Tag Archives for " Sarasota real estate "
Thank you to all who helped make our second annual drive for items to help our local veterans a huge success. December has become a unique time to demonstrate caring for the Sarasota Suncoast’s homeless veterans and their families. Our deciding to make this an annual event was easy.
Using online communication to reach out to our local community, items were donated through us to the veterans. Our family, friends and neighbors contributed items and we delivered them to the wonderful organization that does so much good in our community. The creative sincerity people showed our veterans that are having a touch time is an inspiration and motivation to continue every year.
Sarasota is truly blessed to have such considerate, giving people. Their enthusiasm is refreshing and powerful. Living and sharing Paradise with generous people that give gifts to our homeless veterans is humbling.
Operation Military Assistance is headed by Jocey Henderson. Jocey is the Director of Veterans Services who served our country in the Army for over 30 years and achieved the rank of Command Sergeant Major before retiring. She continues to serve our country by working with our local veterans.
They work with Veterans and their families who are homeless or at risk of homelessness. Their goal is to help the families find housing and provide wraparound services for them.
The donations we brought are greatly needed and they also always have a need for working bicycles to help the homeless veterans that lack transportation and therefore, unable to engage in services.
Coming up in April they will be hosting Operation Standdown in partnership with many other local organizations to provide a day of caring and respite for our local homeless veterans. It will be at Payne Park and the veterans can come and receive food, clothing, haircuts and all kinds of services that they do not otherwise have access to.
Thank you all again for helping us to help our veterans that have served our country.
If you would like happy, caring Realtors to help with your real estate needs on the Sarasota Suncoast, contact Beverly and John at 941-321-3916.
Understanding a home’s true market value is about more than pictures, software assessments and price-per-square-foot. Whether you’re a current homeowner thinking of selling or are house-hunting, it’s crucial you understand what factors affect home valuation. By partnering with a local market expert, sellers will avoid pricing their house out of the market (the kiss of death in real estate) and buyers will ensure they get a good deal on their next home.
So, how do you accurately calculate a home’s value? After all, the value a home is assigned by its town or county and the one it’s given when it’s listed are often dramatically different from one another. Which one is accurate and what does it all mean? Read on to learn more.
Assessed Value vs Market Value: What’s the difference?
When it comes to home value, you’ll often hear two terms, assessed value and market value.
A home’s assessed value is often the lower number of the two, and is the value given by your municipality or county. Investopedia defines assessed value as “the dollar value assigned to a property to measure applicable taxes.”1 Although property tax laws vary, assessors commonly arrive at this number by taking into account the following:
A home’s market value, or Fair Market Value, is the price a buyer is willing to pay or a seller is willing to accept for a property. Skilled real estate professionals, like us, will arrive at the value using a variety of metrics, including:
Why are these values often so different? An assessor usually estimates your property’s market value during a reassessment or if you make a physical change or improvement to it.2 As a result, a property may not be reassessed for many years. While your home’s market value may fluctuate with the market, your home’s assessed value is more likely to remain steady.3
What Determines a Home’s Value?
You’ve likely heard the motto of real estate: “Location, location, location.” This means a home’s value relies on its location. While the home and structures on the property will likely depreciate over time, the land beneath it tends to appreciate. Why? Land is in limited supply and a growing population puts increased demand on the housing supply. As a result, values increase.4
Other factors that affect your home’s value include the function and appearance of the property, how well the home and other structures are maintained and whether the home is a lifestyle property, such as a ranch style with mountain views or beach bungalow.
Ultimately, the best indication of a home’s value is the overall supply and demand of the market. This is why we recommend you partner with real estate professionals, like us, who take all of these factors—the assessed value, local market conditions, home features and has physically walked through and experienced your home— into consideration to determine the most accurate market value.
How to determine if a property is comparable to yours.
