REAL ESTATE

26 THE SUN REAL ESTATE

Are you noticing mortgage interest rates?

My April 20 column was titled “The end of an era,” the era being one of ultra-low mortgage interest rates. In that column I reported that the current average mortgage interest rate was 4.72%, a rate that was probably already a week old.

Now, only a month later, the average interest rate is 5.42%, likely hovering just above 6% after the most recent Federal Reserve rate hike of half a percent. When the rate hit 5.27%, it represented a 13-year high.

So far, the country in general has not seen a slowdown of the surge in home prices, according to the National Association of Realtors. Quite the contrary, many buyers are trying to lock in purchases before the rates climb even further, which Realtors can guarantee they will, continuing to push selling prices up and up.

So, what does the average potential home buyer do in this real estate environment? Mortgage interest rates are going up almost weekly. Inventory is being depleted with everyone rushing into the market before the rates go up even more. Sellers are taking advantage of the increase and the anxiety of buyers to do tough negotiating and/or increase their asking price.

Many buyers are just dropping out, renewing their leases, moving in with family and waiting for the insanity to end. Others who can afford it aren’t giving up. Some are opting to pay fees to secure lower rates in the form of rate lock-in agreements. It’s not unusual for the typical 60-day lock-in to expire before the buyer finds a property, putting them in the position to extend the lock-in, costing - of course - more money. Others are adding cash into the transaction so they can qualify for a lower mortgage amount making up for the higher rates.

In addition, adjustable-rate mortgages are starting to come back starting under 4% for now. This new generation of adjustable-rate mortgages are more closely regulated than the ones that helped to create the financial crisis. At that time, low teaser rates attracted buyers and then after a year or two went up so high many homeowners couldn’t afford the increase. Now lenders can’t offer short-term rates and lenders are required to have caps on how much the rates can increase. Nevertheless, borrowers still need to be careful when going into a variable rate mortgage, since not knowing what your mortgage rate will be down the road is still a risk.

Most real estate economists still think that home prices will come down by the end of the year because of the higher mortgage interest rates. However, all real estate is local, and Manatee County is such a specialized area with a high percentage of cash buyers, increasing mortgage rates will have less of an effect.

Even if you’re not in the market for a new home, increasing rates influence the entire real estate market. It’s important to pay attention to the rate increases which could at some point have an impact on the value of your home, proving the economists right.

At the end of 2021, the average rate on a 30-year, fixed-rate mortgage was 3.1%; by the time this column is in print it could very well be at 6%. It appears mortgage interest rates keep creating new eras every couple of months, enough to make a homebuyer’s head spin.

Castles in the Sand

LOUISE BOLGER

Golf tourney a hole in one for AMI Chamber

The 23rd Annual AMI Chamber of Commerce Golf Tournament at IMG Academy Golf Club sold out and raised lots of money for a great cause.

BY JASON SCHAFFER

SUN CORRESPONDENT | jschaffer@amisun.com

BRADENTON - The weather was perfect for a day on the links, and another sold-out event saw golfers of all skill levels come out to enjoy a day of golf and support a great cause at this year’s Anna Maria Island Chamber of Commerce Golf Tournament.

The match was once again held at the IMG Academy Golf Club in Bradenton, a course known to be challenging for even the most skilled golfers, but enjoyable for players of all skill levels.

The tournament, now in its 23rd year, is held every May, and benefits the Chamber’s Scholarship Program. Ever year the AMI Chamber awards multiple $1,000 scholarships to Manatee County graduating seniors seeking a college degree or trade or career-focused education.

Thanks to the generosity of local business sponsors, golfers won their share of thousands of dollars in prizes and goody bags. For more information about upcoming chamber events, visit www. annamariaislandchamber.org.

JASON SCHAFFER | SUN Above, golfers prepare to tee off at the 23rd Annual AMI Chamber of Commerce Golf Tournament. Left, Audrey McLoughlin (Beach Suites), Susanne Arbanas (AMI Locals), Shona Otto (AMI Sun) and Tiffany Adell (Beach Suites) welcome golfers to the first hole at the 23rd Annual AMI Chamber of Commerce Golf Tournament.

May 8 Cases 493 % Positivity 13.13% Deaths < 10 % Eligible population vaccinated 72% New hospital admissions 13

May 16 Cases < 10 % Positivity 14.13% Deaths <10 % Eligible population vaccinated 72.1% New hospital admissions 9 May 8 Anna Maria Elementary - 0 staff, 0 students Manatee County - 0 staff, 4 students Total since first day of school (AME) - 2 staff, 25 students Total since first day of school (county) - 874 staff, 4,564 students

May 16 Anna Maria Elementary - 0 staff, 0 students Manatee County - 0 staff, 8 students Total since first day of school (AME) - 2 staff, 25 students Total since first day of school (county) - 883 staff, 4,600 students

Source: CDC, Manatee County Schools

Perico Bay Club—As Good As It Gets!!

