All eyes are on Florida’s real estate market, according to a recent Herald Tribune article I was reading.
Evidently, the Home Buying Institute recently predicted that our state will surpass other housing recoveries in California, Las Vegas and Phoenix next year.
The institute’s predication comes as housing supply is waning in many area markets, including Sarasota and Manatee Counties.
Tracking Florida’s Real Estate Market Rebound
Here are four indications that the market in our part of Florida will improve in 2014:
- Demand to purchase real estate is rising statewide thanks to a combination of retiree growth, job gains and other economic improvements.
- Realtors in Sarasota, Manatee and Charlotte counties have sold 18,487 single-family homes and condominiums through the end of September, up 18 percent year-over-year.
- Median home prices increased by 18 percent over 2012, as well, to $199,000 last month, while the inventory of listings for sale sank to just a 4.4-month supply.
- Real estate investors are expected to continue slowly leaving the market next year, which will help potential buyers find the homes they want.
- But there is one potential setback on the Florida housing market. Evidently, the institute’s leaders recently said they expect mortgage interest rates to top 5 percent next year.
- This could cause some minor trouble for housing markets across the country, although experts say they expect the impact to be less significant in Florida.
- All in all, the institute says they expect the Florida market to continue to strengthen and to continue to favor sellers over buyers.
List Your Sarasota, Florida Home on the Market
Thus, if you are considering listing your home on the market anytime soon, now would be a great time to do so! Please contact me, Dennis Kotaska, to discuss your options as a home owner.
First, I’d like to help you determine the true value of your home, which will help you set your property’s list price!
From there, I’ll be glad to assist you at every stage of the home-selling process – all the way up to closing time!
Have a great day!