Everyone wants to know the future of real estate, especially after coming off a year, 2023, that in reflecting upon, was an “off year.”

After 2020-2022 of insane appreciation, low interest rates, listings flying off of the shelves, not enough inventory to gratify the insatiable demand, 2023 saw a much slower pace in the Sarasota, FL marketplace.

Although we saw an over 30% increase in sales, values held steady year over year.

2024 predictions are as follows:
1 – From Patrick Bet David, @PBDPodcast, he says this year will be “chaotic,” from the world’s wars, to the unpredictability of interest rates and to it being an election year
2 – Quotes from Warren Buffet about “being greedy when others are fearful, and fearful when others are greedy…” as well as his quote about seeing “who is swimming naked” when the tide rolls out. I think these are wonderfully experienced perspectives and sayings that have stuck with me through the years!
3 – Two of our own Sarasota area experts suggest that the Sarasota market in particular will see that 2024 should be a good year for homeowners, given FED Chairman Jerome Powell indicated in mid-December the nation’s central bank would cut rates three times next year. The agents go on to say that because of the elevated interest rates, there could be a lot of “pent-up demand” from buyers who were priced out of the market because of the higher rates.
4 – Lastly, my own opinions include:
a) securing a property at a lower price, no matter the rates
b) the timing to buy or sell is when YOU and your family are ready to do so – and that more sellers will need to sell than buyers need to buy! keep that in the back of your minds
c) supply is increasing. don’t be shocked if properties sit longer. This going to be a very sensitive PRICING market. Sellers do NOT price your homes too high! Longer days on market will only bring in much lower offers. Buyers will start to ask themselves, “What’s wrong with the property?” and, “Is it priced too high??”
d) Buyers, you’re going to have more leverage, particularly with the condo/townhome/villa market, with a much higher supply right now compared to the single family home market.

And as always, CALL ON ME as your local expert please! Thank you for your continued support on the channel as well xoxo

SHAYLA TWIT, Star Team Principal
Coldwell Banker Global Luxury
443 John Ringling Blvd Suite F
Sarasota, FL 34236

CALL / TEXT: (941) 544-7690
EMAIL:

SEE PROPERTIES FOR SALE in Florida:

#floridarealestate #floridahousingmarket #floridaproperties

The billion dooll question what in the Heck is going to happen to the 2024 real Estate Market all right I want to get you up to Date on the current local Sarasota Market so if you haven't yet watched the End of December 2023 Market video with Andrew and myself please check that out First to get you up to speed on what's Happened uh as we ended 2023 double Digit increases to be sustained year After year after year is just not Sustainable it's not realistic and so we Want to kind of bring everybody back Down to reality now and you know talk About what is more sustainable what we Can expect in 2024 based on the Historical data based on the end of 2023 You know markets don't shift overnight Although sometimes in reflecting back They tend to look like that like when I Look back at 2008 2009 the Great Recession it did feel like that was very Fast I guess maybe I was but I was much Newer in the business and I was younger And not as um experienced so when I look Back at that yes it felt very fast um so What we saw is not normal what we're Heading into is sort of a correction of Sorts our sales volume is up generally Speaking in the 30 percentile as we Ended the year and but our but our Prices have remained kind of stable and So just not seeing them exorbitantly

Increase is a start to the transition Into the new year here I'm quoting Robert Goldman local realtor with Michael sers and Company shout out to Michael Saunders quote it is a Remarkable thing when you consider how High mortgage rates went up as it Relates to 2023 is flat price Increase Robert Goldman goes on to say While the runaway home prices Experienced in 2021 and 2022 seem to be Over Goldman noted that 2024 should be a Good year for homeowners given fed Chairman Jerome Powell indicated in mid December that na nation's Central Bank Would cut rates three times next year Meaning this year so if they do that if The rates continue to stabilize and or Go on a downward Trend that will Increase demand uh I know that some Buyers are sitting on the fence waiting For the interest rates to go down and Are stabilized and I understand that but Keep in mind other people are doing the Same thing which will push the demand up And also that will therefore push the Prices up it is my very humble Professional opinion to buy when it's Time for you to buy right secure that Lower price I mean prices are going to Eventually kind of go up more upward on The upward Trend and especially when Rates do go down we all saw what the two And 3% rates did right it skyrocketed

The demand from buyers I'm not saying We're going to see that again I don't Think I will see that in my lifetime I Could be wrong but you know I I would Say secure a property uh for a lower Price while you have that room to Negotiate we have a lot of new Construction that's going to be closing Here in the Sarasota area namely the St Regis condo and hotel project on Longboat Key and the reason I point that Out in this 2024 predictions video is Because that is a huge huge step for our Market as it relates to luxury our Luxury Market has exploded so those Prices when they first secured the Project were at one level I think the The one bedrooms were starting at two in The two million range and during the Contract process because of you know Supply chain issues the cost of really Everything going up every person that Was under contract on that project had a Price increase of 133% the majority of those buyers Remained and of the other people the Buyers that have ex had exited their Contracts those had been already rescur By new buyers so that project is a huge Undertaking and has been going on for a Couple years now slated to be completed This s this summer 20124 I have some Clients that purchased in there and you Know they're thrilled and it's an

