacation and enjoy outdoor activities, waiting until shortly before the peak season can be the best way to sell high and maximize your profit.
Selling your Florida condo is an important decision. Working with an experienced realtor who genuinely cares for their clients is essential. Their specialization and expertise can help ensure your condo make a lasting first impression, and you get the best price.
From morning company meetings to in-home happy hours, you have likely experienced some type of virtual event recently. During the COVID-19 health pandemic, it is important to create an engaging virtual tour of your Florida home if you want to sell it for top dollars. They say a picture is worth a thousand words; imagine how many words a video can convey.
Video is the most widespread medium for digesting information. As a result, it makes sense that video and virtual tours found their way into Florida real estate marketing.
360 Matterport virtual tour is a great way to show your property as it makes it incredibly easy to create 3D virtual tours for real estate. Virtual house tours in Sarasota allow individuals to sell a home online while complying with the safety and health guidelines. And like an in-person showing, you can do lots of things to make a virtual tour a success! You may have many questions, like ‘how much does it cost to do a virtual tour of a house? Do homes with virtual tours sell faster?
When it comes to creating the best virtual tour, do not panic. Note that your real estate agent and these tips can guide you through the whole process.
Adequately Light Your Florida Home for the Virtual Tour
You probably know the effect that lighting has on people. You will need optimal lighting in order to get the best footage. As a result, your realtor will probably schedule filming in the late afternoon or morning. You should:
Open shades throughout your Florida home to get rid of unnecessary shadows. And to strike the right balance between too little and too much light, you should consider a practice home showing with your agent one day in advance.
Declutter Your Home
When capturing typical real estate listing photographs, it is possible to hide the unflattering angles and even cut the clutter out of the frame in order to showcase the best elements and parts of your home. However, keep in mind that virtual tours capture every angle and room.
So, the more you reduce clutter in your home and emphasize orderly spaces and clean lines, the better your Sarasota home will show.
This is why you should evaluate the furniture and other items in your home. For example, replace bulky, oversized furniture that does not fit in the space.
Clean Your Home
Having a sparkling, hygienic, and squeaky-clean space is still an important factor in providing homebuyers in Florida with as much value as possible. So, make sure that you clean all the nooks and crannies and hard-to-reach areas, including stained floors, windows, staircase, etc.
Highlight Outdoor Spaces
Whether you live in Siesta Key or Laurel Park, outdoor spaces are still a major selling point. Whether you’ve a fenced backyard ideal for children and pets or a stylish outdoor dining room, you would like to make your outdoor spaces, such as summer kitchens look their best.
Also, consider asking your real estate agent to shoot during a time of day when the light is flattering from your terrace or deck.
Focus on the Front Door and Groom Landscaping
The exterior of your home is one of the most crucial shots of a virtual tour. As it is the starting point, you must ensure it is presentable. Dust off your front or entry door, and clean the light fixtures. Move any trash cans and bins out of sight. You should also clear debris from walkways and plant fresh flowers and remove dead plants.
When you have decided to sell your Florida home, a virtual tour of your home can be an excellent way to get more people to see it and secure a buyer. You should work with a real estate agent to properly follow up with your potential homebuyer. A virtual showing is a new and unique experience for you, so getting expert guidance to complete the process is important.
Purchasing a home for the first time is one of the most exciting yet overwhelming experiences in a person’s life. After all, it is a life-changing decision and requires plenty of organization and planning. From picking the right location and handling paperwork to the emotional roller coaster of making a massive purchase, homeownership can seem daunting.
As a potential homeowner who is not familiar with the buying process, you can often benefit considerably from a few first-time homebuyer tips.
Write down any Questions You Have
You will likely have several questions if you are planning to buy a house in Sarasota, Florida. When you start thinking about taking the leap to purchase your first home in Sarasota, there may be several aspects of the process that are not familiar to you.
So, it is natural to have many questions to ask when buying a house. For example, what are closing costs? What are the requirements for first-time homebuyers in Florida? You should take time to think about any questions and concerns you may have for your real estate agent and mortgage lender.
You may have your heart set on living in a particular location in Sarasota, such as Lakewood Ranch, Siesta Key, or Indian Beach. You may like Indian Beach Sapphire Shores because the neighborhood boasts both historic mansions and modest single-family homes.
However, opening yourself up to the idea of other areas will give you more options. You may like an open concept home, but is it alright if it isn’t near a school?
It is better to attend some open houses in Sarasota neighborhoods you may not have previously considered and see what the vibe is like to make a more informed decision.
Research Your Surroundings
After considering the neighborhood, read about that neighborhood’s surrounding schools as well as the school district of the home you are considering. You should also look into safety and crime statistics.
Also, see how far the various necessities are from your home. Think gas station, grocery store, bank, hospital, beaches, park, and other places you like to visit. For example, each village in Lakewood Ranch has a walkable center with retail and dining.
