True Real Estate

Top 5 Reasons to Buy a Home in 2009

2009-07-11T15:02:00.003-05:00

For every realtor that says its time to buy, there is someone calling us opportunists and liars. I understand there is a lot of fear in the market and the economy. However, investment in a home, under the right conditions and if qualified, is still a smart move. What are the right conditions?

1) Ample inventory - you've heard this one before. But why is this important, really? It's simple supply and demand. If one seller is not willing to negotiate , the next one may well be. With far more sellers than buyers, the seller is loathe to let a buyer get away, giving buyers ultimate bargaining power.

2) Low interest rates - Buying an affordable home at a high interest rate cancels out the savings. Buying an affordable home at a low interest rate is the optimum situation, and its where we are now. Having a low interest rate can save you more money over the long run than buying a cheaper home - having both variables in your favor is the best of all worlds.

3) Buy vs. Rent - in the Sarasota metro area, it is now proving to be cheaper, monthly, to buy a home than to rent. Many people cite fear of employment instability in the future as a reason not to buy. However, in either scenario, you have a cash outlay every month. If it is cheaper to pay a mortgage rather than rent - and it buys you equity in a long term investment - it seems the practical way to go.

4) Tax Incentives - The Federal first time home buyer tax incentive is a great reason not to put off your purchase. Complete the transaction on your new home by November 30, 2009 and you are eligible to receive up to $8,000 back as a tax credit. The program is for first time home buyers , or people who have not owned a home in the prior three years. It is retroactive to homes purchased from January 1, 2009 but it does expire soon.

5) Closing Cost Credit - The same Federal program can be used against your closing costs, greatly reducing your out-of-pocket when you purchase a home.

You need money to buy a home

2009-06-26T10:06:00.002-05:00

Sounds logical, doesn't it? Unfortunately, many folks have been misled as to what it actually takes to purchase a home - and what they will need to bring to the table.

The main discrepancy I see is the confusion between your down payment, and your closing costs.

The down payment is the amount of money that your lender will require that you pay upfront on your home. Based on the loan terms, this amount will vary but at this point in time, you will need AT LEAST 3.5% down on a home purchase. To put this in perspective, when buying a $150,000 home, the lender will require at least $5,250 to be placed towards the purchase. Remember, this is a minimum.

This amount of money, however, is not to be confused with closing costs. In Florida, the buyer will incur closing costs of roughly $2,270 on the same $150,000 purchase, which includes title insurance, required taxes, and professional fees. For a handy closing cost calculator, check out

http://www.sarasotaclosings.com/ClosingCostCalculator.shtml

Perhaps the most misunderstood element of money required at closing, however, comes in the form of lender fees. When obtaining a loan, the lender will assess fees. Make sure that you get a clear schedule of fees from your lender.

You will also need to pay for inspections and appraisals, and possibly a survey. Together, these are generally about $1,000. Often, these can be paid at the time of closing and "added into" closing costs.

This blog is not to scare you, simply to point out all the elements involved.
1) Down payment
2) Closing costs
3) Inspections, appraisals etc
4) Lender fees

IMPORTANT - if you are a first time home buyer, you are likely eligible for the federal governments tax credit up to $8000. This credit can be applied to your closing costs - however cannot be used for your down payment.

Choosing a Sarasota Agent

2009-06-22T10:23:00.002-05:00

A recent story out of Hollywood related that the widow of TV pioneer Aaron Spelling, when selling their $150 million dollar mansion, allowed her dog to pick her real estate agent. She simply allowed the dog to sniff the agents - if he reacted badly, they were sent away. Ultimately, the dog approved of one of the agents who got the listing.

Most of our clients (ok, none of them!) are in a position to buy and sell on the level of $150 million. However, to each of our clients, the money they DO have to spend is a major sum, and is not to be treated lightly. So here in Florida, where we might be slightly more realistic than Ms. Spelling - how do you go about finding an agent that will give you the best advice for YOUR home sweet Sarasota home?

Survival of the fittest helps. As a tough housing market has dragged on, many of the agents have necessarily moved on to more lucrative careers. Those that remain likely have a following, a reputation, and a strong business plan that is supporting them in these tough times. These are the agents that have the tenacity, the commitment and the ability that has allowed them to survive, even thrive in these conditions.

