*2024 Real Estate Market Reports Palm Beaches
Palm Beach County Market Reports’ Summary of Single Family Homes and Condos in this month 2024 with Stats and SOLD Housing Trends. Buying or Selling, Text/ Call 561-339-1779 to set-up FREE Consultation.
Buying Multi-Generational Home
National Association of Realtors (NAR) found that the share of multi-generational home buyers rose to 14% in 2022––close to an all-time high. Here’s a closer look at multi-generational living, along with tips for finding a home that’s suitable for a diverse group.
Top 4 Factors to Consider When Choosing Your Mortgage
The key to finding the right home loan for you is to look for one that you’ll feel comfortable with long after you’ve closed on your new property. In addition to comparing term lengths and mortgage rates, also consider how the loan will fit your daily life and preferences.
Florida Back to School Sales Tax Holiday for Florida July 29 – August 11, 2024
Florida’s Back to School Sales Tax Holiday begins Monday, July 29, 2024, which means shoppers won’t pay sales tax on most of the things found on a student’s supply list! Sales Tax Holiday ends August 11, 2024.
Mid-Year Real Estate Market Update 2024
Mid-Year Real Estate Market Update 2024 What Buyers and Sellers Need to Know Time for a mid-year real estate market update in 2024. Read on for our take on this year’s most important real estate news and get a sneak peek into what analysts predict is around the corner for 2024. First A Review Last December, when the Federal Reserve projected a series of benchmark rate cuts in the coming year, some analysts speculated that mortgage rates—which had recently peaked near 8%—would fall closer to 6% by mid-2024.1,2,3 Unfortunately, persistent inflation has delayed the central bank’s timeline and kept the average 30-year mortgage rate hovering around 7% so far this year.2 While elevated mortgage rates have continued to dampen the pace of home sales and affordability, there have been some positive developments for frustrated homebuyers. Nationwide, the inventory shortage is starting to ease, and an uptick in starter homes coming on the market has helped to slow the median home price growth rate, presenting some relief to cash-strapped buyers.4 There are also signs that sellers are adjusting to the higher rate environment, as a growing number list their properties for sale.4 Still, economists say a persistent housing deficit—combined with tighter lending standards and historically high levels of home equity—will help keep the market stable.5 What does it mean for you? Read to get the info you need as buyers and sellers. Mortgage Rate Cuts Will Take Longer Than Expected At its most recent meeting on May 1, the Federal Reserve announced that it would keep its overnight rate at a 23-year high in response to the latest, still-elevated inflation numbers.6 While mortgage rates aren’t directly tied to the federal funds rate, they do tend to move in tandem. So, while expected, the Fed’s announcement was further proof that a meaningful decline in mortgage rates—and a subsequent real estate market rebound—is farther off than many experts predicted. “The housing market has always been interest rate sensitive. When rates go up, we tend to see less activity,” explained Realtor.com chief economist Danielle Hale in a recent article. “The housing market is even more rate sensitive now because many people are locked into low mortgage rates and because first-time buyers are really stretched by high prices and borrowing costs.”7 Many experts now speculate that the first benchmark rate cut will come no sooner than September, so homebuyers hoping for a cheaper mortgage will have to remain patient. “We’re not likely to see mortgage rates decline significantly until after the Fed makes its first cut; and the longer it takes for that to happen, the less likely it is that we’ll see rates much below 6.5% by the end of the year,” predicted Rick Sharga, CEO at CJ Patrick Company, in a May interview.8 What does it mean for you? Mortgage rates aren’t expected to fall significantly any time soon, but that doesn’t necessarily mean you should wait to buy a home. A drop in rates could lead to a spike in home prices if pent-up demand sends a flood of homebuyers back into the market. Reach out to schedule a free consultation so we can help you chart the best course for your home purchase or sale. BUYERS ARE GAINING OPTIONS AS SELLERS RETURN TO THE MARKET There is a silver lining for buyers who have struggled to find the right property: More Americans are sticking a for-sale in their yard.9 Given the record-low inventory levels of the past few years, this presents an opportunity for buyers to find a place they love—and potentially score a better deal. In 2023, inventory remained scarce as homeowners who felt beholden to their existing mortgage rates delayed their plans to sell. However, a recent survey by Realtor.com shows that a growing number of those owners are ready to jump in off the sidelines.10 While the majority of potential sellers still report feeling “locked in” by their current mortgage, the share has declined slightly (79% now versus 82% in 2023). Additionally, nearly one-third of those “locked-in” owners say they need to sell soon for personal