Understand Financing and the Full Cost of Homeownership
If you are a first-time homebuyer, you will likely know the monthly cost of renting, such as your rent payments and some of the utilities. However, as a homeowner, you will be responsible for extra monthly costs that might have been previously covered by your landlord.
So, how much money do you need to buy a house for the first time? This is an important question. You will likely have to pay for water, garbage, and sewer bills and the cost of lawn care.
Prioritize Home Inspection
Did you know that the home inspector might find issues and problems you would not know to look for, such as a cracked foundation? Also, they may potentially help you save thousands of hard-earned dollars in repairs. You can draw up a contract contingency, which means you have the right to cancel the contract if the home inspection turns up problems.
Clean up Your Credit
One of the important things any potential lender or bank will look at is your credit rating and credit score. This number is the essential factor when buying a Sarasota home.
And if you’ve any lingering credit issues, take care of them as soon as possible. You should also know about first-time home buyer income limits and your credit score, commonly known as a FICO score. The score is important when lenders calculate what type of loan you can qualify for and your mortgage interest rate.
Find a Reputable Real Estate Agent
Purchasing a house in Florida isn’t only about finding and making an offer on a home you like. It also comes with loads of paperwork, financial considerations, and occasional contingencies and problems to navigate. An agent can help you manage these issues and send you listings directly from MLS that fit your parameters.
Buying a home is a complicated process fraught with emotions. Working with an experienced agent who really understands the first-time home buying process in Florida can mean the difference between a smooth transaction and one that does not go the way you want.
We all seem to get the itch at one point in our life or another. It often starts after a memorable and fun vacation. Thoughts of purchasing a beach house or vacation home start to creep in, especially given the popularity of vacation rentals in Florida.
While beach house rentals are lucrative, owning a beach house in Florida can be more complex than owning an inland home. This is because financing is usually more expensive, and the tax burden can be higher.
If you are planning to buy a beach home in Sarasota, FL, you will be spoilt for choice. However, if you are looking to invest in a Sarasota beach house, you should focus on Siesta Key, Lido Key, Casey Key, and Longboat Key. Did you know that the Siesta Key beach consistently ranks as one of the prettiest and most elegant beaches in the world?
Buying a beach house in Sarasota sounds like a no-brainer! It is on the beach, and there is bottomless rental demand on platforms like Airbnb and Vrbo — what's not to like? Imagine the salty sea breezes and epic orange sunsets.
Well, all these things are true; however, like any investment, there are some downsides and risks that you should consider before investing in a beach house. Here are some pros and cons of this investment.
Great Return on Investment
Vacation rentals in Florida are quickly becoming the preferred method of accommodation for families. Compared to crowded, small hotel rooms, vacation rentals are affordable and offer privacy as well as a unique and memorable experience every time. This is especially true in Sarasota as the arts are flourishing, with Sarasota Ballet, Asolo Repertory Theatre Troupe scaling new heights.
Also, eating out is an excellent pastime, with an extensive choice of fancy local restaurants and even a few sensational taco trucks.
Also, vacation rentals in Florida generate much higher income than conventional rental properties
Owning a vacation or beach home in Sarasota gives you access to a glamorous and enviable lifestyle that is not only fun but may be great for you. Buying a beach house in Florida means not just having a seaside hamlet that you can escape to but opening a door for other people to do so.
Recent scientific research studies have indicated that just living near a body of water can help increase your sense of physical and mental health and well-being. This can promote a sense of happiness, calmness, and even more creativity.
There is a near-endless rental demand for beach houses in Sarasota, meaning your property will likely be rented out for the whole high season. Some rental property investors even claim that hiring out their rental properties in the peak season generates sufficient income to let them stay in the property for free during the off-season periods.
Owning a seaside property or beach house exposes it to the elements. And in this case, the elements are water, salty sea air, humidity, sand, and strong winds. Flood insurance and property management can add to your financial obligation.
Short Term Demand
As beach homes are usually rented for short periods, they are considered short-term rentals. Usually, vacation rentals have more maintenance costs for repairs and damages. And as people come and go and visitors have no emotional attachment to the property, the turnover rate inevitably requires higher renovation and repair costs.
How Much You can Make Renting a Beach House
Buying a beach home in Sarasota is not an opportunity to get rich quickly. It is a long-term investment that can make money over time through vacation rental income as well as real estate appreciation. So, how much you can earn renting a beach house depends on many factors, such as the location, the desirability, the square footage, and the demand for your beach house.
Every dream will cost something. And investing in a beach house is no different. There are pros and cons to owning a beach house. If you are ready to buy a vacation home, you should consult a professional real estate agent.