Exciting it's an very exciting project Not only for Longboat Key but for our Local market here so that is huge Sarasota is also one of the I think the Only city in the world that has not one Not two not three not four but five Ritz Carlton Towers right here in Sarasota Florida that alone puts us on the map Even more as if we weren't already on The map five Ritz Carlton Carlton Towers That's incredible so lots going on with The luxury Market the downtown has Exploded I think that we will start to Again see the properties the values Stabilize another take on what will Happen in 2024 coming from I don't know If you all watch um Patrick Bet David He's a big influencer on social media And he sold his insurance company I Think it was several years back I think For about 20 million ironically one of My clients their group purchased his Company so it's a very it's a it's like Two degrees of separation right in the World so I actually follow Patrick B David he's he's just got a wonderful Mind and he contributes a lot to you Know the real estate and just politics And all that kind of stuff and so I I Value his opinion and I thought it would Be interesting to bring forth another Opinion uh on the channel here and his Video check out if you can find it on Social media Patrick Bet David um the

2024 real estate market will be chaotic Is was was his opinion and you know I Don't know if that was to to catch views On YouTube it caught my view so it Worked but I think what he meant by that And what he was saying in the video was That there's a lot of things happening In 2024 right we're watching the Interest rates Obviously there's Wars around the world Turkey's getting ready to maybe jump in And they've got a really strong Military uh we've got an election year So these are all external uh factors That might come into play or should come Into play uh during this 2024 real Estate market you know and a lot of Times we get asked okay well there's an Election year what's going to happen I Mean and you know quite frankly yeah Some people are going to wait and see What happens I again I would suggest Securing a property at at a lower price Because when is the best time to buy It's probably Now versus five years from Now if you think about it um and I Always suggest people buying uh with That fiveyear mentality plus because you Know if you're in it for a short term Buying and flipping it's not really my Thing I'm a big proponent of buying and Holding real estate it always goes up After a while right it might go up and Down if it goes down and you're not

Selling why does it matter for you Personally right you're just going to Buy and hold it so he uh Patrick bad David went on to say you know that During chaotic times and I know Warren Buffett talks about this too that Chaotic times can create very wealthy People and if you see opportunities Where other people are fearful be greedy Where people are greedy be fearful right That's a Warren Buffett quote which I Love and um another thing he says is um When the tide roll rolls out you see Who's swimming naked I love that because It's such a great visual because it's True you see who's really Overleveraged and you know I hate to say It but people do take advantage of People in the marketplace and and for Some you know getting out from Underneath a property that they just Can't afford it's another opportunity For an investor right and so that's Going to happen um I know here in the Sarasota Market I did see one of my First uh foreclosure properties on longb Key actually and interestingly enough It's not labeled as such it's not even Labeled as a foreclosure um but there is One on Longboat I I don't know what the Rules are but technically I don't know These Banks follow their own rules but That's that's a different topic so um You know there there are going to be

Opportunities for those who have Overleveraged as well I think in summary Uh what we can expect to see in the 2024 Real estate market is some stabilization I would anticipate property is sitting In the market a little bit longer I know At the end of market update video that We just put out for December 2023 it was Running at about 20 some days on the Market in general from contract to uh Sorry from listing from listing date to Contract date and that is exceptionally Fast uh during a normal Market it's About 90 Days so I would I wouldn't be surprised If in the first quarter of 2024 we saw On the market inch up more toward 30 Days on the market because here locally Our season is considered January February March April and so with that we Have more properties that come up we do Have more buyers that come we also have More buyers that tend to be sort of Looky lose you know kind of everyone and Their brother that come here to look Because they're on vacation so that's Our job to weed those people out as much As we can and service the buyers that Are starting to look as well so it's I Think get a little bit of a balance for The Realtors and also in educating our Sellers that you know um with the rates Still high they're still in the sevens I Know they're trying to stabilize but

Educating our Sellers as well because We're going to get get asked you know Why is my property sitting a little bit Longer and that's just part of the Changes in the markets and as an agent Here since 2002 just know that I'm living breathing Eating functioning real estate from the Time I wake up to the time I go to bed Quite literally it's probably excessive I should probably get a life but I love What I do I love helping my clients make Money I love helping you secure a Property that you're just excited about That you can build memories in with you And your family and you know it's a Great investment and so it's an exciting Thing and and and I understand that this Is the biggest investment most people Make in a lifetime and I've been doing This long enough to understand and how Know how to maneuver through a variety Of markets this is no different you know Um and so I'm here to help you I'm here To advise you for whatever your needs Are whatever your timing is there's Always a time to purchase there's always A time to sell so I would love to hear From you and I appreciate your comments You guys and you're subscribing I'm Excited to bring forth more content this Year uh based on your feedback as well I Want to hear that because I want to know The direction you want the channel to

Head as your Sarasota expert thank you Again please call me anytime 941 544 7690

Related Posts