Although the luxury single family home market ($1M+ homes) is much better balanced this year than last, it is still a strong buyer’s market in both Manatee and Sarasota counties. 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.
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Featured Condo in Esplanade
Enjoy the benefits of Esplanade resort living in this 3 bedroom, 3 bath condo. With almost 2,400 square feet of living space, this is a rare opportunity to own a “non-golf-bundled” home in one of Lakewood Ranch’s most sought-after communities.
After a rapid rise in interest rates to start 2018, we have seen them start to stabilize. Average U.S. rates for 30-year fixed rate mortgages are currently at 4.42%. At the end of last month, they were sitting at 4.44%. While it is great to see upward momentum halt for the moment, the general forecast is for a steady continued rise over the rest of the year.
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Happy Earth Day!
“You cannot get through a single day without having an impact on the world around you. What you do makes a difference, and you have to decide what kind of difference you want to make.” – Jane Goodall
If you haven’t looked at the prices people are getting for rental properties in Sarasota, you should. The rents compared to the cost of ownership are very favorable for the owners of single family homes and condos. Further, as stock market volatility is making it look like downside risk is outweighing upside opportunity in stocks, investing in a local property can be highly appealing.