The Fed Raised Rates: What September's Hike Means for Manatee & Sarasota Buyers and Sellers

On Wednesday, September 16, the Federal Reserve raised its benchmark rate by a quarter point. It's the Fed's first rate increase since July 2023. If you're buying, selling or investing in Manatee or Sarasota this fall, you've probably noticed mortgage quotes creeping higher, too. Here's what happened, why, and how to plan around it.

What the Fed Did

The Federal Open Market Committee voted 12–0 to raise the federal funds target range by 0.25 percentage point to 3.75%–4.00%. The range had been 3.50%–3.75% since last December. The statement was short and direct: "Inflation remains elevated. Today's policy action will support a timelier return to the Committee's 2 percent goal."

This didn't come completely out of nowhere. At the July meeting, three members dissented in favor of a hike while the majority held rates steady.

The Fed's new economic projections show a median federal funds rate of about 4.1% at the end of 2026 and again at the end of 2027. They also show PCE inflation of 3.7% for 2026. In June, officials had penciled in 3.8% for the end of this year. In plain terms, the projections leave room for another increase this year, and they don't show cuts returning quickly.

Why: Inflation Picked Back Up

The Bureau of Labor Statistics' August Consumer Price Index, released September 11, showed:

• Prices up 0.4% for the month and 3.4% over the past year

• Energy prices up 16.3% over the year, driven largely by gasoline, which was up 27.4%

• Core inflation (excluding food and energy) at 2.4% over the year

Energy is doing much of the damage. But with overall inflation well above the Fed's 2% target, policymakers decided to act.

What It Means for Mortgage Rates

The Fed doesn't set mortgage rates, but this week the two moved in the same direction. Freddie Mac's Primary Mortgage Market Survey showed the 30-year fixed averaging 6.95% for the week of September 17, 2026. That's up from 6.76% a week earlier and the highest since late January 2025. A year ago, the average was 6.26%.

On a $400,000 loan, the difference between 6.26% and 6.95% is roughly $185 a month in principal and interest. That's real money, and it changes what some buyers qualify for.

What This Means for Buyers

• Re-check your pre-approval. If you were pre-approved this summer, ask your lender to re-run the numbers at today's rates so you know your true price range before you write an offer.

• Think about locking. If you're under contract, talk with your lender about locking your rate now and what a float-down option would cost.

• Negotiate for help with the rate. In many situations, a seller credit toward a rate buydown or closing costs can do more for your monthly payment than a small price reduction. Ask your lender to compare both.

• Look at the full payment. Insurance, taxes, and HOA or CDD fees matter as much as the rate. Get insurance quotes early. We're still in hurricane season, and insurers commonly pause new policies when a storm threatens.

What This Means for Sellers

Higher rates mean some buyers have less purchasing power, so pricing right from day one matters more than ever. In Lakewood Ranch, Bradenton, Sarasota or Parrish, here's what I'd focus on:

• Price to current conditions, using recent comparable sales, not last spring's headlines.

• Make your home easy to finance and insure. Have your roof information, wind mitigation report, permits and flood disclosure ready.

• Be open to concessions. Offering a credit toward a buyer's rate buydown can widen your buyer pool without lowering your list price.

What This Means for Investors

Higher borrowing costs squeeze cash flow, especially on small multifamily deals. Stress-test every property at a rate above today's quote, and budget conservatively for insurance and taxes. For investors with cash or low leverage, a market where some buyers step back can mean less competition and more room to negotiate.

The Bottom Line

Rate cycles come and go. What matters is whether a specific home and payment work for your goals today, with a cushion for the unexpected. I'm happy to help you run the numbers on a purchase, a sale or an investment property in Manatee or Sarasota. Call or text me at (941) 993-8311 or reach out through my contact page.

Luis Odon, REALTOR® Keller Williams Coastal Living II (941) 993-8311

This article is general information only and is not financial, legal or lending advice. Rates change daily; consult a licensed lender about your situation. Equal Housing Opportunity.

The Fed Holds, Rates Bounce and Citizens Cuts Premiums: Your Spring 2026 Market Update

Spring is usually the busiest season for real estate in Manatee and Sarasota, and 2026 started with some welcome news. Mortgage rates briefly dipped below 6% in late February. Since then they've bounced back up, and on Wednesday the Federal Reserve held rates steady. Meanwhile, Citizens Property Insurance announced rate cuts that will reach many local homeowners this summer. Here's how it all fits together for buyers, sellers and investors.

