Are you considering moving but wondering if now is the right time to buy or sell? Recently, local and national news outlets have been inundated with talk about a pending housing crash as home prices are projected to sink even lower. You might be wondering if the beautiful island community of Lido Key could be affected. Read on to learn about the real estate market in Lido Key and what could happen in 2023.
1. The Lido Key housing market
Lido Key is currently experiencing a buyer’s market that is characterized by lower prices and homes staying on the market longer. Specifically, the median price for all home types in Lido Key is
$960,000. Though home prices have
increased by 22.8% since the previous year, many Lido Key homes are priced lower than in the nearby city of Longboat Key. For example, the median home price in Longboat Key is
$1,431,404, with homes priced as high as 22 million dollars, such as
this magnificent oceanfront estate that is currently under construction. As for Lido Key, homes such as
this luxurious oceanfront estate are currently priced as high as 14 million dollars.
Despite the current Lido Key real estate market conditions, homes are selling fast, with many
selling within a week as of November 2022. It is important to note that even though homes sell extremely fast, many sell for less than the asking price. This indicates that the market is not very competitive, with fewer or no bidding wars. It has created a situation where buyers often have more purchasing and negotiating power. If you are interested in buying a new property in Lido Key, now might be the best time while there is less competition and prices are down.
2. A highly-desirable island paradise
As a barrier island surrounded by Sarasota Bay and the Gulf of Mexico, Lido Key is known for its pristine beaches and other fabulous outdoor activities. From lounging on the white sand beaches to deep-sea fishing and dolphin watching, there are many options for residents to enjoy the natural beauty of the area. For example, many residents love to visit the
Mote Marine Laboratory and Aquarium, where they can see the local sea life up close. In addition, South Lido County Park is another popular destination for families and singles where they can go swimming, kayaking, picnicking, and birdwatching. Many locals also love surfing in the tranquil waters, which often boast calm waves perfect for beginners. If you are looking for the best vantage point to experience breathtaking views of the waterscape, consider driving or walking across the Ringling Bridge. Once over, you can then experience all the recreational amenities that downtown Sarasota has to offer.
As a beautiful island community, Lido Key is a top tourist destination. As many flock to this small community, the job market in Lido Key continues to thrive, contributing to the economy's growth. As a community that is part of Sarasota County, the job market has experienced a
2.6% annual increase. Over the next ten years, the job market for the entire county should grow by
42.2%. As the economy and job market continue to grow, more and more people will relocate to Lido Key, further driving up demand for homes.
3. Potential for rising appreciation rates
As a thriving community located in Sarasota, home values in Lido Key will continue to appreciate. For the Sarasota area, homes have
increased in value by 281% over the past two decades, rising at 6% annually. This indicates that homes in Sarasota, particularly Lido Key, will likely keep appreciating well into 2023. As long as the economy remains strong and the desirability for homes is high, home values will keep increasing.
Consider also visiting the local City Hall, where you can find out what developments are planned for the area. Generally, new constructions for homes, shopping plazas, and recreational amenities can help homes increase in value. Conversely, homes close to roadwork or landfills can help bring down the home's value. With
approximately 21% relocating to Lido Key and the thriving economy, home values will likely continue increasing.
4. What is next for buyers?
As a strong buyer’s market, it is a great time to consider buying a new home or an investment property in Lido Key. However, if federal mortgage interest rates keep increasing with rising inflation, some buyers will likely be priced out. Those who can buy a property will face less competition and fewer bidding wars. Basic economics also states that the current real estate market cannot sustain itself long. Eventually, the market will shift again, but how quickly it shifts remains to be determined. Before the market starts shifting to a more balanced one, it might be best to start looking to see if there is a home that you can purchase now. If there is, be prepared to act quickly and create a negotiation strategy to ensure that sellers will choose your offer.
5. What is next for sellers?
On the other hand, sellers might have a more difficult time navigating a buyer’s market in which prices are lower. Sellers should therefore proceed with caution. Consider getting your property inspected to ensure it is safe to live in. Furthermore, be sure to highlight your home's best features through staging and marketing. Whether the floor-to-ceiling windows offer panoramic views of the breathtaking waterscape or world-class amenities such as resort-style pools, spas, or elevators, be sure to include those in the listings. Overall, Lido Key is one of the top destinations in the Sarasota area, with beautiful beaches and excellent outdoor recreation. With limited space available for homes, there will be an opportunity to find the right buyer for Lido Key real estate.
6. Consult your experienced real estate agent in Lido Key
Whether you are planning on buying a new property or selling your current one, you should work with an expert who has considerable experience dealing with real estate transactions in the Sarasota area. An experienced agent will guide you in creating a list of must-haves and non-negotiables so you can more efficiently find your dream home on this incredible island paradise. As for sellers, a Lido Key real estate agent will help develop innovative marketing, staging, and negotiation strategies so that your home can stand out in this challenging buyer’s market.
Ready to buy or sell a home in Lido Key? Then, you need to talk to the premiere group of experts at the
Judy Kepecz-Hays Team. From executing staging and marketing strategies to implementing creative negotiation tactics, Judy and her team can help you find your dream home or sell one for top dollar!
