There were 3,538 homes available for sale in the Manatee MLS in December 2011; 497 homes sold, and 550 homes went to pending status in the same month.

We had just a smidgen over 7 months of inventory available– great news for the market. Inventory is down… it’s a good time to sell, and a great time to buy. Prices are still very reasonable, and mortgage rates are historically low. Good times!

If it’s okay with you, I’d just like to say “woo-hoo!”

Combined with decreased inventory in recent months, this indicates that local real estate could be in a recovery period.

The report compares statistics from the month of October 2011 to the month of October 2010 for the following:

• median listing price
• median price of homes under contract
• median price of homes sold for the month

The median price for active listings (single family homes) increased from $218,950 in October 2010 to $250,000 in October 2011. (Median price indicates that half the homes on the market were listed below that number, and half were listed above it.)

The median price of homes under contract increased from $164,900 in October 2010 to $167, 859 in October 2011.

The median price of homes sold increased from $156,160  in October 2010 to $159,900 in October 2011.

For buyers, this indicates that prices were on the rebound in October… so don’t wait if you’re thinking about buying.

For sellers, it’s a great time to list. Reduced inventory means less competition for you, which translates to  a better price and shorter time on the market to get your home sold.

source: Manatee Association of Realtors.

Barrington Ridge Garage Sale

The Barrington Ridge subdivision in Bradenton, Fl will be hosting a community-wide garage sale on Saturday, November 5th, 2011.

Many homes throughout the 300+ home neighborhood will be having sales, so come on out and have some fun shopping and treasure hunting!

If you’re a Barrington Ridge resident and you’d like to participate in the sale, you need to complete the garage sale form and follow the instructions on it.

Barrington Ridge is located on Lockwood Ridge Road, just south of S.R. 70 E in Bradenton.

Please visit my Barrington Ridge page for lots of neighborhood information and a list of all the homes for sale in Barrington Ridge.

I drive past this place almost every day, and I never realized how much they have to offer, including:

• Pool w/ lifeguards (open in summer)
• 2 tennis courts
• Activity center
• Baseball/ softball field
• Bocce ball
• Fitness center
• Gymnasium
• Playground
• Covered picnic area with grills
• Restrooms

Bit by bit, we’re working our way back up to the volume of sales we had back before the boom. Don’t believe the hype… Real estate in Manatee and Sarasota Counties is alive and well, thank you very much!

A total of 1,167 residential units were reported sold in Manatee and Sarasota Counties by the MFRMLS in August 2011. The majority (64%) of those were under $200,000; however, the $200,000 to $500,00 range made up another 30% of the sales.

High-end property sales slowed a bit– just 17 properties above $1 million closed in August . Those home sales are heavily influenced by the performance of the stock market, and its recent unsteadiness has contributed to that drop.

When you’re caught up in the excitement of choosing new bathroom fixtures or picking out new kitchen cabinets, it’s easy to let the less fun details (like pulling a permit for your remodeling work) go unnoticed.

But neglecting to get repairs and remodel jobs permitted will cause major headaches down the road—particularly when you try to sell your home.

Don’t let it happen to you!

Licensed Contractors Make The Permitting Issue A Whole Lot Easier

If you use a reputable, licensed contractor to perform the work, you won’t usually need to worry about the permit issue—the contractor will take care of the red tape. He’ll file the necessary paperwork, collect and pay the fees, and meet the county inspector for all the required inspections.

However, if you use unlicensed workers or you do the work yourself and don’t pull permits, you could face multiple problems.

To find out more about pulling your own permit as a homeowner, check out either the Manatee County or the Sarasota County government site.

Believe it or not, requiring a permit isn’t just a way for the county to get money from you. It also assures you and all future owners of your house that the work was done safely and that it’s up to code.

You’ll Have to Disclose It Later, Anyway

When you sell your home, you’ll need to disclose to the buyer any improvements and alterations that have been made to the home. (To see a sample disclosure, click here: Seller’s Disclosure. Pay particular attention to item #7). You’re asked what (if any) additions, structural changes, or other alterations to the property you’ve made, and whether they were properly permitted.

