We saw mortgage rates stay essentially flat last month after a rapid rise to start this year. Average U.S. rates for 30-year fixed rate mortgages are currently at 4.55%. At the end of last month, they were sitting at 4.56%. While it is great to see upward momentum reverse for the time being, the general forecast continues to be for a slow continued rise over the rest of the year.
The Sarasota and Manatee county markets for condos & townhomes remain disconnected for properties between $600k and $1M. In Manatee, it is better to be a buyer; however, the market is balanced in Sarasota. While the $1M+ condo market in Sarasota has favored sellers all year, this is just the second month that we have also seen it happening in Manatee.
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Happy Independence Day!
Here is some food for thought from John Kennedy. “Let every nation know, whether it wishes us well or ill, that we shall pay any price, bear any burden, meet any hardship, support any friend, oppose any foe to assure the survival and the success of liberty.”
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 will give you a good idea of what to expect.