We saw mortgage interest rate change direction and start moving up in the last 30 days. The recent increase will cost new borrowers an additional $7.34 per month for every $100,000 borrowed. Average U.S. rates for 30-year fixed rate mortgages were at 3.73% as of this week. Last month at this time, they were sitting at 3.60%. The slow and steady decline since November 2018 has halted for now.
You won’t want to miss this charming practically new home. Listed at $349,900, with three bedrooms, two bathrooms, and an office, this 2018-built home offers upgraded flooring in the main living area, a designer kitchen with large island, a walk in pantry, stone countertops, a café dining area, and a great room with large sliders that open up to a covered lanai overlooking a beautiful and peaceful lake.
The luxury single family home market ($1M+ homes) is more of a buyer’s market in both Manatee and Sarasota County this year than last. 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.
The local market for condos and townhomes is continuing its shift. When compared to last year at this time, the market moved towards a buyer’s market across most price points in Manatee and Sarasota counties, with the most extreme movement happening in the luxury space in Sarasota. The exceptions (where the market is more of a seller’s market this year) are below $400,000 in Manatee and from $600,000 to $999,999 in Sarasota.
On August 26th of 2018 I met a wonderful lady named Phyllis. Phyllis was considering a move to Lakewood Ranch. After a few trips to Florida from St Louis, and months of looking, she decided Esplanade would be the perfect place for her to live. Bradley, with Taylor Morrison, was there to hep us when she decided to do a new construction home. Then Phyllis met Von, who would be overseeing the construction process. What an amazing team at Taylor Morrison in Esplanade at Lakewood Ranch. On August 15th Phyllis moved into her new home and couldn’t be any happier. Congratulations Phyllis and thank you Taylor Morrison team for all your hard work!