If a homeowner fails to disclose non-permitted items, he or she could be sued by the buyer for damages later on; or, if the items are discovered during the process of selling, the transaction could be completely derailed.

It’s quite likely that the buyer’s home inspector will ask if the work was permitted, and the appraiser may even ask to see the permit records. If there’s no permit on file for renovations, the buyer’s bank will most likely refuse to make the loan.

The homeowner could also face penalties and fines up to four times the original cost of the work, or they could be required to tear out the work and do it over. It’s just not worth it.

Better to be safe than sorry… go ahead and find out from the county before you start a project whether you need to get a permit for it or not.

For answers to frequently asked questions about permits in Manatee County, visit the Manatee County FAQ page; in Sarasota, see the Sarasota County FAQ’s.

Holy cow- I can’t believe it’s a new month again already!

And since today’s the first Friday of the month, it’s time for “Live From Downtown, It’s Friday Night.” This evening, downtown Sarasota will be alive with lots of great entertainment. There will be live performances by some of Sarasota’s premier entertainers and performing arts organizations. More than 150 shops, restaurants, and galleries will be open all evening.

Look for entertainment on Pineapple Street, State Street, Main Street, Palm and Lemon Avenues. There’s  free parking every day through October at the Palm Avenue garage.  To find out more, visit www.DSAsarasota.com.

Presented by DSA – Downtown Sarasota Alliance (941) 366-7040

It’s Overpriced

Far and away, the most common reason a home doesn’t sell is that it’s priced too high.

Many homeowners think “I don’t want to give my house away. And besides, I need room to negotiate. I can always come down later.” And those are all good points, except for one thing: you have to attract a potential buyer before any of them matter.

If you price your property above the market, buyers won’t even come through the front door—so you’ll never get the opportunity to negotiate with them. Far better to price the house at market value, and stick close to your asking price. At least you’ll get the chance to negotiate.

It Doesn’t Show Well

In today’s market, you can’t afford to not make your home look its best. There are lots of homes on the market, and buyers are picky. They’ll magnify any little imperfection in their minds, and start mentally calculating the money and effort they’ll need to fix the problems. If one home needs repairs, but it’s priced similarly to one down the street that’s move-in ready—buyers will automatically be drawn to the prettier one.

So if your house needs it, roll on a fresh coat of paint, clean the carpets, and repair any of those pesky little items that you’ve been putting off. Keep the landscaping and lawn neatly trimmed, and maybe even plant some flowers to brighten up the curb appeal.

It’s Not Being Marketed Properly

Nearly 90% of buyers begin their home search on the internet. If your home isn’t plastered all over the ‘net (and not just the MLS), it’s not being marketed properly. An aggressive agent will leave no stone unturned when trying to locate a buyer for your home. Besides having just the usual sign in the yard, color flyers, broker opens, etc., smart Realtors use the MLS to its full potential, plus they use a personal site, Craigslist, and dozens of other real estate sites to market your home.

Does Your Home's MLS Photo Look Like This?

An important aspect of marketing that’s too often overlooked is getting good photos.

Buyers want to see pictures of your house- and lots of them. You wouldn’t believe the number of MLS listings with nothing more than a couple of crooked, out-of-focus snapshots that look like they were taken with a 30-year-old Instamatic camera. Photos have to be clear, well-lit, and show off your home’s best features. It’s even better if you also have a video or virtual tour of your home.

Give buyers a reason to choose your home over all the others out there. Price it right, make it look good, and be sure it’s being marketed it aggressively.

Here’s a snapshot of what’s been happening in the Bradenton real estate market recently. The number of Manatee homes for sale has been slowly but surely declining, while the number of sold homes and pending sales has been holding pretty steady or even increasing in some months.

This is great news for home sellers, because it means less competition in the marketplace. It’s still a great market for buyers, too– mortgage rates are historically low, and there’s a wide selection of homes available in all prices.

We’re seeing lots of activity in my office– the number of showings has really gone up in recent weeks. You gotta love that!