No Bubble for Sarasota Area Real Estate! Why is there no Bubble for Sarasota Area Real Estate? Two Reasons.
First, Inventory continues to be at a low of 2.2 months to 2.6 months depending upon the County. Remember 6 months of Inventory is considered a Balanced Market. We are seeing multiple offers depending upon the price range of the property.
Second, the Banks are not loaning money to any warm body, like they were during 2004, 2005 & 2006 and often multiple property loans to the same person. Now even with Interest Rates at all time lows of 2%-3%, the Banks are thoroughly checking an applicant’s credit score, work history, debt to equity ratio, and income to expense ratio to be certain that the applicant can financially carry the loan. It is called Underwriting. Also, the Government has implemented conditions on the Banks through Dobb Frank and through the Federal Reserve to control what the Banks are doing.
We are seeing a very active Real Estate Market in Florida as about 1,000 people per day are getting their feet in the Sunshine State.
Florida Realtors are practicing Safe Social Contact. Strong Real & Virtual Showings & Purchases are happening!
Please follow the State & Federal Guidelines and be Safe! No Bubble in Sarasota Area Real Estate
Now the three County News …….
The Closed Sales decreased -5% over the previous month. New Listings increased +5% and the Inventory Level decreased to 2.6 months of Inventory. Remember 6 months of Inventory is considered a Balance Market. Year to Date Median Price increased +11.4%. Days on Market decreased to 72 Days. Sold Price to List Price increased to 95%.
The Closed Sales decreased -0.3% over the previous month. New Listings decreased -1.2% and the Inventory Level decreased to 2.2 months of Inventory. Year to Date Median Price increased +7.0% from the previous year. Days on Market decreased to 67 Days. Sold Price to List Price increased to 95.3%.
The Closed Sales decreased -2.2% over the previous month. New Listings increased +4.3% and Inventory Level decreased to 2.5 months of Inventory. Year to Date, Median Price increased +11.1% over the previous year. Days on Market decreased to 76 Days. Sold Price to List Price increased to 95.2%.
Look at the graphics with the Real Estate Activity by County in Manatee, Sarasota & Charlotte Counties. Still very attractive Single-Family Home & Condominium Pricing and Great Interest Rates!
Different types of Loan Products are available including:
- FHA 100%
- Bank Statement Program for Self Employed
- FHA 96.5% – Down to 580 Credit Score
- USDA 100% Loans – 620 Credit Score
- VA – 100% Financing
- FHA Streamline Refinance
- W-2 Only Program
- Condo Financing
- International Buyer Financing
Each person qualifies for a loan differently and your interest rate could be different. APR is not quoted, but available. Different programs are available with low down payments. Call me to see what your rate is. No Bubble in Sarasota Area Real Estate
Still Great Housing Prices & Great Interest Rates! What are you waiting for?
We can help you with an REO/Bank Owned, Short Sale, Normal Sale or New Home Sale. Don’t miss your opportunity!
Call Kym at (941) 400-9420 or Helen at (941) 400-9489 to help you find Your Florida Lifestyle!
Published on 2020-09-30 16:58:23