Fall 2023 Real Estate Market Update for North Port Florida

If you have been looking at buying a home in North Port Florida or Sarasota County in general over the past year you have seen the change in Interest Rates and how that is affect Todays Home Buyers.

Over the past year, the home prices in North Port have been staying very steady with only minor fluctuations, but has seen homes sit on the market about 30 days longer than they did 1 year ago.

With higher interest rates today, compared to last year, more buyers are focusing more on affordability vs being as close to the beach as possible. That has given more people the opportunity to look as North Port as a great option since it is still located in one of the most desired counties in the United States and the median home price is less than the Florida State Median Home Price.

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As interest rates begin to rise there is A lot of uncertainty here in this real Estate market so I want to sit down with Our uh preferred lender here Manny from Centennial Bank and we're really going To be breaking down kind of the overall Market report for the city of Northport In general and if we're talking we may Talk a little bit about Sarasota County In general um however we are going to be Diving more into what's going on in Northport you know how has the real Estate market been affected here in September October oober of 2023 versus Say August or even September 2022 so Manny I appreciate you coming on to this Video and so what are you guys seeing in Terms of on the lending side because Obviously we're seeing interest rates Rise everyone's seeing it across you Know the economy is a little shaky right Now what have you been seeing here in Like Sarasota County and kind of Northport yeah absolutely well thank you For having me know so the market has Changed a little bit um you'll see less Buyers out there right now because They're in fear of what rates are doing And right now rates have gone up um However some prices have gone down so Some some say you know this is a better Time due to the fact that prices are Going down or uh rates are going up so When it comes to to the rates some

People look at that cup half full some People look at that cup half empty sure Um so what I always tell people is just Keep it simple the numbers uh will tell You your affordability you will know Your affordability uh and if you don't You probably want to keep it somewhat Similar to what you're comfortable in Rent right um but yeah that's that's Pretty much what we're seeing right now And then you're also seeing um a little Bit more unconventional non-conforming Products come about which are your arm Adjustable rate mortgage products okay And the reason that's coming more about Is because the interest rate is lower Right so has a little bit uh more uh I Don't want to say flexibility but it Does have lower interest rates than the Normal 30-year fix and it does have Fixed rate products uh available through The arm as well whether it's three years Five years seven or 10 years so right And so I mean yeah with interest rates Rising so like Northport for example I Mean what's interesting is the home Prices have actually been steady even Throughout the whole year if you would Look at the chart from any other like Zillow realor.com all of them they put It into a chart and literally Northport Is sitting at about an average price of Or median home price of $375,000 and if you look the chart

Literally is almost flat like even from 2022 all the way through now yeah it Fluctuates a few thousand dollar here And there abely however the market seems To have stayed relatively steady in Terms of sales price without decreasing 20 15% you know yeah absolutely so so We've seen I I think I always tell People I'm not originally from Florida Right so a lot of people ask me how are Things how's the market and I always Tell people Florida is a little bit Different than the rest of the nation so Uh when I see some things have changed I'm talking about the rest of the nation But and you're right and here locally Florida Northport the demand is so Strong the influx of people that we see Um so I don't foresee you know prices Here going down anytime soon just Because of supply and demand this just Simple as that right right yeah well What's interesting though too is like so We've had the prices stay the same at 375 and then the days on Market have Gone up significantly I mean last year At this time we were sitting at about 22 23 days on Market on average and now It's at 53 54 days average on Market Which is significantly different but in The grand scheme of things 54 days just Does not seem like too much time Compared to say four five years ago Right when it took 60 70 80 days for

Homes to sell right but the home price Have stayed the same and actually we've Seen a few less homes sell here compared To last year which obviously we were Still coming from the pandemic highs you Know we still have about 180 to 200 Homes that are selling here in Northport Every month um while during the pandemic We were seeing 250 280 290 but obviously We were playing with the lower interest Rates so what do you see I guess since Home prices have stayed relatively Steady here uh days on Market have gone Up a little bit more where have you been Seeing interest rates as of right now Now obviously this is just talking you Know what the Market's looking like Right now and not anyone's specific Situation but like what have you been Seeing interest rates be for like a 30-year fix so right now depending on on The product and and obviously it's Contingent upon credit score and there's Several variables there but if we want To be kind of generic and we want to say Uh your typical 30-year fix for a 720 Credit score 20% down you're probably Looking at around 8.125 8% so a little above the eight Yeah 8% threshold correct and then so We're sitting in a new construction House right now now obviously You' Purchase this with a 30-year mortgage You know you would need a construction

