As we enter 2022, here’s what we already know: since the COVID-19 pandemic began, the real estate market has been on a wild ride of unprecedented highs and lows—record-high home prices on one side, record-low available homes for sale on the other. It’s been a time of overwhelming stress for many, and gigantic profits for some. Predictions for 2022 — home prices aren’t expected to keep zooming up into the stratosphere the way they did this year. However, prices aren’t anticipated to come down from the high's they reached this year due to the continuing shortage of properties for sale and hordes of buyers continuing to enter the market. Economists predict the number of homes for sale, which is hovering around record lows, will tick up only 0.3%. Low inventory and increased demand translated to fewer days on the market - a trend we have seen over the past year.
Even in this fast-paced market, making sure clients are getting the highest level of service is important. I am highly experienced in pointing out value-added options, and my professional network provides access to reputable attorneys, financial advisors, appraisers, interior designers, accountants, contractors, and title companies, all of which are a massive asset to my clients. I am committed to providing an unparalleled customer service experience to ensure that my clients get the results they want. As your Realtor and friend, I deeply appreciate your referrals, so if you or someone you know is thinking of selling, please call me!
One Park Sarasota
Blvd. of the Arts | Sarasota, FL 34236
One to 4 bedroom | 2,460 to 4,100 SF
Amenities include fitness center, private theater room, infinity pool and wellness spa.
Sarasota touts 7 of the top 10 hottest neighborhoods
Real estate brokerage service Redfin ranked the hottest neighborhoods in the United States by how much they’d grown over the past year and how hard it is to lock in a new house in the area. Their analysis of home searchers found that more than two-thirds of searches in Sarasota’s metro came from out-of-towners. Here are the top 10 hottest neighborhoods people moved to:
South Sarasota, FL
East Venice, FL
The Meadows, FL
Chatham, Cape Cod, MA
Lake Lure, NC
Downtown Fort Myers, FL
Home prices soar to record highs
Rising home prices have yet to slow down with November 2021 marking the highest recorded median prices in the two-county area. New listings that come to market are being sold in a matter of hours and there are far more buyers than there are homes to sell them. Cash sales make up a large percent of all closed sales in this seller’s market, accounting for 41.9% of single-family home sales in the Sarasota and Manatee area. Of all condo sales in the two counties, 55.5% were closed with cash offers. The month’s supply of inventory is at 0.7 months for single-family homes, a 61.1% decrease in Sarasota. Condo supply is at 0.6 months, a 73.9% decrease. High season for home sales is upon us. Florida—and Sarasota and Manatee Counties in particular—continues to be the go-to destination for buyers from around the country.
2021 Home loans broke records
Banks lent an estimated $1.61 trillion for home purchases last year, up about 9% from 2020, according to the Mortgage Bankers Association (MBA). That tops the $1.51 trillion lent at the peak of the housing bubble in 2005, the highest on records going back to 1990. The average rate on the benchmark 30-year fixed-rate mortgage stuck around 3% in 2021. The MBA’s forecast calls for that average rate to rise to 4% this year. The housing market is expected to continue to sizzle this year, which is why the MBA projects that the dollar value of for-purchase home loans will climb to a new high of $1.74 trillion. While the for-sale inventory may end up being a little better than in 2021 as homebuilders crank out more homes, it still won’t be enough to give the upper hand to buyers.