Home sales across the United States are picking up again despite the sudden loss of some 22 million jobs due to the coronavirus pandemic. How does that make sense? Record-low mortgage rates and a lack of homes for sale are two key reasons that help explain the dramatic rebound. However, those factors do not tell the whole story.
Mortgage interest rates fell below 3% for the first time ever. The average 30-year fixed-rate mortgage fell to a record low of 2.98% this past week, according to Freddie Mac. That is the lowest level in the nearly 50 years of the mortgage giant’s survey.
Listed at $290,000, this two-bedroom, two-bathroom home features 1,525 square feet of living space. No CDD fees are required with this Tidewater model home located in the highly sought-after community of Eagle Trace near the North East corner of Lakewood Ranch.
Finding your next home locally can be challenging. When you add hundreds or even thousands of miles to the equation, it becomes significantly more complicated. Though long-distance house hunting has its unique challenges, it is not impossible. In fact, we help people with it every day, and with modern technology, it has never been easier to buy a house remotely. Here are a few critical factors to keep in mind when you find yourself in a home search from afar.
The local market for condos and townhomes is continuing its shift, although not necessary how you would expect during the Pandemic. When compared to last year at this time, the market favors seller’s for price points below $400,000 in Sarasota County. Above $400,000, the market favors buyer’s in Sarasota County when compared to last year. We saw the entire market other than price points from $600,000 to $999,999 favor buyers more in Manatee County than they did last year.