Last month's Fed meeting minutes show officials are in no hurry to move interest rates up or down, though investors are looking for a rate cut by year's end. Recent escalation in the trade war with China has helped keep rates low and could c
Existing home sales fell in April, likely due to high prices and tight supply at the low end of the market. Recent rate drops should counter high prices moving forward. New single-family home size increased roughly 8% at the start of 2019, now an average of 2,551 square feet. Median home size also increased 11% to 2,335. More baby boomers are choosing to age in place, contributing to low inventory across the country. Almost 52% of boomers say they'll never move.
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According to the 2019 Home Buyer and Seller Generational Trends report by the National Association of REALTORS® (NAR), multi-generational housing continues to be a growing trend among homebuyers. This trend is driven largely by Gen Xers, who are the second-largest band of homebuyers today at 24%. Of that cohort, one in six purchased a multi-gen home, half of whom cited accommodating adult children as their reason for doing so. When it comes to millennial buyers, nine percent purchased a multi-generational property they could share with aging parents, per the report.
Sarasota experienced 644 sales last month, and cash sales are at 40% of all sales in Sarasota. The highest price property sold last month was $5,400,000, the lowest price was $65,000 and the median price was $281,000. The average sold price per square foot last month was $170. There are 3,123 active listings and 1118 pending contracts. Call me if you have more questions on the market trends or what the value of your home. 813-716-2792
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