So far 2017 has been a good year for the Florida Real Estate market! In this blog, both buyers & sellers will learn the Top 10 Tips to navigate the 2017 Sarasota, Florida market. Locally in Sarasota, Florida; lower and median-priced homes continue to increase toward their pre-recession sales highs whilst luxury and higher priced homes have appeared to stabilize. Nationally, mortgage rates in 2017 have increased slightly but are still recording record LOWS.
Below are 10 tips to help navigate through the Sarasota, Florida 2017 Market Conditions:
- First Time Homebuyers Should Buy Today
- Sellers Must Employ the Right Agent
- Buyers Have More Access to Loan Money
- Sellers NEED to Upgrade their Property
- Renters Should Move Out and Buy a House
- Sellers Should Improve Curb Appeal
- Know the Sarasota Real Estate Market
- Sellers Should Plan Ahead
- Buyers Should Consider Cost of Flood Insurance
It has been estimated that more than half of the sales in 2017 are to be made by first-time homebuyers. They will be millennials who are moving out of their rental homes. There will be fierce bidding wars, especially for starter homes in desirable areas in the Florida real estate market. The median priced homes may be short on inventory, but sellers will be motivated to find people buying real estate.
One of the best ways to get the most out of your property is to find the Right Agent. A bad agent can cost you thousands of dollars and lots of frustrations. To find the agent for the job, you should look at their online listings and marketing materials. You should also look for the agent’s profile on Facebook, LinkedIn, and other social media. That way you can judge the agent’s character.
Borrowers with a minimum FICO score of 690 can easily qualify for a mortgage loan as long as they meet all the required material. In the last quarter of 2016, around two-thirds of mortgage financing was approved. This is better than the number of approved mortgages in the 2 years prior.
Even if it is a seller’s market, it is important to improve the appearance of the property to attract buyers. One way to do so is to do some light makeovers around the house, such as the bathrooms and kitchen. It is also important to maintain the cleanliness of the home, especially when you are showing it to a potential buyer. It is also important to declutter and depersonalize the home. That way the buyer can imagine how it is like to live there.
This is the year to stop renting a house and own one. Rents increase faster than the value of properties in the Sarasota real estate market. At present, around 37 percent of households are renters, which is the highest level in 50 years!
One way to improve the chances of selling the property is to improve its curb appeal. Greener grass can definitely attract more potential buyers to the home. Sellers can also improve the curb appeal by planting shrubs or flowering plants.
This tip is for both BUYERS and SELLERS. It is important that you know the Sarasota real estate market before selling or buying real estate. A local agent can provide you with the information you need, or you can go online and look for local home sales data.
It is important to do some prep work before trying to sell the house. Take a couple of photos of the exterior of the home during different seasons. You should also do a preliminary inventory to see what you want to give away, keep or sell. That way you will know if you need to the storage unit when the home is on the market.
Florida real estate took a beating from floods in recent years. That’s why flood insurance rates went up by 20 percent in 2016. Increases in premiums will likely continue in 2017 and the next couple of years. Some insurers even impose limits on the coverage.
These are the things that buyers and sellers should know about the Sarasota real estate market. Before selling or buying real estate, it is best to do some research first. You can ask help from an agent who has the experience selling property in the area.