SUPPLY AND DEMAND!
Demand is certainly exceeding supply this summer in Sarasota, Bradenton and Lakewood Ranch!
Buyers keen to be in their new home before school starts will find very tough competition when negotiating. If you’re thinking of selling now is certainly the time. Homes are selling at the fastest rate since 2006 and we are seeing multiple offers coming in very close or more than the listing price.
The inventory of homes for sale in Sarasota and Manatee County have fallen to the lowest levels of the year and the lowest since 2006. Even with all the new construction happening around Sarasota inventory has dropped as low as 3.2 percent.
As business revenue and employment numbers continue to grow people are flocking to the area to be faced with a low inventory, this keeps prices favorable to the seller. Someone looking for a pristine single family home with three bedrooms and a caged pool will be up against a multitude of competitors, many with cash to put down on the table.
However, thankfully for buyers there is usually a leveler. Today’s prices have still not risen anywhere near the heights of the boom so there are still homeowners eager to sell at a good deal for the buyer. Buyers are also enjoying a good lending rate and are able to take advantage of government insured mortgages. Also with new builds sprouting all over the area and the arrival of the ‘Big Boy’ builders in Lakewood Ranch, the buyer has a diverse housing market to choose from despite the low inventory.
The big national builders and the smaller custom builders are reporting good sales growth, this alongside the real estate market gives the buyer confidence in the overall marketplace. They know that even with the competitive and sometimes aggressive real estate environment that buying in Sarasota and Manatee County is a good investment.
Norton Hammersley’s real-estate practice group provides comprehensive legal representation to individual and corporate clients in the acquisition, development and sale of residential and commercial real property, leasing and financing of single-family homes, multi-family projects, residential subdivisions, hotels, office buildings, condominiums, shopping centers and other real-property developments throughout Florida.
For more information regarding our various Sarasota Real Estate Lawyer services, please contact one of Norton Hammersley’s real-estate attorneys: Sarasota Real Estate Lawyer Sam D. Norton, Sarasota Real Estate Lawyer Peter Z. Skokos or Sarasota Real Estate Lawyer Michael P. Infanti