Whether you're buying, selling, investing, or waiting - eyes are glued on the real estate market. So what exactly is happening? The short answer: supply and demand. The longer answer is also supply and demand, and it's not clear that things are going to slow down significantly in the near future. The move to boutique cities such as ours is not slowing down. The market has rarely been this competitive. If you are ready to sell, this summer could be your best opportunity to take full advantage of these market dynamics.
If you would like to talk about this busy market, contact me anytime.
M A R K E T O P P O R T U N I T I E S
LONGBOAT KEY TOWERS
601 Longboat Key Club Rd #803S, Longboat Key FL 34228
2BR/2BA | 1,458 SF | Asking $1,290,000
4634 Higel Ave, Sarasota Fl 34242
3BR/2BA | 1,632 SF | Asking $1,300,000
1145 Gulf of Mexico Dr #201, Longboat Key FL 34228
2BR/2BA | 1,172 SF | Asking $1,550,000
2540 Webber St, Sarasota FL 34239
3BR/2BA | 1,599 SF | Asking $399,900
I will be swimming 15 miles during the month of July to raise money for the American Cancer Society, in memory of my friend Jax.
100% of all donations go straight to the American Cancer Society, leading the fight for a world without cancer by conducting research that helps us better understand, prevent, and find cures for cancer, sharing expert information and supporting patients with free lodging and transportation to helping patients make educated decisions about their care.
You can follow along on my 'swimming journey' and consider donating on my facebook page -
Debbie's 15 Mile Swim in July for American Cancer Society
B U Y I N G S T R A T E G I E S
The question of whether the real estate market is a bubble ready to pop seems to be dominating a lot of conversations - and everyone has an opinion. Yet, when it comes down to it, the opinions that carry the most weight are the ones based on experience and expertise.
Here are four expert opinions from professionals and organizations that have devoted their careers to giving great advice to the housing industry.
The Joint Center for Housing Studies in their The State of the Nation's Housing 2021 report: "... conditions today are quite different than in the early 2000s, particularly in terms of credit availability. The current climb in house prices instead reflects strong demand amid tight supply, helped along by record-low interest rates."
Nathaniel Karp, Chief U.S. Economist at BBVA: "The housing market is in line with fundamentals as interest rates are attractive and incomes are high due to fiscal stimulus, making debt servicing relatively affordable and allowing buyers to qualify for larger mortgages. Underwriting standards are still strong, so there is little risk of a bubble developing."
Bill McBride of Calculated Risk: "It's not clear at all to me that things are going to slow down significantly in the near future. In 2005, I had a strong sense that the hot market would turn and that, when it turned, things would get very ugly. Today, I don't have that sense at all, because all of the fundamentals are there. Demand will be high for a while, because Millennials need houses. Prices will keep rising for a while, because inventory is so low."
Mark Fleming, Chief Economist at First American: "Looking back at the bubble years, house prices exceeded house-buying power in 2006 nationally, but today house-buying power is nearly twice as high as the median sale price nationally... Many find it hard to believe, but housing is actually undervalued in most markets and the gap between house-buying power and sale prices indicates there's room for further house price growth in the months to come."
All four strongly believe that we're not in a bubble and won't see crashing home values as we did in 2008. And they're not alone - Goldman Sachs, JP Morgan, Morgan Stanley, and Merrill Lynch share the same opinion.
N E W S B R I E F S
Our recent encounter with Tropical Storm Elsa reminds us that every year, your family should review your hurricane plan and make changes as necessary. It should include if you plan to evacuate, where you will go, the route you will take to get there, when you will leave and what supplies you will take. If you plan to stay, make sure you have all of the supplies necessary to be on your own for at least 72 hours. For hurricane information or questions, you can call:
Sarasota County Call Center: (941) 861-5000,
Manatee County Call Center: (941) 749-3500.
Stay safe and stay prepared!
Ford's Garage, the car-themed restaurant and bar offering "prime burgers, craft beer," is now open at University Town Center. A licensee of Ford Motor Company, the restaurant incorporates vintage Fords into its décor, with its Sarasota area location featuring cars both inside and outside, including over the bar.
Please do not hesitate to contact me should you have any questions or want to view any properties in Sarasota - I can do a virtual showing if you are out of town!
DEBBIE MC HARDY , REALTOR
941.960.6099 | email@example.com
Coldwell Banker Realty
423 St. Armands Circle
Sarasota, FL 34236