We saw mortgage rates rise again last month. The most recent rise will cost new borrowers an additional $8.50 per month for every $100,000 borrowed. Average U.S. rates for 30-year fixed rate mortgages are currently at 4.86%. At the end of last month, they were sitting at 4.72%. After a few months of relatively stability, the general forecast for a continued rise over the next twelve months is steadily becoming a reality.
Tag: real estate
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 will give you a good idea of what to expect.
The luxury single family home market ($1M+ homes) is much more of a buyer’s market in Sarasota County this year than last. Although Manatee County is also a stronger buyer’s market for luxury homes this year than last, it hasn’t changed nearly as much as 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.
Congratulations to our homeowner in Summerwood in Sarasota! His home is now in contract. After another agent was unsuccessful in selling the property during his listing period, our team was able to produce a contract at over 98% of the listing price.
While I focus most of my time on what’s happening in Manatee and Sarasota counties, it’s also important to follow the broader real estate trends. Overall, the real estate market in the United States has been seeing significant price increases. Over the past 12 months, average sale prices for homes have risen by 5.5%.