reasons, and the vast majority (86%) report that they’ve already been thinking about selling for more than a year.10 Renewed optimism may also be playing a part. “Both our ‘good time to buy’ and ‘good time to sell’ measures continued their slow upward drift this month,” noted Fannie Mae Chief Economist Doug Duncan in an April statement.11 However, the current stock of available homes still falls short of pre-pandemic levels, according to economists at Realtor.com. “For the first four months of this year, the inventory of homes actively for sale was at its highest level since 2020. However, while inventory this April is much improved compared with the previous three years, it is still down 35.9% compared with typical 2017 to 2019 levels.”4 What does it mean for you? If you’ve had trouble finding a home in the past, you may want to take another look. An increase in inventory, coupled with relatively low buyer competition, could make this an ideal time to make a move. Reach out if you’re ready to search for your next home. If you’re hoping to sell this year, you may also want to act now. If inventory levels grow, it will become more challenging for your home to stand out. We can craft a plan to maximize your profits, starting with a professional assessment of your home’s current market value. Contact us to schedule a free consultation. HOME PRICES ARE RISING AT A MORE MANAGEABLE PACE Homebuyers struggling with high borrowing costs have something else to celebrate. The national median home price has remained relatively stable over the past year, due to sellers bringing a greater share of smaller, more affordable homes to the market.4 In addition to offering cheaper homes, a recent survey found that home sellers are also adjusting their expectations when it comes to pricing. In many regions, just 12% anticipate a bidding war (down from 23% last year) and only 15% expect to sell above list
10 Pro Tips for a Smooth Home Move
Whatever your circumstances, the road to the closing table can be riddled with obstacles — from issues with showings and negotiations to inspection surprises. But many of these complications are avoidable.
How To Stretch Your Holiday Budget in Season of Inflation
You don’t have to break the bank to celebrate the holidays in style—even in this season of inflation. Prices may be higher on everything, but there are still plenty of opportunities to stretch your holiday budget and find extra savings.
My Home Didn’t Sell… Now What?
My Home Didn’t Sell… Now What? We’ve outlined the top five reasons a home doesn’t sell—and action steps you can take to overcome each of these issues.
10 Tips to Attract the Best Offers for Your Home
Several articles have been released concerning home design trends in 2023. We have chosen ten of these designs that you could try, as a do-it-yourself project, to update your property this year.
How to Avoid Home Buyer’s Remorse
Several articles have been released concerning home design trends in 2023. We have chosen ten of these designs that you could try, as a do-it-yourself project, to update your property this year.
Selling Your Home: Sellers Checklist
If you want to maximize your sale price, it’s still important to prepare your home before putting it on the market. We have included a check list for your convenience.
10 Home Design Trends to Try In 2023
Several articles have been released concerning home design trends in 2023. We have chosen ten of these designs that you could try, as a do-it-yourself project, to update your property this year.
10 Tips for First Time Home Buyers
Making the leap from renter to first-time home buyer can be a daunting process. With so many steps and decisions to make, it can seem overwhelming at times. But it doesn’t have to be!
With the right guidance and preparation, you can make the leap from renter to first-time home buyer smoothly and successfully. In this article, we’ll offer our top 10 tips for first-time home buyers so you can make the transition without any hiccups.
Free Admission Days To Recreation In Florida
National Parks that typically charge an entrance fee will waive it on special days of each year, providing free admission to everyone on the following fives days listed below in 2023.
Annual Real Estate Market Report Palm Beach County Florida
Single Family Homes and Condos in Palm Beach County Summary Reports Year-end Annual 2022 with Stats and SOLD Housing Trends. Buying or Selling, Text/ Call 561-339-1779 to set-up FREE Consultation.
2023 Florida Housing Market Forecast What It Means For You
You don’t have to break the bank to celebrate the holidays in style—even in this season of inflation. Prices may be higher on everything, but there are still plenty of opportunities to stretch your budget and find extra savings.
Florida Tool Time Sales Tax Holiday September 2022
Florida’s tool time sales tax holiday begins September 2, 2023, which means shoppers won’t pay sales tax on most of the things found on the tool time list! The Tool Time Sales Tax Holiday ends September 8, 2023.
Home Sellers: Avoid These 7 Costly Mistakes
Whatever your circumstances, the road to the closing table can be riddled with obstacles — from issues with showings and negotiations to inspection surprises. But many of these complications are avoidable.