Loan but say someone wanted to build This exact floor plan just on their very Own lot what are construction loan Prices looking like now that's so that's Great question so actually the 8.125 is A CP loan an end loan right now on a 30-year fix you're probably looking at High sevens 7.8 75 okay so on an end Loan 30-year you know product but as far As the CP goes from the ground up or Maybe even the dirt up yep um Yeah you're looking around 8.125 okay eight and a quarter for the CP rates yeah abolutely interesting so What are the certain qualifications for A construction loan like this you know Right now when people are like well I Don't know if I can swing at you know an Eight and a quar or eight you know Whatever a little bit above 8% like what Are some qualifications that some people Have to meet right now no that's a great Question because you said it's not much Different than your 30 year but it is Different so that being said um the main Criteria is your credit okay as as as Almost everything else you know so you Want to have at least a 680 credit score Um that's your starting point um it's Ideal if you have at least 10% down okay Um that doesn't necessarily mean that's Always the case I'm going to talk on on My behalf on my programs available to me Y um is 10% minimum down for a primary

Home okay um secondary it's anywhere From 15 to 20% down and in investment Construction right now is uh right now Currently um under a different scope so Um it looks like some lenders are Transitioning that paper uh either Inhouse or to their commercial portfolio Versus their residential portfolio to Balance books and risk where the risk is Coming with for interest rates and Everything exactly exactly so uh for a Lack of a better word right now Investment CPS are are are temporarily Suspended sure for now well I mean it's Expected with as interest rates rise There's uncertainty in the market Banks Obviously aren't going to lend on Uncertainty so you may have to go Private money at that point just you Know may make sense just depending on Where the numbers go correct correct Correct it's it's just going to be Interesting to see where the market goes Say December or even the turn of 2024 What's going to happen now obviously we Don't have a crystal ball but a lot of Changes there's a lot there will be a Lot of changes for sure and hopefully The interest rates don't stay at 8% or Hover around 8% cuz that's going to That's going to deter a lot of people But see do you believe like yeah there's Pimped up uh pent up you know uh buyer Demand right now and they're just

Waiting yeah so do you do you feel like If interest rates do go a little bit Lower that we will see you know a little Bit more buyers come into the market Because they're like well I don't think Interest rates are going to go down any Lower ab absolutely so probably contrary To popular belief you know I always tell People doesn't matter what the rates are Because if you got to go with what's in Your the times and when you're tiing a Time in the market it's it's you can Miss out on a lot uh it's just not the Way you approach it right so I mean a Lot of people tell you get in have some Skin in the game and then your your seed Will Blossom at some point so I always Tell people look just because rates are High that shouldn't deter you uh it just Means that you're not going to be able To buy the home that you may have wanted Or but it doesn't mean that you're going To get in and get hurt it's it Historically means that you will get in You're going to build equity you're Going to save uh you're buying something That you can afford so so I always tell People look just ignore all the noise You should always sit with a lender once A year whether you want to buy or not It's no different than sitting with the Doctor to see how you're doing with your Physical health I always tell people It's your prerogative if you want to buy

Or not but it's your Financial Health to Know whether you can or can't right so Um personally I'm not one to get caught Up with all the time times and the rates And all this I just tell people look This is what the times are at now and if You want to buy now then here's what the Numbers are yes they may look Differently than what they were in the Past but the reality of the matter is Nobody knows what's going to come in in The future right you know so you know You can sit there and try to and hedge That risk or you can get in and and and Work with what the cards are given to You right right yeah you never contend The market that's the last thing you Want to do but uh so that kind of that Kind of sums up kind of where the market Is sitting here in Northport yes there Is some uncertainty but there is still a Lot of buyer demand they're just waiting On the sidelines once interest rates may Go down you know we never know but once That day does happen then obviously we Will have more buyer demand that comes In um but at the end of the day Northport is still one of the fastest Growing areas here in the State of Florida which makes it just an opportune Area I mean I'm looking for land myself We were just at a couple Lots looking at It to build my own primary residence on Just because I believe so much in the

Northport area it will be interesting to See where the Northport Market does go But if you are interested in looking to Relocate to Northport we do have a Dedicated buyers relocation guide for North where you guys can download it 100% free in the description down below Along with joining our exclusive VIP Email list for new construction homes if You guys want to see what off-market new Construction homes look like with a Various array of Builders definitely go And join that it's once again 100% free To join and I promise you it's not going To be spamm I'm not going to be emailing You it's only going to be dedicated to Exactly what you are looking for but Once again Manny I appreciate you Hopping on to this video and we will Probably making a lot more in the future And if you guys have any more questions Regarding Northport or have you know Have a question for Manny drop it in the Comment section down below I will also Put Manny's contact info in the Description too but once again thank you Guys for checking out this video and we Will catch you guys all next Week and

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