The Anna Maria Island Sun Newspaper


Vol. 16 No. 17 - February 24, 2016

REAL ESTATE

Love in the time of inventory shortages

 

I’m a couple of weeks late for Valentine’s Day, but since love is a year ‘round emotion, I figured it’s never too late. And when it comes to buying real estate, love can be a dangerous emotion especially when there isn’t a lot to choose from.

The most recent inventory statistics show that Manatee County’s available single-family homes is under 4 months, well below the six-month figure that is considered healthy. Because of this, the amount of homes available to look at in a given price range are fewer. This makes falling in love with a home even more dangerous since your instinct is to go with your emotional gut, which is telling you this may be your only opportunity.

Even if inventory is down you still need not to get caught in the love trap. You still need to do your research on comparable properties, and you still need to keep your emotions in check when being shown the home, especially if the homeowner is there. Don’t gush when the dolphins jump out of the water, and don’t tell the homeowner that you just love what they did with the kitchen. It’s OK to ask about the taxes or association fees, the water bill or the schools, but wondering about the beautiful the sunset is a dead giveaway.

In a market with low inventory, you will be pressured to make an offer right away for the obvious reasons. It’s always better to go home, decompress and schedule another showing, even if it’s the next day. Twenty-four hours doesn’t sound that long but it can make a difference after the initial glow of love is gone.

Also don’t let falling in love make you blind to the legal and inspection aspects that you are entitled to as part of the process. Waiving contingencies like home inspections or a mortgage contingency because you’re afraid your lover will leave you could lead you down the road of financial ruin.

It is true that homeowners look at all cash buyers in a more favorable light and they are. There is nothing like cash that has no strings attached and no pesky bank appraisers to interfere. But you have to do what is best for you, and if obtaining a mortgage is what you must do to get into a home, you will just have to find the perfect love that will allow you to do that.

When you find your love in a tight market, work quickly and efficiently and pick your battles. You may want to overlook the little bit of mold the inspector found in the bathroom if other buyers are breathing down your neck, but you can’t overlook the dangerous outdated electrical system.

Right around Valentine’s Day I read something that caught my eye. The U. S. Federal Reserve, of all agencies, did research on credit scores relative to compatibility. Apparently, people who have higher credit scores are more likely to form committed relationships and stay with a partner longer. Makes you wonder if this was a good use of our tax money, but interesting nonetheless.

Falling in love is always the same, whether it’s a home or a person. Neither one are ever perfect. No matter what price range you’re in, if you look close enough you’ll find the chipped paint and cracked tile that we all have.

Real Estate Transactions
August 2015

Sponsored by Alan Galletto Island Real Estate

Sold Date | List Price | Sold Price | Address | Provision | Property Style

Anna Maria

2015-10-29 265000 250000 522 Pine Ave # 8d 822 2 Br/1 Ba Condo

Bradenton Beach

2015-10-15 599000 540,000 2206 Avenue C 1557 4 Br/2 Ba SFR
2015-10-02 2,650,000 2,600,000 109 13th S St 3017 8100x100.4 8 Br/8 Ba SFR
2015-10-08 649,000 590,000 903 S Gulf Dr 51x96 SFR Lot
2015-10-20 399,900 370,000 2310 Gulf N Dr # 104 651 2 Br/1 Ba Condo
2015-10-08 385,000 372,000 117 10th N St # 112 873 2 Br/2 Ba Condo
2015-10-07 725,000 700,000 2311 Gulf N Dr 2975 50x100 Duplex

Holmes Beach

2015-10-06 450,000 390,000 410 Bay Palms Dr 1535 2 Br/2 Ba SFR
2015-10-05 435,000 400,000 2918 Avenue C 1196 2 Br/2 Ba SFR
2015-10-23 469,000 462,000 5800 De Palmas Ave 964 2 Br/2 Ba SFR
2015-10-26 499,900 475,000 204 83rd St 1454 2 Br/2 Ba SFR
2015-10-15 599,000 580,000 212 71st St 1380 2 Br/2 Ba SFR
2015-10-08 689,000 675,000 310 58th # B 1251 3 Br/2 Ba SFR
2015-10-29 1,070,000 985,000 603 Baronet Ln 2717 95x130 4 Br/4 Ba SFR
2015-10-15 1,499,000 1,200,000 611 Key Royale Dr 2784 103x162 3 Br/3.5 Ba SFR
2015-10-14 1,895,000 1,850,000 688 Key Royale Dr 3725 4 Br/3 1/2 Ba SFR
2015-10-06 3,495,000 3,200,000 2907 F Ave 2300 4 Br/4.5 Ba SFR
2015-10-05 255,000 249,000 3607 E Bay Dr # 103 1000 2 Br/2 Ba Condo
2015-10-16 324,900 315,000 709 Manatee Ave 709 1179 2 Br/2 Ba Condo
2015-10-14 375,000 350,000 6400 Flotilla Dr # 98 1185 2 Br/2 Ba Condo
2015-10-19 399,000 385,000 6500 Flotilla Dr # 185 1185 2 Br/2 Ba Condo
2015-10-15 399,900 387,000 207 75th St # East 800 2 Br/1 Ba Condo
2015-10-30 435,000 400,000 100 73rd St # 203a 100x102x68x96 1Br/1 Ba Condo
2015-10-09 585,000 555,000 244 S Harbor Dr # 3 1330 2 Br/2 Ba Condo
2015-10-15 399,000 385,000 6250 Holmes Blvd # 63 1224 2 Br/1 Ba Townhome
2015-10-02 675,000 625,000 203 77th St # A & B 2632 75x100 Duplex
2015-10-22 595,000 550,000 3801 Gulf Dr 2188 Irregular Duplex
2015-10-09 359,000 311,500 5405 Gulf Dr # A 1080 2 Br/2 Ba 1/2 Duplex

Source: Mid Florida Multiple Listing Service