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August 2022 Manatee Market Update
Ron Pepka
Ron can be described as the “Rock” that every successful business needs...
Ron can be described as the “Rock” that every successful business needs...
It is still a seller's market, but rising interest rates are playing a role in creating an uptick in inventory.
Despite the increase in inventory, the median sales price in the two-county area continues to increase
- just not the off-the-chart growth we all witnessed over the past year.
Another data point immune to interest rates are cash purchases, which remain strong. Although there were fewer closed sales this June compared to June of last year, cash sales surpassed last year’s and accounted for more than 50 percent of deals for single-family homes in Sarasota county. In Manatee County, cash sales in June of this year were similar to last year, hovering just below 40 percent of deals.
It's important to have a good understanding of what’s going on in the Manasota (Manatee & Sarasota County) Market.
Our market report showcases everything you need to know about our local real estate trends.
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Curious To Know Your Home's True Value?
Curious To See What Has Just Hit The Market?
The U.S. Homeownership Rate Is Growing
If you’re thinking about buying a home this year, here are just a few reasons why so many people see the value of homeownership.
Why Are More People Becoming Homeowners?
There are several benefits to owning your home. A significant one, especially when inflation is high like it is today, is that homeownership can help protect you from rising costs. Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), explains:
“In the 1970s, when inflation was running around 10%, home prices were rising at approximately the same rate. Renters actually have a harder time in inflationary periods, because rents tend to rise along with inflation, whereas mortgage payments stay the same for homeowners with fixed-rate mortgages.”
When you buy a home with a fixed-rate mortgage, you can lock in what’s likely your biggest monthly expense – your housing payment – for the duration of that loan, often 15-30 years.
That gives you a predictable monthly housing expense that can benefit you in the short term, but you’ll also gain equity over time as your home appreciates in value and you make your monthly mortgage payment.
And with that growing equity, your net worth will increase as well. In fact, the latest data from NAR shows the median household net worth of a homeowner is roughly $300,000, while the median net worth of renters is only about $8,000. That means a homeowner’s net worth is nearly 40 times that of a renter.
Bottom Line
The U.S. homeownership rate is growing. If you’re ready to purchase the home of your dreams, contact a local real estate professional to begin the homebuying process today.
