Real Estate Transactions In St. Cloud FL For February 2022 Presented By Jeanine Corcoran
Jeanine is the broker of Corcoran Connect, a real estate company based in St. Cloud, FL. She is joined by her co-host Kristin Macari owner of Studio Nine 13. Welcome to the 14th episode of Discover St. Cloud Florida.
Kristin asked Jeanine what kind of news she had for everyone regarding the real estate market in February 2022? Jeanine said it is interesting to compare 2022 to 2021.
She started with zip code 34769 which covers the downtown area and lakeside. There were 30 homes sold in St. Cloud in February 2022. In February of 2021, there were 49 homes sold. The average price 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 stories and four were two stories. This is proportional as the majority of the homes in zip code 34769 are single stories.
Looking at zip code 34771 going down Narcoossee Rd is the busiest zip code in St. Cloud as far as home sales. This February 2022, 33 homes were sold versus last year when there were 104 properties sold.
Kristin added that she didn’t think the drop in homes sold correlated to houses sitting on the market longer, it is more the fact that there is no inventory of homes to sell. Jeanine stated that there is less than one month’s inventory of homes on the market.
The Inventory Of Homes For Sale In St. Cloud Florida Has Never Been This Low
Jeanine said that she has been in real estate since 2005 and has never been in a market where there is less than one month’s worth of inventory on the market. A regular healthy real estate market represents approximately 6 months’ worth of inventory as a comparison. The price per square foot in the 34771 zip code was $202.43 for February 2022 compared to $157 last year.
Jeanine then moved on to zip code 34772. There were 59 homes that sold this year in February and last year there were 85 homes sold. The price per square foot this year was $201 and last year was $154.
Moving onto zip code 34773 which represents Harmony West. There were 11 homes sold in February 2022 versus last year when there were 14 homes sold. The price per square foot this year was $186.55 and last year it was $142.45.
Kristen then reported on land lots that were sold. She said there were 8 land lots that sold with the highest priced lot at $4M which includes 18.6 acres. Last year there were two land lots that sold in Suburban Estates which is on the lower end. The highest land lot that sold there was for $285K.
Land For Sale In Saint Cloud, FL
Jeanine mentioned a key point about land lots for sale. She always calls the County to verify each land lot her client might be interested and she advises all the real estate agents that work for Corcoran Connect to do the same. She also has the buyers to call the County as well. She stated you never want to reply on MLS or the agent listing the lot as a lot of the information is not accurate.
Jeanine also addressed closing costs. If you are a buyer and looking for closing costs that is just not happening in this current market. If you are a first-time buyer, she said there are a few lenders that will roll closing costs into the loan, but you have to sort through them. You can ask the seller all you want to pay for the closing costs, but it just isn’t happening right now.
Jeanine stated that sometimes buyers need to listen to their realtor on the reality of the market and what is happening. Your realtor knows what’s happening in the market and can offer you great advice and help guide you through the process.
Can Capital Gains Tax Be Avoided?
Kristin and Jeanine also talked about how capital gains taxes and how to avoid them. Jeanine educates all her clients that are thinking about selling their home that hasn’t owned their home for more than two years about the capital gains tax. She recently has worked with two clients who were unaware of that fact, and they waited just a few more months and closed literally a day after the 2 years owned mark to avoid those capital gains tax.
Jeanine brought up a great point about PMI or private mortgage insurance. She said if you have purchased a home in the last year and you’re paying PMI insurance, now is an excellent time to call your lender and have the PMI removed.
Private Mortgage Insurance – What You Need To Know
Jeanine explained the reason why some people have PMI insurance. When you purchased your home if you put down less than 20%, then PMI would be added. There is no rule that says you must have PMI insurance for a certain amount of time so if the equity goes up dramatically on your home, you can request to have the PMI removed.
Jeanine added that she would be happy to help anyone through this process. She recently helped her daughter Lauren and pulled comps in her area, so she had that for when the appraisers came.
If you have other topics for St. Cloud real estate you would like us to cover, we would love to hear from you. And if you have any subjects to do with Saint Cloud in general that you would like us to cover on our podcast, feel free to share them with us.
We hope you enjoyed Jeanine and Kristin walking you through the real estate transactions in St. Cloud FL for February 2022. We want to keep you up to date with what is happening in the real estate market in St. Cloud so you can make informed decisions when it comes to your real estate needs. The video source can be found by clicking here.