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National Market Update 
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Pending Home Sales Jump 6% in the Sarasota Real Estate Market in October 2011
Wednesday, December 7th, 2011 at 9:40am. 85 Views, 0 Comments.
The number of Americans who signed contracts to buy homes jumped in October to the highest level in a year. The gain follows three months of declines so is not enough to signal a housing recovery.
The National Association of Realtors said Wednesday its index of sales agreements rose 10.4% last month to a reading of 93.3.
Pending sales in Sarasota and Manatee counties totaled 1,207 in October, up 6% from a year ago and 4.4% from September.
This information is from the Herald Tribune.
Don't forget to contact Re/Max Platinum Realty at 941-929-9090 for your needs in Sarasota real estate, as well as your needs for Siesta Key real estate and Casey Key real estate.
Florida Leads Top 10 Cities for Home List Price Increases
Wednesday, November 9th, 2011 at 10:17am. 84 Views, 0 Comments.
Florida communities, including the Sarasota real estate market and Charlotte County-North Port, dominated a list of the 10 cities that have seen the largest percentage increase in median list prices when comparing September with a year earlier.
The list from the National Association of Realtors speaks to the lack of available properties on the low end of the market; to the growing number of high-end owners getting off the fence and trying to sell; and perhaps to seller's confidence about what they can get for their homes.
The Sarasota real estate market was No. 4 on the ratings, culled from 4 million listings on more than 900 multiple listing services around the country. The median list price during September was $233,000, 16.5% higher than a year…
Southwest Florida makes list of recession-resistant areas
Wednesday, September 14th, 2011 at 11:16am. 165 Views, 0 Comments.
Forbes named the Sarasota real estate market on its list of "America's Recession-Resistant Cities For Real Estate." To real estate professionals and other observers in Southwest Florida, there has been a clear stabilization in pricing for 2011. Admittedly, that has happened during a sizeable drop in the supply of distressed properties because of the robo-signing crisis.
Teaming up with Zillow.com, the real estate analysis site, Forbes calculated median sales prices by quarter for homes, condominiums and apartments at all price points in more than 154 communities nationwide.
The resulting list had five Florida cities: Fort Myers at No. 2, Port St. Lucie at 6, Sarasota at 7, Destin at 10 and Punta Gorda at 18. That was more than any other state. States…
Government lowers maximum amount for Freddie, Fannie and FHA loans
Wednesday, July 20th, 2011 at 10:17am. 149 Views, 0 Comments.
Starting Oct. 1, home buyers seeking government-insured mortgages will have to pick lower-priced houses if they want the federal government to back the loans. Freddie Mac, Fannie Mae and the Federal Housing Administration are lowering the maximum loan amounts that the agencies will guarantee in more than 850 counties in the United States.
The new limits were supposed to take effect in January 2009, but the economic downturn led Congress to delay the implementation.
In the Sarasota real estate market, the FHA is reducing the maximum insured loan for single-family homes from $442,500 to$285,200.
The limits will drop from $729,750 to $625,500 in the priciest areas like New York, California and Washington, D.C. Borrowers whose loans exceed the government…
Florida’s Existing Home and Condo Sales Rise in May 2011
Wednesday, June 22nd, 2011 at 12:17pm. 202 Views, 0 Comments.
Florida's existing home and existing condo sales rose in May, according to the latest housing data released by Florida Realtors®. Existing home sales increased 3 percent last month with a total of 17,228 homes sold statewide compared to 16,790 homes sold in May 2010, according to Florida Realtors. Statewide sales of existing condos last month rose 17% compared to the year-ago sales figure.
Twelve of Florida's metropolitan statistical areas (MSAs) reported higher existing home sales in May; 14 MSAs also had higher condo sales. It's the sixth consecutive month that Florida Realtors has reported higher year-over-year existing home and existing condo sales statewide.
Florida's median sales price for existing homes last month was $135,500; a year ago, it was…
Sarasota Real Estate Market Bucks the Trend!
Wednesday, May 11th, 2011 at 11:21am. 240 Views, 0 Comments.
