“How do I get the best deal on a Sanibel home?” – I get this question all the time from potential homebuyers looking on island for their next investment home, vacation home, or even retirement home.
We All Love a Good Deal
…on our clothes, on our electronics, on our food, and on our homes. As an experienced Realtor® on island I should know the best deal right??
It’s true, I can rattle off a handful of properties at any given time that are listed at a great price for their value. But, would you consider a $1.9M home a “deal?” It all depends on your particular buying situation, the property details, and the current market. “Deals” are so subjective that the question becomes hard to answer.
Nevertheless, here’s what I usually explain to those who ask.
What’s the List Price to Sale Price Ratio?
Looking at the list-to-sales price ratio is usually where I start. This is the percentage of asking price that homes actually sell for on island. For example, the overall list-to-sales price ratio for Single Family homes on Sanibel Island in 2018 was 94%. That means that homes sold for 94% of their asking price. Or you can look at it as having a 6% average discount on Sanibel Single Family Homes.
This percentage changes based on the type of property you are searching for and the price range in which you are looking. But generally, it’s a good indicator of how much of a “deal” you’ll be able to find in the current market.
Those are the facts. But what’s my advice to those looking for a good deal?
Tip #1 – Stay on top of new listings
Like any good deal, they go fast. Once a new listing hits the market that others perceive as a good deal, you need to call your agent right away to get more details. You might even consider putting in an offer to show your interest before someone else swoops in with an offer. We’ve had multiple situations like this, and know how to protect you in the case of a “sight-unseen” offer such as this.
Tip #2 – Put in multiple offers
If you are here looking at homes in person and find a few great options, that’s great! My advice is to put in multiple offers. It sounds crazy, but again, the type of contract that we use protects you as the buyer when putting in multiple offers. In fact, Jim and I used this strategy when buying our own Sanibel home many years ago.
In a nutshell, that’s my advice on getting “deals” on island real estate. Of course there are many other details and questions to be answered about the process. We can go into more details when you’re here looking at homes, or if you are curious and want chat over the phone before you come.
As always, don’t hesitate to reach out! You can even ask the dreaded question, “What’s the best deal?”… as long as you give me more details on your buying situation. 🙂 I’m happy to help find you the best deal that fits your needs. That’s my job as “the Negotiator.”