Tag: realtor

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Home Buying Home Prices Home Selling Real Estate

Sarasota County Single Family Home Market Update

Inventory rapidly expanded in Sarasota County in October. While increased transactions in Q1 2024 should slow down the inventory expansion, we will likely continue to see the median sales price trend down for the next month or two. Sarasota continues to be a seller’s market, but it is closer to being in balance than Manatee. Cash is still king in Sarasota as almost half of transactions in October were in cash. As with Manatee, it looks to be a reasonable time to be on either side of a transaction in Sarasota at the moment. Let’s hope it stays that way through our busy season.

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Home Buying Home Prices Home Selling Real Estate

Manatee Single Family Home Market Update

We continued to see the same pattern in Manatee this month as new listings exceeded closed sales, so our inventory continued to expand. While we are still in a seller’s market, the trend is towards market balance. The median sales price decreased by 13% in October, which was the largest decrease we have seen in years. Busy season is now upon us, so the next few months will be telling. It certainly seems like a reasonable time to be either a buyer or seller in Manatee, although the low transaction volume will likely cause sellers to have to be a little patient. The infographic below from Florida Realtors has more information for October.

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Home Buying Mortgages Real Estate

The 1% Difference

Florida Realtors has put together the infographic below that shows how monthly payments for a home purchased at the median sale price in Florida change with a 1% change in mortgage interest rates. As the swings in mortgage rate changes have narrowed in recent months, the upside of waiting for a potential mortgage rate drop has likely shrunk as well.

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Home Buying Mortgages Real Estate

Mortgage Rate Update

Mortgage interest rates have trended slightly down over the last 30 days. The recent change will save new borrowers about $5 per month for every $100,000 borrowed. Average U.S. interest rates for 30-year fixed rate mortgages were at 7.50% as of this week. Last month at this time, they were sitting at 7.57%. Recent forecasts for changes in interest rates remain mixed.

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Home Buying Home Decor Home Selling Real Estate

Apps for Buyers and Sellers

Florida Realtors has put together the list of top apps for both buyers and sellers in the infographic below. I am partial to Let’s Decorate!, but decorating is always the most fun activity in any new home.