The Fed Holds Steady on March 18

The Federal Open Market Committee kept the federal funds target range at 3.50%–3.75%, the same level since December. The statement noted that "the implications of developments in the Middle East for the U.S. economy are uncertain." One member dissented in favor of a quarter-point cut.

The Fed's updated projections still show a median federal funds rate of 3.4% at the end of 2026, about one cut this year. But officials raised their median estimate for 2026 PCE inflation to 2.7%, up from 2.4% in December. Higher expected inflation is one reason markets aren't counting on a fast string of cuts.

Mortgage Rates: A Dip, Then a Bounce

According to Freddie Mac's Primary Mortgage Market Survey:

• The 30-year fixed averaged 5.98% for the week of February 26, 2026, the lowest since September 2022.

• By the week of March 19, it was back up to 6.22%.

• A year ago, the average was 6.67%.

So rates are higher than a few weeks ago but still well below last spring. On a $400,000 loan, the difference between 6.67% and 6.22% is roughly $120 a month in principal and interest.

What I tell buyers: Don't try to time the bottom. The 30-year average sat below 6% for just one week. If you're pre-approved and find the right home, focus on a payment you're comfortable with, and ask your lender about lock options and possible float-down features.

Citizens Insurance Rates Are Coming Down

On March 4, Citizens Property Insurance announced that regulators had approved statewide rate decreases for 2026:

• An average 8.8% decrease for homeowners multiperil policies and 5.5% for wind-only policies

• Every personal-lines policyholder gets at least a 2% decrease

• Changes take effect for new policies on July 1, 2026, and for existing policies at renewal after that

Citizens also reported its policy count had fallen to about 336,000, down 76% from 1.41 million in October 2023.

Here's what Citizens' county-by-county breakdown shows for our area:

| County | All personal lines (avg. rate change) | HO-3 homeowners (avg. rate change) | HO-3 avg. premium, current → approved | |---|---|---|---| | Manatee | −3.1% | −4.8% | $2,888 → $2,748 | | Sarasota | −5.5% | −7.4% | $3,134 → $2,901 |

Those are averages for Citizens policies only. Your premium depends on your home and coverage, and private carriers set their own rates. Still, it's another sign that Florida's insurance market is stabilizing.

What This Means for Buyers

• Get pre-approved now. Whether you're looking in Lakewood Ranch, Parrish or Sarasota, a solid pre-approval lets you act quickly when the right home appears.

• Shop insurance early. Get quotes from several carriers, and if a Citizens policy is part of the picture, ask how the July changes may apply.

• Run the full payment. Principal, interest, taxes, insurance, and HOA or CDD fees together tell you what you can truly afford.

What This Means for Sellers

Buyers are watching rates closely. Price your home in line with current comparable sales, make it easy to insure (have your roof information and wind mitigation report ready), and consider whether a concession toward a buyer's rate buydown or closing costs could widen your buyer pool.

What This Means for Investors

Lower Citizens rates help, but remember that non-primary properties are rated differently. Get a property-specific insurance quote before you write an offer. With rates moving week to week, stress-test your cash flow at a rate a bit higher than today's.

Let's Talk About Your Spring Plans

Whether you're buying your first home, moving up, selling or adding a rental property, I'll help you sort through rates, insurance and pricing so you can make a confident decision. Call or text me at (941) 993-8311 or reach out through my contact page.

Luis Odon, REALTOR® Keller Williams Coastal Living II (941) 993-8311

This article is general information only and is not financial, insurance or legal advice. Rates and premiums vary; consult a licensed lender and insurance agent about your situation. Equal Housing Opportunity.

The Fed Cuts Again: Year-End Moves for Manatee & Sarasota Homebuyers

On Wednesday, the Federal Reserve cut interest rates for the third meeting in a row. With the holidays here and 2026 just around the corner, a lot of buyers in Manatee and Sarasota are asking the same thing: Should I buy now or wait? Here's what this week's decision means, plus a few year-end deadlines that could save you real money.

What the Fed Did on December 10

The Federal Open Market Committee lowered the federal funds target range by a quarter point to 3.50%–3.75%. That follows cuts in September and October. The vote wasn't unanimous. One member wanted a bigger half-point cut, and two preferred to hold rates steady. That split tells you how uncertain the outlook is.

