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Market Conditions in Siesta Key : Real Estate Advice

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  • Local Info5
  • Home Buying7
  • Home Selling0
  • Market Conditions4

Activity 3
Fri Jul 27, 2012
Brooke O'Malley answered:
The prices that you are seeing dropping must have been overpriced to begin with, on Siesta Key the inventory is down and you cannot get the same deals you could a couple years ago, we are actually reselling properties for profit that sold a few years ago when it was more of a risk whether we had reached the bottom of the market or not, this is a good article regarding the current market conditions.

WASHINGTON – April 23, 2012 – When the number of home sellers grossly outpaces the number of buyers, no offer can be ignored, even if it’s 25 percent or more off the asking price. But in today’s rebounding market, those low-ball offers don’t often work. Many times, the potential buyer finds that they don’t get a counter-offer. And, in many cases, another more realistic buyer gets the home.

A low-ball offer – generally 25 or more off the asking price – allows buyers to see if they can land a great deal, even if they’re willing to pay more. In a survey last year conducted by the National Association of Realtors® (NAR), one in 10 respondents cited low-ball offers as a concern. According to real estate columnist Kenneth Harney, a NAR survey conducted in March and not yet released found that almost no one complained about low offers.

When the number of listings outpaced the number of buyers, many potential homeowners submitted a shockingly low offer on the theory that they had nothing to lose. If the seller balked, most would still counter with something below their asking price. Today, however, offers close to the asking price – or even beating it – will probably come in fairly quickly from someone else if a home is priced correctly in the first place.

Even buyers who still want to low-ball an offer on a home many times switch tactics after they lose a property or two to a more aggressive buyer.

Florida Realtor in Sarasota. She told Harney that fewer buyers want to low-ball an offer in her area, but they still come in – mainly from out-of-state or out-of-the-country people who have read about the state’s foreclosures and short sales. That news, however, is old – it has not kept up with reality in many areas.

Some people still insist on making a low-ball offer, but that she doesn’t mind. “You can’t blame a buyer for trying to get a good deal,” she says.

In some cases, a seller isn’t offended by a low-ball offer, but their counter-offer shaves only a little bit off their original asking price. An Olympia, Wash., real estate agent had a $150,000 offer for a $250,000 listing, according to Harney. But after the dust settled and the seller shook off his irritation, he and the buyer agreed to $230,000.

Harney closed his column with this advice: “Rolling low-balls at sellers may have been an effective approach between 2008 and early 2011. But in 2012’s environment – at least in rebounding markets – it could be counterproductive if you truly want to buy.”

Source: Ken Harney. Distributed by Washington Post Writers Group.

Portions taken from © 2012 Florida Realtors® website

There still are great deals to be had, but there are techniques that some agents use to ensure that your offer will be the one selected in multiple offer situation. Choose your representation wisely.

Brooke O'Malley PA GRI
Real Estate Broker
Cell 941-726-2677
Office 941-366-8390
Fax 1-(888) 578-0534
Visit to Search Foreclosures
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Tue Sep 23, 2014
Anna M Brocco answered:
Any local agent can provide you with the information--if looking to purchase in the near future, do consider working with an agent of your own, he/she can provide much needed information, schedule showings, provide comps--recently sold similar properties in the immediate area--handle paperwork, etc. ... more
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Wed Jul 29, 2009
Bill Eckler answered:
Your question is one that we commonly hear. Without a doubt, this is the time to be identifying the right property.

In the current market we recommend establishing your target price and then negotiating your best price. The price that our customers settle on is in their comfort range for both today's market and any additional short term price decling. In short we have the ability to create a marriage between the intelligent buyer and motivated seller.

We strongly recommend beginning the search process today......and buying only when the conditions are perfect for you.

Please let us know if there is anything we can do to support your interests.

Susan & Bill

The "Eckler Team"
Century 21 Almar and Associates
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