While it is usually the biggest cost you will incur when you purchase a house in Florida, the down payment is just one of your expenses. After saving for your down payment, house hunting for weeks, and applying for a mortgage loan, closing costs can often come as an unpleasant surprise.
As a homebuyer in Florida, you may have many questions, such as what are closing costs for buyer. Closing costs are fees associated with originating, underwriting, and closing your mortgage loan
And these closing costs can vary in Florida depending on whether you are purchasing or refinancing a home. Also, how much you pay may be affected by the type of loan you choose and your personal finances. This means that many factors impact average closing costs in Florida.
What are Mortgage Closing Costs?
Closing costs in Florida include many fees, such as attorney fees, for services, many of which your lender provides or requires. You will also have some closing costs associated with your Florida home’s title insurance policy, any appraisers or attorneys required along the way, and taxes. Closing costs vary based on the type of loan, the age, location, and size of your home.
What is Included in Closing Costs?
There are several individual fees and charges that make up your closing costs in Florida. These fees may be charged by your lender or other third parties, such as appraisers, for services rendered. Here are some common closing costs.
This fee covers the cost of processing your loan request and could include administration fees.
Lenders or banks require home appraisals in Florida to determine your home’s fair market value and, in turn, the amount they are willing to let you borrow. Note that a home appraisal usually costs around $300 to $500.
Assumption fee If the home seller has an assumable mortgage and you assume the outstanding amount of the loan, you might be charged a variable fee.
Credit Report Fee
This is the fee for pulling your credit report.
This is the sum you may put down as part of the initial offer and apply toward your closing costs. It is usually 1% to 2% of the purchase price.
A professional inspector will visit the home and is responsible for uncovering any potential problems and issues, such as mold, a leaky roof, or structural issues.
Local governments often charge a fee in order to record transactions in public records.
Who Pays Closing Costs?
This is an important question. You may also wonder if there are any closing costs for seller. In most cases, homebuyers are responsible for paying the closing costs in Florida. However, sometimes the seller may pay the closing costs as well.
For instance, some sellers may be ready to help pay your closing costs in exchange for a higher sale price on their Florida house.
There's a hypothesis that clarifies what's going on with sales prices in the current housing market. Set forth plainly, when the demand interest is high, costs rise. At the demand is low, costs fall. Obviously, when request is extremely high and supply is exceptionally low, costs can rise essentially. According to NAR's maximum latest Realtor Confidence Index, homes are nonetheless promoting at an all-time high.
Understanding the real estate market will give you the answers we all been waiting for such as
Why are home sales rising?
Where is the real estate market headed?
What's the outcome here for homebuyers and home sellers?
How can we make the right choice into investing or selling our current property.
If you would like to connect with a realtor in Sarasota to find out more valuable information on making the move please give me a call or Visit us at our branch Coldwell Banker Realty located in Central Sarasota.
Should You Renovate or Move? That is the Big Question.
Should You Renovate or Should You Move?
Many buyers' expectations for a home have shifted in the last 18 months. The AIA Home Design Trends Survey results for Q3 2021 were recently announced by the American Institute of Architects. The results of the poll are as follows:
More outside living space is desired by 70% of respondents.
A home office is desired by 69 percent of respondents (48 percent wanted multiple offices)
A multi-purpose room/flexible area is desired by 46% of respondents.
An au pair/in-law suite is desired by 42% of respondents.
A fitness center/yoga studio is desired by 39% of respondents.
You have two alternatives if you're a homeowner who wishes to add any of the above: renovate your current situation
If you're a homeowner looking to add any of the above, you have two choices: remodel your present home or purchase a property that already contains the areas you want. Factors such as these may influence your decision:
A potential desire to move
The cost difference between a refurbishment and a purchase
Finding an existing home or building a new home with precisely what you want (rather than attempting to rearrange the plan of your present home) In either scenario, you'll need capital: money for the renovation or a down payment on a new home. The good news is that you probably already have the money you need in the form of equity in your present house.
As a homeowner, you may have access to the funds you need to buy the perfect home or modify your present one. However, delaying your choice might raise the expense of accessing that equity.
You'll need to refinance (or take out an equity loan) to access the equity if you decide to renovate. You'll still need to borrow the difference between the down payment and the cost of your new property if you opt to relocate instead and utilize your equity as a down payment.
Over the next year, mortgage rates are expected to rise. If you wait to leverage your equity, you'll almost certainly end up paying more. According to the Federal Housing Finance Agency's most recent statistics,
First, figure out how to calculate home equity
If you're ready to either renovate your present home or discover an existing or newly constructed property that meets all of your needs, the first step is to figure out how much equity you have in your current residence. You'll need two items to accomplish this:
The current seller's market is a direct result of high demand and low supply.
Low mortgage rates, combined with generational trends, have resulted in increased in demand for housing. Meanwhile, the slower pace of new home construction properties, as well as homeowners remain to stay in their homes for longer periods of time, and have both contributed to today's low supply real estate market.
