Many people believe that selling a home during the holidays or winter is not a good idea. In Florida, however, this couldn’t be further from the truth. While it’s historically true that the spring market is typically more favorable for selling a house in most regions, Florida tends to pick up momentum around this time.
The infographic below from Florida Realtors lays out several tips you should consider before you buy.
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.
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.
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.