The Market did what?...When?...Where?

     There was a great article in last Friday's (1/26/07) Venice Tribune Review by Stephen Frater (article).  It was on the front page, above the fold, full headline stating "Home sales' pulse strengthens".  Mr. Frater's piece was well written, informative,  well sourced and contained a number of remarks from prominent local, statewide and national industry professionals.  While the information contained therein does not necessarily describe a return to the days of wine and roses, it was very realistic and quite frankly, refreshing in its lack of a doom and gloom overtone.  Kudos to you Mr. Frater. 

     It also reminded me of an article that I wrote for my first quarter 2006 Venice Real Estate Advisor Newsletter. That entire article follows:

 Ok, the real estate market is changing, but is that a good thing or a bad thing?  Should I sell now, or should I wait to buy?  Everywhere I turn, I am inundated with reports from various industry experts, but what is going on in Venice, FL?  I am not buying a home ‘nationwide’ or selling in Manatee county.  What is impact of all of this on my neighborhood? (sample graphic below indicates Venice Island 'neighborhood')
     My 15 years of experience giving excellent service to my customers and dealing with contracts have taught me many things.  Chief among them is that not being well prepared and knowledgeable about the specific environment in which one operates is inexcusable.  We are bombarded, via print and electronic media, with indicators and statistics from the National Association of Realtors (NAR), the Florida Association of Realtors (FAR) and locally, the Sarasota Association of Realtors (SAR).  While all of this evidence is useful, telling and valuable, it often fails to address our number one priority, the VENICE market, and even more importantly, Venice Island! (Areas noted in NAR, FAR and other national research generally refer to  Metropolitan Statistical Areas (MSA’s) as defined by the US Office of Management and Budget. The Sarasota market, by this definition, includes the cities of Sarasota, Bradenton and Venice and covers Sarasota and Manatee counties.)
     My team and I break down the numbers from our local Multiple Listing Service (MLS) monthly as an exclusive service to our customers and use this data in helping folks make informed pricing decisions. 
     In this issue of my Venice Real Estate Advisor,   I am sharing with you not only the statistics derived from the Venice Area Board of Realtors, which includes 34 MLS ‘areas’, but also the statistics for your specific area (as well as any relevant contiguous area(s)).  Remember the three most important words in Real Estate are Location, Location and Location, so while the National, Statewide and Sarasota markets are all useful sources of informative data, they do not necessarily speak to our neighborhoods here in Venice and therefore, may serve to muddy our picture of the local market, rather than aiding us in its understanding. 
Just because your neighbor down the street sold for a certain amount six months ago does not mean that you can automatically add a double digit appreciation to that number to arrive at your asking price.  To begin with, their home may or may not be a valid comparable property.  Any Realtor can prepare a Comparative Market Analysis. My continuing education includes the same courses property appraisers must take in order to become certified.  Banks, appraisers and Realtors consider recent comparable sales in the same area, and would rather not make adjustments, if they do not have to.  This puts a premium on specific, local knowledge, beyond your street, but within your area.
     The next time you watch the news, or read a newspaper, take note of items such as the source, location and time frame in items about Real Estate.  The lag time while these statistics are compiled and reported certainly does not help the motivated buyer or seller who needs to know  what is happening today and what is likely to happen tomorrow, not two or three months ago. 

     Of course it is necessary to know what the market did during this period last year, but it is equally if not more important to know the most recent months and weeks trends.  This last item, knowledge of what the market is currently doing, coupled with the historical data to support an accurate forecast of what it is likely to do in the near future is probably the single most important item when it comes to properly pricing your home for sale, or in preparing an offer.
(reprinted from Sam Hague's Q1 2006 Venice Real Estate Advisor)  with permission, of course

The point that I am making in this article, and that I would like to reitereate here is:

  "...The next time you watch the news, or read a newspaper, take note of items such as the source, location and time frame in items about Real Estate..." 

Stay informed and you will make informed decisions, better decisions.  And when you are ready to sell or purchase a property in Venice, and need to know what the market is doing in your specific area right now, give us a call.  We have the information that noone else does!

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