Both assessed value and market value are partially determined by the sales price of similar, or comparable, homes in the area. To determine if a home is comparable to yours, look for the following characteristics:
While you may not find a home with the same exact characteristics as yours, you’ll likely find a few that are close. To account for any disparity, adjust the sales prices of the comparable properties. Look at the differences between your property and the one in question and determine if the differences increased or decreased the sales price and by how much. For example, if your home has two bathrooms and a similar home only has three, estimate how much that extra bathroom increased the sale price of the similar home. The adjusted sale price is the estimation of what the property would sell for if the properties were exactly the same.2
Where can you find comparable sales?
Fortunately, you can find comparable home sales in a variety of places.2
How to calculate your home’s value.
By answering a few questions about your home, property and the local market, you can begin to estimate your property’s value. We’ve also included a worksheet for you below…
Home Value Questions:
When was your home last assessed?
What was its CMA assessment value?
What is your area’s average sales price?
What is your area’s average price/square foot?
Overall Condition of Home
Beverly and John’s
Home Assessment Worksheet
If you want to accurately assess a home’s value, it’s crucial to know about the market activity of our local area. We can help! Give us a call to get the scoop on the local market.
Call 941-321-3916 or Send us an email at SellingFL@gmail.com
Sources: 1. Investopedia http://www.investopedia.com/terms/a/assessedvalue.asp
SOLD – Comfort You can Afford. Discover Ramblewood Acres – a gated community in Sarasota Florida with an amazing location. Only $117,000
Why Spend Another Winter in the Cold, Snowy Weather?
This affordable villa has 2 bedrooms, 2 baths and a private back yard. It is awaiting your personal touches.
The living room, dining room and bedroom photos have been virtually staged to give you ideas.
For the Fun of Life -Ramblewood Acres offers 3 pools, including one heated pool, tennis, shuffleboard, a fenced play ground, a dog park and a clubhouse with large kitchen, several gathering rooms, fitness room, billiards room, a children’s play room and a library.
Within 5 miles are an international airport, beaches, golf, museums, boat ramps, theaters performing arts and the new UTC mall.
New College and Ringling School of Art are also very close by.
Call or Text Beverly and John for more information on this property or for help with other properties. 941-321-3916
The current trends are all about utilizing rich color, maximizing texture and creating comfortable interiors you can’t wait to relax in. Use these trends to get inspired to makeover your home’s interiors and create spaces you love that also appeal to your personal style. Remember, if you plan to sell in the next few years, you may want to avoid doing anything dramatic and instead incorporate small changes that would appeal to buyers.
Why are these trends gaining popularity?
The underlying theme of these trends is creating a home environment you love; one that appeals to your emotions and feels like a retreat from the stresses of the world. Although the home is a place where you can relax and spend time with loved ones, work expectations are beginning to blur the line between work and home. Even if people don’t work from home specifically, many are stretching their work hours into their evenings and weekends to complete work projects.
It’s no wonder the Nordic concept of hygge (most often pronounced “hoo-gah”) has become a hot trend. A centuries-old concept, incorporating hygge in the home means creating simple and comfortable spaces that make you feel cozy and safe and appeal to your senses.1 The emphasis is on simplicity and fostering positive experiences, whether you’re spending time with family, reading a good book or catching up on work emails.
WARM AND RICH COLORS.
Whether you want to play with a bold color or stick with neutrals, one thing is clear—paint is the foundation of a great design. Painting your interiors has a return on investment of about 75 percent and is a relatively inexpensive project to complete, costing between $25 to $100 for paint alone.2 If you’re thinking of refreshing your home’s interiors with a coat of paint, popular colors include warm taupe, fresh green and dark tones. These colors are popular choices because they evoke feeling of warmth and coziness when you walk into a room.
Wondering how to pair these colors? Taupe is the perfect alternative to traditional neutrals, such as gray and white, and goes well with cool blues, earthy greens and deep shades of wine. Green goes well with other earthy shades, such as copper and moss, as well as deep plum and bright pink. If you’re hesitant to paint your walls green, incorporate it into your home by way of accent pillows, rugs, lamps, vases and other accessories or add a few house plants.
