So you’re on the market for buying a Sarasota home. Welcome! It’s a big club, and it’s getting bigger every day.
At the beginning of this year, we published a blog about the red-hot Sarasota-Manatee housing market. And the market has only gotten hotter since then. Only two weeks after our blog post, the Washington Post/Realtor.com Emerging Housing Markets Index listed North Port-Sarasota-Bradenton No. 2 in the country, behind only Naples. The index ranks top metro areas for appreciating home prices.
Local realtors predict market growth to last for at least another year and a half to two years.
What Does a Hot Market Mean for Buyers?
The hot Sarasota housing market means that there’s been a massive influx of buyers. There are so many people looking to buy homes in the Sarasota-Manatee area that there is unprecedented homebuyer competition.
When homes are priced right, sellers are getting five or six offers within 72 hours of listing—good offers. Buyers are trying to appeal to sellers in other ways.
Desperate Buyers Doing Desperate Things
One way buyers have traditionally tried to stand out in a competitive homebuying market is by paying cash. But in the current Sarasota housing market, loads of people are already buying cash. So how else can buyers appeal to sellers?
Now, buyers are trying to streamline the buying process by waiving protections, including home inspections. The thinking being: If the seller doesn’t have to wait for or worry about a home inspection, they might be more likely to choose your bid.
Prospective buyers seem to believe that the risks of buying a home with no inspection are worth it, so long as they can successfully bid on their Sarasota dream home. They figure going through the home-buying process without an inspection is better than upping their bid by several thousand dollars.
The Risks of Waiving Your Sarasota-Bradenton Home Inspection
But no home inspection means assuming a huge amount of financial—and even emotional—risk, especially if you’re buying a home you’ve never seen in person. (And this is happening in southwest Florida! A lot!)
This mindset overlooks the tremendous costs homes can quickly accrue. You may save $5,000 on your bid, but you’ll quickly lose that money and then some when you discover an issue with the roof, the foundation, the pool, the plumbing, or any of another 100 things.
In fact, we’re already seeing it. This increased competition has already been around for more than a year. People have been trying to get into this market early since the beginning of the pandemic. And while those buyers may have managed to beat substantial price appreciation by skipping their home inspection, they’re now stuck with a money pit.
How to Get Your Home Inspection and Win Your Bid
Don’t become a remorseful homebuyer! You too can have your home inspection and still get your dream Sarasota home.
Talk to your home inspector before you bid. It helps to have an inspector on speed dial. It helps even more to have a rapport with a professional home inspector.
Hire local. An out-of-town home inspector can be a deterrent to Southwest Florida home sellers. When you hire an experienced, Sarasota-Manatee home inspector, sellers will know you’re serious. They’ll also trust that the home inspection will be fair and legitimate.
Have patience. Yes, Sarasota is a hot housing market, and it’s only going to get hotter. But a home is a significant investment at any price. You can’t let market conditions scare you into rushing your decision or skipping your buyer safety procedures.
Trust your homebuying pros. Between your realtor, property appraiser, and certified home inspector, you have assembled a great team to guide you through this process. Talk to all of them and ask whatever questions you might have. They should be happy to help you and to explain.
And in the end, we all hope you’re happy with your new home. That’s our goal!