The Fed's latest economic projections show a median expectation of 3.4% for the federal funds rate at the end of 2026. That suggests officials, on average, expect only about one more quarter-point cut next year. Projections aren't promises, and they change with the data.

Where Mortgage Rates Stand

Remember, the Fed doesn't set mortgage rates directly. Those follow the bond market and expectations about inflation and the economy. Freddie Mac's Primary Mortgage Market Survey put the 30-year fixed average at 6.22% for the week of December 11, 2025, down from 6.60% a year earlier.

On a $400,000 loan, a rate difference of that size works out to roughly $100 a month in principal and interest. That's meaningful, but probably not the kind of drop that makes waiting a sure bet. If you find the right home, lock a rate you can live with. If rates fall meaningfully later, refinancing may be an option, though it has costs, so talk it through with your lender.

Bigger Loan Limits for 2026

Good news for buyers in higher price ranges and for small multifamily investors: the Federal Housing Finance Agency raised conforming loan limits for 2026. The baseline limit for a one-unit home rises to $832,750, up 3.26%. According to FHFA's county-by-county list, the 2026 limits for both Manatee and Sarasota counties are:

| Units | 2026 conforming loan limit | |---|---| | 1 unit | $832,750 | | 2 units | $1,066,250 | | 3 units | $1,288,800 | | 4 units | $1,601,750 |

Loans above these amounts are "jumbo" loans, which often come with stricter requirements. If you're shopping near the old limit in Lakewood Ranch or west of the Trail in Sarasota, the higher limit may give you more room to use conventional financing. The same goes for a duplex or fourplex in Bradenton.

Year-End Homestead Deadlines

This is the one I want every buyer to know. In Florida, the homestead exemption depends on what's true on January 1.

• Own it and live in it by January 1, 2026. According to the Manatee County Property Appraiser's 2026 homestead packet, you must have permanent Florida residency as of January 1 to qualify for the 2026 tax year.

• File by March 1, 2026. Missing the deadline generally means waiving the exemption for the year. Manatee homeowners file with the Manatee County Property Appraiser. Sarasota homeowners file with the Sarasota County Property Appraiser.

• Know what it's worth. Florida's homestead exemption takes $25,000 off assessed value for all taxing authorities. It takes an additional $25,000 off assessed value between $50,000 and $75,000 for non-school taxes. Homestead also brings the Save Our Homes cap on annual assessment increases.

• Moving from another Florida homestead? If you had a Florida homestead in 2023, 2024 or 2025, you may be able to transfer part of your Save Our Homes benefit to your new home. The Florida Constitution caps that transfer at $500,000. You'll need to file form DR-501T by March 1.

If you're under contract now with a closing date in early January, talk with me and your lender about whether closing before the new year is realistic. For a primary residence, it can mean a full year of homestead savings sooner.

What This Means for Sellers

Buyers who want to close before January 1 tend to be motivated. If you're thinking about listing, a well-priced home can still attract serious attention during the holidays. And with rates lower than a year ago, more buyers can qualify than could last winter.

For Investors

Higher conforming limits for two- to four-unit properties can make small multifamily financing easier. Remember that the homestead exemption applies only to your primary residence. Rentals and second homes are taxed differently, so build realistic tax and insurance figures into your numbers.

Let's Plan Your 2026 Move

Whether you want to close before the new year or start the spring market ahead of everyone else, I'm here to help you run the numbers and plan your timing. Call or text me at (941) 993-8311 or reach out through my contact page.

Luis Odon, REALTOR® Keller Williams Coastal Living II (941) 993-8311

This article is general information only and is not tax, legal or financial advice. Confirm exemption eligibility with your county property appraiser and loan details with a licensed lender. Equal Housing Opportunity.

Florida's Expanded Flood Disclosure Law Takes Effect, Plus the NFIP Lapse: What Sellers and Landlords Need to Know

Two things happened on October 1, 2025 that matter to anyone selling, buying or renting out a home in Manatee and Sarasota counties. Florida's expanded flood disclosure law took effect. And the National Flood Insurance Program's authority lapsed when the federal government shut down. Add the Federal Reserve's rate cut in mid-September, and it's a busy fall. Here's what you need to know.

