It may seem counterintuitive—that in a time of a worldwide pandemic with so much uncertainty, that people are buying and selling real estate as much as they are.
Why real estate selling?
For one, the lowest interest rates in history, hovering around 3%. One of my colleagues at Coldwell Banker’s downtown Sarasota office, Lynn Robbins, says she vividly recalls selling homes in the 1970s when the interest rates were closer to 20%!
Todays’ low-interest rates are one of the reasons first-time homebuyers sprang into action last month at the highest rate in years. A survey by Realtors Confidence Index (RCI) found first-time buyers accounted for 35% of existing homes sold nationwide in June 2020! That is the highest rate in the past 10 years.
So, not only is it a good time to buy—with low rates—but it is also a good time to sell since inventory is low right now. It is a “sellers’ market.” The inventory in Sarasota and Manatee County is down about 25% compared to last year at this time, and that means prices could inch up of those houses that are for sale, according to numbers from the Realtors Association of Sarasota and Manatee County.
“Low inventory is a result of many sellers concerned about COVID-19 and opening their homes to strangers,” said Matt Day, Managing Broker of Coldwell Banker’s downtown Sarasota office.
“This has had a substantial impact on the inventory and kept many homes off the market while benefiting the few homes that have been on the market. With low inventory and high demand, the median sale price has climbed,” Day said.
Year over year, RASM’s research shows the average single-family home was up 3% in Manatee County to $325,000, and up 5% in Sarasota County to $305,000.
If you want to find out what your home is worth or take the first steps toward buying or selling, please reach out to me at Ray.Collns@FloridaMoves.com or 941-228-0091. My background in the media and ability to produce professional videos enables me to reach a wide network of people.
Photo from Ray Collins