But there is another trait of an excellent agent. The desire to develop skills, hone talents and always continue to grow is a rare trait in today's market, where most feel it hard to just hang on. Looking for a great agent? Look for those who have pursued additional designations and education - who have used slow times to further educate themselves to better serve you. Look for agents that go above and beyond, address your specific needs and don't just send form letters. With today's technology, everyone can set up an automatic search to alert you of new properties - does your agent offer insight and thoughts into each new opportunity as well?

I heard someone say once "I don't understand why agents get paid so much - all they do is open doors" If your experience with an agent is akin to that, I suggest you find a better agent. Today's agents are educated, dedicated, interactive and responsive business people. Don't settle for anything less.

Tax Credit Update

2009-06-18T12:22:00.005-05:00

The $8,000 tax credit from the federal government has a string attached that many people are not aware of - the home sale must be completed by November 30, 2009.

If you are a first time home buyer, or have not owned a home in 3 years, you are eligible to receive up to $8,000 in a tax credit. Newly passed provisions also allow for home buyers to apply the credit to closing costs, or to put down more money over and above the required 3.5% ( the tax credit cannot be used to supply the required 3.5% deposit, however)

With average sales taking between 30-60 days to complete, prospective Sarasota home buyers who want to apply for the credit should plan on being in a position to purchase a home by September at the latest. First steps?

1) Get pre-qualified with a reputable lender/brokerage
2) Contact a professional buyers agent who knows the area and inventory well
3) Restrict all other major purchases that might affect your credit
4) Start looking!

Sarasota has an amazing inventory of homes in every price range for the first time home buyer. With low interest rates, low prices, and now this credit, it may be the best time in years to buy a Sarasota home.

Act Now! Home Buyer Tax Credit in 2009

2009-06-03T11:00:00.001-05:00

Sarasota home buyers considering the purchase of their first home now have the chance to take advantage of a federal income tax credit through the American Recovery and Reinvestment Act.

This act modifies the existing, temporary federal income tax credit for qualified first-time home buyers. But the opportunity is time-sensitive, as the purchase must be made before December 1, 2009.

Qualified home buyers - individuals who have not owned a home during the past three years - can receive a federal tax credit of 10 percent of the cost of their principal residence, up to a maximum credit of $8,000. Buyers receive a tax credit on their personal income tax return in the calendar year following the year of closing on their home.

The modified version does not require home buyers to repay the credit as long as they retain ownership of the home as their primary residence, for three years. This incentive is also retroactive, covering those homes purchased on or after January 1, 2009.

To be eligible for the tax credit, qualified first-time buyers must purchase and reside in the principal residence before December 1, 2009. There are also income limits; however should a home buyer exceed the income limit, partial tax credits may be available.

The convergence of low interest rates, a healthy inventory, buyers-side power in negotiation, and this credit results in a “perfect storm” of opportunity for home buyers in 2009. Need more information? Call True Real Estate, Sarasota’s Exclusive Buyer Agents and let us help you get into that dream home.

Sarasota Real Estate Pricing

2009-06-01T06:58:00.003-05:00

When looking for a home, especially in this market, the general tendency is to look for the lowest price. But although we love getting deals as much as the next guy, we need to throw in a word of caution.

There are many homes for sale in Sarasota that have unbelievably low prices. They generate a lot of interest and inquiries. So why aren't they selling? I'm sorry to be the bearer of bad news, but even in THIS market, if it looks to good to be true, it probably is.

1) Location - a beautiful home won't sell if its in an ugly neighborhood. Sounds harsh, but it's true. During the boom, many speculative investors and builders scooped up any patch of grass they could and built a home on it. However, if every other home in the neighborhood is 60 years old, run down or abandoned, a beautiful new home simply won't sell.

A similar problem is a home in a distressed area. If an area has alot of foreclosures, no services or amenities or is far from the beach, they may have trouble selling it with so many homes available.