If you’re interested in adding more drama to a room, include bold, dark colors. Dark shades add color and sophistication to any space. Plum and dark gray pair well with pale blues, warm whites and light gray.
Try one of these Colors of the Year:
Poised Taupe – Sherwin Williams
Greenery – Pantone
Shadow – Benjamin Moore
Lux materials create a space in which you can’t wait to kick off your shoes and relax at the end of the day. The Danes use a mixture of materials and pattern as a way of adding character and interest; however the overall look still needs to adhere to a color palette to prevent it from looking distracting.
Natural materials and textures allow you to maximize the comfort of the bedroom, living room or family room. Wood accents give rooms an earthy feel. Incorporate rustic wood sculptures, trays and furniture into your space. Choose furniture made with sustainably harvested wood certified by the Forest Stewardship Council (FSC) or use reclaimed wood for an environmentally friendly alternative.
If natural elements aren’t your style, but you want to add more visual interest to your room, try mixing patterns. Although it may have been avoided in the past, mixing stripes, florals and geometric prints actually help ground a space as long as the patterns feature complimentary colors or different shades of one color. If you’re worried about going overboard and making your room look “busy,” focus your mix in one area of the room. For example, add throw pillows in a variety of patterns to your sofa.
According to a recent study from the American Psychological Association, people are more stressed than ever, with 24 percent of adults reporting they’re experiencing “extreme stress.”3
Top sources of stress include work and money. By incorporating small changes, like making your house more energy efficient, you can start to lower your bills and get back to relaxing and enjoying life like the Danish do (who consistently top the polls as the happiest people).
Save money on your energy bills by sealing the “envelope” of your home, which includes the windows and doors, walls, floor and roof. The better insulated your home is, the less heat will escape and the lower your energy bill (and stress level) will be.
The most heat loss occurs through the walls of the home: up to 35 percent of heat loss, to be exact.4 Ceramic insulating paint is a space-inspired coating of paint mixed with ceramic compounds and applied to interior or exterior surfaces. It seals your walls and prevents heat from escaping, which means reduced energy bills all year long.
THE FUNCTIONAL HOME OFFICE.
Twenty-four percent of employed people do some or all of their work at home.5 Since more people are working remotely than ever, home offices are becoming more popular. Even if you don’t plan on working from home, a home office gives you a place to pay bills, work on personal projects, plan your family’s schedule and more. Home offices tend to be multifunctional, serving as a guest room when family and friends visit, and have the potential to meet other needs that arise.
The key idea behind hygge is to enjoy the environment around you and for each room to be a sanctuary to sink into at any given moment. Your home office is no exception! Maximize your productivity, efficiency and focus by painting the walls shades of green or blue.6 If space is an issue, create a nook by installing docking and tech cabinets that are big enough to store a printer and other small office equipment and files without taking over the room.
If you don’t have room in your home for an office, look no further than your backyard. Shedquarters, small structures or sheds built in the backyard for use as an office or home-based business, are an attractive option for homeowners who don’t have a room to dedicate to an office and don’t wish to add on their homes. while the jury is out on how much value these structure add to a home, they can convert easily into a storage shed if you plan to sell in the future.
SPLURGING ON KITCHEN RENOVATIONS.
The kitchen is often the busiest, most hectic room in the house and one of the top renovation projects with a high return on investment.7 We do more than cook meals there; it’s where homework is done, bills are paid, weeks are planned and more.
Kitchen remodels consistently show a respectable return on investment. According to the 2017 Cost vs Value Report from Remodeling magazine, a minor kitchen remodel touts an 80.2 percent return on investment.8 You don’t need to overhaul your entire kitchen to make it more hygge. Smaller additions can transform it into a relaxing and functional space you enjoy spending time with friends and family in.
