Longboat Key Florida Pricing strategies in the current Sarasota market, REALTALK™ #165

Pricing strategies in the current Sarasota market, REALTALK™ #165

Roger Pettingell discusses pricing strategies for selling homes in Sarasota, how Zillow works into the scheme and compares this market to northern cities. This is the fourth year anniversary of REALTALK™. Roger is the number 1 single Coldwell Banker agent in all of Florida for 2008, 2010, 2012, 2013, 2014, 2015, 2016 and 2017 and ranked among the top 250 agents in the nation in 2014, 2016 and 2017 by REAL Trends as reported in the Wall Street Journal. He closed over $105.4 million in residential real estate sales in 2017. Roger is interviewed by Mary Kay Ryan, director of customer care. Visit the YouTube playlist for REALTALK™ or see all the videos with their transcripts here at http://bit.ly/1g8Z1mW Transcription: Hi, welcome back to REALTALK™ with Sarasota's luxury waterfront specialist, Roger Pettingell. Good morning, Roger. Coffee talk. Coffee talk. You know, in the past on REALTALK™ we've talked about housing prices and how you come to the conclusion and where to position a house, but the market changes constantly and sometimes houses are coming on for the first time, or the second time, so I thought we'd talk a little bit about your methodology. And then there's Zillow, Ziloe, that everybody is like, "My home is worth, you know, 10 million because Zillow says so." Which may or may not be good, because maybe it's worth seven, maybe it's worth 12. Right. So that, I'll just touch base on the Zillow real quick. It's Zillow can be a really good indicator. It can give you an idea, particularly if you're in a subdivision of similar style homes, similar style views, similar style ages. But if you get to say you know, a Bird Key, where you know, you might have a teardown next to a brand new house. Right. You might be looking at downtown Sarasota, versus you know, looking at nothing. Zillow really, you know, they have algorithms, but they really can't pinpoint those differences, and the valuations can be tremendously different. And they don't know what the inside looks like. They don't. Condition is also a problem. Right. The one thing I like about Zillow, I think they have great maps. So I like to look at those sometimes and they have a great listing history, which is something that a typical consumer doesn't have access to. Like we can see it through the Multiple Listing. Right. But a consumer can see every price change, every time it was bought or sold, they do a really good job with that. So, when somebody comes to me, let's start with the example of, it's a brand new seller to the market. So that's the time when you really probably have to do the most work, right. Because if it's a second time, maybe it was listed with somebody else and it didn't sell. You know, I have all that data from you know, maybe that six months or a year they were listed. Like was it showing a lot at the given price, you know was it staged properly, what kind of marketing did they do. What was the feedback. Any offers, things like that. So then we've got this huge amount of data to work with, and honestly it's a lot easier, right. But when you're starting fresh, you really want to hit that price right in the beginning. Because that 30 to 60 days, you know in a probably more active, say like a New York or Toronto market, you know it's 30 days. But our market, you know moves a little bit slower for sure, so I'll say 30 to 60 days. That's the time you want to get your offer. Because the longer something sits on the market in a strong market, people think there's something wrong with it, or that there's just not a market motivation to buy it. So that doesn't give them any sense of urgency. So our key is to really try to get the highest price, but to price it as close to the market, so that we can get those offers right in the beginning. So for that, you know we're clearly looking to comparable sales, condition, what the market's like. You know, I don't focus a lot on price per square foot unless it's somebody that's buying a lot and bringing in a builder to build there. That price per square foot also doesn't ever take into consideration things like, views or condition. So there's a lot of moving pieces, but you really just can't rely on, you know the market information that's out there and a thing like, the tax records. People will say, well the property appraiser says it's worth this, or the Zillow says it's worth that. And that's one of the things I think is always gonna keep a Realtor as an important part of the transaction because it's market knowledge that really is important in that pricing. Yeah. If you're thinking of selling and would like a personal home valuation, we'd love to hear from you, (941) 387-1840. Thanks so much for joining us on REALTALK™. See you next week.
Video presented by:
Roger Pettingell
Coldwell Banker Residential Real Estate

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Why Choose
Roger Pettingell?

Experience

  • Over 33 years as a top producing REALTOR® on Longboat Key and in Sarasota.

Achievements

  • Number 1 single Coldwell Banker agent in all of Florida for 2008, 2010, 2012, 2013, 2014, 2015, 2016 and 2017
  • Number 1 Realtor on Longboat Key and Bird Key for 2008, 2010, 2012, 2013, 2014, 2015, 2016 and 2017
  • Number 1 Realtor for all Sarasota in 2008, 2010, 2012, 2013, 2014, 2015, 2016 and 2017
  • Coldwell Banker Society of Excellence award in 2013, 2014 and 2016
  • Ranked among the top 250 agents in the country for 2014, 2016 and 2017 by REAL Trends as reported in the Wall Street Journal.

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About Roger Pettingell

Roger Pettingell of Coldwell Banker Residential Real Estate is your Longboat Key, Florida Luxury Real Estate Specialist. Roger provides his real estate expertise to sellers, investors, developers, and buyers in the Sarasota area including Anna Maria, Bird Key, Bradenton Beach, Casey Key, Cortez, Grand Bay, Holmes Beach, Longboat Key, Marina Bay, Osprey and Siesta Key. Search for homes, luxury homes, condominiums, investment property, development property, and vacant land and lots on the Longboat Key, Florida and the surrounding area.