I am sitting here in Venice Florida enjoying the warm sunny winter's day that is typical of living in Florida. It is sunny and about 80 degrees outside right now. Although I am missing the change of weather and the snowy scenery that comes with living in the north, I am keenly aware of how lucky I am that I live, work and play in paradise.
All real estate markets are local. Our Venice real estate market has been experiencing an inventory shortage, similar to entire country. Reslaes were competing with new construction this past year in Venice and we don't see that changing anytime soon. We are also seeing a lot of new home building and many new communities are popping up throughout the area. We are all hoping to see the real estate inventory increase this year, as finding homes for buyers has been difficult for Realtors here. Buyers have had to rely on Realtors now more than ever to get the home of their dreams.
Interest rates rose slightly but not at the level that had been predicted. It are still very affordable for buyers looking to finance a home purchase and if buyers have been sitting on the fence now might be the time to make your move. FHA loan limits have increased slightly, low down payment loans are available and there are still home buying programs out there for first time homebuyers. This coming year could be the best year ever in real estate.
Foreclosures and short sales have all but disappeared and for the few of those who are still having to use a Short Sale to sell their home they need to have a discussion with their accountant or attorney as the Mortgage Debt Foregiveness Act sunseted 12/31/2016. This "Act" allowed homeowners relief from paying income taxes on the debt that was discharged from their principal residence. We may see some foreclosures later in the year released as the Florida Supreme court is allowing banks to foreclose on some properties that were protected from statue of limitations.
Florida Realtors Association officially celebrated 100 years of helping buyers and sellers with their real estate needs. I and thousands of other Florida Realtors were lucky enough to help Florida Realtors Asscociation celebrate in Orlando and I can say a good time was had by all.
Venice Florida real estate market statistics saw 2608 properties sold with an average sale price of $259,100 with 64 DOM (Days On Market means how long it took a properties to go under contract) and sold for on average of 97% LSP (List to sales price ratio means what percentage the property sold for compared to what it was listed for). 15% of the homes sold were new construction (390 homes). The average home sold was a 3 bedroom 2 bath 2 car garage about 1600 sq ft. Currently there are 843 properties listed for sale in Venice FL and another 121 properties are under contract.
If you are considering buying or selling a home in the Venice FL area, I would absolutely love to discuss how I can assist you with your real estate goals for 2017. I am just a phone call or email away.
Search homes now visit my website www.FindVeniceFLHomes.com.