What does a “minor kitchen renovation” entail? In addition to replacing the fronts of your cabinets and drawers, it also includes replacing out-of-date appliances and fixtures. You may also consider replacing counter-tops. Quartz and quartzite are becoming more common as are other green laminate options, including ones that mimic stone, wood and concrete. Laminates install in less time, often over the existing counter-top, make it an ideal choice for busy homeowners as well. Other hot kitchen trends include incorporating sustainable materials like bamboo into your counter-tops and floors and water filtration systems.
Want to improve the look and feel of your home’s interior? Are you thinking of upgrading to a home that better fits your changing needs?
Call us—we’d love to help you achieve all of your home-related dreams.
We are so excited that the new Sprouts Market finally opened in Sarasota. We try to eat healthy and we have been anxiously awaiting its arrival.
I had to go on opening day to see what it was like. The store opened at 7 AM and by the time I got there at 7:15 hundreds of people had already gotten in. They had coupons for the first 200 people and I was not one of them.
After a short wait in line, we went in greeted by a group of employees applauding and cheering our entry.
The parking lot and the store were mobbed. You could hardly walk through the aisles. They did have a lot of friendly and helpful employees on staff.
The store is 26,000 square feet and it is bright and cheery. The intent of the store chain is to provide “fresh, natural and organic groceries at incredible prices” and to feel like an old-fashioned farmers market. The displays of produce are low profile to keep an open airy environment.
The Sprouts chain opened its first store in Chandler Arizona in 2002. They have grown to now include over 250 stores. They are open 364 days a year.
The store has beautiful displays of fruits, vegetables, grains, nuts, and a deli, bakery section and meats and seafood sections. They have ready-to-eat meals, vegan, paleo and gluten free options, plus lots of other groceries, vitamins and supplements.
Sprouts tries to have 90% of their items either natural or organic.
I bumped into one of my vegan buddies Kathy who got there at 6:35 AM and got one of the coupons. She pointed out that they did not have a very good selection of dried beans, especially organic and after checking it out, I agree with her.
I thought the prices were average, however the specials were very good
values. It is helpful to know that their weekly ad prices run from Wednesday to Wednesday so if you shop on Wednesday, the ad prices from each week overlap.
On their website, you can find the weekly ads, coupons, healthy living resources, recipes and more. You can also download their mobile app.
Sprouts Market is located in the Pelican Plaza at 8308 S Tamiami Trail, Sarasota, FL 34238 – the same plaza as Total Wine.
We will be shopping there since it is convenient and near our beloved Costco.
We are health conscious so we try to eat what we feel is healthy
and we like good values.
Great curb appeal not only makes your home the star of the neighborhood, it can also improve its value and help you sell it for more. Whether you’re thinking of listing your home or just want to make your home the envy of your neighbors, here are several ways to increase your home’s curb appeal.
For many potential buyers, the condition of the exterior of a home can offer clues to the condition of the interior. The first place to start when boosting curb appeal is the exterior of your house.
Paint. Paint is the best way to make your home appear newer. While you can paint your home yourself, if it’s large or more than one story, consider hiring a professional. Painting is a fairly inexpensive improvement with between 60 to 100 percent return on investment.1
Maintain your exterior. Over time, weather and the elements can make your home’s exterior appear dull and dirty. Use a pressure washer to clean stains, spider webs and accumulated dirt and grime, or use a soft cloth and a household cleaner to get into those small nooks and spaces. If you have a block home with stucco, consider a fresh coat of high quality paint. If you have siding and need to replace the siding, you’ll enjoy a 77 percent return on investment.1
Paint or replace garage doors. If your garage doors are in good condition, give them a new coat of paint. If they’re beginning to show their age, consider replacing them. Not only are new garage doors more energy efficient and better insulated than older models, they also have a 91.5 percent return on investment.1
Maintain your fence. Replace rotted or worn posts and panels and freshen it up with a coat of paint. If you have a hedge that serves as your property’s border, keep it trimmed and in good shape.
