Mortgage interest rates were largely flat over the last 30 days. The minor recent change will only cost new borrowers about $1 per month for every $100,000 borrowed. Average U.S. interest rates for 30-year fixed rate mortgages were at 6.33% as of this week. Last month at this time, they were sitting at 6.31%.
The National Association of Realtors put together this infographic that I found as a helpful overview of the role of a real estate agent.
When you list your home for sale, it will directly compete against other listed properties in our area. Pricing your home competitively is important, but so are factors like appeal and property condition. You know your property better than anyone else, so you understandably may be aware of some repair issues that you have been delaying. Are you trying to decide which of these repairs require your attention before listing your home for sale? Here are some important factors to consider.
Closed sales were down 50% year on year in Sarasota County for single family homes in November. That is a massive drop; however, the market still doesn’t favor buyers at many price points. Inventory levels are at 4 months of sales (on average), so we are still a little short of the 6 months usually referenced as a balanced market. The signals are generally favorable for buyers though as cash sales are no longer the majority of sales in the county. That said, buyers shouldn’t be expecting to cash in on low offer to list price transactions at this time. The infographic below from Florida Realtors has more information.
We continue to move closer to market balance in Manatee County after a lengthy run of sellers holding most of the cards. Inventory levels are up to almost 4 months of sales (6 months is considered in balance between buyers and sellers). As the price point rises, inventory levels shift more towards buyer leverage. We are now entering our peak season in Florida, so the next few months will be telling as to the market direction. The infographic from Florida Realtors below has the latest results from November.
