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 generally give you a good idea of what to expect.
While the luxury single family home markets ($1M+ homes) in both Sarasota and Manatee counties are strong buyer’s markets, they look better for sellers this year than last. The most significant movement for sellers is in Sarasota County. 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.
You’ll never get bored when you try something new. There’s really no limit to what you can do. – Dr Seuss
Happy Holidays and all the best to you in the year to come!
While we saw mortgage interest rates drop a bit to begin the last 30 days, they are now back in essentially the same place they were at this point in November. The miniscule change will save new borrowers just over a $1 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 3.75%.