If you're considering buying or selling in the florida real estate market let's talk about recently sold homes & how much is my house worth, and how you can take advantage of today's housing market .
Real Estate demand is High
Real Estate supply is low
If you’re thinking of buying a home, there really is no time like the present. With today’s low mortgage rates, you have a great opportunity to get more home for your money. The challenge is inventory. Like you, many buyers want to capitalize on these market conditions, and it’s leading to more buyer competition and bidding wars.
If you’re having a hard time finding a home to buy, it may be time to talk to your trusted real estate advisor about a newly built home. Early indicators show new-home construction is beginning to ramp up. While new homes alone won’t be able to fix all of the inventory challenges, this does mean you’ll soon have more options as you search for a home. As a buyer, a newly built home may be exactly what you’re looking for – it’s brand new, and with builder customization options, it’s uniquely yours from the ground up.
Here’s what industry experts are saying about new homes coming to market:Nadia Evangelou, Senior Economist and Director of Forecasting at the National Association of Realtors (NAR), says recent research could indicate upward momentum when it comes to new home construction. Evangelou refers to the volume of new homes where construction began during a set period, known in the industry as housing starts.
According to that research, housing starts reached their highest level since 2006 in March of this year – an encouraging sign for the industry. While they dipped slightly in April, Evangelou reiterates that the level of housing construction is heading in a positive direction compared to recent years:
“…we are currently building 24% more homes than we typically have built in April in the last couple of decades. Thus, housing construction is trending upward with housing starts likely to reach 1.6 million for all of 2021 and rise further to 1.7 million in 2022.”
As new data pours in, it further confirms this trend. According to the latest Monthly New Residential Construction report from the U.S. Census Bureau, housing starts increased even more in May, which continues the ongoing upward trend (see graph below) and indicates that ground is being broken on even more new homes. Robert Dietz, Chief Economist and Senior Vice President of Economics and Housing Policy for the National Association of Home Builders (NAHB), singles out another encouraging sign:
“It is also worth noting that the number of single-family homes permitted but not started construction continued to increase in May, rising to 142,000 units.”
This insight that there’s also an uptick in single-family homes permitted serves as an additional sign that more new homes lie ahead. It’s important to realize that the construction doesn’t have to start on these homes before you may be able to purchase one. According to the Monthly New Residential Sales report from the U.S. Census Bureau, many new homes are selling before construction even begins (see graph below):These signs are all good news for housing inventory. And as the recent challenges of rising lumber prices and dwindling lumber supply begin to improve, builders will be able to increase their production even more in the months ahead.
While the inventory challenges we’re facing today won’t be solved overnight, the increase in new-home construction means your house may have more competition in the market. Let’s connect to talk about finding your dream home and the newly built homes available in our area.
For generations, the process of buying and selling a home never really changed. A homeowner would try to estimate the market value of their house, then tack on a little extra to give themselves some negotiating room. That figure would become the listing price. Buyers would then try to determine how much less than the full price they could offer and still get the home. As a result, the listing price was generally the ceiling of the negotiation. The actual sales price would almost always be somewhat lower than what was listed. It was unthinkable to pay more than what the seller was asking.
Today is different - The record-low supply of homes for sale coupled with very strong buyer demand is leading to a rise in bidding wars on many homes. Because of this, homes today often sell for more than the list price. In some cases, they sell for a lot more.
According to Lawrence Yun, Chief Economist at the National Association of Realtors (NAR):
“For every listing there are 5.1 offers. Half of the homes are being sold above list price.”
You may need to change the way you look at the asking price of a home. In this market, you likely can’t shop for a home with the former approach of negotiating to a lower price.
Due to the low supply of houses for sale, many homes are now being offered in an auction-like atmosphere in which the highest bidder wins the home. In an actual auction, the seller of an item agrees to take the highest bid, and many sellers set a reserve price on the item they’re selling. A reserve price is the minimum amount a seller will accept as the winning bid.
When navigating a competitive housing market, think of the list price of the house as the reserve price at an auction. It’s the minimum the seller will accept in many cases. Today, the asking price is often becoming the floor of the negotiation rather than the ceiling. Therefore, if you really love a home, know that it may ultimately sell for more than the sellers are asking. So, as you’re navigating the homebuying process, make sure you know your budget, know what you can afford, and work with a trusted advisor who can help you make all the right moves as you buy a home.
Bottom Line - Someone who’s more familiar with the housing market of the past than that of today may think it’s foolish to offer more for a home than the listing price. However, frequent and competitive bidding wars are creating an auction-like atmosphere in many real estate transactions right now. Let’s connect today so you have a trusted real estate professional on your side to provide the best advice on how to make a competitive offer on a home.