Florida's Expanded Flood Disclosure for Home Sales

Florida first required a flood disclosure for residential sales in 2024. This year the Legislature expanded it. Under chapter 2025-166, Laws of Florida, effective October 1, a seller of residential property must give the buyer a flood disclosure at or before the time the sales contract is signed. The form must state whether the seller:

1. Has knowledge of any flooding that damaged the property during the seller's ownership. This is new. It covers damaging flooding even if no claim was filed.

2. Has filed a flood-damage claim with an insurance provider, including the National Flood Insurance Program.

3. Has received assistance for flood damage, including from FEMA. The old form referred to federal assistance. Now any assistance counts.

The form also explains that homeowners insurance policies don't cover flood damage, and it defines "flooding" to include overflow of inland or tidal waters, rapid runoff accumulation, and sustained standing water from rainfall. As Florida Realtors' legal team explains, Florida sellers were already required to disclose known facts that materially affect value and aren't readily observable. The new form spells out flood history specifically.

What This Means for Sellers

After Helene and Milton, some homes in our area had flood exposure, even if the water was brief or the damage was repaired. My advice:

• Fill out the form yourself, honestly and completely. Your agent can point you to the form, but the information has to come from you.

• Gather your records: claim numbers, adjuster reports, repair invoices, permits, and any FEMA or other assistance paperwork.

• Tell the story with documentation. "Yes, we had water in 2024. Here's who repaired it, the permits and the photos" is far stronger than a buyer discovering it on their own.

• Plan for questions about flood insurance. Buyers will be pricing coverage. An elevation certificate, if you have one, can be very helpful.

What This Means for Buyers

The disclosure is a starting point, not the whole story. Pair it with a thorough inspection, a look at the property's flood zone and elevation, and a flood insurance quote, even if the home isn't in a high-risk zone and your lender doesn't require one. Ask follow-up questions about any "yes" answers.

Landlords: A New Rental Flood Disclosure

The same law created a new disclosure for rentals. Landlords must provide a flood disclosure at or before signing a lease of one year or longer, covering the same three points. It must be a separate document, not buried in the lease. According to Florida Realtors, if a landlord doesn't provide it and the tenant suffers substantial loss or damage from flooding, the tenant may terminate the lease and the landlord must refund advance rent. If you own rentals in Bradenton, Palmetto or Sarasota, update your lease packet now.

The NFIP Lapse: What It Means for Closings

With the government shutdown that began October 1, the NFIP's authority to write new policies lapsed. Here's what's been reported by Independent Agent (IA) magazine and outlined in a Congressional Research Service brief:

• Existing policies remain in force until they expire, and FEMA can continue paying valid claims with funds on hand.

• New NFIP policies can't be issued during the lapse. Renewals are limited to those applied for before September 30 with the premium paid within the 30-day grace period.

• That can affect home purchases that need flood insurance to close. Private flood insurance may be an option, and the federal purchase requirement is suspended during a lapse, so lenders decide whether coverage is needed.

If you're under contract on a home that will need flood coverage, call your lender and insurance agent today. Ask whether private flood coverage is available and acceptable, and whether your timeline needs adjusting.

Rates Eased After the Fed's September Cut

On September 17, the Federal Reserve cut its benchmark rate by a quarter point to a range of 4.00%–4.25%, its first cut of 2025. Freddie Mac's Primary Mortgage Market Survey showed the 30-year fixed at 6.26% on September 18, the lowest in about a year, and 6.34% for the week of October 2. Payments are noticeably better than earlier this year. Just be sure flood and homeowners insurance are part of your budget from the start.

Let's Make Your Sale or Purchase Smooth

Disclosure rules and insurance questions are part of buying and selling on Florida's Gulf Coast. Handled early, they don't have to derail anything. If you're selling, buying or leasing a property in Manatee or Sarasota and want help, call or text me at (941) 993-8311 or reach out through my contact page.

Luis Odon, REALTOR® Keller Williams Coastal Living II (941) 993-8311

This article is general information only and is not legal, insurance or financial advice. Consult a Florida real estate attorney and a licensed insurance agent about your specific situation. Equal Housing Opportunity.

