Real Estate Transactions In St. Cloud FL For February 2022
Real Estate Transactions In St. Cloud FL For February2022 Presented By Jeanine Corcoran
Jeanine is the broker of Corcoran Connect, a real estate companybased in St. Cloud, FL. She is joined by her co-host Kristin Macariowner of Studio Nine 13. Welcome to the 14th episode of DiscoverSt. Cloud Florida.
Kristin asked Jeanine what kind of news she had for everyoneregarding the real estate market in February 2022? Jeanine said itis interesting to compare 2022 to 2021.
She started with zip code 34769 which covers the downtown areaand lakeside. There were 30 homes sold in St. Cloud in February2022. In February of 2021, there were 49 homes sold. The averageprice per square foot was $204.36 this year in February and it was$170.60 last year.
Twenty six of the 30 homes sold in St. Cloud were single storiesand four were two stories. This is proportional as the majority ofthe homes in zip code 34769 are single stories.
Looking at zip code 34771 going down Narcoossee Rd is thebusiest zip code in St. Cloud as far as home sales. This February2022, 33 homes were sold versus last year when there were 104properties sold.
Kristin added that she didn’t think the drop in homes soldcorrelated to houses sitting on the market longer, it is more thefact that there is no inventory of homes to sell. Jeanine statedthat there is less than one month’s inventory of homes on themarket.
The Inventory Of Homes For Sale In St. Cloud FloridaHas Never Been This Low
Jeanine said that she has been in real estate since 2005 and hasnever been in a market where there is less than one month’sworth of inventory on the market. A regular healthy real estate market representsapproximately 6 months’ worth of inventory as a comparison.The price per square foot in the 34771 zip code was $202.43 forFebruary 2022 compared to $157 last year.
Jeanine then moved on to zip code 34772. There were 59 homesthat sold this year in February and last year there were 85 homessold. The price per square foot this year was $201 and last yearwas $154.
Moving onto zip code 34773 which represents Harmony West. Therewere 11 homes sold in February 2022 versus last year when therewere 14 homes sold. The price per square foot this year was $186.55and last year it was $142.45.
Kristen then reported on land lots that were sold. She saidthere were 8 land lots that sold with the highest priced lot at $4Mwhich includes 18.6 acres. Last year there were two land lots thatsold in Suburban Estates which is on the lower end. The highestland lot that sold there was for $285K.
Land For Sale In Saint Cloud, FL
Jeanine mentioned a key point about landlots for sale. She always calls the County to verify each landlot her client might be interested and she advises all the realestate agents that work for Corcoran Connect to do the same. Shealso has the buyers to call the County as well. She stated younever want to reply on MLS or the agent listing the lot as a lot ofthe information is not accurate.
Jeanine also addressed closing costs. If you are a buyer andlooking for closing costs that is just not happening in thiscurrent market. If you are a first-time buyer, she said there are afew lenders that will roll closing costs into the loan, but youhave to sort through them. You can ask the seller all you want topay for the closing costs, but it just isn’t happening rightnow.
Jeanine stated that sometimes buyers need to listen to theirrealtor on the reality of the market and what is happening. Yourrealtor knows what’s happening in the market and can offeryou great advice and help guide you through the process.
Can Capital Gains Tax Be Avoided?
Kristin and Jeanine also talked about how capital gains taxesand how to avoid them. Jeanine educates all her clients that arethinking about selling their home that hasn’t owned theirhome for more than two years about the capital gains tax. Sherecently has worked with two clients who were unaware of that fact,and they waited just a few more months and closed literally a dayafter the 2 years owned mark to avoid those capital gains tax.
Jeanine brought up a great point about PMI or private mortgageinsurance. She said if you have purchased a home in the last yearand you’re paying PMI insurance, now is an excellent time tocall your lender and have the PMI removed.
Private Mortgage Insurance – What You Need ToKnow
Jeanine explained the reason why some people have PMI insurance. When you purchased your home if you putdown less than 20%, then PMI would be added. There is no rule thatsays you must have PMI insurance for a certain amount of time so ifthe equity goes up dramatically on your home, you can request tohave the PMI removed.
Jeanine added that she would be happy to help anyone throughthis process. She recently helped her daughter Lauren and pulledcomps in her area, so she had that for when theappraisers came.
If you have other topics for St. Cloud real estate you wouldlike us to cover, we would love to hear from you. And if you haveany subjects to do with Saint Cloud in general that you would likeus to cover on our podcast, feel free to share them with us.
We hope you enjoyed Jeanine and Kristin walking you through thereal estate transactions in St. Cloud FL for February 2022. We wantto keep you up to date with what is happening in the real estatemarket in St. Cloud so you can make informed decisions when itcomes to your real estate needs. The video source can be found byclicking here.