2) Inherent problems - If a home needs new plumbing,, a new roof, new air conditioning and is prone to flooding, it doesn't seem like such a deal anymore, does it? Often paying more for a home is well worth it if all the major components are in good shape.

3) Environmental/neighborhood concerns - Make sure you do your due diligence on a home - are there any major construction projects palnned? Major assessments coming down the pike? Prison being built nearby? Sometimes homeowners are trying to get out of the area prior to something that may affect their market value - although that will be disclosed as you negotiate, they may hope that the price will lure you in.

The good news is, there are some excellent deals out there. You just can't go by price alone.

2009 is a good time to buy

2009-04-11T09:18:00.002-05:00

First time Sarasota home buyers are now eligible for an $8,000 tax credit for a home purchased in 2009.

Inventory, low rates, bargaining power, and a tax credit? Seems like the perfect storm of home buying. We can help.

Let's Be Honest

2009-04-11T09:07:00.003-05:00

Sarasota real estate is attractive right now. You know the story about the interest rates, the great deals, the home buyer's incentives. (don't know about those? Write to me and I'll fill you in)

But I am continually concerned on the social media sites when a buyer asks a question about a certain home, and the best response the realtors can muster is "I'll show it to you!"

Of course they will show a home. Its our job. The inquiry comes from a potential new client. But as a realtor who works for an agency that values our customers as lifetime clients, I cant help but feel a little awkward.

Oftentimes,the property in question is SUCH a good deal that it seems to good to be true. That's what is prompting the inquiry. If in fact the property is a good deal, let's go get it. But too often, clients are not being clued into WHY it is such a good deal.

There are communities in Sarasota which are locked in lawsuits, with an uncertain outcome for HOA fees. Others have so many REOS its like a ghost town. Still others may be great places to live, but have no children in sight for your kids to play with. I've even had people told that "every home in Sarasota is less than 10 minutes to the beach". What?

I am all about getting my clients a great deal. But it is only a good deal if the community is sound and represents a solid opportunity for recovery. Selling a home is not my goal - selling a home that is a good deal in EVERY way is.

The Times, They Are A-Changin'...

2009-04-04T14:06:00.003-05:00

The Sarasota real estate market is changing yet again. With a couple of years of "bubble burst" under our belt, we are once again having to re-group and employ new strategies to find the best deals.

Just 6 months ago there was still room in list pricing to lower it quite a bit, situation permitting of course. We are finding that at this point, list price is alot closer to the ultimate sales price, because sellers have simply gone as low as they will go.

Although buyers have long felt that the game was to get as much off list price as possible, in todays market we are finally getting down to what is really important - which homes are a good value??

A well priced home might be worth paying full price for. There, I said it. This is completely counter to what every buyers mindset is - but I have seen too many people lose a fantastic home at a fantastic price because they wanted "just a little more off".

Let's assume there are two identical properties, each worth $200K. If one is priced at $250K, and one is priced at $175K, you obviously do better buying the lower priced home at full price than getting 20% off the higher priced home. And yet, I actually had someone say the other day "I would feel more satisfied buying the higher priced home, because psychologically I won the negotiating war"

This market demands that we stop playing games, and take a long hard look at the value of the home - if you get a deal, you get a deal. That's all that matters.

Sarasota Insurance Issues Addressed

2009-03-14T14:26:00.003-05:00

A major insurance carrier recently announced it will no longer be providing coverage in Florida. This announcement, along with other troubling economic factors, have caused many people to worry about the ability to obtain insurance coverage at a decent rate if they purchase a Sarasota home.

My experience, even over the last months, has been that my customers are getting insurance without difficulty, and at prices they can afford. So as this question reared its head again this morning, I asked a "guest blogger" - Phil Visali from www.WeInsureFl.com - about the current insurance situation. For your benefit, here is his full response.

