The Sarasota and Manatee county markets for condos & townhomes remain disconnected at the luxury end of the spectrum. While buyers have the leverage in condos & townhomes over $600k in Manatee, that isn’t the case in Sarasota. In fact, the more expensive the condo in Sarasota, the more likely the transaction will favor sellers.
Category: Home Buying
Whether you are looking to buy, sell or invest in real estate, it is important to understand market conditions. Real estate is hyper-local, with market dynamics changing from subdivision to subdivision. However, county trends will give you a good idea of what to expect.
Although the luxury single family home market ($1M+ homes) is much better balanced this year than last, it is still a strong buyer’s market in both Manatee and Sarasota counties. Markets are generally considered in “balance” when there is about six months of inventory for sale at the current pace of home sales. When the inventory gets greater than that, buyers tend to have more leverage than sellers in negotiations.
There are plenty of articles full of useful tips for home buyers, especially for first-time home buyers. Accordingly, I am not going to repeat them. Instead, I am going to offer some additional tips that most articles don’t tell you.
After going through several new communities in development, they often tend to blend together for most buyers. However, this one stands out for those feeling the urge to stretch out. The lots are all at least one acre, which is refreshingly different than what we are typically seeing with new construction.