In the last two decades, the Sarasota real estate market has experienced substantial transformations that have had an impact on buyers and sellers. These changes have been influenced by various factors, such as technological advancements, shifts in consumer preferences, and fluctuations in the economy. In the most recent article by Burson Home Advisors, we will explore five key ways in which the real estate market has evolved during this time period.
The Rise of Direct Buyers
A significant shift in the real estate market has been the emergence of direct buyers. Previously, the prevailing method of selling a home was to list it on the Multiple Listing Service (MLS). This platform enabled real estate agents to promote the property to a broad range of potential buyers, increasing the likelihood of receiving multiple offers. However, this approach often entailed paying substantial commissions to the agent and enduring lengthy waiting periods, sometimes lasting weeks or even months, until the ideal buyer was found.
Nowadays, a growing number of homeowners are opting to collaborate with direct buyers. These direct buyers are typically investors or specialized companies that have expertise in swiftly and efficiently purchasing homes. They frequently provide cash offers and are capable of closing the sale within a few days. This can prove to be an excellent choice for sellers who require a quick sale or wish to bypass the complications of listing their homes on the Multiple Listing Service (MLS). At Burson Home Advisors, we assist homeowners in selling their properties directly, often saving them valuable time and money in the process.
Advancements in Technology
The real estate market has undergone significant changes in the last two decades, primarily driven by the widespread adoption of technology. In the present day, individuals involved in real estate transactions in Sarasota benefit from a plethora of online resources. These resources allow buyers and sellers to access a vast amount of information, such as property listings, visual media like photos and videos, and even virtual tours, all from the comfort of their own computer. Consequently, this technological advancement has greatly enhanced the efficiency and convenience of the home-buying process.
Technology has facilitated the marketing of properties and the connection between real estate agents and potential buyers. Social media platforms such as Facebook and Instagram provide agents with the means to reach a broader audience and exhibit their listings in innovative and captivating manners. Additionally, agents can utilize email marketing and other digital tools to maintain communication with clients and keep them updated on newly available properties.
Shifts in Consumer Behavior
Over the past two decades, the real estate market has experienced a notable transformation in consumer behavior. Presently, homebuyers exhibit a higher level of knowledge and autonomy compared to previous years. With the vast amount of information available online, individuals are equipped to conduct thorough research before committing to a purchase. Consequently, they are inclined to take a proactive approach to their home search and may rely less on real estate agents for guidance throughout the process.
Simultaneously, sellers have acquired a greater understanding of the process involved in selling a home. They are now more inclined to conduct their own research and actively participate in the marketing and sale of their property. As a result, real estate agents face heightened competition and are placing a stronger emphasis on delivering exceptional customer service.
The economy has exerted a significant influence on the real estate market for the past two decades. The health of the housing market is intricately linked to the overall well-being of the economy, and during this period, it has experienced both positive and negative fluctuations. The real estate market was severely affected by the housing bubble in the early 2000s, resulting in a prolonged recessionary period.
Currently, the economy is experiencing a period of instability due to the ongoing COVID-19 pandemic. As a result, individuals engaging in home buying and selling have become more cautious, as they harbor uncertainties about forthcoming developments. Nevertheless, the real estate market has exhibited resilience in the face of economic obstacles, presenting numerous possibilities for individuals interested in purchasing or selling a residential property.
The Sarasota real estate market has experienced substantial transformations in the last twenty years. The emergence of direct buyers, advancements in technology, and fluctuations in the economy have greatly influenced both buyers and sellers. Moving forward, it will be intriguing to observe how the real estate market progresses and adjusts to novel challenges and prospects. If you have questions about the local real estate market, give Burson Home Advisors a call today at 941-241-1632! Our creative solutions and advanced technology are helping buyers and sellers throughout the area.