Inventory is the Sarasota area’s dominating factor. However, it is important to note that, as low as inventory is in the Sarasota Real Estate Market, conditions appear to be leveling off, and even (ever-so) slightly improving.

In the last three months I have noticed possible sellers choosing to wait to list their properties. Their strategy, and one which I tend to agree with in most of those I am advising, is that the affluent buyers are typically not in our marketplace in late summer and early fall.

Instead, these sellers are waiting for the peak tourist season to get underway, our seasonal residents to return and begin their searches for their next move, and for the arrival of our European buyers who have been absent from our buyer pool for most of the last two years.

For my clients who are bringing their properties market, the breakneck pace that our region has seen over the last year makes it hard not to be overconfident when pricing their homes. With purchase prices nearly 100% of list prices recently, it is understandable for a seller to want to price their property “optimistically” and above recent comps in their community.

However, I believe the shrewd decision for most homeowners is to remain competitive and allow the buyers to bring their highest and best offer to the table.

Is a buyer offering full price enough? Sometimes. Though I do not know the actual statistic for the Sarasota area, in the U.S. the average number of offers an existing home is receiving today is 3.8, according to the National Association of Realtors. And a recent report from CoreLogic showed that almost 6 of 10 homes are selling for over asking price.

Being an active advisor for buyers and sellers in the Sarasota Real Estate Market for almost 40 years has given me the experience to guide buyers with a critical and analytical approach. Knowing the market as I do gives me the chance to advise my clients with clear understanding of the realities and helps to set reasonable expectations and assures that we are approaching each offer with the buyer’s goals at the forefront.

In fact, in this “auction-like” environment, in which demand continues to be unwavering and supply remains well below inventory levels to meet that demand, it is easy for buyers to panic and potentially rush to make a desperate offer.

My buyers are beginning to understand that while they may not find their “ideal” property right now and are expanding their search criteria, and even choosing to buy something to live in now knowing it will appreciate. This allows them time to wait for the property they really want to come on the market.

These savvy buyers often are rewarded if they are living in our market, able to view the property in person as soon as it is known to be available, and move more quickly and confidently, which is more appealing to sellers when they are accepting multiple offers.

I have seen in these instances some buyers getting lucky in finding their dream home… and in others, buyers back out of their contracts after they have taken time to fully evaluate the home’s condition, location, or other key factors. My advice is to take a breath and listen to your realtor!

In most cases, we not only know the properties intimately, we also know the agent representing the seller and can offer our buyers vital information and stratagems to achieve their goals.

Michael Moulton is a Realtor with Michael Saunders & Company since 1982.

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