Overcome Inflation With Real Estate Investments
The Top Home Design Trends for 2022 are represented in the above photo. Key words: warm, inviting, minimalist, back to nature, rounded, earth tones, variety of textures. These design trends will be covered in this article.
Higher Rates Short Supply Real Estate 2022
A high offer price gets attention. But most sellers consider a variety of factors when evaluating an offer. With that in mind, here are five tactics you can utilize to sweeten your proposal and outshine your competition.
Write A Winning Real Estate Offer
A high offer price gets attention. But most sellers consider a variety of factors when evaluating an offer. With that in mind, here are five tactics you can utilize to sweeten your proposal and outshine your competition.
Real Estate Market Trends Palm Beaches 2022
What’s the state of housing market in SE Florida 2022? Home prices soared in south Florida by a record 29% between January 2021 – January 2022, a history maker.
Top Popular Home Design Trends 2022
The Top Home Design Trends for 2022 are represented in the above photo. Key words: warm, inviting, minimalist, back to nature, rounded, earth tones, variety of textures. These design trends will be covered in this article.
Home Buyers: 10 Step Buying Process
Home Buyers: 10 Step Buying Process 1. Save Your Down Payment Many people believe you need a 20% down payment to buy a home. There are loans available that allow buyers to put down as little as 3% or 0% with a VA or USDA Loan. 2. Know Your Credit Score Your credit score is a numeric representation of your history and ability to pay back debts in the past. Different home loans have different credit requirements. Save credit card purchases until after you close on your mortgage… to improve your credit score. 3. Find a Real Estate Agent Once you have a handle on your credit score and down payment savings, the Martin Group 561-339-1779 can guide you through the home buying process. 4. Get Mortgage Pre-Approval We can give you a list of lenders from which you can choose the one you want to work with to get pre-approved for your mortgage loan. This will help keep you on budget during the next step! 5. Go House Shopping Make a list of what you want vs. what you need in your next home. The Martin Group of Realtors® will use this list to find homes for you to tour. We make the appointments for you after your approval of our list. 6. Make an offer Using our 50 years of experience as real estate agents, the Martin Group will help you determine the best price to offer in the current market for the home. In a competitive market, you may net be the only one bidding and will want to stand out! 7. Get a Home Inspection Once your offer is accepted, you will want to have the home inspected professionally to ensure there are not any hidden issues with the home. We can furnish a reliable list of home inspectors. 8. Get a Home Appraisal Your lender will arrange for a home appraisal to ensure that the property is worth the price that you have agreed to pay for it. The bank will only issue a loan for the appraised value. 9. Close the Sale Once your loan is approved, your lender will schedule a closing date. This is the day you sign all your paperwork with a Title Company to complete the purchase and get the keys to your home. 10. Move In Congratulations! You are now the owner of the home! And time to move in. The Martin Group can give you some recommendations for moving companies. This is the beginning of your next phase in life. Enjoy! CONGRATULATIONS! Summary of 10 Step Home Buying Process Ready to Begin the Buying Process? We have many more tips to help you… Let’s Talk! Schedule A FREE Consultation Doug Martin Realtor® Broker 561-339-3299 Email Me
Ways to Safely Show and Sell Your Home
Follow these key guidelines during in-person showings of homes to protect health & well-being of all.
