SARASOTA, FLORIDA, November 22nd, 2013 – The current tight inventory of Sarasota homes for sale has again rekindled the thinking among prospective sellers that listings of “for sale by owner” or FSBO which forego with the services of a realtor would be an advisable way to engage the market. It is unlikely, however, for FSBOs to become a norm, even as current inventory levels have created a seller’s market, Sarasota Bay Real Estate observes.
The full service realty firm notes that prospective sellers willing to devote time, effort, and resources to assume the realtor’s lengthy and complicated task list are the exceptions rather than the rule. The sellers who are likely to successfully engage the market on their own are professionals who already have a solid grounding on the real estate industry. It adds that taking on the realtor’s role stands as a major challenge for the ordinary sellers untrained on the mechanics that go into a home sale.
The first major hurdle of those sellers going by the FSBO route is determining the fair market value of their homes. Pitfalls abound in this initial step, one of which is objectivity in the valuation. Sellers with strong emotional attachment to their dwellings may tend to overprice.
Home value estimators, many of which are freely accessible online, can be of some help. But still, historically, the margin of error in using these facilities has been substantial. The overall result is that sometimes FSBOs are listed either much too high or much too low.
Absorption rate or the pace of selling in the local market has to be considered as well. The distinct characteristics of each neighborhood, such as curb appeal and landscaping, also influence home valuations to a great extent, says Sarasota Bay Real Estate. New developments and luxury homes around the residence to be sold are likewise factors to consider, adds the realty firm which has created a comprehensive map of desirable communities in its locality.
For instance, around Pine Heights Court on west side of Bradenton in Manatee County, the going market price for existing homes is in the vicinity of the low to mid-$100s, depending on the residences’ condition.
Moving a bit southward to the periphery of the State College of Florida, the pricing of realtor listings in the MLS typically approach the $200s level. The Bayshore Gardens in this area currently have several offerings in this price range, featuring two-bedroom designs within floor plans of up to 1,440 square feet. The pricing of resale homes typically levels up further at the Lakewood Ranch area where several new communities are rising at present.
Hence, arriving at a fair market valuation of a property requires some extensive research. And there’s more groundwork for the uninitiated home sellers considering FSBOs. They need to have a thorough understanding of the current mortgage market. The required home inspections and disclosures have to be dealt with too.
Then, there’s the hair-splitting task of writing the contract, a process that can make or break a deal. With all these complexities, most prospective home sellers would rather engage the services of a competent realtor rather than go through the FSBO route which remains taxing even in the current seller’s market.
SARASOTA, FLORIDA, October 7, 2019 – Property values of communities in the Sarasota-Manatee region now face lesser threat from neighborhood eyesores brought about by abandoned, foreclosed homes. Known in the real estate trade as zombie foreclosures, these properties have shrunk significantly in the region. According to an August report of ATTOM Data Solutions, abandoned […] more>>