I understand people’s fear of not having the ability of securing property insurance in the state of Florida or paying outrageous insurance premiums. This fear is even more prevalent now that State Farm, the country’s largest insurance company has announced its plans to stop writing any property insurance in our state. Let me first say, relax and know that there are many A-rated carriers in our state that are able and willing to accept the insurance risk. They may not be well known names to your out-of-state clients but rest assured that they all have met the state of Florida’s requirement to become “Admitted Carriers.” This is important because all “Admitted Carriers” are covered by the State of Florida catastrophe fund, which provides protection for the homeowner in the event the insurance carrier becomes insolvent. This alone should give relief to your clients knowing that the state of Florida will back any “Admitted Carrier” in the event of a catastrophe.
Our agency represents all the major carriers and has the specific knowledge and expertise to recommend the right package to your clients.

If you have questions about your current insurance, or are hoping to obtain insurance in the near future, you can rest assured. To reach Phil or learn more, feel free to visit www.WeInsureFL.com or call toll-free at (866) 419-6140.

(for legal purposes, I must point out that True Real Estate is not affiliated with www.WeInsureFl.com and are not responsible for their actions. Neither are we certifying their products...simply offering an alternative. Whew! Glad thats out of the way)

Palmer Ranch Adds "Imagination"

2009-03-05T09:13:00.003-05:00

Palmer Ranch is already a popular oasis in Sarasota - family neighborhoods, walking paths, great schools, tree lined trails.

The recent announcement that The Imagine School will open a Palmer Ranch branch proves the draw of this community just keeps getting stronger and stronger. The charter Imagine School, which recently broke ground, provides an alternative choice to parents for the education of their children.

Imagine Schools is comprised mostly of teachers, and operates 52 public charter schools and independent schools in 11 states. They educate 25,000 students nationwide. Imagine Schools was founded with the goal of restoring vision and purpose to schools and returning parents and guardians to full participation in the education of their children.

Sarasota's schools are already excellent, which explains the huge influx of young families into our area. The Imagine School will only add to our reputation of excellence.

Sarasota - Like No Place Else!

2009-03-02T11:32:00.002-05:00

I speak to hundreds of prospective buyers of Sarasota real estate every week. Many of these folks have never set foot in Sarasota - or maybe they were here once on vacation.

It may seem odd to some that people are actively looking at purchasing a home in a place that they aren't familiar with - but I don't find it all that strange. I bought my home on Palmer Ranch after only seeing it on the internet, and having only 48 hours on the ground in Sarasota. Personally, I still claim it is the BEST THING I have ever done.

The buzz is undeniable. Publication after publication trumpets Sarasota as "the" place in Florida to raise kids, retire, have a business...the list goes on. We have beaches, business, culture, great schools and great weather - its really a pretty safe bet. I cannot even remember the last person that I toured around Sarasota that didn't fall in love.

That being said, if you haven't been here before, I urge you to keep an open mind. Often, I receive lists of criteria for their desired home - and these lists are helpful. But often, the wish list more closely resembles a home in Roanoke, or St. Louis, or Dallas...the lifestyle, homes and amenities are vastly different here in Sarasota and you will love it! But again, the best way to approach a home search in a different city is to focus less on the home itself, in the beginning - and more on your desired lifestyle. By letting us know what your hobbies are, how you spend your day, what your retirement looks like in your mind, what you want for your kids - we can begin to closely match neighborhoods to your life. And our clients dream home often turns out to be something they never considered for themselves!

Sarasota is like no other place in the world - we love it here, and we know you will too! Let us know how you live, and we'll help you find where to live .

What's Hot in Sarasota Real Estate?

2009-02-19T10:53:00.002-05:00

The current market has opened up areas of town previously untouchable by "normal" homebuyers - those of us who do not have a million dollars lying around.

Once the playground of only the rich and famous, the hottest areas in Sarasota allow walking to the beach, proximity to all downtown has to offer, and scenic neighborhoods on the water.

Bird Key is home to multi-million dollar waterfront homes - but the homes in the middle of the Key, the "garden homes", have fallen to levels that make it completely affordable for families. Why is this Key so hot? The community is surrounded by water, is walking distance to both downtown Sarasota in one direction and St. Armands in the other - and HOA fees are a mere $380 per year! The Bird Key yacht club is available for additional amenities but is not a required expense. Lido Beach is an aggressive walk (20 minutes) or a very short drive across to Lido Key.

