Hello my 727 Team Newsletter fan section,
I wanted to write a quick letter to just let you know that we are going to go ahead and discontinue this monthly newsletter. Ryan is retiring from Real Estate to pursue an online business and I’ll be making some small changes to the site. We’ve been working together for over 6 years now so I’ll definitely be giving him a proper sendoff with some dinner and drinks!
Most of our business comes from people finding us on Google business or through our blog posts so I decided it’s best to nix the program that allows us to send out these newsletters.
I’ll still be writing new content on the website and you can come check it out periodically at 727team.com/blog. Feel free to bookmark that page and reference it whenever your little heart desires. You can also reach out to me anytime at chrisformico@gmail.com or call/text me at 727-307-1111.
As for a real estate update, there’s not much that you probably don’t already know. The market is extremely hot and competition is stiff, however there are things you can do to give your offer the best chance at winning. Here’s an article I wrote that may help you win a contract!
With that said, the market is hot but it does also depend on your price point. The higher the price, the less competition each home will have. I’ve had some sales in the 500k-900k range this year that weren’t quite as competitive as the sub 500k range.
This market can be frustrating for buyers however if you’re a seller I’ve noticed that some listing agents are collecting offers over the period of 3-4 days and then doing a highest and best. This gives all buyers a chance but it also can drive up the price so you’ll want either a buyer who can pay cash obviously or has language in their contract to pay the difference between contract price and appraised value in the event of a low appraisal.
Don’t lose hope buyers! Just keep trying. I’m hoping the market cools down a bit, however I’m not sure if it’ll ever be a better time to buy. My last few transactions have been buyers who call me up as soon as they see a house and we just jumped on it to get the contract. You just have to be patient and act quickly when the right situation arises. Most everyone is making some sacrifices when it comes to buying, however if you’ve managed to obtain a home in the St. Pete area I would definitely count that as a win.
Here’s something to consider. According to Zillow the average home sale price in the entire United States is currently about $287,000 whereas the average home sale price in St. Pete is about $277,000 we are still under the national average. The national average has increased about 13.5% from last year whereas the average in St. Pete has increased by 26.5% in the past year so it’s looking like we will surpass that national average soon. As a beautiful place to live I think that’s only fair.
OK that’s it for the final newsletter. If you’ve been working with Ryan please let me know when we get together, I’d like to send him a referral commission for any folks he’s been working with.