Florida is on sale and Manatee County is no exception. After years of over-inflated prices, real estate is making a correction. With median home prices continuing to fall, the market is once again in the buyer’s favor. “There are some good deals out there,” said Ron Cornette, director of training and marketing for Wagner Realty.
The median price of an existing home in Bradenton-Sarasota in September was $200,800, down 29 percent from the previous September, according to the Florida Association of Realtors. Many local real estate companies found September sales to be slightly lower than the previous September. “We’re starting our fourth year of a down market. It we haven’t hit bottom, we’re bumping along it,” said Rod Rawlings, broker-manager of Re/Max Alliance Group’s University Parkway office.
The record-breaking number of foreclosure filings in Manatee has added to the already bloated number of homes for sale. While many think they can offer peanuts and score a mansion, they are finding banks would rather hold onto properties than take a lot less than market value for a home. The decision to hold onto properties and not accept extremely low offers indicates that banks know property values can’t keep falling and the properties that are such a drain on them now will one day be an asset, Rawlings said. “They don’t want to hold onto real estate but we’re seeing more of that,” Rawlings said.
Those looking to buy even distressed properties need to be realistic when making an offer, Cornette advises. Both Re/Max Alliance Group and Wagner Realty say they have seen more activity this year than last. “It’s still a bit hit or miss. The only thing that can change immediately is the attitude,” Rawlings said. Slowly but surely, those attitudes are changing. Sellers who had taken their homes off the market in defeat last year are putting those for-sale signs back in their front yard, Rawlings said. “I also have buyers who think they have continued to rent long enough and are out there and serious about buying,” Rawlings added. Lenders and agents alike are stressing the fact that there is still money out there. Federal Housing Administration loans and Veterans Administration loans are still available to those who qualify.
Those curious about buying a home but not sure if they would qualify are encouraged to talk to lenders. Many lenders have programs to help those interested in buying a home who may have credit or other issues keeping them from qualifying for a mortgage. “It’s about helping people find homes,” said Pete Minarich of Benchmark Mortgage. FHA insures loans so lenders can offer better deals, usually with low downpayments, low closing costs and easy credit qualifying. Earlier this year, FHA increased the loan amount it would insure by more than $100,000, from $336,000 to $442,000. “I feel prices are reasonable, interest rates are reasonable and with the increased money available through FHA, we’re going to see more sales,” said Barbara
Edwards, co-owner of Scholfield Realty. Some, however, find some positive news in the 29 percent median price drop in September. “These figures include the entire Sarasota/ Bradenton area, chunked together,” said Jeannie Flynn of the Manatee Association of Realtors. “In Manatee County the figures are more encouraging.” In Manatee County alone, the median price of a single-family home held at $237,500 in September, a drop from $277,000 in September 2007.
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