Why Getting Your Asking Price Right is Critical in Sarasota's Current Market

Bev Murray Real Estate Sell Your Home

If you’re thinking about selling your home in Sarasota, be aware that even though it’s still a seller’s market, choosing the right asking price is as important as it's ever been.

While home prices are generally rising, the pace has slowed due to higher mortgage rates impacting buyer demand. Additionally, the number of homes available for sale is increasing, giving buyers more options. This means your home needs to be priced competitively to stand out.

These factors make setting the right asking price essential in today’s market.

Many sellers are discovering this the hard way, leading to a higher number of price reductions. Mike Simonsen, Founder and President of ALTOS Research, points out:

Looking at the price reductions data set... It all fits in the same pattern of increasing supply and homebuyer demand that is just exhausted by high mortgage rates... As home sellers are faced with less demand than they expected, more of them have to reduce their prices.

This often happens because sellers have not adjusted their expectations to the current market conditions. They might not be working with an agent who knows the local market or they might be relying on outdated information. This misstep can cost you time and money.

To avoid these pricing errors, it’s crucial to work with an agent who has in-depth knowledge of the Sarasota market.

A knowledgeable agent can help you avoid common pitfalls like:

Setting an Unrealistic Price

Some sellers base their asking price on personal expectations rather than market realities. An experienced agent uses factual market data to help you set a realistic price that attracts buyers.

Misjudging Comparable Sales

Without professional guidance, you might use the wrong comparable sales (comps) to price your home, leading to a misjudgment of its market value. An agent ensures you use accurate comps, providing valuable insights into competitive pricing.

Overvaluing Home Improvements

Sellers often overestimate the value of their home improvements. While certain upgrades can enhance appeal, not all will significantly boost your home's value. An agent can help you understand which improvements matter most to Sarasota buyers.

Ignoring Market Feedback

Some sellers resist adjusting their price based on feedback from potential buyers and market conditions. An agent can help you remain flexible and responsive to market feedback, ensuring your home attracts serious buyers.

Accurate pricing hinges on understanding current market conditions, and a skilled agent has the expertise and data to set the right price for your home. The right agent will develop a strategic pricing plan based on these conditions, positioning your home to sell quickly and effectively.

Bottom Line

In today’s market, setting the right asking price is more critical than ever. To avoid costly mistakes and ensure your home is priced correctly, let’s work together. With the right strategy and expert guidance, we can make sure your home stands out in the Sarasota market.

1523 Bayshore Rd Nokomis

$3.9M 1523 Bayshore Rd Nokomis FL 34275

5 beds
3 baths
4616 sqft
0.97 acres
1989 year built

One or more photo(s) has been virtually staged. This custom-built, one-owner, four-bedroom, 4,600 square foot home is located above the base flood elevation on a wide one-acre parcel, offering privacy, space, and over 130 linear feet of private water frontage on a wide stretch of the intracoastal waterway. A huge bonus: it is not in a flood zone and sits at 13 ft elevation. There was zero flood/surge damage from Helene or Milton. The home has wonderful curb appeal and is set back from the street with a circular driveway and a brick pathway flanked by a well-stocked koi pond. You enter the two-story foyer which opens up onto a large, light filled living room with soaring 19 ft ceilings, rich wood floors, a wood-burning fireplace with floor to ceiling coral stone surround, and sliders out to the sun-soaked pool deck. There is a formal dining room, a separate family room with wet bar and ice maker, a large kitchen with an adjacent breakfast room, a butler's pantry and an antechamber that is set up to be a wine storage room. The kitchen has a double oven, huge Subzero freezer, separate refrigerator and plenty of countertop space, and a handy passthrough to the family room. There are two bedrooms on the first floor and a bathroom which serves as a pool bath if you don’t want to rinse off in the outdoor shower. In addition to the four bedrooms and office in the main house, there are two additional air-conditioned work/hobby spaces in the garage, which is accessed via a covered walkway. One of the rooms faces north and was used as an art room. The other is sound-proofed and could work well as an office, dark room or gym. The oversized garage has a workbench. The second floor has two sections connected via a walkway overlooking the main living area. To the right is a nice sized bedroom and ensuite bathroom and to the left is the primary suite with a beautiful wood-paneled office with rich wooded cabinetry and a wood burning fireplace. A screened balcony off the bedroom and office offers unparalleled views of the intracoastal waterway and some of the Gulf coast’s finest sunset skies. These wide-open west-facing views are part of what makes this home an incredible opportunity for its new owner. There is a covered screened lanai as well as uncovered outdoor living and dining space. The pool is huge and has a max depth of 8 ft. Enjoy a navigable route out to the main channel. Take this incredible .97-acre waterfront property, make it your own, and enjoy endless sunsets and all that the Florida lifestyle has to offer!