The small details tie your home’s exterior together and help it stand out from others in the neighborhood.
Paint front door, trim and shutters. This inexpensive improvement adds brightness to a home, whether you choose a bold color, a neutral tone or classic white.
Install new door fixtures and be sure they match in style and finish and complement the style of your home.
Update your house numbers. Make sure potential buyers and guests can find your home. If the numbers have faded or need an update, replace them. If choosing a metallic finish, make sure it matches the finish of your exterior light fixtures.
Well-landscaped homes may sell for between 5.5% and 12.7% more than other similar homes and studies show it may also add up to 28 percent to your home’s overall value.5
Place a border along your driveway or walkway made of brick, stone, pavers or another hardscape element to add visual interest to a plain driveway.
Maintain your green space. If you have grass, a well-maintained, green lawn makes your home look inviting and picturesque. However, in many parts of the country, water conservation is becoming more important. Xeriscaped landscapes incorporate drought-tolerant vegetation that thrives in warm, dry climates, such as lavender, sage, wisteria and agave, with water-saving drip irrigation and mulch. Xeriscaping has a cost savings of 36 cents per square foot annually through reduced irrigation and maintenance costs.3 Additionally, these landscapes are virtually maintenance free, which makes it an attractive option for busy buyers.
Include trees and shrubs to create texture and add interest to your landscape. Planting a few types of trees and shrubs of varying heights, widths and flowering times boosts your home’s curb appeal year-round.
It’s no secret that emotions play a role in a person’s decision to purchase a home. Stage the outside of your home to evoke warm feelings.
Stage your porch or lanai. If you have a front porch or rear lanai, make it feel more inviting by including seating, such as a chair or loveseat, an outdoor rug and a small table. If space is an issue, incorporate small decorative touches, such as a festive wreath or potted plant.
Hang flower boxes on your front porch railings and/or below your windows. If you don’t want to affix flower boxes to your home, purchase nice planters and containers and place them around your porch or on your front steps.
Choose flowers and plants that bloom at different times of the year for year-round appeal. For example, bulbs not only bloom all spring, they also multiply and come up every year. Perennials often flower for most of the year and will prevent you from having to replant them every year.
If you don’t have a green thumb, choose low maintenance plants and flowers. Flowers such as lavender, rosemary, and zinnias are a few low-maintenance and drought-tolerant options.
For those interested in selling, it’s important to know the effect online curb appeal has on a home. The better impression your home gives online, the more likely buyers will want to see it in person. Here’s how to get your home ready for its listing debut.
Stage your home. Staging shows your home in its best light and helps potential buyers picture themselves living there.
Hire a professional to take photos. A photographer has the skills and equipment to shoot your home in the best light and make it look its best.
Include a short video tour of the home. Videos are becoming a popular way to give buyers a glimpse of the home before they step foot in it.
Before you start a home project, keep these four things in mind:
Are you thinking of boosting your home’s curb appeal or renovating your home before you list? Do you want help making your home more appealing to potential buyers online and in-person? Give us a call at 941-321-3916 and we’ll help you present your home in its best light.
Sources: 1. Remodeling, 2016 Cost vs Value Report
We are so very blessed to live in the Sarasota area with Farmer’s Markets year round. Please enjoy our short video.
Farmer’s Markets are so much more than just places to buy, fruits, vegetables and flowers. They provide a wonderful gathering place, for diverse groups of neighbors to meet and mingle, to share news, stories and conversations
Who can resist the colorful sight of booths piled high with colorful, locally grown produce, the beautiful flowers, the smell of fresh brewed coffee and artisan bread?
Our local Farmer’s Markets offer us a chance to try products we have not tried before while supporting our area small farms and artisans. It helps to boost the local economy as well.
Farmer’s Markets are by nature cooperative and communal events. They provide local small business people an opportunity to interact with each other and share ideas while presenting their wares to the community.
