Seller’s Market? You Bet It Is.

By | May 31, 2013

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A perceptible shift has happened to the Sarasota real estate market thus far in 2013; prices rising and inventories are low bringing in a “seller’s market”.

While still nothing at all like the fevered , cheap money buying spree that sent things into a tailspin, the market has definitely become favorable for sellers. Many Bradenton and Sarasota area realtors are reporting multiple offers and with a limited amount of inventory, competition for for buyers has been increasing. It seems to some unbelievable that we could shift from such a deep decline in housing to once again a n active and rising real estate market so quickly, but along with the Sarasota area’s long list of amenities that offer a uniquely attractive location, several demographic changes are also working in our favor.

Chief among those demographic forces working to heat up the market is the Baby Boomer generation coming to retirement age. In fact the numbers are staggering, nearly 10,000 baby boomers are moving into retirement every day. Of course with Sarasota’s wonderful charms and the comparatively higher tax rate of many northern states, it’s no wonder why so many are looking into Sarasota and Manatee counties for retirement.

Adding to that influx of out of state home buyers are international buyers. Seeing their window of opportunity for low Florida real estate prices possibly starting close, has motivated many wealthy internationals to purchase homes and condos for both their residence or investments. With a highly skilled group of luxury real estate agents and marketing programs like the RE/MAX Collection available to further woo international home buyers, it’s no small wonder that sellers are able to demand more for their homes.

Also contributing to the increase in residential homes sales demand, are the high rental prices and ever increasing rental home demand. If you are a renter and thinking “gee, it is really hard to find a rental home I can afford!” you are not alone. According to Axiometrics Inc., The Sarasota-Bradenton-Venice area has the fourth highest rental demand of all metropolitan statistical areas in the country, with an average occupancy of nearly 97 percent. If it’s that difficult to find and afford quality rental homes, many will decide to make the move to buy a new home.

Area developers are not unaware of the new market conditions and moving to fill the demand. With new communities and homes planned and under construction in Manatee County, Lakewood Ranch, Sarasota and Venice by both small spec home builders and large regional corporations.

For many home owners they are still putting off selling their home, that however is a mistake as many learned during the housing bubble, when you get more for your home you usually have to pay more for the next one you by. With prices looking like they will only continue to increase, delaying selling your home will only make things more expensive.

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