Any cursory look at the real estate market will show the dramatic change we have seen recently in housing prices. In fact, many of us can find out what is happening in our areas without the use of a real estate pro. However, when it gets down to valuing your specific home, a real estate pro will use their comparables tools to get much more precise. See the helpful infographic below from Florida Realtors.
According to CoreLogic, Florida has shown the 2nd highest year on year home price appreciation amongst U.S. states. It trails only Arizona (28.3% vs 27.9%) based on the most recent data. See the graph below for the results by state.
This infographic shows a snapshot of single-family home sales in Manatee County in January. The active inventory figure continues to be the most troubling in our market.
The following chart from Florida Realtors shows some typical home buying costs you may not have thought about. Let me know if you have any questions.
We saw mortgage interest rates continue to trend higher in the last 30 days. The recent change will cost new borrowers another $13.50 per month for every $100,000 borrowed. Average U.S. rates for 30-year fixed rate mortgages were at 3.69% as of this week. Last month at this time, they were sitting at 3.45%. Of course, both are historically low.