The shift from a fast-paced seller’s market to a buyer-driven environment has brought new challenges for property owners in Sarasota, according to Brett Keyser of RE/MAX Alliance Group. In a recent interview, Keyser discussed how extended selling timelines and evolving pricing expectations are influencing the local real estate market.
“A lot of sellers still think it’s a seller’s market, and they don’t realize that the market has dropped a lot,” said Keyser, who has worked through multiple market cycles since starting his real estate career in 2008 after the collapse of Lehman Brothers.
The Sarasota market has changed significantly, moving from homes selling in just four days on average to current timelines often exceeding 80 days, with some properties taking even longer to sell.
Keyser identifies the gap between seller expectations and market reality as a major challenge:
Price Chasing: “You have something that sold for $200,000 five months ago, and now you have an active property on the market for $180,000 and it’s still not selling. Now, we can’t put your house on the market for your condo for $210,000 because you’re competing with a guy at $180,000.”
Market Discovery: “And guess what? That $180,000 they haven’t even found the market yet, right? The market might be $170,000 or $160,000 right?”
Consequences: “We end up chasing the market down, right? So that $180,000 then ends up selling for $170,000 say, and now we’re six months into the listing.”
Keyser noted the impact of unrealistic pricing on both agents and clients. “Last year, I think it was like six or seven properties that I just lost, just because they didn’t listen to me. You know, it’s like six months later, and now they’ve lost a lot more money because the market has come down.”
He also addressed the difficulty of delivering tough advice: “It doesn’t do me any good to say told you so, because I make no money actually, I lose a lot of money. They lose money. Nobody’s happy.”
For properties that cannot reach seller price expectations, Keyser now offers alternative solutions. “I go to the listing up front. I said, Hey, I understand that you’re telling me you need this price. Now if you don’t get it, I’m happy to help you rent the property out.”
This approach reflects a shift from traditional listing strategies, recognizing that some properties may require different exit strategies.
When discussing holding strategies, Keyser provided a realistic timeline: “If you absolutely need that number, well, maybe in three years, we might be able to get that for you. Market cycles are slow, right? Because you’re coming down, you’re leveling off, and then you’re coming back up slowly.”
Keyser has become more selective about which listings to take: “If somebody just goes, Hey, you know, like an example, it’s, you know, last one was $200,000, next one selling at $180,000 it’s listed, and you want to list it for $250,000, why? I’m not your guy.”
Despite current difficulties, Keyser observed some recent improvement: “In the last month or so, I’ve felt like we’ve seen an uptick on the activity, right?”
He pointed to the absence of hurricanes this year as a factor: “A year ago, right now, we had already had, I think two or three hurricanes.”
