The Anna Maria Island Sun Newspaper

Vol. 13 No. 30 - May 15, 2013

REAL ESTATE

Is it time to buy?

 

The real estate question for the ages is “When is the right time to buy?” Everyone wants to know the answer, which no one definitely has. It’s really all just speculation, opinion and a little bit of luck.

According to the National Association of Realtors, it’s more affordable to buy a house today than it has been in a long time. Today’s high affordability combines two factors – low prices and low interest rates. But the prices won’t be low for long and are already on a tear across the nation.

Prices of existing homes rose 10 percent in February and March nationally from a year ago, and although our busy selling season is starting to wind down, in most other parts of the country it’s just beginning. So who knows where those numbers will end up by the fall? Part of the reason for prices starting to edge up is the lack of inventory of homes available to buy, which have fallen to 20-year lows.

Many homeowners are still not willing or able to sell at prices that are down from their 2006 highs and are sitting on their properties. New construction is just now starting to add properties to the marketplace, and banks are selling fewer foreclosures. Investors also are making a serious dent in available inventories by buying undervalued homes and converting them to rentals. A combination of affordability and rising rents also have pushed first time buyers into the market after they calculate that their monthly mortgage payment may actually be lower than their rent.

There is also a physiological factor at play in rising prices. First of all there is a pent up demand for homes with so many buyers sitting out the last five years waiting for the market to hit the bottom. It’s the old “if I’m going to get in I better get in now” thinking that is having a lot of influence on prices.

But is the housing market on a sugar high setting us up for another bubble? It’s no secret that the Federal Reserve’s goal is to keep interest rates low, but without knowing just how long they’re going to control the rates, it’s impossible to time the market. We could end up with an affordability issue for buyers if the Federal Reserve brings interest rates up to a more reasonable 6 percent on top of already high prices. For those who can afford to buy, their dilemma is to jump in now at prices higher than they were a year ago or wait a year, pay even more and risk higher interest rates.

In spite of the affordable real estate environment, many people still can’t get into a home because of bad credit, no credit or no down payment. Even people who are finding jobs as the economy starts to improve will still need time before they have the means to afford a home, and there’s a good possibility that by the time they’re ready, prices and rates will both be higher.

Most financial and real estate professionals think this is a once-in-a-lifetime opportunity to buy real estate. It certainly appears to be, but don’t let yourself be led by the masses. Do your homework and make the best decision for you and your family. That’s when you’ll know it’s the right time.

Real Estate Transactions
Real Estate Transfers from December 2012 and January 2013
Sponsored by Alan Galletto Island Real Estate

Sold Date | List Price | Sold Price | Address | Provision | Property Style

Anna Maria

12/14/2012 399,000 370,000 113 North Bay Blvd. 56.5x110 Ac
12/07/2012 799,000 779,000 811 S Bay Blvd. 2541 75x155 3 Br/2 Ba SFR
12/13/2012 1,300,000 1,100,000 104 Willow Ave.# A 1906 57x100 4 Br/3.5 Ba SFR
12/14/2012 469,000 469,000 118 Palmetto Ave. 707 48x50 2 Br/2 Ba SFR 12/14/2012 812,500 785,000 416 Spring Ave. 1546 52x145 3 BR/2.5 BA SFR
12/18/2012 950,000 800,000 104 Magnolia Ave. 2012 75x145 3 BR/3 BA SFR 12/27/2012 1,299,000 940,000 204 Oak Ave. 3318 73x110 4 BR/3.5 BA SFR
12/28/2012 575,000 540,000 512 Magnolia Ave. 1742 51x145 3 Br/2 Ba SFR
12/28/2012 1,995,000 1,750,000 103 Palmetto Ave. 1930 115x100 2 Br/1.5 Ba SFR
12/31/2012 899,000 900,000 212 Oak Ave. 3780 72x148 5 Br/5 Ba SFR
01/18/2013 725,000 690,000 300 N Shore Dr. 1500 4 Br/3 Ba SFR
01/08/2013 675,000 520,000 834 S Bay Blvd. # A 50x223 Ac
01/08/2013 675,000 520,000 834 S Bay Blvd. # B 50x223 Vac

Bradenton Beach

12/18/2012 389,000 351,000 2317 Avenue C # 300 1620 82 & 85x106 Inc
12/13/2012 319,000 290,000 1000 Gulf Dr. # 2 480 1 Br/1 Ba Condo

