Selling REOs to owner-occupants is easier under a federal directive that creates a 20-day window for households to buy Fannie Mae and Freddie Mac REOs before investors can buy them. What this means to a buyer/occupant is this: If you see a bank owned property that you are interested in buying to live in, get together with your Realtor ASAP. If the property is not under contract within 20 days then an investor can make an offer and most times that offer will be cash and will be stronger than an offer with financing contingencies.
Other stories in The Voice for Real Estate for the week of March 30 talk about the special enrollment period for obtaining health coverage in 2015. Go to Healthcare.gov to Find out if you qualify for a Special Enrollment Period. If you qualify, you can enroll in a Marketplace health plan outside the annual Open Enrollment.
An increase in existing-home sales is seen in February data. Now, that February data is nationwide and we know that these numbers don’t apply to Sarasota. We have a very robust market but with the same issues that low inventory creates, i.e.,rising prices and multiple offers. Some say this won’t last long and it was expected that the price increases would slow down. But so far, it looks like we may be on target for higher than 5% increase this year.
I spoke to the President of the Building Industry Association this morning about price increases in the new home market. He reports a 5% increase in prices in the past year and expects the same for the coming year. Some don’t like the increase in building that is going on in Sarasota, Florida but it is filling a gap in the inventory for buyers coming in to the market.
If you know anyone that is thinking of selling their house and wants to know what it’s worth, please give them my number….941-726-2227. If you have questions about buying a new home or a resale just let me know.