Thinking of Selling Your Home? Right now is a great time to sell. There are not enough houses on the market to satisfy all the buyers. Many houses are selling for more than asking price. Want to know what houses like yours are selling for? Lets Chat! Call or Text 941.993.3125
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
At RE/MAX we know the market. Welcome to June’s market update.
Let’s take a look at residential real estate activity in your area during the month of May.
The number of active listings was down 76 percent from one year earlier and down 19 percent 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 over $530,000.
Compared to last year the average number of days units spent on the market before being sold was down 77 percent.
This lower number of days may signal a positive trend in the local inventory turnover rate.
The median sale price was just under $407,000 thousand dollars.
The number of units sold increased 72 percent year over year and decreased 8 percent month over month.
Higher year over year figures indicate that more buyers have been finding what they’re looking for.
Thanks for watching we 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
If you’ve been thinking about selling your home, Now’s the perfect time. Here’s why: 1 Mortgage Rates are Low: When rates are low, more buyers enter the market. 2 Houses are Selling Fast! Buyers must move fast which means fewer contingencies. 3 Low Inventory: Fewer houses on the market = more buyer competition = better price for your home!
Interested in Selling your Home? Let’s Chat – Call or Text 941.993.3125
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
Happiness Owning your own home is great! Fix it up, get a dog or cat, plant a tree… Make it your own!
Tax Savings Get excellent tax benefits and deduct the interest paid on your mortgage and other home-related expenses.
Appreciation Home values usually go up over time which becomes equity when you sell.
Equity Part of your monthly payment goes toward the principal balance of your loan, which builds equity.
Roots Homeowners stay in their homes four times longer than renters, helping them build ties in their community.
Education Homeowners’ students earn higher test scores and graduate at a higher percentage than those of renters.
Thinking of Buying a home? Contact me and let’s talk! Call or Text me @ 941.993.3125
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
Meet with me, I am a professional Realtor, Broker Associate, (CRS) Certified Residental Specialist, (CLHMS) Certified Luxury Home Marketing Specialist Discuss the type of home you are looking for, including style, price and location.
Get Pre-Approved You will need pay stubs, W2’s and bank statements. Knowing what you can afford is critical to a successful experience.
Search for Homes The fun part! I will schedule showings and help you find the perfect home.
Make an Offer! I will prepare your offer based on the price and terms you choose.
Negotiation and Contract It may take a few tries to get there, but hang in there. You’re on your way!
Under Contract You and the seller have agreed to the price and terms.
Final Details and Closing Order the appraisal, have an inspection and review terms with the lender. Now you are ready to close.
CONGRATUALATIONS! You are now a homeowner!
Thinking of Buying a home? Contact me and let’s talk! Call or Text me @ 941.993.3125
Source: Breakthrough Broker
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
Down payments should not be hurdle to home ownership. There are various lending programs designed to allow qualified borrowers the opportunity to finance up to 100% of the purchase price.
by Peter Crowley, President of RE/MAX Alliance Group
Peter Crowley, Broker/Owner RE/MAX Alliance Group
As prices continue to rise throughout the real estate market due to the imbalance of supply and demand, concerns over housing affordability are increasingly at the forefront of any skepticism about the sustainability of this market.
There are two main components of housing affordability – the amount of down payment required to purchase a home and the resulting monthly mortgage payment.
While most borrowers focus on the monthly mortgage payment, there is also a large misconception that at least 20% of the purchase price must be saved as a down payment on the purchase. Potential borrowers may be pleasantly surprised to learn that there are various lending programs designed to allow qualified borrowers the opportunity to finance up to 100% of the purchase price, thus reducing (and in some cases eliminating) the initial hurdle of setting aside a large sum of money to purchase a home.
The largest pool of products that provide for loans up to 95% of the purchase price are provided by government backed mortgages from Fannie Mae or Freddie Mac. These loans provide more traditional loan products to qualified borrowers with the addition of mortgage insurance to cover the increased risk for borrowers choosing lower down payments for their home purchase.
In some cases, borrowers that earn 80% or less of the median income for the county in which they are buying could qualify for 3% down and lower mortgage insurance. This contrasts with another federally backed loan product called an FHA loan which will allow borrowers to qualify for 3.5% down toward the purchase price. The main difference with this program is that it requires a fee of 1.75% mortgage insurance premium that can be financed into the loan and paying additional mortgage insurance for the life of the loan.
As previously mentioned, there are some loan products that will eliminate the down payment completely and provide 100% of the financing of the purchase price of the home. One program is the USDA home loan program that has certain restrictions for qualification. Most notably, USDA loans are only available to properties located in certain rural areas as defined by the USDA (visit the USDA website to search for eligible areas).
