As a Realtor, it is my strict personal rule not to pressure clients into buying. With the average price on Anna Maria Island well over $500,000, purchasing here is a major investment and there are a lot of complications in finding the “right property” depending upon a client’s individual needs. It is my philosophy to “educate and not sell.” In my book, selling real estate isn’t really selling at all, it’s consulting. It’s helping a client find all of the options, making them aware of all of the pitfalls and complexities of individual properties, and then allowing them to decide which home is right for them.
With all of that being said, it’s become harder and harder for me not to push because this market is moving fast. In the last 3 months I’ve had clients lose out on:
- A Runaway Bay condo in need of renovation but far below market value.
- A totally renovated Bradenton Beach cottage that needed nothing but a pool to be a killer rental.
- A fabulous gulf view condo in a successful rental program.
ALL of these clients lost out because they didn’t move fast enough and thought those deals would be around for months. If you’ve been watching the Anna Maria Island real estate market for a while you know that those days are over. The super steals of recession years are long gone, and we’re at a point on the island where it’s tough to get an updated condominium for under $400,000. Home prices in Manatee County are up 11 percent over last year, and that number is higher on AMI. Properties are listed for less time as well. Consider this:
- The least expensive single family home in Anna Maria is listed at $689,000.
- The least expensive condo in Anna Maria is listed at $325,000 and, mark my words, it won’t last.
- The least expensive single family home in Holmes Beach is listed at $509,000 and it’s a 2 bedroom, 1 bathroom.
- The least expensive condo in Holmes Beach is listed at $279,000, in Shell Point (1 month minimum) – it wasn’t that long ago that condos in Shell Point were in the low $200’s.
- The least expensive single family home in Bradenton Beach is listed at $650,000.
- The least expensive non-condotel condominium in Bradenton Beach is listed at $288,000, and it’s 454 square feet.
This morning I received this in an email from NARS:
“We are still in the middle innings of rising interest rates; consumers should expect another three or four rounds of interest rate increases over the next 18 months. Mortgage rates will consequently continue to nudge higher… ~NAR Chief Economist Lawrence Yun
Unfortunately, none of us control all of the factors that make it a good time to buy for us personally. Sometimes you’re ready when the market is not right for you, I understand that fully. However, if you have been sitting on the fence thinking about investing in Anna Maria Island real estate it is my strong opinion that, if you wait another year, you’ll pay more both in the asking price and in the mortgage rate. This is true no matter which Realtor you’re working on AMI – none of us can control it.
If you are interested in exploring properties on or near Anna Maria Island, I’d love to help. You can reach me via email me or call/text my cell at 570-878-6098.