Is there a reason my home’s assessed value differs compared to the market value?
Luck, Not only for the Irish
Do you ever find yourself looking forward to that “holiday” of the month with the same anticipation you did as a kid? For me, I think of those special days almost as the dessert after a wonderful home-cooked meal. When I think of those days I find they mean the same to me today as they did when I was a child, and perhaps are the only traditions that haven’t changed throughout the years. I think of the fun we had on Halloween trick or treating in our costumes, Thanksgiving where we played touch football games before gorging ourselves on turkey and all the side dishes until we couldn’t move, and what more needs to be said about the excitement of the holiday season and New Year! While each month brings us a unique joy in its own way, the ones I find that make us all seem to laugh and take life a little less seriously are St. Patrick’s Day and Cinco de Mayo. It doesn’t matter the color of your skin, your religion, ethnic background, or political beliefs, on those days we proudly celebrate with revelry as if that was part of our ancestry.
Recently we had dinner with a couple who introduced Gail and me on a blind date 35 years ago. They are from New York where the husband has had a jewelry business in the heart of New York’s Diamond District for many years. We were dining outside in St. Armand’s Circle in Sarasota and this couple was looking around like two kids entering Disney World, amazed at the number of people out and about enjoying the shops, restaurants, and beautiful evening weather. They had been to Florida many times before but this time was extra special as New York has been shut down to a large degree, and according to the husband, New York City has become a ghost town of sorts with rising crime rates and the closure of many businesses. However, despite the depressing news from New York, our conversations are always full of laughter as the husband has an uncanny sense of humor and like most wives, she just rolls her eyes.
“How can I get the seller to accept MY offer?”, buyers wonder in today’s heated, multiple-offer market
Hear Ye, Hear Ye, the Real Estate Market is Booming!
With inventory levels so low, if there was ever a time in which to sell your home, this would be it! As of July, the median is 49 days on the market, a trend that is 9 days less from last year, and I see it moving lower in the next few months. Looking at sales of homes over the last year, the market in our area is highly active. In July of 2019, there were 345 homes sold in our area where for July 2020 we had 488 sales. Recently Punta Gorda was in the top 3 cities for people who are relocating to Florida. A lot of interest in our housing market is coming from people relocating from the north looking to escape the harsh winter weather and high taxes, but with concerns from this pandemic are looking to move to areas with less congestion where they can work remotely and avoid mass transit. With the influx of those moving to the area competition is fierce which has resulted in the median price of homes rising to $237,450. So not only are our sales looking good, but the price of our homes are attractive as well. Homes valued in the $250,000-$350,000 range are the most popular among buyers right now.
With mortgage rates at record lows, some buyers who are self -employed are having a harder time qualifying due additional qualifying guidelines stemming from the impact of the pandemic. Others are challenged in trying to get pre-qualified fast enough in order to submit offers quickly on what has become a very limited supply of inventory. Buyers shopping for a home in our area should first get pre-approved so they know what they CAN buy. Second, you need that pre-approval or proof of funds letter as sellers don’t want to tie up their properties for those who can’t qualify. In short, get pre-qualified and if you see a house you better act on it. If you are someone who has a hard time making up your mind now is not the time to just be looking. Homes have hit the market and are immediately going under contract when priced well and buyers are trying to make their offers very attractive in order to outbid their competition.
An article I read recently, “More Buyers Nix Inspections as Bidding Wars Heat Up”, a Redfin agent study found that almost one in five offers (19.9%) waived the inspection contingency to make their offers more attractive. This study was done with agents in select major US markets. The previous year it was 13.2%. Although, I understand why some are doing this I do feel this is a major part of home buying not to skimp on.
We have a good education system, good government and we offer a vibrant waterfront town with many medical options nearby and our crime is low. It is just a great place to live and why we love to call it home!