Just south of downtown is Bungalow Hill - an upscale bayfront neighborhood characterized by older homes, usually renovated beautifully, and situated on quiet, walkable tree lined streets. Within walking distance is Selby Gardens, the Sarasota Bayfront, Main Street, Towles Court and all of downtowns great events and amenities.

Lido Key (St. Armand's) and Siesta Key have always been favorites for those who want to walk to the beach - every day. Although very different in both personality and amenities, both Key offer what every beach lover craves - expansive, beautiful beaches and crystal water within minutes. And during season, its easy to see why beach bums want to live physically on the Key - no driving over the causeways, which can get very crowded. Both Siesta and Lido are attracting families like never before.

Buy Now, Retire Later

2009-02-13T11:50:00.004-05:00

A recent Money Magazine article confirmed the reality that Sarasota buyer agents have been experiencing for the last 6 months - now is a great time to pick up your retirement place - even if you aren't ready to retire!

With beach, golf and resort communities at levels not seen in years, many people are seeing the opportunity to purchase their retirement home NOW, feeling pretty certain that in 10 years when they DO retire, that the prices may not be this low. And if history is any indication, they wont be.

I loved the fact that the author pointed out several points we have been making over the last year:

1) Are we at the absolute bottom? Maybe not. But we are pretty darn low, and if you can feel confident that over the long term prices will rise, its likely a great investment.

2) Buyer agents are great allies in assisting in finding the great deals, and negotiating steals based on actual data and numbers - giving you a far better chance of getting a great deal than just throwing a low number against the wall.

and # 3, and I find this to be SO important - At some point, you are likely buying a retirement home because you want to have a wonderful place to retire, to have fun, to enjoy your life. Its not always about making a 50% return - you have to be happy that you secured your dream home at a great price, and will get years of enjoyment out of it!

In Sarasota, a brisk and consistent tourist trade also pretty much ensures that you will be able to rent out the home, providing income until you are ready to use it - and THAT'S a smart move.

Pay List Price - Get a Deal!

2009-02-09T21:38:00.004-05:00

Home buyers have been more than a little blind-sided lately.

They find a great home. Deliberate for a time, and decide to purchase the property. Even though the home was exactly what they were looking for - and they were advised the home was priced WELL under market value, they decide to lowball the offer.

After all, who pays list price in THIS market?

They submit the offer, dreaming of the grateful seller's response.

Only to be told there were three other offers, and theirs was rejected. What happened to the desperate bank or seller - and where did all these buyers come from?

The general media has done a marvelous job at making everyone believe that nothing is selling. While the market certainly has issues, one fact remains - a good home, priced well, SELLS. And even in this market, it sells quickly.

A buyers agent provides a wealth of information. People love to hear that a home is overpriced, and we have the numbers to support making a low offer. But when we inform clients that the home is actually UNDER priced, it is met with skepticism. Is that possible in this market?

Yes, it is. I have seen properties listed in the morning, and under contract a few hours later. Yes, even in this market. There are alot of folks looking for a bargain - and when it surfaces, they are ready to move.

I cannot stress it enough - Learn the reality of the market value and dont be afraid to offer full list - if the comps on a property are $300K, and the list price is $200K, a $150K offer won't cut it. Someone else is more than willing to offer $200K, "scoop" everyone else, and take the instant equity. Happily. A home priced at 2/3 of the market value is worth every penny of the list price.

Yes, many homes are languishing on the market. But the GREAT Deals? They go fast. Don't let the hype fool you out of your perfect home. Work with a buyers agency experienced in researching, finding, and scoring our customers the great deals. Even if it means paying full list price. And loving every minute of it.

Senate Housing Stimulus Package

2009-02-06T09:17:00.003-05:00

The housing market in Sarasota is brisk. Low interest rates, ample inventories and low prices have combined to result in a classic buyers market.

Buyers of real estate will see an even greater reason to purchase this year, with Senate legislators unanimously approving a proposal Wednesday that would allow a tax credit for home buyers of 10 percent of the value of new or existing residences, up to a $15,000 limit. Current law provides for a $7,500 tax break but only for first-time homebuyers.

Getting a $15,000 tax credit as a homebuyer makes an huge impact in peoples lives and pocketbooks, and makes this an even better time to get your piece of Sarasota real estate.