Another popular, but often underutilized program is the VA home loan program for military veterans (and others that qualify for a Certificate of Eligibility). This program provides 100% financing options for loans up to $1 million.
It is important to understand that all of these programs have certain limitations and underwriting guidelines to qualify. These products are not to be confused with the exotic sub-prime mortgages that contributed to the financial crisis in 2008. Those loans encouraged risky and sometimes predatory lending that led to the high level of loan defaults and subsequent foreclosure crisis. Today, however, federal guidelines and lender scrutiny have contributed toward a much more qualified pool of financed transactions with less risk of borrower default.
Since there are various limitations to each of these programs, it is important to consult with a local mortgage professional to assess the options that may be available. Some potential qualified buyers may be sitting on the sidelines of this robust housing market thinking that they do not have the funds to purchase a home, when in fact, the programs discussed above could provide a path to home ownership.
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
Real Estate Monthly Statistics for Sarasota County April 2021
1056 Homes SOLD (UP 64.5% from April 2020) Median Sold Price $380,000 (up 21.8% from April 2020 Average 22 Days on the Market (average was 61.5% days April 2020) Months of Available Inventory .6 – DOWN 86% from April 2020
“My goal is listening to your Real Estate wants and needs then fulfilling them.”
Have a Great Day! Larry
If you have any questions about the Sarasota Real Estate Market Call or Text me @ 941-993-3125 My RE/MAX Site: LarrySellsSarasota.com
Happiness The feeling of owning you own home is unmatched. You can fix it up, make it your own, get a dog, or plant a tree if you want. Doesn’t that sound exciting!
Tax Savings The government rewards homeowners by providing excellent tax benefits. The interest paid on your mortgage and other home-related expenses can generally be deducted from your income.
Appreciation Home values have a well-documented history of going up over time. This increase becomes equity you can benefit from when you refinance or sell.
Equity Renting has often been compared to paying 100% interest, but when you own a home and a mortgage is in place, a portion of your payment goes toward the principal balance on your loan. This builds up your equity.
Roots People who own rather than rent stay in their homes 4 times longer. This provides an opportunity to get to know your neighbors and connect with your local community.
Education Research shows children of homeowners earn higher test scores and graduate at a higher percentage than those of renters.
Source: Breakthrough Broker
Have a Great Day! Larry and Ann
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 real estate broker, I am bombarded with offers from different real estate vendors promising to create more leads, close more sales, generate more listings and a host of other “game changing” offerings. Every so often, one of these companies addresses an important need for our current real estate market that requires a closer look.
It should come as no surprise that our local residential real estate market is moving at a healthy pace with a surge in demand that is outstripping the available supply of homes for sale. One factor that is holding back more home sellers from listing their home is the concern about finding their replacement home. In the competitive buying market that we are experiencing, with often multiple offers on an available listing, it is more important than ever to present an attractive offer free of contingencies (particularly the need to sell your existing home first).
One company has identified an opportunity to solve this problem through a combination of funding and technology. Knock is a lending company that combines conventional financing along with a form of a bridge loan to help potential sellers identify and purchase their replacement home before listing their home on the market.
The Knock Home Swap program checks several important boxes in our competitive real estate market. When a seller works with a Knock-certified real estate agent, they are first pre-approved through Knock for the purchase of their identified replacement home. Now, the potential seller can submit an attractive offer on their replacement home and have better footing with other cash offers that may exist on the replacement home. If the offer is accepted, the seller moves into the replacement home and then has up to 6 months to sell their original home. By leveraging the equity in the original home (Knock typically requires 30% equity), Knock can offer up to 6 months interest free mortgage coverage on the original home plus up to $25,000 to make necessary repairs on the existing home. Now, a seller who was originally reluctant to list their home for fear of not finding a suitable replacement home, can now accomplish both goals and provide much needed listing inventory to the market.
Of course none of this is free, but the 1.25% convenience fee, similar to an origination fee on conventional mortgages, is typically factored into the new mortgage. Knock recently entered the Tampa Bay market (extending down to Englewood) so it will be interesting to see if there is a demand for this type of lending product. I have no stake in Knock, but I do applaud this company for identifying a real need in the residential real estate market and then developing a solution that results in a positive outcome for all involved.
We would like to thank our guest author Peter Crowley Larry and Ann Brzostek
Larry is Certified in the Knock Program
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
Ann and I will also be exploring and posting photos of the beaches this month… home to see you on the beach!
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
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