Bradenton home prices fall as buyers gain negotiating power

BRADENTON, Fla. — For Amy Bien, showing a home to a potential buyer means highlighting the things that could make it stand out, from the kitchen to the backyard and pool.

For James Riggs, a homeowner in Palmetto, the question right now isn't what he wants in his next Florida home. It's whether he can sell the one he has.

"We're going into the holidays, and that's the absolute worst time to put a house on the market," Riggs said.

Riggs lives off Moccasin Wallow Road in Palmetto. He said the area has changed significantly since he moved there and that the rising costs associated with owning his home are among the reasons his family has decided to sell.

"It's just the cost of living continues to grow," Riggs said. "Outpacing my ability to, to really stay here."

WATCH NOW: Bradenton home prices fall as buyers gain negotiating power

Riggs told Tampa Bay 28 that his property taxes, homeowners insurance and HOA fees have all increased since he moved into the home. Those figures are based on Riggs' description of his own expenses and were not independently verified.

For Bien, a real estate agent who works across Manatee County, the current market requires sellers to adjust their expectations.

"We do need to be patient, is what I tell them," Bien said. "And then just pricing correctly is absolutely the most important thing right now."

Listing prices down from last year

September data from Realtor.com shows the median listing price in Bradenton at $400,000. That's down 5.56 percent compared with September 2025, according to the real estate listing site's market data.

Across Manatee County, Realtor.com reported a September median listing price of $469,999, down 4.18 percent from a year earlier.

Riggs said some of the offers he's received while trying to sell his home have been lower than he expected.

"Oh my goodness, they've come in at ridiculous numbers," Riggs said.

Bien said buyers have room to negotiate in the current market.

"You can come in under asking," Bien said. "I'm noticing that we're having about a 3 percent difference from list price to what it's actually sold for. Um, so as a buyer you have a lot of flexibility right now."

That observation closely aligns with September data from Realtor.com. The site reported Bradenton homes sold for an average of 2.92 percent below asking price in September, with a 97 percent sale-to-list price ratio.

Across Manatee County, homes sold for an average of 2.3 percent below asking price during September, according to Realtor.com.

The same data shows homes were spending a median of 86 days on the market in Bradenton and 89 days across Manatee County in September.

Mortgage rates add another challenge

Buyers and sellers are also navigating mortgage rates above 7 percent.

The benchmark 30-year fixed mortgage rate rose from 7.03 percent to 7.28 percent for the week reported Oct. 1, according to Freddie Mac figures cited by ABC News and the Associated Press. The 7.28 percent average was the highest since November 2023. A year earlier, the average was 6.34 percent.

Riggs believes higher rates are affecting what he's experiencing as a seller.

"Everyone's dropping their prices, so you know, you're losing money because the interest rates just went up," Riggs said.

While that reflects Riggs' assessment of the market, national data does show higher borrowing costs can affect buyers' purchasing power. The Associated Press reported that higher mortgage rates can add hundreds of dollars to monthly borrowing costs and potentially cause prospective buyers to delay purchases.

Bien said she has encountered another challenge: homeowners who secured much lower mortgage rates in previous years and are now reluctant to give them up.

"The buyers are having a hard time letting go of their home with that mortgage rate that they're at," Bien said. "So to move to a 7 percent, I mean, you're just at a 7 percent, you're at a significantly different price range than you are at a 3 percent."

After 56 years in Florida, one homeowner prepares to leave

For Riggs, selling his Palmetto home would mark a significant change.

Riggs described himself as a Florida native and said he has spent 56 years of his life in the state. He said that when his home sells, he and his wife plan to move to Kentucky or Tennessee, where he hopes they can buy their next home without a mortgage.

"We've actually made money off this house," Riggs said. "We're just going to take that money and we're going to move up to ... Kentucky, Tennessee, to where we can outright buy a house and not have a mortgage."

His decision represents one homeowner's experience, rather than evidence of a broader trend of residents leaving Manatee County.

For Riggs, though, the shift in his own life will eventually be visible right outside his home: another for-sale sign going up in a growing part of Manatee County.

Bien said she is having conversations with sellers who wonder why their homes have not sold more quickly.

"We have a lot of sellers that are wondering, what's going on? Is it my house? What's wrong?" Bien said. "No, it's not your house, it's just the market."

Tampa Bay 28

What buyers are looking for

Beyond price, Bien said buyers she works with are looking closely at what they'll have to put into a house after they purchase it.

"Buyers don't want to come in and have to put in a new roof right away. Buyers don't want to have to come in and have to update the kitchen," Bien said. "They want to move in ready."

She also pointed to Northwest Bradenton and Lakewood Ranch as popular areas among the people she works with. Bien said proximity to the beaches is an attraction in Northwest Bradenton, while she pointed to amenities, schools and a family-friendly environment in Lakewood Ranch.

Despite the challenges facing both sides of a transaction, Bien said she doesn't characterize the current market simply as difficult.

"I wanted to say hard, but it's not hard, it's just different," Bien said. "And you have to really understand the market."

And when asked what she tells someone thinking about buying a home right now, her answer was simple.

"Let's go shopping," Bien said.