Cortez

12/14/2012 124,900 124,900 9604 Cortez Rd. #422 1218 2 Br/2 Ba Condo, Reo/Bank owned
12/20/2012 420,000 380,000 3860MarinersWy.#411 2227 3 Br/3 Ba Condo
01/07/2013 499,000 450,000 4004 128th St. W. #902 1628 3 Br/3 Ba Condo
01/18/2013 349,000 335,000 4112 128th St. W.#603 1762 2 Br/2 Ba Condo
01/25/2013 775,000 713,000 12923 Yacht Club Pl. 2784 4 Br/2 Ba/2 Half Baths SFR

Holmes Beach

12/06/2012 397,000 373,000 3013 Avenue F # U22 984 2 Br/1 Ba Condo
12/07/2012 730,000 625,000 212 52nd St 2656 3 Br/3 Ba Condo, Short Sale
12/27/2012 259,900 240,000 600 Manatee Ave. #225 1176 2 Br/2 Ba Condo
12/28/2012 210,000 193,000 3000 Gulf Dr. # 4 756 1 Br/1 Ba Condo
12/28/2012 600,000 500,000 204 52nd St .# 204 2656 4 Ba/3 Ba Condo, Short Sale
12/05/2012 1,189,000 1,100,000 642 Key Royale Dr. 4252 4 Br/5.5Ba Condo
12/05/2012 549,000 520,000 300 67th St. 1300 50x 100 3 Br/2 Ba SFR
12/07/2012 559,000 550,000 522 72nd St. 1949 100x17 3 Br/2 Ba SFR
12/10/2012 599,000 565,000 310 66th St. 1974 3 Br/3 Ba SFR
12/11/2012 439,000 415,000 215 66th St. 1114 54x105 3 Br/2 Ba SFR
12/14/2012 499,000 485,000 5802 De Palmas Ave. 1520 50x101 3 Br/3 Ba SFR
12/17/2012 489,000 450,000 5608 Holmes Blvd. 1040 2 Br/1 Ba SFR
12/19/2012 629,000 592,000 113 75th St. 1819 3 Br/2.5 Ba SFR 12/19/2012 494,000 469,500 212 81st St .# A 1200 90x90 3 Br/2 Ba SFR
12/21/2012 439,000 430,000 205 77th St. # B 900 2 Br/2 Ba SFR
12/26/2012 379,000 325,000 5903 Flotilla Dr. 1226 2 Br/2 Ba SFR
12/28/2012 399,900 363,750 503 71st St. 1884 95x97 3 Br/2 Ba SFR
12/31/2012 549,000 525,000 3705 Gulf Dr. # B 1227 3 Br/2 Ba SFR
12/31/2012 539,000 525,000 302 67th St. 1450 50x100 3 Br/2 Ba SFR
12/31/2012 1,000,000 800,000 303 68th St. 2000 4 Br/3 Ba SFR
12/31/2012 632,500 507,100 520 74th St. 3232 100x121 3 Br/3.5 Ba SFR, Short Sale
12/31/2012 995,000 940,000 516 83rd St. 1710 3 Ba/2 Ba SFR
01/14/2013 429,000 350,000 5200 Gulf Dr. # 304 1057 2 Br/2 Ba Condo, Short Sale
01/31/2013 425,000 410,000 5200 Gulf Dr. # 502 1169 2 Br/2 Ba Condo
01/15/2013 550,000 525,000 306 56th St. # 2 1620 3 Br/2 Ba SFR
01/18/2013 559,000 500,000 303 74th St. # A 1912 85x109 3 Br/3 Ba SFR
01/18/2013 749,000 700,000 4804 Gulf Dr. 3000 50x90 6 Br/4.5 Ba SFR
01/23/2013 598,000 550,000 208 67th St. 1443 75x105 3 Br/2 Ba SFR
01/24/2013 439,000 405,000 8316 Marina Dr. 1440 83x110 2 Br/2 Ba SFR
01/25/2013 645,000 580,000 520 Bayview Dr. 1970 87x118 3 Br/3 Ba SFR
01/30/2013 559,000 536,750 515 42nd St. 1590 3 Br/3 Ba SFR
01/15/2013 299,900 275,000 212 77th St. 85x98 Vac

 

Source: Manatee County Property Appraiser’s Office


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