Sarasota Real Estate - Above and Beyond for you

2009-01-26T09:54:00.003-05:00

If you need brain surgery, you wouldn't call a family practice doctor to perform the procedure.

They both graduated from medical school, but the key to their relevance in your situation lies in their schooling and individual experience.

Real estate is no different. Every Florida real estate agent has a license - the key to our application in your search has to do with the advanced training we have received.

At True Real Estate, we have gone on to achieve numerous advanced designations. In fact, William True, Broker, holds more professional certifications and designations than any other realtor in the state of Florida. These designations fall into several key categories:

Buyer Agency Management - Accredited Buyer Representive (ABR) , Accredited Buyer Representative Manager (ABRM), Graduate Realtor Institute (GRI), Certified Real Estate Brokerage Manager (CRB), Certified Residential Specialist (CRS)

International Buyers: Certified International Property Specialist (CIPS), Transnational Referral Certification (TRC), At Home with Diversity (AHWD)

Niche Buyers - Senior Real Estate Specialist (SRES), Resort & Second Home Property Specialist (RSPS)

Securing a Good Deal on an REO (Bank Owned Property)

2009-01-26T09:22:00.003-05:00

The news this morning reported that the iminent release of REO's will flood an already saturated market with more inventory.

It seems banks are not really all that interested in holding property, which it took them a while to figure out. I guess they didnt expect people to want a DEAL on an REO, not to pay market value. They also arent really all that keen on forgiving principal balances to keep people in their homes, despite some folks best efforts to gain homeowner assistance.

So we will likely see more bank owned properties, and in accordance with the law of supply and demand, they should be well priced. This is it folks - an unprecendented time in history to pick up your Sarasota vacation, beach, retirement home for a song.

Dealing with banks is different than traditional sellers of Sarasota real estate. If you are going to pursue a bank REO, here are some tips:

1) Cash is king and will put your offer on the top of the pile, ahead of other similar offers
2) If you will finance, have your financing in line and documented by your lender at the time of offer
3) The bank will not generally maintain the home nor fix deficiencies. Do not put clauses in your offer that will require them to do either - instead write an offer "as is" with right to inspect. If the inspection reveals a major issue, you can back out
4) Be ready to close quickly. The bank is motivated by serious and ready buyers
5) Hire a lawyer to review the documents. Banks utilize their own contracts and addendums that may not be familiar to your real estate agent. The bank will have a host of lawyers representing them - it is well worth a few hundred dollars to be protected.

REOs can present an excellent opportunity to buy into a neighborhood you might not otherwise be able to afford. But keep in mind you are not dealing with a personal seller; instead we are negotiating with a corporate entity. Aligning your expectations to that reality will make the process more palatable and rewarding.

Determining What to Offer

2009-01-13T09:53:00.003-05:00

In this market, no one is willing to offer list price - not that they should be expected to. The sellers know this, and almost always have some padding in their list price to allow for the inevitable "lowball" which will take place in an offer situation.

If you are an investor and have no emotional connection to the property you wish to purchase, perhaps throwing lowball offers at the wall to see what sticks is a valid strategy. A friend of mine once told me that if he gets 1 offer out of 10 accepted, he is doing well.

But most of us in this market are looking for a place to call home. The property we choose, we searched for diligently. We walked in the front door and knew "this is it". We went home mentally firguring out where the furniture would go.

To those folks, making an offer that accomplishes not only getting a good price, but actually GETTING the home, is of paramount importance. How do we go about structuring an offer that is a good deal for us, but still gets us the home we want?

List price can be very deceiving. There are as many strategies for setting list price as there are people selling their home. List price is a guide, a parameter. But there are other factors to look at:

1) Recent comparable sales - Not only do we not want to pay more than the market says the home is worth, but if you are getting financing, the home must appraise at the sales price. The bank determines value by looking at similar homes, within proximity, and what they sold for. We must do the same in determining the properties market value today - not 6 months ago, or a year ago, but today.