Business As Usual…..Just A Li le Differently. If you’re looking to buy or sell in Perico Bay Club, or know someone who is, please give me a call!

Give me a call today if yo oGive me a call today if you’u re looking ge lookine re to Buy or Sell on Anna Maria Isla yBuy or Sell on Anna M Maria Isla MariaMari nd d or the surroundi a ng area!

anIsla ounding aoun a!ding g ng area ea Lynn Zemmer 941 41-1 730 30-0 1294 94 9 941.209.1542 I Lynn@Edgewaterami.com www.EdgewaterRealEstateInc.com 106 Bridge Street, Bradenton Beach, FL 34217 941.730.1294 | Lynn@Edgewaterami.c www.EdgewaterRealEstateInc.com om

Top real estate producers for April 2022

A PARADISE Doug Walker - Listing Catie Seip - Selling

AN ISLAND PLACE REALTY Sue Carlson - Listing Tanya McCormick - Selling

DUNCAN REAL ESTATE Michelle Laade – Listing Lindsey Leech Strikland - Selling

EDGEWATER REAL ESTATE Lynn Zemmer - Listing & Selling FRAN MAXON Sharon Villars-Foraker and Tim Villars – Listing & Selling

ISLAND REAL ESTATE Alan Galletto – Selling

MICHAEL SAUNDERS Ken Kavanaugh – Listing Hannah Hillyard and George Myers - Selling

MIKE NORMAN Marianne Norman-Ellis Listing & Selling

PREMIER SOTHEBY Shellie Young – Listing & Selling

REMAX ALLIANCE GROUP Cindy Quinn – Listing & Selling

SALTY MERMAID REAL ESTATE Liz Blandford – Listing & Selling

SATO REAL ESTATE Jason Sato – Listing Victoria Bouziane - Selling

WAGNER REAL ESTATE Carmen Pedota – Listing Chantelle Lewin - Selling

A real estate company you can trust: 46 years of exceptional knowledge & service.

WE REMAIN THE SUNCOAST’S MARKET LEADER WITH A RECORD-BREAKING $4.79 BILLION IN SALES IN 2021

Our commanding market share in all price categories is more than regional bragging rights. It’s a direct reflection of the trust we’ve earned and hardwork we have dedicated to our loyal customers throughout our 46-year history. Michael Saunders & Company. The name trusted by buyers and sellers on the island. Connect with a local. 941.896.9981

BEACH BEAT

BRADENTON BEACH

5/7, 4:37 p.m., domestic battery, 2505 Ave. C. The officer responded to a domestic battery complaint between a mother and daughter that was called in by an aunt. The mother said while trying to calm her daughter down after she had taken the daughter’s cell phone away, the mother held the daughter down physically and accidentally scratched her face. The officer was informed the daughter had gone to a friend’s house to stay after the incident, so he went to that address to speak with the female victim. She stated that her mother shoved her onto the bed twice, causing injuries to her face and neck, which the officer observed. The incident was reported to Children and Family Services and a capias request was sent to the 5/8, 8:17 p.m., disturbance, 2650 Gulf Drive S. After being dispatched to Coquina Beach Park in reference to a fight, the officer met with the victim and his mother. Both stated that teens were recklessly operating Jet Skis in Longboat Pass when one of them flipped over, ejecting the rider. When the mother rode her paddleboard out to help the juvenile, the teens started a verbal argument. When the victim stood up to the group in defense of his mother, the argument became physical and the teens punched and kicked him repeatedly. The teens then boarded their Jet Skis and rode off. Multiple witnesses backed up the victim’s statements, but police were not able to locate the suspects. The victim sustained minor injuries and declined medical treatment. 5/4, 9:57 a.m., lost property, 2809 Ave. E. The officer met with the victim, who said the property in which she was residing around March 25 was condemned by the fire marshal. She said property she left behind could not be picked up until approval was given by the fire marshal. The victim said that during the time she was waiting for permission to retrieve her belongings, the unit’s owner cleaned out the property in preparation for demolition and all of her items were removed.

5/4, 10:44 p.m., larceny/theft, 3901 Gulf Drive. A woman called police to report the theft of a Coach wristlet. She said she was eating at Skinny’s Place at an outdoor table when a female walked up and asked to pet her dog. After petting the dog, she went inside Skinny’s and returned with a male subject who also spoke to her about her dog. She said the wristlet had been laying on the table when this took place. About an hour later, while walking on the beach, she realized the wristlet was missing. Police say she was convinced the couple used petting the dog as a distraction to steal the wristlet, which contained cash, a driver’s license and credit card which was used after the theft multiple times in Bradenton. Police have not identified who used the card, or if the couple had a connection to the theft.

