- Sarasota Homes Sales Leading in Recovery
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Exciting news Published by the Sarasota Board of Realtors, the Sarasota Real Estate Market is on the road to recovery. If you are considering purchasing a home in the Sarasota area and have holding back because you think prices are going to drop, this article will surely give you the confidence to buy. Considering a bank foreclosure? Competition is fierce. Banks seem to be holding out for higher offers and hot properties receive several offers in the first days on market. Its a good idea to be prepared, so you won't miss out. Read the statistics published below.
March sales hit seven-year high; median prices up! The Sarasota real estate market saw sales climb to a seveny year high in March 2012, with 831 properties changing
hands during the month. Not since September 2005 has the local real estate association seen sales at that level. In addition, pending sales (which represent properties that went under contract during the month) reached the highest level in 12 month, another good indication that the current market surge will continue in the next few months.
“This is amazing news, and our local brokers and agents should be extremely proud of all their hard work and diligence, helping buyers and sellers make their dreams come true,” said SAR President Laura Benson. “The strength that the Sarasota market has demonstrated in the past few months has been remarkable, and I’m looking forward to a continuing resurgence in local real estate. Property sales drive so many other elements of the local economy, and that means more jobs, higher salaries, and a better overall community." In addition to the high level of sales – 596 single family homes and 235 condos sold – the median sale price for both categories hit a high for the year in March. The median sale price for condos was $192,000, a level not seen since May 2011, and was 11 percent higher than last March. Single family was
at $174,900, a level not reached since June 2011, and 9.8 percent higher than last March. The reason for the price resurgence is likely tied to the lower number of distressed property sales. The total number of distressed sales, foreclosures and short sales, fell to only 32 percent from 37.4 percent in February 2012 – a three-year low.
Pending sales continue to soar, which signals a likely continuation of a high number of closings in the next 60 to 90 days. A total of 1,191 properties went under contract in March 2012, a level not seen since last March. Another positive sign was the drop in the available inventory of homes on the market. The number fell to 4,463 from February’s total of 4,588. The level is close to the decade low figure of 4,408 in August 2011, and the combination of high sales and low inventory has dropped
the months of inventory to eight-year lows. Not since 2004 has the market seen a figure of 4.8 months of inventory for single family homes and 6.7
months inventory for condos. Lower inventory and higher sales normally result in greater competition for available properties, which tends to push prices up.
“It’s great to see that we’ve come so far from the days of 2008, when the months of inventory hit 25 months for single family and 40 months for condos,” said Benson. “The
real estate agents who stuck with it through those difficult months are certainly glad they did, now that we’ve turned the corner.”
Single family home prices are now 21.4 percent higher than the low of the market reached 13 months ago, while condo prices are almost 30 percent higher than the low
point.
Currently, only 701 properties for sale in the MLS are distressed listings (short sales and foreclosures), or roughly 15 percent of the market. In February 2012, the figure was 740 (16 percent of the market), and in January 2012 it was 812 (17 percent of the market). If this percentage continues to trend lower, we could begin to see median sales price increases going forward. “The Sarasota market appears to be leading the nation into a new, dynamic period in real estate,” noted Benson.
“While no one can predict the future, certainly all the vital signs of the economy have been moving in the right direction for many months, so I’m very hopeful we will see
continued growth in our area.
Thinking about buying or selling a home is the Sarasota area? I'll provide you with dedicated service, advice on mortgage financing, comparative market analysis on any home you are interested in. You can be sure, I'll treat your home transaction as if it were my own.
Contact Barbara Brazeau
Allison James Estates & Homes, Inc
941-256-6713
barbarabrazeau@gmail.com
www.sarasotarealestatesite.com
- Florida Real Estate Market Rebounding - Sarasota - North Port - Bradenton Ranks on List!
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11/17/2011
Two reports issued by Realtor.com and Trulia say Florida is showing signs of rebounding. I've been seeing this in the last couple of months.
Realtor.com attributes the Florida cities’ success to year-over-year home price increases, reductions in inventory, lower unemployment rates and, in some cases, an upswing in international buyers.
In one study, Trulia looked at the number of people who searched for housing in a city – including renters – and compared it to the number of city residents looking elsewhere for a home. An area with a high number of inbound searches and a low number of outbound searches, Trulia reasons, suggests an increased demand for housing.
According to the study, the North Port-Bradenton-Sarasota area had six times more searches by inbound people than outbound people, landing it in the list’s No. 1 position, but four other Florida cities also made the top 10 list:
1. North Port-Bradenton-Sarasota
2. Riverside-San Bernardino-Ontario, CA
3. Charleston-North Charleston-Summerville, SC
4. Fort Lauderdale-Pompano Beach-Deerfield Beach
5. Cape Coral-Fort Myers
6. West Palm Beach-Boca Raton-Boynton Beach
7. Fort Worth-Arlington, TX
8. Oxnard-Thousand Oaks-Ventura, CA
9. Las Vegas-Paradise, NV
10. Orlando-Kissimmee-Sanford
Sarasota-Bradenton: About one in 10 foreign buyers look in Sarasota-Bradenton for a home, Realtor.com says. Listing prices have increased and inventory has decreased.
With our fabulous weather, white sand beaches, cultural arts, fabulous restaurants, fishing, golfing, just to name a few, its no wonder why people from all over the world want to live here. One visit is all it takes and you are hooked!
Visit www.SarasotaRealEstatesite.com and start your search today!
