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Trivia Question❓

In what year was Punta Gorda established as a city, and by whom?

Answer at the bottom of the newsletter

Interesting Facts

The median sale price of a home in Punta Gorda was $450K last month, down 11.6% since last year.

DID YOU KNOW?

Chapter 163 of the Florida Statutes requires all cities and counties in the state of Florida maintain a comprehensive plan providing a long-range (10 to 20 years) vision of future development. The Florida Department of Economic Opportunities requires evaluations and updates to the comprehensive plan in a seven-year cycle, known as the Evaluation and Appraisal Review (EAR). The City of Punta Gorda's Comprehensive Plan 2045 is a result of the recommendations from the last major evaluation of the City's 2025 Plan.

Read the Plan for 2045

Quote Of The Day

"Owning a home is a keystone of wealth... both financial affluence and emotional security." - Suze Orman

What's the difference between Market Value, Appraised Value and Assessed Value?

Tip of The Day

Consider using virtual tours and 3D walkthroughs to show off properties to potential buyers.

This can help drive interest and save time by allowing viewers to virtually explore the property before deciding to schedule an in-person showing.

An Overview of the US Housing Market

In 2024, the real estate market has seen some big changes. Let's break down what's been happening in a way that's easy to understand.

House prices have continued to be high in many areas. This means buying a home is still expensive. However, prices aren't going up as quickly as they did before. Some areas have even seen prices level off or go down a bit.

Interest rates are what you pay the bank for borrowing money to buy a house. In 2024, these rates have stayed high, making it more costly to take out a mortgage. Higher interest rates mean higher monthly payments for homebuyers.

There are still not enough homes for everyone who wants to buy one. This shortage keeps prices high. Builders are working to construct more houses, but it takes time to meet the demand.

Many millennials, people who are now in their late 20s to early 40s, are looking to buy their first homes. This group is a big part of the market right now. They often face tough competition for homes, especially in popular areas.

The real estate market can be very different depending on where you live. Some places have lots of new homes being built, while others have very few. For example:

Big cities might have very high prices because lots of people want to live there.
Smaller towns might be more affordable but could have fewer homes available.

For families, these changes mean it can be tough to find a home that fits their budget. High prices and interest rates mean higher monthly costs. Families might have to look in different areas or settle for smaller homes. Mobility will more frequently become a by product of finding the perfect home.

Experts are watching to see if interest rates will go down, which could make buying a home cheaper. They are also looking to see if more homes will be built to help with the shortage.

In 2024, the real estate market is still challenging for many people. High prices, high interest rates, and not enough homes make it hard for families to buy a house. Understanding these trends can help people make better decisions about buying a home.

By keeping an eye on changes in prices, locations, interest rates, and the number of available homes, families can better navigate the real estate market in 2024.

We'll be updating you in upcoming issues! Stay tuned!

Joke Of The Day

Q: How many real estate agents does it take to change a lightbulb?

A: None! “The lightbulb is in excellent working order and comprised of a beautiful retro teardrop illuminator, offering original glass and metal features and located very centrally in the middle of the room. Local amenities abound and the property is serviced by a newly refurbished power cord connecting it to the ceiling. Nearby is a tasteful power switch to enable the purchaser to switch it on and off. Leasehold with share of power supply with lovingly improved wattage by the current owners. Would suit a professional couple or family looking for more light.”

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💡 Answer to Trivia Question:

Punta Gorda, Florida was established by Isaac Trabue. He was a prominent lawyer and businessman who played a significant role in the development of the city. The city was originally named "Trabue" after him, but it was later changed to Punta Gorda.