5/10, petit theft, 3352 E. Bay Drive. The officer was dispatched in reference to a bike theft at Ace Hardware. The manager said someone cut a bike lock off one of the store’s rental bikes and stole a black beach cruiser. None of the Ace staff noticed anything suspicious, and could not be sure what time the bike was stolen. The store said they did not have a serial number for the bike and there was no security footage of the area where the bike was taken.

Free estate planning seminar scheduled

For anyone in the community with questions about estate planning, a free seminar is planned for May 20 at Roser Memorial Community Church. The talk starts at 9:30 a.m. in the church’s fellowship hall and features estate planning

attorney Jeffrey Goethe. Attendees are asked to come early and bring any questions they have for Goethe. A Manatee County native, Goethe was raised in Bradenton and works with the Goethe Barnes Walker law firm. Roser is located at 512 Pine Ave. in Anna Maria. For more information, visit www.roserchurch.com.

OBITUARIES

Douglas A. Covell

Douglas Arthur Covell, 76, of Bradenton, Florida, formerly of Traverse City, Michigan, passed away at his home in Bradenton on May 9, 2022. He was born in Trenton, New Jersey on Jan. 7, 1946, the firstborn son of Arthur L. and Mary E. (Fink) Covell.

He spent his early years in Trenton, but as the son of a pastor he became accustomed to moving, along with the family, to various other communities, coming first to Coldwater, Michigan as a teenager. He was a graduate of Shenandoah Valley Academy in New Market, Virginia, attended Lansing Community College and Michigan State University. Finally, he was a graduate of the Wisconsin Institute of Mortuary Science where he completed his training for a profession that he aspired to from his early teens. He never had a doubt about what some might think of as an unusual career choice. Upon receiving his Michigan license to practice Mortuary Science he was employed at the Brown Funeral Home, Flint, Michigan and later the Reigle Funeral Home, also in Flint. He and his first wife, the former Doris Allen, also a licensed Funeral Director, whom he met in Wisconsin, moved to Traverse City to take a position as licensed Funeral Directors at the Martinson Funeral Home on State Street. Lance Martinson, who was the owner of the funeral home, was near retirement at the time and in 1973 they purchased the funeral home. Covell practiced there for several years under the name of Martinson-Covell Funeral Home. Some years later he purchased the former Dockery-Wilhelm-Smith Funeral Home in Elk Rapids and then operated both funeral homes under the name of Covell Funeral Homes, Traverse City and Elk Rapids.

He retired in 1997 when he and his second wife, the former Cheryl Papp, moved to Holmes Beach, Florida. Not really ready for a total retirement, he then received his license to practice Mortuary Science in Florida after which he opened the Covell Funeral Home in Bradenton, which he and his son, Cassidy Covell, have operated to this day.

Surviving are his daughter, Nikole (Paul) Channels of Hudson, MI; his son, Cassidy (Rosa) Covell of Ellenton, FL; grandsons Ben and Mark Channels; granddaughters Morgan Channels and Anna Covell; one brother, Dennis (Ann) Covell of Kingsley, Michigan; nephews David Covell, Daniel (Natali) Covell, Thomas (Patrice) Stebner and Kenneth (Brooke) Stebner.

He was preceded in death by his first wife, Doris; his second wife, Cheryl; his parents; and one sister, Debra Poston.

A funeral service was held at the Covell Funeral Home, 4232 26th St. W., Bradenton, Florida on May 14 at 4 p.m.

Lois Bowers Debona

Lois Bowers Debona, of Bradenton, passed away at the age of 79 on March 30, 2022 in Philadelphia, Pennsylvania. She was born on July 30, 1942 to Irene and Samuel Riddell and spent her youth in Upper Darby and Havertown, Pennsylvania, graduating from Havertown Senior High School in 1960.

Lois and her four boys moved to her beloved Anna Maria Island in 1977 and she joined the Anna Maria Island Community Center Board of Directors.

She was a legal secretary for the Dye Deitrich law firm.

Lois is survived by her husband, James Debona; his children and grandchildren; her four sons; Cole (Michelle), Mark (Rochelle), Kenny (Bonnie), and Matt (Chrissy); her grandchildren; Jordan, Grace, Lane, Brennan, Lilah and Samuel Bowers; and two sisters, Judith O’Donnell, of Amelia Island, Florida and Susan Curtin, of Roswell, Georgia.

She will be missed dearly and a private celebration of life will be held on June 5, 2022.