Island Life, Idalia, Interest Rates & Inventory
Over Labor Day weekend the world said goodbye to a music legend, Jimmy Buffett. It just didn’t feel right to send this month’s newsletter about Florida living and real estate without mentioning the man who created a genre of music that made people smile and enjoy life’s simple pleasures, like ordering a cheeseburger and exclaiming, “It’s 5:00 somewhere”. As for me, I became a Parrothead as a little girl and when you get a chance, you should ask Ray about his Jimmy Buffet stories.
Ray and I went to a Jimmy Buffett concert on our first date. Then a year later we went to Margaritaville in Pensacola to get married (look closely at our picture- that’s me in my wedding dress and check out the sign on the bike). Jimmy Buffet’s trop-rock-island-life music gave everyone a way to change our attitude even when we couldn’t change our latitude. He completely believed clearing your head was best done on the beach. How often have each of us said in some form or fashion, “When I watch the waves I feel my head
clear”? Jimmy Buffet captured the joy of Island Life in his music. And the world is grateful.
Living along the Gulf of Mexico we know there are chances for, dare I say it, hurricanes. Yes, the Gulf just dealt with Idalia, a mean girl who came to the area and threw a tantrum. Who invited her to stir up life for so many especially in the northern part of Florida along the Nature Coast? Hurricane season is from June 1st through November 31st . But most activity is often between late August through October. So, don’t eat your hurricane snacks just yet, we still have several more weeks to go. Hopefully Idalia is the only hurricane that will impact the US.
Interest rates are always part of the conversation in real estate and today as I write this, they are down a smidgen. By the time you receive this blog/newsletter they could be up again. Should a person who is selling their home care about the mortgage interest rates? Sellers aren’t the ones taking out the mortgage after all. The answer is absolutely YES sellers need to be aware of the rates. The reason is because buyers have a budget. Their budget tells the buyers how much they can afford. If interest rates are higher, then that cuts into what a buyer can spend on a property. When interest rates go up some buyers will hold off on their house hunting hoping for the rates to decrease. Though, honestly, experts do not expect a significant change in interest rates for the foreseeable future. Buyers will be investing more of their cash to buy down points which can make a significant difference in their monthly payments. That also means they won’t have extra cash to do home improvements once they close on a house so they are being more selective about the house they choose.
Now, while buyers are being more selective it is also important to note that they are able to do so because the inventory is good. Sellers are getting about 97% of their list price. There is still about three months of inventory in most price points. The number of days on the market has started to inch up a bit;
we are seeing about 40 days in many price points. More inventory for buyers to choose from means more competition for the sellers and the cash buyers aren’t willing to “overpay” as they say for a home. The market is reacting like a market should, inventory is good, and buyers are buying.
Here are a few articles to read that might be of interest...
Home Owners insurance Companies in Florida
Information on Interest Rates
Article on why you should compare rates
The article's I found to be good articles. Ray and I can provide you with local lenders and local insurance companies. In both those categories shopping local is the way to go!
This is one of my favorite songs of Jimmy Buffets. (yes it is YouTube so there might be those pesky ads)
Now for STATS and DATA
Ya know over the past many months in our Stats and Data section has been on overview of the big picture of Manatee, Sarasota, and Charlotte counties. For this blog/newsletter I thought I would look at specific areas in each of the counties. I picked fun areas that reflect the variety of lifestyles in our area.
The criteria for this is simple; single family homes that are for sale, pending/under contract and sold in the last 90 days. The area name will be in BLUE allowing you to click the link and check out the area. So, let’s go exploring!
Our office is on Venice Island so I am going to start there.
Venice Island
Single family homes range in price from $719K to $3,000,000. There are nine active single family homes on the market right now. There are five pending sales, and in the last 90 days 23 have sold. Venice Island is described as quaint and historic. There are several Gulf of Mexico Beaches, even one dedicated to doggies called Paw Park.
Wellen Park
People are talking about Wellen Park Where is it, what is it? It has a Venice address but it is really part of North Port. It is only 10 miles from the Gulf of Mexico , the Atlanta Braves spring training stadium is within Wellen Park. It is a growing area with all types of communities to choose from. Ray and I have sold many listings and have had even more buyers fall in love with the area. Currently there are 83 single family homes on the market. There are 39 pending sales and 121 homes have closed in the last 90 days.
Oh, we offer Market Reports , a report that provides market stats and data in an easy to follow format.
This one is for Oasis, one of the communities in Wellen Park.
We can customize a Market Report for any community, zip code, or area within the three counties of Manatee, Sarasota and Charlotte. Just reach out to me and say, "Hey Mary I want a Market Report!"
Lakewood Ranch
Let’s head a little north now to Lakewood Ranch. Lakewood Ranch is a well-established planned community, and it is still growing. It was created so everything you need in a community is within reach. This community is on the east side of I-75 and is in both Manatee and Sarasota County. Right now there are 81 homes on the market with a price range of $450k to $4,990,000. There are 81 pending sales and 110 sold in the last 90 days.
Punta Gorda
Now, let’s head south to the area of Punta Gorda Isles along Charlotte Harbor. The area I am highlighting offers homes that are built along canals allowing for fabulous boating water and even sailboat water. Punta Gorda is becoming known as a foodie destination with so many yummy restaurants to choose from. If you have heard of Sunseekers Resort, that is opening in Punta Gorda.
There are 61 homes to choose from and the price ranges from $439k to $2,500,000. There are 19 pending sales and 38 have sold in the last 90 days.
This article has nothing to do with real estate, but it was just too silly not to share!
A bull named Howdy Doody goes for a car ride
Ray and I thank you for taking the time out of your day to read our blog. Hope your September is filled with sunshine. Remember to let me know if you want a Market Report or a CMA on your property.