Florida's Condo Safety Deadline Is December 31: What Buyers and Sellers Need to Know

If you own, sell or are thinking about buying a condo in Sarasota, Bradenton or anywhere along our coast, December 31, 2024 is a date to know. It's the deadline for many Florida condominium associations to finish two safety requirements created after the 2021 Surfside collapse: the milestone inspection and the structural integrity reserve study (SIRS). Add this week's Federal Reserve decision, and there's a lot for condo buyers and sellers to think about heading into 2025.

Here's a plain-English rundown of what the law requires and what it means for you in Manatee and Sarasota counties.

Milestone Inspections: Who Needs One and When

Under section 553.899, Florida Statutes, condominium and cooperative buildings three stories or more need a milestone inspection by December 31 of the year the building turns 30, then every 10 years after that. Buildings that reached 30 years of age before July 1, 2022 must have their inspection done before December 31, 2024.

The inspection is performed by a licensed architect or engineer and looks at the building's structural condition. If problems turn up, a more detailed second phase may be required. The inspector also prepares a summary of the report, and that summary matters for buyers (more on that below).

SIRS: The Reserve Study That Changes Budgets

The SIRS requirement is in section 718.112(2)(g), Florida Statutes. It applies to residential condo buildings three stories or higher. Associations that existed on or before July 1, 2022 and are controlled by unit owners must complete a SIRS by December 31, 2024.

The study must cover major building components, including:

• Roof

• Structure and load-bearing walls

• Fireproofing and fire protection systems

• Plumbing and electrical systems

• Waterproofing and exterior painting

• Windows and exterior doors

• Other items with a deferred maintenance expense or replacement cost over $10,000 that affect the items above

The biggest change for owners is this: for budgets adopted on or after December 31, 2024, the owners of an association that must have a SIRS can no longer vote to waive or reduce reserves for those items. For buildings that have relied on waivers for years, that can mean higher monthly dues, special assessments or both.

What Buyers Should Ask For

If you're shopping for a condo in a building three stories or taller, add these to your due-diligence list:

1. The milestone inspection summary, if one was required. Under section 718.503, Florida Statutes, a resale buyer is entitled, at the seller's expense, to the inspector-prepared summary of the milestone report, if applicable.

2. The SIRS, or a statement that the association hasn't completed one.

3. The current budget and financial statement. Look at the reserve line items and ask whether any waivers were used.

4. Minutes and notices that mention planned assessments, loans or major repairs.

Starting with contracts signed after December 31, 2024, each condo sale contract must state in conspicuous type whether the association is required to have a milestone inspection or SIRS and whether it has completed them. Florida resale contracts also give you a short review period for key association documents, generally 3 business days, so read them promptly.

What Sellers Should Do Now

If you're planning to list a condo in 2025, get ahead of buyers' questions:

• Ask your association for copies of the SIRS and milestone summary, or the status of each.

• Find out whether the 2025 budget includes higher reserve contributions and what your new monthly dues will be.

• Ask whether any special assessments have been approved or are being discussed.

Buyers and their lenders will be asking, and a seller who has answers ready looks more credible and can avoid delays.

For Investors

Condo rentals can still pencil out, but your numbers have to include realistic dues. Reserve funding that used to be optional for some buildings is now mandatory for SIRS items, so last year's HOA figure may be too low. Build in a cushion for assessments, and check the building's rental rules while you're at it.

The Fed Cut Rates Again on December 18

On Wednesday the Federal Reserve lowered its benchmark rate by a quarter point, to a target range of 4.25%–4.50%. That's the third cut since September. Mortgage rates don't follow the Fed one-for-one, though. Freddie Mac's Primary Mortgage Market Survey showed the 30-year fixed averaging 6.72% for the week of December 19, 2024. For condo buyers, that makes the monthly picture a combination of rate, dues and insurance. Run all three before you make an offer.

Let's Look at the Building Together

Not every condo is affected the same way. Buildings under three stories aren't covered by these requirements, and some associations are already well funded. The key is knowing which situation you're walking into. If you're buying or selling a condo in Manatee or Sarasota, I'll help you get the right documents and understand what they say. Call or text me at (941) 993-8311 or reach out through my contact page.

Luis Odon, REALTOR® Keller Williams Coastal Living II (941) 993-8311

This article is general information only and is not legal or financial advice. Condominium laws are complex and change often; consult a Florida attorney or your association's professionals about your specific building. Equal Housing Opportunity.