The world economy is affecting our beach market, with the exception of the very high end properties.
The strong U.S. dollar means our Canadian and European clients earn a 30% to 40% bonus for selling their U.S. holdings. Conversely, it costs them more now if they buy here. Many of these prospective buyers are waiting to buy. January beach sales were the lowest number of units in over 18 months. Inventory is increasing, making the market more competitive. When people are confused they tend to do nothing. There is no clear direction for many of us. Get as much info as you can about your market before deciding what’s best for your family.
Flood insurance increases are making many barrier island properties harder to sell. For many, the option of new construction can be a viable alternative to selling an old flood prone home. GHD Construction Services Inc. just completed a new affordable beach model at 14305 N. Bayshore Dr., Madeira Beach, FL 33708. Their “Bahama Winds” model can be built on almost any lot on our islands. Drive by or call for an appointment to see it.
Each realtor and firm has a slightly different formula for determining how to price your property. Some realtors think sellers will list with them if they agree to list the home at a higher price. Then they lower the price when it does not sell. When a potential client asks our firm to price their home, we view the property, take measurements, note upgrades, provide 5 current listings (what buyers can pay), 5 actual sold properties (what buyers did pay), and 5 expired or withdrawn listings (what buyers refused to pay). These are the most accurate comparably priced properties, (comps) at any given point in time. The homeowner picks the offering price according to their personal motivation to sell. Most of us pick a price higher than suggested to give room for offers. Why is this usually not a good idea? It’s better to price it according to my analysis to make it more competitive with similar properties.“I’d rather turn down 10 offers than get none.”
Jim
Buyers generally search in $100,000 increments, so $599,000 gets a lot more activity than $601,000, and may facilitate a bidding war with a higher final selling price in the early days of a sales campaign.
We can raise or lower the listing price according to the number of showings. It pays to know your real value rather than to rely on the internet. The internet cannot yet see all the features of your house nor gauge motivation. We call our pricing system your Strategic Pricing Analysis “SPA”, and it’s free.
For more info and specific advice please attend our weekly ‘Informed Confusion’ 1-hour discussions Tuesdays, 5:30 pm at 5050 Gulf Blvd. in St. Pete Beach. Please RSVP. No sales pitch, just honest information you can use. Selling or buying is a team effort between your REALTOR and yourself. We represent you as if we are you. Come and find out why. We have current market knowledge and we’d like to help. RSVP for my Tuesday discussion or call. Please email or text with questions or topic suggestions.
All the best,
Jim “Property Wizard” Beggins, broker, CENTURY 21 Beggins Enterprises, with 11 offices and 400 agents serve Pinellas, Hillsborough, Manatee and Sarasota Counties. Since most opinions about real estate can be supported with facts, I will inform you to the best of my ability so you can unconfuse the facts to your personal advantage. I think I can use my ‘hands on’ experience in Florida real estate since 1970 to achieve your desired outcome.
Please let me know how I’m doing. Call, text or email with any questions.
Email: jimbeggins@c21be.com
Cell 727 254 8144