“Refinancing” is a scary word for many people, but that shouldn’t be the case for you. For many homeowners, refinancing can not only lower your monthly payments and help with your monthly budget, but it can save you thousands of dollars in the long run.
YOU’RE NOT TOO LATE.
For years now, we’ve been hearing that interest rates will be on the rise, and although there have been some small increases, you’re still in a great position to drastically lower your interest rate. The general rule is if your mortgage interest rate is more than one percent above the current market rate, you should consider refinancing.
IT’S NOT TOO TIME CONSUMING.
Don’t brush off refinancing just because it seems like a long and daunting process. An informational call with a lender to see how rates compare will only take a few minutes. There are also some programs for streamlining the application process. And besides, isn’t the amount of money you could save worth the time and effort?
ARMS CAN BE REFINANCED, TOO.
Seeing your Adjustable Rate Mortgage (ARM) increase after the introductory period can be incredibly stressful and place a squeeze on your budget. Many people assume they’re stuck, but ARMs can be refinanced, just like fixed-rate mortgages. You can even switch to a shorter term fixed-rate mortgage, such as 15 or 23 years. The longer you’re planning to stay in the home, the more sense it makes to look into refinancing.
Source: Breakthrough Broker
Have a Great Day!
As always, for all your Real Estate needs in the Sarasota Area Call or Text Larry @ 941-993-3125 or Go to Larry’s RE/MAX Site and search all you like LarrySellsSarasota.com
Longboat Key begins on the south side of Longboat Pass in Manatee County and continues down to to Sarasota County with 12 miles of beach and beautiful views along Gulf of Mexico Drive.
Driving down Gulf of Mexico Drive on Longboat Key, there are several Public Beach access locations. There is even a bayside access for launching a canoe or kayak.
As always, for all your Real Estate needs, Call or Text Larry @ 941-993-3125 or Go to Larry’s RE/MAX Site and search all you like LarrySellsSarasota.com
by Peter Crowley, President of RE/MAX Alliance Group
Peter Crowley, President RE/MAX Alliance Group
As a co-owner of a local title company, we are often asked, “Why do I need title insurance?” Depending on your circumstance, the answer may vary. As with most forms of insurance policies, no one is typically thrilled to pay for something that you hope that you never have to use. Unlike your homeowner’s insurance or car insurance, however, title insurance is a one time charge that will provide protection for as long as you own your home.
If you are financing your home, your lender will require a lender’s title policy to insure that their security interest in your property (the mortgage) is in superior position to anyone else that may claim an interest in your property. The amount of the coverage for the lender’s policy is the amount of the outstanding mortgage principal. When purchasing a home with a mortgage, because you are already paying for a lender’s title policy, the additional cost for an owner’s title policy is only slightly more and it just makes sense to include the owner’s policy – so that you are covered. The lender’s policy alone does not give you as the owner any coverage.
Prior to closing on the sale and financing of your home, the company conducting the closing will search the public records to discover any liens (public or private), encumbrances (outstanding mortgages or restrictive covenants from a condo or homeowners association) or easements (utility or other agreements to use your property). If there are any issues they may create a cloud on title, which typically must be resolved prior to closing.
Since our local market has a large amount of cash closings, we are often asked, “If I am not getting a mortgage, then why do I need to pay for title insurance?” In this case, an owner’s title policy will protect the owner for similar undiscovered liens or encumbrances that may impact the owner’s ability to use their property as they intended. The amount of coverage for an owner’s title policy is typically the purchase price of the home. In some cases, such as a fraudulent transfer, the owner’s title policy would protect them from the economic loss of not being able to occupy the property. Without an owner’s title policy, your only recourse in the event that a title defect is discovered would be to sue the seller/grantor based upon the warranty deed that you were provided at the time of your purchase/closing. However, if that seller/grantor is deceased, or cannot be located, or does not have the assets to compensate you for any loss you may have suffered, you would be left without a remedy (unless you have title insurance).
We would like to thank our guest author Peter Crowley Larry and Ann Brzostek
As always, for all your Real Estate needs in the Sarasota Area Call or Text Larry @ 941-993-3125 or Go to Larry’s RE/MAX Site and search all you like LarrySellsSarasota.com
Information courtesy of RE/MAX Alliance Group – Sarasota, FL
Sarasota Real Estate Market Update
At RE MAX we know the market. Welcome to August’s Real Estate Market update.
Let’s take a look at residential real estate activity in your area during the month of July.
The number of active listings was down 62 % from one year earlier and up 4% from the previous month.
This recent increse presented a larger selection of homes for at buyers to choose from.
The median listing price for the month was just under $500,000.
Compared to last year the average number of days units spent on the market before being sold was down 76%.
This lower number of days may signal a positive trend in the local inventory turnover rate.
The median sale price was just under $400,000.
The number of units sold decreased 10% year over year and decreased 20% month over month.
Fewer sales could indicate an opportunity for buyers to negotiate better terms
Thanks for watching. I hope you found this video helpful as you gather more information to make smart informed real estate decisions if you’d like more information or assistance please Call or Text me @ 941-993-3125
Located on 117 acres of preserves and lakes, Silver Oak on Palmer Ranch is a gated community just off Central Sarasota Parkway.
