2020 has been a historic year in the Sarasota area real estate market. Our office is slated to close $1B in sales this year; this is unprecedented.
Real Estate history, as it relates to today’s market:
- 2000-2003: Recession
- 2001-2005: US Housing Bubble
- 2002: Annual price appreciation of 10% or more in Florida and other states
- 2004-2005: Record price increases in excess of 25% or more in Florida and other states
- 2005-2007: The bubble bursts, continued market slowdown, decreases in home sales and home prices
- 2008-2010: Home sales continue to fail, foreclosure filings up about 23%, median price drop
- 2011-2020: Continual decline of foreclosures, increase in value and lowering inventory levels.
Whenever we reflect on history, I feel it is important to learn from it. While we witnessed much financial devastation during the Great Recession, it is paramount to note how different the above timeline differs from today.
Now we all know that 2020 has been a year of unprecedented historic events, the likes of which none of us have witnessed in our lifetimes, but there are many circumstances and data points that vary wildly from the Great Recession. Personally what I have learned from 2020 is that we have seen a definite shift in where people want to call “home.” With changes to daily lifestyle including the abilities/mandates to work from home, and particularly those who can “work from anywhere,” we are seeing momentus shifts in a desire to live in our tax-free state of Florida. Not only for that reason but because other states and big cities have seen such heartache due to this pandemic.
The Sarasota market has drawn folks from near and far so our properties are selling like hot cakes. Up over 91.1%, this has truly been a record breaking year for sales as a company, as an individual agent and as a board. While we can’t predict what the future holds, what we do know NOW is that sellers have an incredible advantage right NOW. At LESS THAN a 2 month level of inventory, your property may sell for more than you think and in record time. With an agent who knows how much we can list your property for, and gauge exactly what the market is telling us, it is paramount to contact your agent today even if just for an updated CMA/Comparable Market Analysis. Think of this time right now as quite possibly the best “wave” for a while if you’re considering selling!
Mortgage Update:
- Loans for self employed are tough but they are getting approved with sufficient documentation
- Jumbo loans are loosening up their restrictions, with significant funds down
- Beach condos are able to get “limited review” loans with 30%+ down
- FHA and VA require 600 credit scores, conventional loans require 620 credit scores
- There is still down payment assistance programs available, with a minimum credit score of 660
WHY Coldwell Banker and Shayla Twit
- We pride ourselves on selling our own listings
- When you choose another office to list your property, the chances are high that I or another agent from our Coldwell Banker office will sell it.
- We have a detailed link of many more answers to this and would be happy to send your way upon request.
