And soon it will be summer…
AND SOON IT WILL BE SUMMER…
Dear Clients, Neighbors, Friends and Associates…
My personal Blog for June 2023 discusses national real estate trends and is now published in WalkerOnTheBeach.com, “National Real Estate Market Update for 2023.”
Following the Record Home Prices of last year, headlines across our country touted Higher Mortgage Rates. But the real story is continued Low Inventory. One might imagine increasing mortgage rates could mean fewer buyers, thus significantly more inventory. But actually, that has not happened.
Many buyers face serious affordability challenges now. Meanwhile many sellers are holding on to properties which carry a mortgage with historically low rates. They don’t want to move to another property and pay higher interest rates. Some are even buying a new home while keeping the old one for investment/rental/future appreciation. Rather than pay off the old mortgage with a sale, they are keeping the low interest loan in place. If they have the down payment to afford a new home without selling the old one, they are able, in a sense, to invest the balance of that low interest mortgage into another property at a low rate.
The momentum of the market has cooled since last Fall. Prices dropped last July through October. That does not appear to be the case now. There have been price reductions on active listings, we still see them. But keep in mind sales data is lagging 30, even up to 90 days. Price reductions mean sellers are no longer able to demand exorbitant prices. But sales data may not tell the full story of what is actually happening in real time.
Economists seem to agree, there is no signal in our markets that supply is getting ahead of demand. How any factor affects a market is very often dependent on location. Some factors can affect one market in a significantly different manner than another market. Further, there are always external factors that are not in the general sales data, such as debt ceiling and recession fears, not to mention fears about escalating insurances along our coast.
In any event, there seems to be a floor on prices now, even if there is no substantial upward pressure.
Perhaps one concept to embrace: the market is never as bad as people think, and the market never gets as good as people think.
In any event, extremes are always seeds of opportunity. As a seasoned local market expert, I am here to guide you.
Joan
PINELLAS COUNTY MONTHLY STATISTICS
SOLD in June
F205, Osprey Pointe at the unique Dolphin Cay gated community and preserve across from Eckerd College. Private, third level unit, direct-west-facing open waterfront, 2/2, 1653 SF plus private terrace and garage parking space. All updated with open great room, elegant travertine flooring throughout. $840k.
Click picture for video. Click here for a Google Earth view of the property.
For a current market snapshot in the PASS-A-GRILLE AREA,
with a 6 month synopsis of Active,
Pending and Sold Properties, click the links below:
Last month I first told my readers about 360-180, a new and efficient concept in documenting what you own for the insurance adjuster, in the event of a natural disaster, such as hurricane, or fire, or for moving or remodeling projects. Protect your investment!
I have no affiliation with this business. But the owner Timothy Krafcik, has been my Tech Association for over 30 years. I encourage my readers to Take Advantage of the introductory price of $99 offered until July 1.
See more information below.
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From May Paradise News, page 45, courtesy of Pete Roos.
Are You Prepared For The Next Ian?
Folks in Fort Myers Beach are dealing with insurance claims in the aftermath of last year’s
disastrous Hurricane Ian, which, until a day before landfall was aiming for Tampa Bay.
How many of them would have taken the precaution of photographing their home and
possessions and preserving those records safely in the cloud.
A Longtime St. Pete Beach resident with a photo and technical background
has offered to help residents prepare.
360-180. WHAT IS THEIR SERVICE?
They provide a safe guard for your insurances, peace of mind for you, and provide you the property owner, independent, dated photographic documentation of what you own prior to any potentially devastating event, storm, flood, fire or theft. Images are presented in 360 degree surround view. See their demo at http://demo.360-180.com/ password “demo”.
You never need to worry you have viable proof for your insurance company of what has been lost or damaged in some disaster to your furnishings, artwork, equipment, built-ins, cabinetry, architectural add-ons. 360-180 also provides valuable documentation of property condition, what is on-site prior to storage for a remodelling project in your home or business, or a move to a new location.
WHAT IS THE COST?:
Their introductory price is a flat fee of $99 until July 1, 2023.
Prices will increase by about 50 %, and be based on documented square footage of structure.
WHAT IS INCLUDED IN THE PRICE?:
* Security of information. Owner, tech coordinator and photographer, Tim Krafcik, and his rep, Barbara Praete, are 40+ year residents of Pass-a-Grille. References include Joan Walker, Realtor 36 years; Sean Hurley of Frank T. Hurley Associates, Inc, Realtors; Ron and Sherry Sacino; Jack LoBianco; Brenda Ercius.
* Creation Date, imbedded in each room image, of Paradise News cover and local newspaper front page.
* Documentation of all furniture, artwork, cabinetry, built-ins, add-ons, equipment in your home or business.
*Cloud storage off-site. Access is password protected. Accessable with most web browsers.
* Material updated for same owner/property for $25 per room at any time after the first document is delivered.
Call 727-228-0273 for an appointment. Visit http://360-180.com.