Wagner Realty
December
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Year-End Real Estate Insights: Market Trends and Opportunities
If you're looking for Sarasota homes for sale, you might have heard it's a good idea to put your plans on pause at the start of December. While it's true that the real estate market slows down at the end of the year, our real estate agents are here to support you.
While some buyers decide to pause their home search around the end of the year, you can still find the perfect home for you, make a successful bid, and get to closing with an expert real estate agent on your side. Let's take a closer look at how year-end market trends could affect you:
- Interest Rates Are Starting to Come Down
Interest rates are expected to decline through 2024. Some movement is already visible. Lower interest rates can be good for buyers since they will save money throughout the life of their mortgage. However, this can create a bit more competition within the market, as more buyers will be qualified for financing. - There Is No Sign of a Housing Market Crash
Home prices are no longer rising as fast as they were earlier this year or at the peak of the pandemic. But that doesn't mean housing prices will "crash" back to earth. Instead, trends show a likelihood they will continue to rise at a much slower rate, meaning it is better to take action now rather than later. - Median Home Prices in Florida Are at $415,000
As of August 2023, median home sale prices in Florida have reached $415,000. This is a 2% increase compared to the previous year. What's more, the median home sale price here in the Sunshine State is a touch above the national median. That stands at $407,100 as of the latest data. - The Median Figure for Days on the Market Is Going Up
Ideally, a home should be on the market for 30 days or less before it sells. When it reaches 60 days, the price will usually have to come down, and the same happens around the 90-day mark. The median time on the market is hovering over 40 days, which can provide some negotiating leverage for buyers. It may also be trending up. - Owning Remains a Great Deal Compared to Renting
Many of the most desirable Florida communities, including Tampa and Sarasota, have seen significant gains in rent. Average rent in Orlando exceeds $2,100, in Tampa, it's over $2,250, and in Miami, it's crested $3,000. That makes Miami one of America's most expensive cities, and buying can provide you with major savings. - Property Taxes Remain Favorable in Much of Florida
Because Florida supports the Homestead Exemption, many homeowners have the opportunity to reap tax savings each year. A savings of up to $50,000 can be applied to the assessed value of a home. Remember, an assessment is a regular part of the home-buying process. - As a New Homebuyer, You May Qualify for Other Savings
Even if you buy a home right at the end of the year, you could still qualify for a major tax windfall. That means it may still be beneficial for you to take action right up until December 31. A tax expert can provide more details.
Contact us to learn more or get started today.