Congratulations to Mark and Michelle as they closed on the sale of their River Club home yesterday! Also, I want to welcome Shauna & Bill to the neighborhood. Enjoy your lovely new home!
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Category: Home Buying
Whether you are looking to buy, sell or invest in real estate, it is important to understand market conditions. Real estate is hyper-local, with market dynamics changing from subdivision to subdivision. However, county trends generally give you a good idea of what to expect.
We saw mortgage interest rates continue to creep upwards in the last 30 days. The recent increase will cost new borrowers an additional $6.22 per month for every $100,000 borrowed. Average U.S. rates for 30-year fixed rate mortgages were at 3.75% as of this week. Last month at this time, they were sitting at 3.64%. The slow and steady decline since November 2018 has halted for now.
The luxury single family home market ($1M+ homes) is more of a seller’s market in Manatee County this year than last; however, it is relatively flat in Sarasota County. Markets are generally considered in “balance” when there is about six months of inventory for sale at the current pace of home sales. When the inventory gets greater than that, buyers tend to have more leverage than sellers in negotiations.
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Congratulations!
Congrats to Michelle & Mark! We have their home in contract in its first month on the market.