The latest mortgage statistics show an improving market in Sarasota and Manatee counties as the numbers continue to improve. Both short-term delinquency rates (30 days late) and serious delinquencies (90 days + late) are lower than they were last year at this time. From a mortgage perspective, Hurricane Irma had significantly more impact than this year’s red tide.
The most recent data shows that there are roughly 54% less people 30 days late on their mortgages than there were last year at the same time. The total is only 2.9% (versus 3.2% last month).
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Listed at $364,500, this 3-bedroom, 2-bathroom home with 1,946 square feet and a two-car garage is sure to move quickly. Set in the private gated enclave of Eagle Trace, this charming maintenance-free home boasts three beds, two baths, and a large study. Well-designed for today’s living, the White Sands III floor plan built by Neal Communities has an open floor plan with large dining area, spacious kitchen, pantry, and a generous island with plenty of room for seating.
The market for condos and townhomes above $400,000 has shifted in favor of buyers. When compared to last year at this time, the shift is especially pronounced when you reach the $600,000 and above market in both Sarasota and Manatee counties.
We saw mortgage rates drop significantly last month. The most recent decrease will save new borrowers an additional $15.61 per month for every $100,000 borrowed. Average U.S. rates for 30-year fixed rate mortgages were at 4.55% at the end of December (and are even a little lower as I am writing this). At the end of November, they were sitting at 4.81%. We are continuing to see a bit of a zig zag approach to the market with a few months of rising rates followed by a month or two of decline.
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 generally give you a good idea of what to expect.