We have seen the brakes heavily applied to the number of real estate transactions in the United States. The chart below, from the National Association of Realtors, shows just how much has changed in recent months.
Tag: Sarasota
Mortgage rates are now falling almost as fast as they rose over the last several months (see the chart below). While that doesn’t mean the housing market will bounce right back to where it was, it should slow the rate of decline in housing transactions. We are experiencing quite the roller coaster ride. Contact me with questions.
Over half the single-family homes sold in Sarasota County in June were cash sales. Wow! On the plus side for buyers, inventory is way up YoY. That said, it still has to go a long way before we start to see market balance. As it is the slower season for real estate in our area, we have to watch the next few months to really get a handle on what this market is going to look like when we get to our busier winter months. That said, those risk adverse on both sides of transactions may find this interim period as opportunistic.
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Home Selling Updates
As the competition among sellers is increasing, it is a good time to think about things you can do to maximize the value of your home from Florida Realtors.
We saw mortgage interest rates come back down a bit over the last 30 days. The recent change will save new borrowers over $17 per month for every $100,000 borrowed. Average U.S. rates for 30-year fixed rate mortgages were at 5.51% as of this week. Last month at this time, they were sitting at 5.78%.