For us, as consumers, Farmer’s Markets provide a direct connection to the people that produce the goods and services that we consume. This gives us immediate access to the producers and therefore more information about what we purchase.
We truly enjoy visiting the different markets in our area. Each seems to have its own personality.
Historic Dearborn Street, Oct. – May, Thur. 9am-2pm
This one is a real surprise. It is huge. It is an outdoor market set on one acre located among the pines in historic downtown. Englewood Farmer’s Market offers everything you can imagine including farm-fresh produce, flowers, herbs, honey and citrus. This is the second largest farmers market in the area with over 50 vendors.
Phillippi Estate Park, 5500 S. Tamiami Trail, Oct. – May, Wed. 9am-2pm
Here is a mid-week fix for your Farmer’s Market callings. The Phillippi Farmhouse Market is situated on the grounds of the gorgeous Phillippi Estate Park. There are over 40 vendors offering local, fresh produce and plants as well as prepared foods.
Main Street & Lemon Avenue, Year Round, Sat. 7am-1pm
This is the granddaddy of them all and the hip place to be on Saturday morning. It was established in 1979 and is located smack-dab in the heart of downtown Sarasota. Bring the family and the dog and go downtown to enjoy the sights, sounds and smells. The Sarasota Farmers Market includes over 70 vendors and it is really big. Don’t miss this one with all of the products and services of local artisans, businesses and farmers. We love that this one is also open year round.
5124 Ocean Blvd, Year Round, Sun. 8am-12pm (1pm from Oct. – May)
The Siesta Key Farmers Market starts a day later than most of its outdoor farmer’s market friends but still provides a beautiful bounty just the same! This laid back, outdoor offering brings an abundance of choices together with music and entertainment. It is one of the smaller markets, however it is open year round. It makes for a lovely Sunday morning scene in the heart of Siesta Village near world famous Siesta Beach.
Nokomis & Tampa Avenue, Year Round, Sat. 8am-12pm
The Venice Farmer’s Market probably has everything you are looking for and we love that it is open year round. It is not huge – but a good size. It is a beautiful setting, with palm tree lined streets, near the shops and the beach. If you’re looking for goods from local farmers, fishermen, craftsmen, bakers and artisans, look no further than Historic Downtown Venice for the Venice Farmer’s Market. It is a true outdoor market paradise.
Our goal is to be the best that we can be, to be joyful and to make a difference. We are personally committed to delivering High Touch Services combined with High Tech Systems to focus on your desires and needs. It is our pleasure to provide you with the information you need and to help you sort the options so you can make informed decisions about the best options for you.
Because we have decades of experience as full-time professional real estate consultants, you can count on a high level of help and clarity from us. We truly love what we do, helping our family of friends and clients build wealth while they enjoy their lifestyles with smart real estate decisions.
We help our family of clients define their values, create a plan, and map out a strategy to achieve their goals. We strive to provide 5 star service while having fun along the way. Give us a call now at 941-321-3916 so we can help you get from where you are to where you want to be.
Did you know that you can pay your Sarasota county property taxes on a quarterly basis instead of having to pay all at one time?
In order to participate for this year, you must apply by April 30th. Click here to find the Installment Application form. In June, the Sarasota county tax collector will mail your first installment bill to you, with instructions. The great thing is that once you apply you do not need to reapply each year.
Once you have elected to participate by paying the first payment however, you are required to continue participation for the tax year.
The real estate tax bill is a combined notice of ad valorem taxes and non-ad valorem assessments.
Ad valorem taxes are paid in arrears (at the end of the year) and are based on the calendar year from January 1 – December 31. I like to describe ad valorem as “based on value”. So if your house is bigger, or your land is bigger, or your view is better, you pay more “based on value”.
Non-ad valorem assessments are not based on value but a unit of measure determined by the levying authority. The assessment periods vary and may not be based on the calendar year. Examples of non-ad valorem assessments are stormwater utility, fire and rescue, and solid waste collections. So all homes on the street would pay the same, regardless of size or amenities.
