Monday, November 23, 2015 / by Extreme Home Selling Team
The under-$300,000 Market is heating up as Smaller Investors release Flip Projects or put recent renovations on the Rental Market. Additionally, the lower Million Dollar Market has always been hot, Hot HOT in Sarasota with anything priced from $1M to $3.5 or $4M selling rapidly. It's not uncommon at all to see a property go into a multiple offer situation especially when Cash comes into play as is the case in more than half of all transactions in the overall area of Sarasota Manatee and Charlotte Counties. Intriguingly, Homeownership is declining to less than 65% while area prices have increased 5%. Rental Values have grown also creating a higher number of families spending up to 50% of their income on housing.
In addition to the substantial cash factor, TD Bank has identified three other triggers in the market:
Millenial Growth. 42% of Millenials say they are likely to enter the Housing Market in the next two years after paying down student debt and increasing their income.
Home Affordability. The typical 20% Down Payment may very well be left in the dust. Home Affordability Programs have picked up steam, geared towards the First Time Home Buyer, allowing more people to (re)enter the market. Down Payment Connection
HELOC Resets. Just as the huge number of ARM Mortgages reset and set off a flurry of Foreclosures, there are approximately 3.3 Million HELOCs expected to reset between 2015 and 2018 with over half a million in Florida alone! With the second highest number of impending resets, Florida Homeowners may not be ready for this next Financial Disaster!
Have you consulted YOUR Financial Advisor or spoken with YOUR Lender yet to discuss ways to ease the pain of paying your HELOC? If you have decided to sell your home, please give the Extreme Home Selling Team a call to help plan your most effective strategy in getting the BEST RETURN on YOUR INVESTMENT!
ROBERT "CHIP" DEACON, Broker-Associate
Jeff Kaplan, Customer Care Team
Shari Shepard, Team Admin
Laura Dobrin, Realtor - Buyer's Agent
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