September 2023
Dear Friends and Clients,
For this issue, we have the pleasure of hearing from our own in-house Mortgage Branch Manager, Megan Kendrick, who consistently has her finger on the pulse of all things mortgage market related. A mortgage lender for more than 28 years, Megan has spent the past 13 in Sarasota with MSC Mortgage. Throughout her tenure, she consistently ranked as a Top Producer and Top Customer Service award winner.
Although many of my transactions are cash, it's important to understand the mortgage environment from a wholistic perspective and it's impact on the real estate market. Please enjoy her "state of the current mortgage market" remarks below!
|
|
SPOTLIGHT | MEGAN KENDRICK |
|
MEGAN KENDRICK
Mortgage Branch Manager
Michael Saunders & Company
|
|
|
Buyer Fatigue
The Mortgage market right now is feeling pressure. Buyers tend to feel as though they are the ones who are doing all the giving. Giving into higher prices, higher insurance costs, and higher interest rates. And let’s not forget having very little inventory to choose from.
But the main driver that keeps the buyer engaged in the market has not changed:
- Property ownership is an investment that has shown strong historical appreciation gains.
- Rents are still higher than a house payment.
- Prices in our market have stabilized and are not going down.
We work on keeping buyers in the right mindset, focused on the goal at hand which is the joy of a home to call their own and a great investment for the future, in a city that they love.
Inflation Fatigue
Experts are watching the markets and at the recent annual symposium held in Jackson Hole where Fed Chairman Jerome Powell spoke the tone was very neutral – leaving the markets steady and calm post speech. We are in a wait and see period, a holding pattern if you will. Waiting to see if all the previous rate increases have slowed inflation enough that they can stop. This process of waiting to see if it worked feels like driving forward by using your rear-view mirror. Powell said in his speech that they were “navigating by the stars on a cloudy day” – which is difficult to accept in our current climate. The fact remains that this process requires waiting, month over month, for additional data to present itself to know for sure that in fact that inflation is cooling.
Bottom Line
One thing is for sure that no matter how long they keep rates at these higher levels, it is still a great time to be a buyer. If you took historical average appreciation in our counties the only sure thing you would gain from waiting to buy is a higher price for the home. As we like to remind everyone, “you marry a home and date a rate”. A mortgage rate is temporary and can be refinanced down the road but securing a home you love at the prices now is something worth engaging in!
|
|
July Statistics from Stellar MLS |
|
On a Personal Note, The past several weeks have been filled with what I'd like to call Circle of Life Events. These events, also referred to as "lifecycle events" are milestones... for example, a birth or marriage, etc., and are special moments that encourage awareness of our many cherished life moments. In the span of a few weeks, I have celebrated my daughter Nicole's wedding shower, the return of my son Daniel and his family to Sarasota, my partner John's mother's 97th birthday, and among the many real estate transactions I am involved in, one of my dear friend's move from their home of 44 years!
I constantly reflect on the privilege I have to be involved in so many Circle of Life events, mostly positive and happy, which is the true reason why I am a Realtor.
I hope you all weathered our most recent storm safely and had a wonderful Labor Day weekend. As always, your loyalty, business, and friendship are cherished and appreciated.
A heartfelt thank you to each of you for entrusting me with your real estate needs. Watch for my great new listings coming soon on the Mainland and the Keys!
|
|
JUST LISTED! This coveted and rarely available 3 bedroom condo is perfectly sited on the Northwest corner and the 11th floor of 988 Blvd of the Arts, in the premier direct waterfront Condo on the Bay with sweeping and expansive protected views of Sarasota Bay and beyond! Location, location, in the heart of Sarasota and next to The Bay, an exciting new park that has transformed the area into a blue and green oasis with incredible amenities. The 17th stack is the one that is sought-after due to the best views from the wall-to-wall windows in living room, dining room, kitchen and owner's suite! This beautifully renovated unit boasts a sprawling split floor plan, ideal for both entertaining and everyday living, offering an open layout, 3 bedrooms, 2 and 1/2 bathrooms and 2 waterside terraces. Beautifully scaled rooms with sweeping Bay views abound, highlighted by high ceilings, crown molding, and light and bright surroundings. The renovated kitchen has been opened to capture glistening Bay views and features Campbell Cabinetry white shaker cabinets with soft close drawers and pull-out shelves, SubZero refrigerator with 2 convenient freezer drawers, Wolf induction cooktop, microwave and wall oven, and a water treatment system. Under cabinet, and tray ceiling lighting were added to complete the beautiful and efficient kitchen workspace.
|
|
On beautiful Palm Island in the heart of Siesta Key and just 2 blocks from world famous Siesta Key Beach, you'll find this fantastic one-of-a-kind modern island home with 4 bedrooms, 3.5 baths, designer finishes, incredible pool/lanai/summer kitchen, and private elevator, located on a great canal front lot with dock and lift for your boat. Purchase for your own personal residence, or use as an investment property with great rental income potential. This residence boasts 2 great rooms and multiple levels for easy living and entertaining. The first great room features an indoor/outdoor swimming pool and spa, screened-in lounge area and full outdoor kitchen with stainless appliances and gas range making it the perfect place to host a lively gathering.
|
|
100K PRICE REDUCTION! NEW HEATED SALT POOL, 1600+ SF LANAI AND SCREEN ENCLOSURE 2022! Experience island living at its best in desirable North Siesta Key. Situated on a private waterfront lot on picture-perfect Lake Nancy, 1 mile to world renowned #1 rated Siesta Key Beach, this 2214 sf, 3-bedroom 3 full bath + office home boasts countless recent updates/upgrades. The open concept split floor plan features a newly updated kitchen, with all new stainless appliances including hood, range, refrigerator and dishwasher, large granite peninsula with seating for 4, Italian soft close cabinetry, designated breakfast area and custom designed and installed pantry by Closets By Design. The main living space and spacious dining room, all with water views, are light and bright and feature new all wood, professionally installed plantation shutters, new lighted designer ceiling fans and ceramic tile floors. The owner's suite is a peaceful retreat with water views, French doors and private access to the outdoor space and boasts a recently renovated owners closet including a brand-new closet system and convenient laundry room with full size Samsung washer dryer and new organizational shelving. The spacious owner's bath is spa-like with a large all glass and tile walk-in shower, soaking jetted tub, granite counters with dual sinks and features new custom lighting and mirrors and pool lanai access.
|
|
1031 143RD STREET NE
$1,750,000
|
|
2179 HARBOURSIDE DRIVE | 501
$1,450,000
|
|
2566 PARADISE PLUM DRIVE
$1,160,668
|
|
4234 GULF OF MEXICO DRIVE | F1
$1,100,000
|
|
17038 CLEARLAKE AVENUE
$2,687,995
|
|
8462 PAVIA WAY
$2,036,155
|
|
September Real Estate And Lifestyle News
TRADE MARK INTERIORS, FALL BEVERAGES, HURRICANE UPDATE, AND RISING MORTGAGE RATES
|
|
by Staff Writer | Architectural Digest
|
|
by Kate Wight | SRQ Magazine
|
|
by Jacob Ogles | SRQ Magazine
|
|
by Alex Veiga | Florida Realtors
|
|
LENORE TREIMAN, MBA, REALTOR®
Real Estate Consultant & Marketing Specialist
Cell (941) 356-9642
|
|
Photography by Denis Lazon
|
|
|
|
|
|
|
|