If you do not pay quarterly, taxes are due and payable on November 1st with discounts for early payment.
In cases where the property owner pays through an escrow account, the mortgage company requests and is sent the tax bill and the owner receives a copy of the notice. The mortgage company is then responsible to pay the taxes on time.
The following discounts apply for early payment of your Sarasota county real estate taxes:
The property appraiser assesses all property at just value each year on January 1. When you acquire new real property, the assessed value of the property “resets” to equal the just (market) value.
If the new property owner has applied for and has been approved to receive the homestead exemption, the Save Our Homes cap is placed on the assessed value of the property the year after the property received the homestead exemption. This means that if the just value of the property increases, your next year assessed value cannot increase more than 3% or the Consumer Price Index (CPI), whichever is less. For 2017, the CPI is 2.1%.
If the property does not benefit from a homestead exemption, the assessed value increase is limited to 10% each year.
So be sure to take advantage of the opportunity to pay your taxes quarterly and also take advantage of the homestead exemption with the Save Our Homes Cap.
Let us know how we can help with any of your real estate needs.
Real Estate 2017: What to Expect
One of the most common questions we get at this time of year is, “What’s going on in the market?” It’s not just potential buyers and sellers who are curious; homeowners always want reassurance their home’s value is going up. The good news is the American real estate market is strong and healthy: home values are up, prices and sales are strong, and millennial first-time buyers are eager to become homeowners.
We often use national real estate numbers to give us a clearer view of our local market. However, real estate is local, and while statistics and predictions help us understand the overall real estate market, our local market may be different. If you’re thinking of buying or selling, or just want to know how much your home is worth, give us a call!
What to Expect in the Real Estate Market in 2017
The American housing market is stronger than ever! Home values, prices and sales had their strongest numbers in 2016, a sure sign the market is healthy and strong. According to the Home Price Index from the Federal Housing Finance Agency (FHFA), property values have increased in 58 of the last 62 months and have increased more than 35 percent nationally. Homeowners continue to build equity in their largest investment—their homes.
First-time buyers are back.
Housing forecasts from the National Association of REALTORS (NAR), the Mortgage Bankers’ Association, Freddie Mac and Fannie Mae all predict existing-home sales will surpass 6 million in 2017, higher than anticipated sales for 2016. Who’s driving the surge? According to NAR, millennials who have put off buying a home are ready to buy. While they may have avoided buying a home due to student debt and limited employment, many are entering their 30s, a time when their attention turns to marriage, family and setting roots with homeownership. They’re predicted to be the driving force behind home and condominium sales from now until into 2020. (Source: MarketWatch)
What does this mean to you? If you’re a millennial who’s been on the fence about buying, now is the time to act. Give us a call to answer your questions about the market and the buying process.
Renters are embracing homeownership
Additionally, many renters who’ve resisted buying are starting home searches due to the economic weight of rising rents. This year’s home buyers seek to take advantage of comparatively low interest rates and, in most cases, static payments each month—an advantage of home ownership. Rental costs will only continue to rise; if you’re thinking of buying, now is an ideal time to do so.
What does this mean to you? Every month you pay rent, you lose the opportunity to build equity in a home of your own. Break free from the limits of renting and invest in your financial future. Come in the office and we’ll discuss your options.
Home prices are on the rise.
According to NAR, the median existing-home price not only increased 6.0 percent year-over-year in October, it’s also the 56th consecutive month of year-over-year increases. Prices are approaching the pre-recession peak.
What does this mean to you? Home prices, and subsequently home values, are increasing. If you’ve been waiting to list your home until you know you can sell it for what you think it’s worth, now is a great time to do so. We’ll be happy to give you a comparative market assessment of your home and help you get your home in list-ready shape.
If you’re in the market to buy, be prepared to act.