2) Assessed value - to a lesser extent, we look at assessed value. This number is generated by the tax authority, and is the number on which property taxes are based. Assessed value is almost always less than market value...so if we see a home selling for less than assessed value, it is probably a steal.

3) What did the seller pay for them home? Do they have equity? How much of a mortgage do they have to cover? - All of these questions speak to not only the Sellers desire to sell the home, but their ability to do so at a lower price. Many people are willing to deal, but are going to have to cover their mortgage, and have a little left over for their next place. Folks with lots of equity are prime candidates for being able to negotiate.

4) Is the home a rental, second home, or already vacated? Vacant properties are often easier to get down on price than an owner occupied home - the owner has generally already moved on and ready to be done with the property.

The more information we have on the property, the situation and the seller, the better we can ascertain what a likely sales price will be - and it is sometimes very different than the list price.

And although people often believe that means ammunition to offer lower than list - it can work in reverse as well. Those numbers often tell us that the property is very undervalued - and we should move - quickly! Those dont last long.

When the Hype becomes Reality

2009-01-10T11:21:00.002-05:00

Recently I posted an article on our website -according to the MSN study, the Sarasota-Bradenton area was one of the few places in the country that it now made more sense to BUY real estate vs. RENTING.

Hey! I was only the messenger! But I did get some flack for promoting the "hype" - trying to get people to buy homes was my only motivation, according to the critics.

Well, this week a friend of mine closed on his home. At the closing table, he made a remark that perked up my ears - "The monthly principal and interest on my loan is $150 less than the rent I have been paying!"

What's that? His new, spacious 3 BR home on a lake was going to cost him less per month than his 2 bedroom apartment...and he would be building equity in a long term investment. That is not to say every Sarasota real estate purchase would garner that result - you have to be smart.

But sometimes, hype is not hype at all - simply a voice in the wilderness, going against the grain perhaps, but speaking the truth nonetheless.

I didn't say it - They Did!

2009-01-04T15:21:00.001-05:00

"Unlike the traditional agent who looks out for the seller, a buyer broker acts as your advocate, helping you find the home you want, then negotiating the lowest possible price." -Money Magazine

"We urge consumers who are purchasing a home to first consider an exclusive buyer broker relationship." - Consumer Federation of America

"An exclusive buyer broker - aims for the best deal for the home buyer." -Business Week

"Groups such as the Consumer Federation and the American Association of Retired Persons recommend using buyer's agents...the reason is they work." -Smart Money

"Unless the agent is an exclusive buyer's agent...there is a potential conflict of interest." - Chicago Sun Times

"How can one agent represent the best interest of two opposing sides? -Senior Life Style

"Exclusive buyer agents make every effort to get the lowest possible price for their buyers." -The San Francisco Examiner

"You can't represent the best interest of the buyer or the seller if you are wearing two hats." -The Idaho Statesman

"Exclusive buyer representatives act exclusively on behalf of a buyer...their loyalty to the buyer is never in question." - Fairfield County Examiner

"Buyer's agents focus all their attention on helping buyers find the right house at the best price." - Country Living

"Exclusive buyer's brokers represent you...part of their mandate is to negotiate the best price for you." - The Patriot Ledger (Mass)

"Exclusive Buyer's Agents work only for consumers and often can save them money." - Los Angeles Times

"To protect themselves, buyers can retain their own exclusive representative." - Business Week

"Only by using an exclusive buyer agent can a buyer be sure all information is kept confidential." - Mobility Magazine

"The best buyer brokers are so-called exclusive agents...they represent only buyers, never sellers." -Chicago Tribune

"You can't have partial loyalty; an agent either works for your or works for someone else." - Consumer Reports

Not only investors buying

2009-01-01T18:46:00.002-05:00

The media has managed to convince everyone that the real estate market is at a standstill. Now, obviously we cannot say that the market is healthy - however, as a foot soldier in the Sarasota real estate market I can say this - alot more people are buying than you may think.

Many of my recent offers have run up against multiple offers - with so many homes on the market this clearly points to the fact that the good homes, the good values, are still generating interest.

A recent buyer quipped that no one else was in the market because "no one can get a mortgage". Another stated that he was probably "the sole buyer in the market." Both statements couldnt be further from the truth - there are many buyers taking advantage of the deals this market can offer.