Home prices in the United States posted their largest decline during the first three months of this year than any time since 2008, according to Zillow Inc., the Seattle-based real estate data provider.
The Sarasota real estate bucked that trend, however, with communities collectively showing a flat performance when compared with the fourth quarter and rising 0.1 percent in March when compared with the previous month, Zillow's report showed.
Stand-outs for appreciation in the quarterly comparison were the city of Anna Maria, up 1.6 percent; Ellenton, up 1.3 percent; the Fruitville area of Sarasota County, up 1.2 percent; North Port, up 2.2 percent; Parrish, up 1.2 percent; and the Whitfield area of Manatee County, up 4.4 percent.
The largest declines,…
Sarasota Real Estate # of Sales up 11% in August
Wednesday, September 29th, 2010 at 1:42pm. 351 Views, 0 Comments.
Sales of single-family homes in the Sarasota real estate market were up 11 percent in August and inventories of unsold homes were down, the median price continued to fall. But with sales rising and inventories shrinking, the laws of supply and demand dictate that prices should rise and not fall.
Market watchers contacted by the Herald-Tribune put the blame on the new waves of foreclosures hitting the market and out-of-rhythm pricing strategies deployed by banks tasked with selling distressed properties.
Across the country, waves of foreclosures coming onto the market are having a similar impact.
The result is that buyers are staying out of the market despite already low prices and historically low interest rates, which fell to 4.37 percent on…
IS NOW A GOOD TIME TO BUY SARASOTA REAL ESTATE? YES, EVEN IF PRICES CONTINUE TO DROP!
Friday, September 3rd, 2010 at 2:55pm. 379 Views, 0 Comments.
And here is why.....I know prices are still dropping in some areas, but is this a good time to buy? The answer is a resounding YES. If you bought a $400,000 dollar home (for the purpose of illustration obtained a $320,000 loan) and that house drops 10% in the next year, the math is easy. You just lost $40,000. BUT - and this is a big BUT - if you obtained a loan today for that house at 4.25% and if that same loan in one year costs 6%, then the difference in payment is a lot LESS if you buy the house now. ($320,000 @ 4.25% = $1574 / $320,000 @ 6% = $1918) for a difference of $344 every month. Over 30 years, that difference is a whopping $123,840! One thing we have been assured of is that interest rates have to and eventually will be going up as the…
DID I MESS UP BY MISSING THE OBAMA TAX CREDIT? NO!
Friday, September 3rd, 2010 at 2:54pm. 223 Views, 0 Comments.
At the end of April (when the tax credit expired) the interest rate was hovering around 6% versus about 4.25% now. That means that if you took out a loan for $320,000, in April your loan would be $320,000 @ 6% = $1918 versus now $320,000 @ 4.25% = $1918, for a difference of $344 every month. Over 30 years, that difference is a whopping $123,840!
Despite what you read and see, homes ARE selling. Our team has been having a stellar year selling lots of homes for our sellers and finding quality homes at good prices for our buyers. We have become experts at distressed sales (short sales) and are CDPE certified, and we are even listing and selling some bank owned homes (REOs).
We are well aware that you have a choice in Realtors. We feel that now more…
U.S. HOME PRICES SHOWED IMPROVEMENT IN MAY
Wednesday, July 28th, 2010 at 11:04am. 212 Views, 0 Comments.
Home prices rose in May for the second straight month as federal tax incentives pulled more buyers into the market. The Standard & Poor's/Case-Shiller 20-city home price index released Tuesday posted a 1.3 percent increase in May from April.
Nineteen of 20 cities showed price gains month over month. Minneapolis and Atlanta led the way with 2.8 percent and 2 percent increases, respectively. San Diego posted its 13th straight monthly gain.
Only Las Vegas recorded a price decline. That metro area hit a record low in May. Home prices there have lost 56.4 percent of their value since peaking in August 2006. While Detroit recorded a 0.7 percent increase from April, the average home price there is about the same as it was in 1994.
The Sarasota real estate…
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