Homes were on the market for the shortest amount of time recorded since 2009: 52 days. The increase of qualified buyers in the market along with the increasing efficiency of the real estate process means homes are selling faster than ever, and in many cases buyers are engaging in bidding wars and paying over the list price to get the home of their dreams.
What does this mean to you? The home you have your eye on one day may be gone the next. In competitive markets, be prepared to come to the table with a competitive bid.
Looking for a new home?
New-home construction will increase to an average of 1.5 million per year to 2024, according to a report from NAR. However, experts anticipate housing starts will only increase to 1.22 million in 2017, which is less than the 1.5 million new homes required to keep up with growing demand. This inventory shortage of new entry-level homes—typically purchased by first-time buyers—may drive up prices in some areas. Home builders have been focusing on multi-family construction for the last few years, but this type of construction has begun to level off providing hope that builders will once again focus on single-family home construction. However, stricter proposed immigration policies may impact new home construction and tighten inventory.
What does this mean to you? First-time and repeat home buyers agree—there are plenty of advantages of buying a new home. Whether you want a home customized to your family’s needs or you don’t want to bother with age-related maintenance, a new home has much to offer. Give us a call to discuss your options.
Affordability pressures are increasing in many markets
Housing affordability in many of the nation’s largest cities has declined over the past few years, a trend that is expected to continue in 2017. However, there is hope. NAR created the Affordability Index to measure the affordability of homes across the United States. The Affordability Index assesses whether the typical family earning the median family income can qualify for a mortgage on a typical home based on the prevailing mortgage interest rate on loans closed on existing homes from the Federal Housing Finance Board.
The NAR Affordability Index is 170.2 (composite) and 169.8 (fixed), meaning a family earning the median family income has 170.2 percent of the income necessary to buy a median-priced, single-family home. Nationally, the qualifying income is $41,616, but it varies by region. In the Northeast, the qualifying income is $45,024. In the Midwest, it’s $32,640. In the South, it’s $36,960. In the West, it’s $61,824.
What does this mean to you? If you’ve had your eye on a new home, but weren’t sure if you could afford it, you may be pleasantly surprised. We may have homes in our area that meet your needs and budget. Give us a call today to discuss your home search.
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Are you thinking of buying or selling?
Whether you’d like to buy or sell a home this year, want to know how much your home is worth, or have general questions about our local market, give us a call! We’d love to discuss the market with you. Call Beverly and John at 941-321-3916
We just sold this home in 5 days for a price above list price!
|Discover the good life in this updated home in Savannah at Turtle Rock in Sarasota Florida. The bright open floor plan provides a wonderful place to come home to. The elegant entry with custom room divider leads to friendly gathering places for family & friends.
This home is ready to move in & enjoy – it is shining & spotless with all the right features. There are 3 bedrooms, 2 ½ baths, a grand room, a gathering room, dining area, lanai and 2 car garage. Special touches include crown molding throughout, Plantation shutters, 10’ ceilings, 5 ¼” baseboards, upgraded window & door trim, updated kitchen & baths, & wood floors. The granite counters & gas stove will delight the chef in you.
Unwind and relax on the screened lanai. Exterior features include paver driveway, walkway, tile roof, mature tropical landscaping, storage closet in garage & recent exterior paint. Savannah at Turtle Rock is a maintenance free community.
Turtle Rock is a gated community in the heart of Palmer Ranch. More than half of the neighborhood is set aside as preserved natural space. Turtle Rock has 560 acres with over 300 acres of lakes, preserves, & hammocks. Meet your neighbors at the Lakeside Community Center with swimming pool, tennis courts, basketball, pickleball, & a playground. Turtle Rock is just minutes to area beaches and I-75.
Nearby is Target, Publix, Costco, theaters and other stores. The world-class YMCA Fitness Center is an easy bike ride away. Enjoy all the delights that a care-free home affords those who choose to step into the dream.
Let us help you decide if this is a good time for you to make a move.