While inventory is up materially year-on-year, closed sales also saw a jump in July in Manatee County. Overall, the market still slightly favors sellers, but it is still a good time to be on both sides of a transaction as relative leverage exists. You may have been reading some doom and gloom articles about Florida listings, but the negative news appears to be largely confined to the high-rise condo market outside of Manatee County at this time (largely due to potential or actual large one-time assessments). See the infographic below from Florida Realtors for more.
Florida Realtors has put the infographic below together to help us with things to consider prior to taking the plunge.
Mortgage Interest Rate Update
Mortgage interest rates have trended downward over the past 30 days, leading to potential savings for new borrowers of approximately $19 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 6.49%, down from 6.77% a month ago. However, forecasts for future interest rate changes remain mixed.
Benefits of Home Ownership
The main reasons to own your home are timeless. The infographic below from Florida Realtors lays out some of the most important ones.
Using a Buyer’s Agent
The infographic from Florida Realtors, below, explains some of the main reasons to use a buyer’s agent for your next home purchase.