High demand stemming from lifestyle quality, tax favorability, and pandemic trends makes Sarasota a particularly desirable market. Regional prices have increased year-over-year in Sarasota and Manatee, with a higher increase in the median price of luxury homes. If you’ve held your property for more than a few years, you are well poised to sell at a premium now. We are more than happy to offer private consultation and insight specific to your neighborhood based on recent sales.
If you've been thinking of moving to another neighborhood or moving from a house to a condo, this market offers you a seller's advantage. With so little inventory available in every Sarasota community, any new home that comes on the market with appropriate pricing gets immediate attention. An influx of new buyers and continued low interest rates that encourage real estate transactions at every level have added pressure to the market, raising prices and speeding up the sales pace.
Just like a desire to change neighborhoods, a shift in your preferred home size may mean that now is the right time to list. Demand is especially high for single-family homes with space and privacy. If you are thinking of moving to a smaller home, you may benefit from this market's peak price per square foot. Of course, it's essential to consider your own cost basis and how long you've held the property, but we've seen rapid equity gains in short periods of time in every part of Sarasota.
Owning has attractive equity potential, but renting has maintenance-free appeal. Selling at a premium now will add to what you can spend on rent, whether it's for a short time or a permanent transition. If you do want to re-enter the market as a buyer, the prices are likely to decline in Sarasota's off-season. Historically, median price for all types of inventory is at the lowest during the hottest time of the year when second-home seekers are less likely to be enticed. That timing could create sell-high, buy-low potential for you.
While our market is hot, others are... not. The residential exit from premium markets, including New York and Chicago, has made coveted inventory available at historically affordable prices. There is absolutely no doubt that these markets will rebound. If you have considered diversifying your real estate portfolio or adding a home in a second market, this is a perfect time to capitalize on the prices in highly-desirable cities. LRM Group is directly connected to real estate professionals in every market who can offer you in-depth local expertise.