- Just Listed! No Wait and Well Maintained Home in Sarasota and Close to Siesta Key
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Click Here to View this Lovely Sarasota Home Property information
Your search is over if you are looking for a move in ready three bedroom, two bath home. Located in a quiet and friendly neighborhood in the south side of Sarasota, 5 minutes to Siesta Key, close to shopping, and Riverview High School.
Priced $9000 below recent sale in the neighborhood and even furnishings are included! Are you an artist? Carpenter? You'll enjoy working from home in the 16x15 Workshop.
Recent updates include: Hurricane Strength Thermal Pane Windows, New Roof, Newer Air Conditioning Heat Pump, Kinetico Water System, including softener and Reverse Osmosis, Replump. 200 Amp Electric for a Generator, RV or Boat Drive Space, New Appliances and Kitchen Update.
Need extra storage? Seperate inside laundry room has storage cabinets and pantry. Garage has cabinets and a sink.
The Family Room opens with pocket sliding doors to a wonderful large lanai with an tropical garden.
Call me today @ 941-256-6713 to schedule a showing. Hurry, this one won't last long.
- New FHA help for Homeowners underwater
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FHA launches short refi opportunity for underwater homeowners The following article was published by Florida Realtor News. My thougths are; this may help if you bought your home and put at least 20% down. The maximum loan to values as the article states is 115%. With property values down 52% in Florida from 2006, only homeowners with a little equity will benefit if their lender will agree.
WASHINGTON – Aug. 9, 2010 – In an effort to help responsible homeowners who owe more on their mortgage than the value of their property, the U.S. Department of Housing and Urban Development (HUD) provided new details about a refinance program it announced earlier this year that helps responsible homeowners who owe more on their mortgage than the value of their property.
Starting Sept. 7, 2010, the Federal Housing Administration (FHA) will offer certain “underwater” non-FHA borrowers a new FHA-insured mortgage. To qualify, an owner must be current on his existing mortgage, and his lender must agree to write off at least 10 percent of the unpaid principal on the first mortgage.
“We’re throwing a lifeline out to those families … experiencing financial hardships because property values in their community have declined,” says FHA Commissioner David H. Stevens. “This is another tool to help overcome the negative equity problem facing many responsible homeowners who are looking to refinance into a safer, more secure mortgage product.”
Other details: A homeowner’s existing loan cannot be FHA insured, and the refinanced FHA-insured first mortgage must have a loan-to-value ratio no more than 97.75 percent. The owner must qualify for a new loan under standard FHA underwriting requirements and have a credit score equal of 500 or higher. The property must be the homeowner’s primary residence, and the new debt must bring the borrower’s combined loan-to-value ratio to no greater than 115 percent.
Interested homeowners should contact their lenders to find out if they’re eligible, and to determine whether the lender will write down a portion of the unpaid principal. If a homeowner qualifies, the U.S. Department of Treasury will provide incentives to existing second lien holders who agree to full or partial extinguishment of the liens. To be eligible, servicers must execute a Servicer Participation Agreement (SPA) with Fannie Mae, in its capacity as financial agent for the United States, on or before Oct. 3, 2010.
The FHA provided complete details in a six-page mortgagee letter that can be downloaded in PDF format. To read the letter, go to: http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/10-23ml.pdf
© 2010 Florida Realtors®
- Thinking of Buying A Home in Sarasota, Florida? Mortgage Rates at an all time low.
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08/03/10 Home shoppers ready to buy a home in Sarasota Florida will enjoy savings not only in lowest price ranges with the median price of a home in Sarasota at $167,000 and better yet, mortgage rates have fallen to around 4.375% with no points on a 30 year mortgage. Mortgage lenders are starting to show a loosening up on guidelines. Recently the wholesale division of Suntrust announced easier guidelines on condo association approval when obtaining a mortgage through their division that provides wholesale rates to mortgage brokers and mortgage insurance companies are beginning to allow higher loan to value purchase requirements, which is good news for buyers. Magnet Mortgage Corp, a local Florida Licensed Mortgage Broker Business is offering more buyer incentives when puchasing a home through recommended agents. Click here for more information. USDA 100% financing opportunites are also offered by the mortgage company. This program allows no down payment, no mortgage insurance and even a contribution of 6% in closing costs by the seller.
All this is all great news for home buyers that have been waiting for the best opportunity to purchase a home.
- Fannie Mae Launches Website To Help Home Owners Facing Foreclosure
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August 3, 2010 -
Today government controlled company Fannie Mae launched their own website designed to help home owners facing foreclosure. The web site offers easy to understand information to learn about ways to get help.
In an article posted by the Associated Press; "Fannie Mae executives say navigating the default and foreclosure process is often stressful and confusing for borrowers.“We worry about the risks that borrowers will just give up and go to foreclosure,” said Jeff Hayward, a Fannie Mae senior vice president. “We don’t think that’s the right thing.” The Fannie Mae website www.knowyouroptions.com provides consumers with online calculators to help determine if they are eligible for loan modification and also explains other options such as short sale (when the lender agrees to accept an amount from the sale of the property for less than what is owed on the mortgage).
It is more costly to lenders in most cases to foreclose, and with incentives provided by government programs if you aren't able to modify or refinance, a short sale is the best option for both lender and borrower.
"Both Washington-based Fannie Mae and sibling company Freddie Mac have been upended by defaults and foreclosures as the housing bust has dragged on. The two companies have needed $145 billion to stay afloat since they were seized by the government in September 2008. The article said.
Visit my web site; www.sarasotarealestatesite.com or click here for more information on other programs available to help.