Top 10 Tips for Selling Your Home
Top 10 Tips for Selling Your Home Decide if you are really ready to sell. Here are a few thoughts to consider: Getting your home ready to sell and hiring the right people have costs with time, money, and emotions. Homeowners tend to love their homes. Make sure you’re emotionally ready to let go. Low interest rates are projected to continue to the end of this year. If space or functionality is the issue, sometimes taking out loans for renovations could be a better fit for you than going to a larger house and a bigger mortgage payment. 1 Selling Options If you want to sell your home faster, then the first step is to hire a professional real estate agent or a licensed Realtor®. The ideal person will know the local market and able to provide you with a professional CMA or Comparative Market Analysis of your home with the others in your area. Keep in mind that a Realtor® will help with the entire process, from hiring a professional photographer who will take top-notch photos of your home to negotiating for the best price. Realtors® also write a real estate listing that sells your home. Planning and hosting showings of your home, as well as marketing your property to get it seen by buyers, is included in their services. Another option is to sell your home yourself, known as FSBO or For Sale By Owner. Everything done is up to you, the owner. Contact the Martin Group of Realtors® at 561-339-1779 for your FREE consultation, without any obligation. 2 De-clutter, De-personalize, Clean De-clutter: Take half the stuff out of your closets, then neatly organize what’s left. Rearrange the furniture so your home looks inviting and so buyers can move through your home without bumping into anything. If necessary, put bulky items in storage. A crowded room looks like a small room. De-personalize: Remove all your family photos and memorabilia. You want buyers to see the house as a home for their family, not yours. Remove political and religious items, your children’s artwork (and everything else) from the refrigerator and anything that marks the house as your territory rather than neutral territory. The same goes for any collections such as figurines, sports memorabilia or kids’ toys that can make a buyer think less about the house and more about you. Family photos can be replaced by neutral art or removed entirely – just be sure to remove any nails and repair nail holes where any hanging photos used to be. Clean Everything! Nothing turns off buyers like a dirty house. Hire a company to deep clean if you can’t do it yourself. When your home is on the market, no matter what time of day, it should be clean and neat. Key places to keep clean while your home is on the market include: kitchen countertops, inside kitchen cabinets and appliances, floors and room corners where dust collects, shelves, bathroom countertops and cabinets, toilets, tubs and showers, inside closets, windows, inside and out, walls, baseboards, doors and garage. 3 Make Minor Repairs Focus on quick repairs to address things that could deter potential buyers. Survey the house and you can probably take care of the easy repairs yourself: Fix loose tiles, leaky faucets, paint scuffed areas on walls, fresh coat of paint on outside of front door, tighten door knobs and handles, fix mailboxes, deep clean carpet or replace when there are pet stains, and replace nonworking light bulbs and smoke detectors. Depending on how much time and money you want to spend getting the home ready, you might also need to update fixtures, buy new appliances, install new hardware on the cabinets, and give the interior a fresh coat of Depending on how much time and money you want to spend getting the home ready, you might also want to update fixtures, buy new appliances, install new hardware on the cabinets, and give the interior a fresh coat of light neutral paint color. 4 Refresh Flooring Deep Clean or Replace Carpeting Clean, Buff, or Refinish Hardwood Floors Clean, Buff or Replace Tile 5 Landscape the Front Yard If you want to sell quickly, then it’s essential to make a good first impression. And the first thing a buyer sees is a home’s exterior and how it fits into the surrounding neighborhood. To boost your home’s curb appeal: Paint the front door, plant colorful blooming flowers, sweep away spiderwebs and debris from windows, eaves, and porches.Wash the windows inside and outside, fix broken light fixtures and mailboxes. Make sure the trees, shrubs, and lawn are kept nicely trimmed. Plus get patios, sidewalks, porch ceilings, driveways and house pressure-washed, if needed. Keep in mind that a tidy exterior not only looks nice, but also signals to potential buyers that you’ve taken good care of the place. 6 Offer Buyers Some Extras Another way to make the home purchase more attractive to a buyer is to offer something to sweeten the deal. You could offer, for example, to pay some or all of the closing costs. Buyers are looking for a deal, especially since the price of sold homes have increased in the 2022 market. Another tip is to offer a transferable home warranty, which provides discounted repair and replacement services for household appliances and systems. A potential buyer may feel more at ease knowing that the home is protected, which could make your home more attractive than a competing home. Do your best to make the buyers feel that they are getting something extra with your home that other listings do not have. 7 Determine Best Selling Price Price it right to sell quickly! One of the most effective ways to sell your home fast is to price it competitively. And be ready to lower the price if you don’t have any offers by a certain date. If your home is overpriced, it will take a lot longer to sell plus you probably will end up selling it for much less.
10 Top Reasons To Sell a Home Now in Current Palm Beaches Real Estate Market
Top 10 reasons to sell a home NOW in the current real estate market with advantages/ disadvantage to sellers. Text Call 561-339-1779 To List A Home.
5 Factors Reveal Where The Real Estate Market Is Really Headed
It’s the old supply-and-demand predicament: Home sales in the U.S. continue at a torrid pace, but the availability of listings remains limited. Buoyed by historically low mortgage rates, buyers keep shopping for homes, reducing the available inventory and sparking a rise in home prices across the country.
Is the Real Estate Market Going to Crash?
At the beginning of the pandemic, fears of an economic recession and an ensuing mortgage meltdown were top of mind for homeowners all across the country. For many buyers and sellers, the two seemed to go hand in hand, just as they did in the 2008 economic crisis. This time around, because of lessons learned in 2008, banks are better funded, homeowners are holding more accrued equity, and, crucially, much of the economic activity is focused on financial factors outside the housing market.