This community has over 270 Luxury Single Family Homes in three sections – The Estates, The Vineyards, and the Enclave.
Shopping: Sarasota Square Mall with Costco The Plaza at Palmer Ranch with Publix and Target Lowes.
Recreation: The Legacy Trail for walking, running and biking. Also close to Potter Park and the YMCA.
Golf: TPC Prestancia is a private golf club with two 18 hole golf courses located at 4409 TCP Drive, West of I-75 in Sarasota. Amenities include a Mediterranean Clubhouse, this club is a member of the TPC network.
Siesta Key is just several miles away North on Tamiami Trail with Siesta Beach and Siesta Village for shopping and dining.
Map is powered by OODLE and shows the location of Silver Oak on Palmer Ranch
Have a Great Day! Larry
As always, for all your Real Estate needs, Call or Text Larry @ 941-993-3125 or Go to Larry’s RE/MAX Site and search all you like LarrySellsSarasota.com
As always, for all your Real Estate needs, call or text Larry @ 941-993-3125 or Go to Larry’s RE/MAX Site and search all you like LarrySellsSarasota.com
At RE MAX we know the market. Welcome to July’s Real Estate Market update.
Let’s take a look at residential real estate activity in your area during the month of June.
The number of active listings was down 72 % from one year earlier and down 13% from the previous month.
This smaller inventory means that buyers who waited to buy may have had a smaller selection to choose from.
As you can see the median listing price for the month was just under $540,000 .
Compared to last year the average number of days units spent on the market before being sold was down 76%.
This lower number of days may signal a positive trend in the local inventory turnover rate.
The median sale price was just over $400,000.
The number of units sold increased 39% year over year and increased 9% month over month.
These figures may indicate that buyers have been taking advantage of opportunities in this market.
Thanks for watching. I hope you found this video helpful as you gather more information to make smart informed real estate decisions if you’d like more information or assistance please Call or Text me @ 941-993-3125
Larry Brzostek Broker/Associate Information courtesy of RE/MAX Alliance Group – Sarasota, FL
by Peter Crowley, President of RE/MAX Alliance Group
Peter Crowley, Broker/Owner RE/MAX Alliance Group
It has been well documented that the costs for supplies for new construction have risen steadily since the pandemic – a simple function of supply and demand impacting the cost of steel, concrete, and most importantly, lumber. These escalating costs have forced several builders to stop or significantly reduce the number of homes that they are producing for fear of absorbing those increases and eroding their profit margins.
The reason for this imbalance in supply and demand, particularly with lumber, is a congruence of factors. Many lumber mills were forced to shut down their factories at the onset of the pandemic. Furthermore, as mills began to open, the industry underestimated the intense demand stemming from both the home improvement projects spurred on by being “locked” inside for months, as well as resurging demand in new homes for people looking to relocate or upgrade in the post-pandemic economy. This imbalance of supply and demand has led lumber prices to reach a peak of over $1600 per thousand board feet in early May (as a point of reference, the price was less than $400 per thousand board feet a year ago). As lumber suppliers woke up to the increased demand, they have been slow to respond with an increase in production due to the far-reaching labor shortages brought about by the pandemic.
There seems to be a light at the end of the tunnel, however. As more workers return to the mills and the mills begin to operate at full capacity, the production of lumber is gradually picking up pace. Furthermore, some of the demand from stimulus driven remodeling projects has dampened, thus bringing the supply and demand curve closer to some semblance of normal. The previously mentioned pause by many home builders is also loosening up the demand for lumber. The result is a dramatic drop in the lumber futures market, which has tumbled more than 45% (closing just below 900 on June 18). While lumber is the most dramatic example of this increase in supply, most of the other materials and components of new construction are following a similar trend.
Does this mean new home prices are going to come crashing down and buyers should wait? Not so fast. What it hopefully means is that builders will be able to resume a more “normal” pace of construction to start to fill the huge gap of new home units needed to keep up with the current level of demand – by some estimations the nation is lacking more than 3 million homes to satisfy demand. The additional supply of new homes is necessary to supplement the anemic existing home inventory to merely keep up with the existing level of demand.
What is significant about the rapid decline in the lumber futures market is the possibility that the inflation pressures that we have experienced recently (the Consumer Price Index rose by 5% – the fastest pace in 13 years) are only temporary because of these wild fluctuations in materials costs brought on by the pandemic. This seems to be the basis of the Federal Reserve’s stance to keep interest rates low – citing these as temporary inflationary pressures rather than permanent.
The coming months will be telling to determine if these fluctuations in prices were indeed driven by supply challenges brought on by the pandemic. If so, we should expect to see a stabilization in the cost of new construction and renewed confidence by the building industry to resume a normal level of housing construction. A more modest inflationary environment should also lead to a more sustained economic recovery, which is welcome news as we approach our new normal.
We would like to thank our guest author Peter Crowley Larry and Ann Brzostek
As always, for all your Real Estate needs in the Sarasota Area Call or Text Larry @ 941-993-3125 or Go to Larry’s RE/MAX Site and search all you like LarrySellsSarasota.com
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