Mortgage rates surged to their highest level since 2008 after the Fed’s rate hike. According to Freddie Mac, the 30-year fixed mortgage rate rose to 5.78% from 5.23% the previous week. In addition to increasing the amount buyers will pay to borrow for their mortgage, higher interest rates lower their purchasing power.
To our clients in Esplanade. They are in contract to sell their home.
The single-family home market in Manatee didn’t turn as much as Sarasota did in April. That said, there will be even more movement towards buyers in May. We still have a long way to go towards market balance, but there is more hope for buyers now than there has been in quite some time.
The market started to materially shift in April, with even more change arriving in May. We finally have over a month of inventory available for single-family homes in Sarasota County (but just barely). The market still favors sellers in a big way, but more balance appears headed our way.
Come see what everyone is talking about. Esplanade Golf and Country Club at Lakewood Ranch has something for everyone. Whether you are looking for a place to relax, a place to meet new people, or a place to enjoy your favorite sport(s), this amenity-rich community has a lot to offer. This Lazio model home is situated on a lot specifically selected for its amazing views and privacy.