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.
Tag: Bradenton
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How Underwater Are We?
Did you know that about 2/3’s of homes in the United States are mortgaged? It’s a big number. Even more surprising is that about 2.5 million homeowners in the U.S. still have negative equity. Negative equity, often referred to as being “underwater” or “upside down,” happens when borrowers owe more on their mortgages than their homes are worth.
Hurricane Irma is still disrupting local mortgage repayments. It has by no means reached a point where we should be concerned about another meltdown in our market, but the impact shouldn’t be ignored. Before the hurricane, our market was showing significant year on year downturns in mortgage delinquency rates and foreclosures. The mortgage market looked about as healthy as it could get. Thus, the real estate market looked the same.
The visual advantages of drone videos have impacted the way that homes are presented throughout the internet. Prospective home buyers often shop online first, so they expect high-quality photography and video in the online listing or they often won’t consider the home.
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Happy St. Patrick’s Day!
Wishing you the many wonderful things that an Irish blessing will bring. Happiness, joy, love, and laughter, may your day be content and may you smile happily ever after! Happy St. Patrick’s Day!
