Mortgage interest rates have been trending higher over the past 30 days, leading to potentially increased costs for new borrowers of approximately $30 per month for every $100,000 borrowed. As of this week, the average U.S. interest rate for 30-year fixed-rate mortgages stands at 6.54%, up from 6.08% a month ago. However, forecasts for future interest rate changes remain mixed as the recent short-term interest rate reduction caused a spike in mortgage interest rates.
With the severe weather we have recently experienced, I have been a little slow to stay active on this page. Let’s hope Milton was the last major impact of the season.
For those of you who are going to be in the market to sell your homes this season, don’t forget the details as they matter. This infographic from Florida Realtors contains one that can often be overlooked.
The Sarasota County single-family home market looks to be a few months ahead of Manatee, assuming both counties continue on their pre-existing trends. The balance of power in Sarasota County is closer to a buyers’ market than Manatee, but it isn’t quite there yet. It is still a reasonable market to participate in whether you are buying or selling. One of the big shifts we saw in terms of year-over-year results in Sarasota County was percent of sales that were all cash. It was down materially from 2023. That may be telling us that investors are backing off the market for now. The infographic from Florida Realtors below contains more information.
August final statistics for Single-Family Homes in Manatee County showed a continuation of existing trends. New listings outpaced closed home sales, which continued to drive up inventory levels. The additional inventory on the market is moving the balance of power slowly towards buyers. At this point, there is still a pretty decent power balance between buyers and sellers, but if this trend continues, the market will shift squarely into a buyers’ market in Manatee. The infographic below from Florida Realtors contains more.
When you are looking to negotiate your next home purchase, it helps to show the seller that you are a serious buyer. Also, if you are selling, you want to ensure you engage with buyers that are ready to purchase. The infographic below from Florida Realtors provides insights on how you can do just that.
