Surprise!
In the first half of 2021, Over 2500 homes went back on the market in Sarasota County alone. This is according to Stellar MLS.
How is this happening in such a strong seller's market?
Why is this important?
What OTHER questions should you be asking?
Think about this…
That’s 2500 people or families who thought they had their house sold and were making plans to move.
That’s 2500 people or families who thought they found their new home, and were wrong.
That’s 5000 people or families who were negatively effected, in part, by bad advice and/or bad decisions.
I’ve been tracking this trend since 2015 and year after year it seems that about 25 to 30% of the number of sold properties - go BOM (BACK ON the MARKET).
For every 100 home sales that closed in the 1st half of 2021 in Sarasota County, there were 27 pending sales that went back on the market.
Good news for some buyers.
For a buyer in search of a home, those 2500 BOM’s presented a new opportunity. Because of this scenario, a buyer would be wise to make certain that the agent they are trusting with this huge responsibility is skilled in the use of “back up offers.” A back up offer has the ability to put you automatically in contract if the current offer falls apart. Steve Martin Homes Group agents are both experienced with this process and believers in the effectiveness of this approach.
Bad news for everyone else.
For buyers and sellers of a failed contract, the whole situation is usually very upsetting.
The extra bad news is that there are probably going to be another 5000 BOM’s in the second half of the year. It just doesn’t stop.
What can a seller do different?
So now it’s time for you to exercise your critical thinking skills.
What can you do differently than 5,000 people in Sarasota County this year?
In order to have a shot at that, you would need to start considering how others handle their real estate transactions.
Most home sellers do zero research before choosing a listing agent. Many go off the recommendation of a friend. Others will choose a friend or acquaintance for fear of hurting their feelings. Some will choose the agency who charges the least commission. All are very poor reasons to choose a REALTOR. Also, many do not want to take the advice of the REALTOR they chose.
Consider their failures as a wake up call before you list your home for sale.
What can a buyer do different?
Many buyers shop on sites like Zillow and REALTOR.com. They contact whatever agent pays to have their photo on the side of other agent’s listings.
I’ve also seen many people walk into their local Real Estate Brokerage and begin to do business with whatever agent happens to be working the front desk. Those are often rookies trying to “fake it until they make it.”
Wrap it up.
If those are some of the most popular methods for choosing a REALTOR, it’s no wonder there are so many bad experiences being had.
I've never had a customer ask me what we can do to limit the risk of a BOM situation. There's plenty we can do in both preparation and negotiations.
Now that I’ve exposed the facts, and some of the reasons for these facts, what are you going to do about it?
On behalf of Steve Martin Homes Group,
-Steve
Steve Martin Smith has sold more Sarasota County homes than 98% of the area’s REALTORS from January 2015 through December 2020. Steve finished 2020 as the #1 selling REALTOR at RE/MAX Platinum Realty. Selling $1,000,000+ estates from Panther Ridge in Manatee County to condos in Punta Gorda, he is truly a tri-county REALTOR. Originally from the Detroit area, Steve discovered Sarasota County in 1983 and then moved his young family here in 1998. In his life before real estate, Steve worked corporate business management positions for 25 years while simultaneously volunteering in youth and family ministry roles with his wife Katrina. Today, along with their adult children, they enjoy helping families to realize their goals and dreams. Steve also fancies himself a song writer and plays guitar whenever he gets the chance.
*as recorded by Stellar MLS for the period of 1/1/2015 through 12/31/2020