David Barr's Sarasota and Venice Real Estate Blog

A recent study from Realtors in June 2019 shows that 76% of real estate sales contracts close on time. There are 4 reasons they don't close on time, which are: 1) Financing issues; 2) Appraisal; 3) Home inspection or environmental issues; 4) Title and deed issues. Financing issues usually arise from the buyer purchasing a big ticket item during the escrow period, which changes their debt to income ratio or affect their credit rating.   Appraisal issues involve the home's negotiated price versus what an appraiser says it's worth.  An important part of my job is to make sure you aren't paying too much, so the property does appraise. Home inspection and environmental issues can occur from a home owner not agreeing to make repairs, or the discovery of unknown issues on the property.  For example, one of my clients selling their home in the DC area had his closing delayed after a buried 1940's gas tank was found in the yard. Title an...

I recently put out some statistics for the Sarasota real estate market.  From real world experiences, I can tell you that the stats are somewhat misleading. I believe that prices, and the dollar volume of sold properties, is flat versus last year is because listing agents are overpricing homes for sale. Working with two sets of out of town home buyers over the past two weeks illustrates what's happening in the real world. In both cases, the buyers made offers on homes that had a recent, significant price reduction, one in Lakewood Ranch and another in Sarasota.  In both cases, the buyers were in multiple offer situations, after the homes had sat on the market for weeks. We are past income tax season, and with many of our area's home buyers coming from out of state and selling their homes up north, our local real estate market is experiencing a high level of home buyer activity. One piece of good news, particularly for home owners in Lakewood Ranch, is that the ...

This time of year I'm usually busier with home buyers than I am during our typical seasonal winter months. In the spring and summer, for the past few years, serious buyers are taking a short vacation time to come back to the Sarasota area to buy.  It's a good time to give you an update on what's happening in our real estate market. This morning I got an e-newsletter that showed the Tampa/St. Petersburg market to be in the top 10 nationally for what is considered a "buyer's market".  An increase in the number of homes for sale there, combined with low or flat price increases, is tipping the negotiation scale in favor of home buyers. Sarasota County Single Family Homes April 2019 Stats Sarasota County real estate trends are somewhat similar.  Single family home sales year to year for April show a slight decrease in closed sales in 2019, a flat median sales price, and an increase in the time to contract.  The overall inventory of homes is up as is th...

I just published my latest e-newsletter for real estate statistics and news in Venice, Sarasota, and Lakewood Ranch. This time of year, it's time for a review of 2018, and where I think the market will go for 2019.  Hint:  if you're a home buyer, you'll have more choice and more opportunity to negotiate. By the way, I was a top local agent in Venice and Sarasota, according to Homelight: Get my e-newsletter here:  https://shoutout.wix.com/so/c3McMIQ81

This week I was contacted by home buyers to show a property they had found online. It turned out the buyers had put an put in an offer on the house they wanted me to show them, with another agent. The buyers did not have a representation agreement with the other agent, and an offer is only an offer if it is not accepted by both the seller and buyer.  They felt their first agent did not represent their interests, and they were correct. Key West style home for sale in Englewood $254,900 The buyers and the seller came within $900 of making a deal.  Then, according to the buyers, nothing happened, which is why they contacted me. I went over the comparable sales and told the buyers that the price the seller counter-offered was actually a pretty good deal.  $900 represents a difference of about $5 per month in mortgage payment.  The buyers agreed it would not be worth losing the home over $5 per month. Unfortunately, their previous agent did not provide c...

Today's experience working with out of town buyers makes an excellent case study in why you need an experienced buyer's agent. I have been working with a couple since late 2013 who want to move from Clearwater to either Sarasota or Venice.  The buyers had a smart initial strategy to visit Sarasota and tour homes one day, and visit the Venice area and tour homes a couple of days later. Luckily, this couple was very clear in terms of what they were looking for.  They did not like high-rise condo living, wanted something near beaches and amenities, and wanted to gain some privacy in the process.  After touring homes with them two times previously and asking for feedback every time we visited a property, I had a good idea of what they were looking for.  Key terms here: ask and listen to the client. Fast forward to this week.  I sent the buyers a list of properties to choose from for our property tour today, but they didn't make any selections.  This is a...

I recently had interviews with potential home buyers, and one of their questions was why hire a buyer's agent when they can work with a "local expert" agent who lists homes in a particular geographic area? My primary answer is that these "local experts" may not have the critical experience of working with buyers in other geographic areas.  A experienced buyer's agent will show buyers different areas they may not have considered that meet their criteria, and contrast the nuances of these neighborhoods to give a home buyer the best range of options. Listing agents who don't work with many buyers don't seem to understand buyer's needs.  For instance, today I'm scheduling 11 showing appointments for a buyer who needs to maximize their time.  Listing agents need to utilize the technology of the "Show Button" in our MLS.  If the property is a vacant REO, why do I need to call someone in Kansas City to schedule an appointment?  Put th...

Is it a conflict of interest if you work with a buyer's agent, and you then make an offer on a home listed by another agent with the same real estate brokerage? According to FL law, the answer is no.  In practice, the answer is maybe, especially in the luxury sphere. Many real estate firms pride themselves on  getting "both sides" of the real estate sale, meaning different agents from the same brokerage represent the buyer and the seller in a transaction.  Some brokerages post their listings on their websites first.  Nothing illegal with this at all.  But does this serve the prime interests of a buyer, or the brokerage? My philosophy is that a buyer who hires me to be their buyer's agent deserves an equal opportunity to view all properties that meet their criteria, not just those of my brokerage first. Read more about buying real estate in the Sarasota area on my website: www.davidbarrhomes.com/buyers www.davidbarrhomes.com/buying_process www.davi...