Tracking the number of mortgage applications for purchase (“MAFP”) is a strong barometer of trending sales. When MAFP increase, home sales rise. Conversely, a downturn in MAFP means less homes selling. In July, the Mortgage Bankers Association (“MBA”) reported MAFP fell to their lowest level in 22 years and continued to fall 1.4% in the … Continue reading Home sales, interest rates and prices.

The Sarasota housing market is cooling. It is still a strong seller’s market, but it has lost its effervescence. The tide has begun to turn. There are fewer showings and days of multiple offers are winding down. A combination of rising interest rates (currently 5-6%), 43% more homes for sale and 12% less homes sold … Continue reading The tide has begun to turn.

It has been a turbulent time for home sales.  An inventory crisis has wrought meteoric home price growth. We now face rising mortgage rates, a widening  affordability gap, super-charged inflation, tumultuous geopolitical events affecting the global supply chain, and a severe societal and cultural schism.   It’s natural to think the run-up in home prices … Continue reading A Housing Bubble? No. Not This Time.

Last week I attended a housing conference. The guest economist posited that inflation may have peaked. If inflation has peaked, what does that portend for home prices in Sarasota County? In April, consumer prices rose 8.3% from a year ago, less than March’s 8.5%. Although a one (1) month, 0.2% reduction does not create a … Continue reading Has the housing market peaked?

We currently have a 0.6-month supply of homes for sale.  Basically, a tad over 2 weeks.  It has essentially been that way since January 2021, when briefly there was a 1.6-month supply, itself historically low.  There is no evidence that this is changing.  Ergo:  prices will continue to march higher. The median sold price for … Continue reading Will home prices continue to go up or are we facing a housing bubble?

Last month I said — “There has never been a better time to sell a home”.  It begs the question.  If prices are at all-time historic levels (which they are), why aren’t more homeowners selling?   The number of homes for sale continues to shrink, with 40% less single family homes for sale this past … Continue reading The incentive to sell your home.

There has never been a better time to sell a home.  Sellers are in the driver’s seat from start to finish.  “Give me your tired, your dated, your wallpapered and overgrown”. In this market, no task is too great. Finicky buyers who want “move-in condition” are finding they often have little choice but to take … Continue reading Time waits for no one.

January 15, 2022 If you have been following my commentaries, you know I have been concerned about consistent double-digit price appreciation.  Long term, it is not healthy.  Homes selling within days, multiple bids, over list price – it is simply too hot. It is tough on everybody. It would be a good thing if some … Continue reading It’s All About the Treasurys

My forecast for home sales in 2022: continued price appreciation, critically low supply of homes for sale, increasing demand, multiple offers, minimal days on the market, homes selling over list price. If you have been following my commentaries you know that I consistently have posited you can’t argue demographics, low interest rates, and the multi-generational … Continue reading 2022 Forecast for Home Sales

What you need to know … What you should ask your REALTOR® Changes effective as of November 1, 2021 Until 2009 I practiced real estate law in the State of Rhode Island and Commonwealth of Massachusetts. Amongst my clients was the Rhode Island Association of REALTORS® (“RIAR”). As Legal Counsel I drafted, prepared the contracts, … Continue reading Major changes to the FAR/BAR Real Estate Contracts