Coldwell Banker Downtown Sarasota agent Ian McPherson's S Real Estate Blog

The big city migration has begun.  People are heading to the suburbs and they are looking for homes with pools and home offices.  Some people are even looking for homes with two offices if both people are working from home.

Do you have a large 4+ Bedroom home with a pool that you want to sell?  Now is your opportunity to get top dollar.

Call me to find out how I can help you reach your goal.

Ian McPherson Coldwell Banker Realty 941-320-0999

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Customers often want to know if they are getting the best deal possible.  Supply and demand directly effect sales prices in each market place.  Most people assume that due to the bleak economic forecast that the housing market must be depressed and that prices must have dropped.  It is not so.  We have less homes for sale.  The inventory level has dropped.  Seller's have removed their homes from the market.  This has driven prices up.

We still have increased demand from people moving to Florida from other States.  I have personally seen interest from people in New York, Connecticut, New Jersey and Illinois.  These people want to leave heavily populated cold weather climates before the fall of this year.  This increased demand has meant that homes are

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Sarasota is appealing for many reasons.  Something that makes the area unique is the history of arts and culture.  John Ringling from Ringling Brothers, Barnum and Bailey Circus fame was an early snow bird who ended up developing land and neighborhoods to make Sarasota what it is today.  The John and Mable Ringling Museum was established in 1927 and is a must stop destination with over 10,000 objects on display.  One of my favorite parts of visiting the sprawling water front property is visiting Ca'd'Zan which is the mansion inhabited by John and Mable Ringling.  It is an immense home styled in opulent Venetion fashion that is truly breathtaking and tours are available daily.

While in Sarasota you will want to see the show schedule at the Van Wezel

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Florida is a unique market in the United States.  We have great weather, low taxes, and great deals in Real Estate.  Across the United States there were more people applying for mortgates last month than this month.  In fact there was an 11% jump in mortgate applications vs. May of last year.  Why?  Part of the reason is the low interest rates.  This means more money in your pocket!  A lot more!

In the Florida Real Estate market have many types of buyers.  First time buyers, buyers who are purchasing a second home, and retirees who are buying cash.

It's interesting that most transactions over $1million dollars are cash purchases and the closer you get to the salt water the higher the percentage of cash buys.

Paying cash for a home isn't

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I've had more calls about home listings and purchases than ever.  From my perspective things are as good as now as they were 90 days ago.  Part of the inquiries I'm recieving are from people with capital who are looking for deals.  I've had several prospective Real Estate buyers call me to let me know if I come across a "Fire Sale" to give them a call.  Let's face it everyone wants a deal and when you see the possibility of financial distress people who have money are ready to invest and make a return.

If you are looking to sell don't worry you'll be ok.  Overall there are less people listing their homes for sale which means that inventory is down.  Less inventory drives prices up.  Reports show that there are less transactions happening right now

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A Real Estate closing used to mean that the buyer and seller would go to a third party closer (Attorney, Title company etc.) to sign a huge stack of documents.  The mortgage would then fund via wire and the transaction was considered complete.  Now we are able to eliminate the need for most "wet signatures".  Those of us in the Real Esate business are now using software such as Docusign and DotLoop to create electronic listing agreements, sales agreements, mortgages and closings.  When a "Wet Signature" is needed we can send a mobile notary to your home or place of business so that you can sign on the dotted line. 

The buying, selling and closing experience can be very convenient when done electonically and is preferred by many of our customers.  If

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Covid 19 concerns have changed the current Real Estate market.  Things have slowed buy they haven't stopped.

There are several articles regarding New Yorkers fleeing the State and heading to Florida.

https://nypost.com/2020/03/29/florida-setting-up-checkpoints-for-new-yorkers-fleeing-coronavirus/

This mass migration isn't likely to stop anytime soon.

Will this lead to a boom in Florida Real Estate sales?

I don't think it will hurt anything.  I personally am bettting that homes in lower population density areas will see an increase in demand.

 

 

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Residential Real Estate commerce has slowed down since the Corona virus pandemic reached U.S. soil.  Florida Governor Ron DeSantis declared a State of Emergency on March 9th and we've seen a drastic reduction in sales and showings since then.  Meanwhile there are homes for sale and people that are buying and selling.  As of late March we are conductin business it's just on a much smaller scale than what we've experienced over the last several years.  For example I have a home that is pending and have met with the Home Inspector and have the Roof, Septic and appraisal scheduled over the next few days.

We are practicing social distancing and using hand soap and hand sanitizer often to protect all parties involved.  Life goes on and we are taking every

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Low rates mean more money in your pocket.

Do you need a good mortgage broker?  I work with some top notch profesionals that can get you into a refinance or mortgage preapproval.  Money hasn't been this cheap in a long time.  It's worth looking at what that dream home would cost you.  These low rates mean your money goes further than in years past.  The lower costs of borrowing money mean more home or more money in your pocket.  

Another impact from cheap money is more buyers in the Real Estate market.  Would you like to see what you home could sell for?  Let's sit down and discuss options.  I have a list of tips that are certain to help increase the curb appeal and attract buyers.

Sincerely,

 

Ian McPherson Realtor, Coldwell Banker Realty

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Should you buy a new home or something from existing inventory?

New construction is definitely worth considering.  The builders are going full steam ahead and this is good for buyers.  The competition is fierce and the builders are offering juicy incentives in order to earn business.  I just visited The Hamptons which is a Medallion homes community off of Fruitville RD in Sarasota Florida.  I was completely impressed.  3 - 9 acre lots with beautiful homes in the 2800 - 3300 sq. ft. range.  No CDD fees, very few rules or regulations.  RV's, Horses, Cows, and outbuildings are all allowed.  The builder incentives for anyone who purchases a Lot in Phase 1 is a $45K pool for free.  Incentives for Phase 2 lots are $35K in credits at the design studio.

Try

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