The obvious problem with thinking that "no one else is buying" is getting nonchalant about making an offer on a home you love, thinking it will be there in a few months. We've seen several heartbroken prospective buyers as they watched their dream house (or plot of land) purchased by someone else.

The principle holds even in this market -if you are truly in the market to buy, and you find the perfect place for you, its best to try to buy it. We can negotiate, we can deal, and we will make sure you never overpay - but we can't guarantee someone else won't steal it from you if you wait too long.

Sarasota - Beyond the Beach

2008-12-28T09:53:00.005-05:00

We are well known for our beaches, and rightfully so. The sun and sand are the primary reason for the tourist draw every year, and I can't blame the visitors - our coastline is stunning.

However, at some point folks might want to try something different. And unlike many "Beach towns" in Florida, Sarasota does not disappoint. There are so many other things to do in Sarasota which are sadly missed by many of our visitors.

For instance, Myakka River State Park is an amazing sanctuary just 12 miles east of Sarasota. Myakka is one of the few places where you can still routinely see alligators -and lots of them - roaming about in their natural habitat. Let's face it, the alligators are legendary in Florida, and Myakka is the place to see them up close - and safely! One of my family's favorite things to do at Myakka is to walk out the boardwalk to the bird watching pavilion. To those who think their kids wont be enthralled, think again - to be "this close" to bald eagles, herons and cranes taller than they are, and even the occasional wild boar had my kids transfixed for nearly two hours. The natural beauty of old Florida is breathtaking for us adults as well. Make sure you check on the schedule for the daily airboat ride down the river -its not to be missed.

Another attraction that mesmerizes both kids and adults alike is Selby Gardens. The botanical gardens occupy some of the most stunning waterfront property in Sarasota. The orchid house provides the opportunity to see flowers you've likely never seen before, in an array of colors. The echo of "oh , this one is sooo cool!" is often heard from the kids. Walking the pathways along the gardens you will be shaded and lulled into a "Gone with the Wind" mentality - this really is beautiful, old Florida. Check Selby for bay front concerts, fireworks displays, educational opportunities and seasonal exhibits like the amazing Christmas lights display.

Sometimes its fun to be a "total tourist". I highly recommend you go out to Sarasota's most famous tourist boat, LaBarge. The two hour cruise allows you to see Sarasota from a completely different vantage point - the water. You will cruise past some of the most beautiful homes in Sarasota, see dolphins and manatees, and relax to music while sipping a drink - all while being talked through your tour by an experience tour guide. Ask them to point out the webcam at the north end of Siesta Key, and wave hello to your family back home in the snow!

Finally, if you are here during season you may want to check out America's favorite pastime, Sarasota style. Ed Smith Stadium is the place to enjoy the sunshine and remember what it was like to spend a sunny day at the ballfield with your family - without the high cost of regular season! Fun events like "free wing night" just make this old fashioned, family fun, right in the midst of your vacation.

Sarasota is so much more than the beach - talk to the locals that you run into and ask them what they like to do -you'll find a whole world of activity you may never have known existed -and its all right here.

Case Study in Buyer Representation

2008-12-12T10:24:00.006-05:00

Little by little, people are learning about the realities of representation. The listing agent represents the Seller. A buyer agent represents the Buyer.

The sale of a home is a legal transaction. In any other legal transaction, would you call the opposing side to ask them questions or tell them your situation? Of course not. They can use anything you say to strengthen their position.

Recently, while in the midst of negotiating an offer for a client, it occurred to me that the listing agent seemed to know more about my client than I had told her. And soon after, she said "Well, your client sent me an email saying..."

Needless to say, this caught me quite unaware. The email gave the listing agent insight into the clients plans, and thus allowed her to create a strategy for negotiation. We will never know if we could have had a different outcome had the email not been sent.

I am not talking about illegal or unethical behavior. But think of it as a poker game - if you show your hand, your opponent knows how to play theirs.

Make sure you retain professional representation, but then trust them to do their job. Any communication with the opposing side should ALWAYS be handled through your agent. It is for you own benefit.