Top 10 Myths that Trip Up First Time Home Buyers
Top 10 Myths That Trip Up First Time Home Buyers If you’re thinking about buying a home, you’ve probably received your share of advice from family and friends. Add to that the constant stream of TV shows, news segments, and social media posts that over-simplify the home buying process for easy entertainment. With so much information to sift through, it can be tough to distinguish fact from fiction. That’s why we’re revealing the truth behind some of the most common home buyer myths and misconceptions. Buying a home is a big decision, but it doesn’t have to be a scary one. If you arm yourself with knowledge and a qualified team of support professionals, you’ll be well equipped to make the right choices for your family and financial future. Don’t Fall For These Common Home Buyer Myths #1 Myth: You need a 20% down payment. Plenty of buyers are purchasing homes with down payments that are much less than 20% of the total cost of the property. Today, you can buy a home with as little as 3-5% down. There are multiple programs out there that allow you to have a lower down payment, and a lender or mortgage broker can talk you through which option is the best for you. Since you’re putting less money down, you’re a riskier borrower to your lender than people who put down a full 20%. Because of this, you will most likely need to pay mortgage insurance as part of your monthly payment. #2 Myth: Real estate agents are expensive. Your agent is with you every step of the way throughout your home buying journey, and he or she spends countless hours working on your behalf. It sounds like having an agent is expensive, right? Well, not for you. Buyers usually don’t pay a real estate agent’s commission. Your agent’s fee is paid for at closing by the seller of the home you’re buying.1 The seller knows to factor this cost into the property’s total purchase price. #3 Myth: Don’t call a real estate agent until you’re ready to buy. The earlier you bring in an agent to help with the purchasing process, the better. Even if you’re in the very early stages of casually browsing Zillow, a real estate professional can be a huge help. They can create a search for you in the Multiple Listing Service (MLS), so you get notifications for every house that meets your criteria as soon as it hits the market. The MLS is typically more up-to-date than popular home search sites like Zillow and Trulia. Setting up a search a few months before you’re considering buying gives you a good idea of what’s out there in your town that’s in your budget. Reviewing the MLS and speaking with an agent as soon as possible can help you set realistic expectations for when you actually start the house hunting process. #4 Myth: Fixer-uppers are more budget friendly. We’ve all watched the shows on HGTV that encourage people to go after fixer-uppers because they’re more affordable and allow buyers to eventually renovate the home to include everything on their wish list. But, this isn’t always the case. Sometimes, homes that need a lot of work also require a lot of money. Big renovations, like add-ons, a total kitchen remodel, or installing a pool, take a lot longer than it looks on TV. If you’re really interested in a fixer-upper, ask your agent to show you a mix of newer homes and older homes. If you fall in love with an older home that needs a lot of work, get some quotes from contractors before you buy so you know the real cost of the renovations and see if you can work them into your budget. #5 Myth: Your only upfront cost is your down payment. Your down payment is big, but it isn’t the only money you’ll spend during the home buying process. At closing, you’ll pay your down payment, but you’ll also bring closing costs to the table. Closing costs are typically anywhere from 2-4% of the total purchase price of the home.2 This amount includes the cost for items like homeowners insurance, title fees, and more. You’ll also need to pay for an inspection before closing, which usually costs a few hundred dollars. This price will be higher or lower based on the size of your new property. Your lender will also require an appraisal. An appraiser will come in and inspect the home to determine how much it’s worth. Depending on your lender, you may have to pay this when the appraisal is conducted or it might be rolled into your closing costs. #6 Myth: You need a high credit rating. You don’t need perfect credit to buy the perfect home. There are loans out there that buyers with lower credit scores can qualify for. These are good options for people who have had credit issues in the past, but some of them come with additional fees you will need to pay. Speak to a few local lenders or mortgage brokers to talk through which options might be best for you. #7 Myth: You can’t qualify for a mortgage if you’re still paying off student loans. While some buyers may feel more comfortable paying off their existing debts before taking the leap into home ownership, it’s not a requirement. When you’re applying for a mortgage, the lender takes a close look at your debt-to-income ratio.3 If you want to calculate this on your own, add up all of your monthly debt payments and divide those by your monthly income. When you’re lender does this, they’re trying to make sure that you will be able to afford your monthly mortgage payments along with your other existing payments. If your income is high enough to allow you to make all of these payments each month, having a student loan will most likely not stop you from getting