*2024 Real Estate Market Reports Palm Beach County Florida
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.
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.
Save Money on Florida Home Insurance
This 7 strategy article presents expert advice and practical solutions to navigate Florida’s evolving insurance landscape, empowering homeowners to secure comprehensive coverage without breaking the bank.
Palm Beach Gardens Report Real Estate Market
Palm Beach Gardens report of current real estate trends is slightly in a sellers’ market. The Martin Group of Realtors® can help you sell or buy a property. Text or call our office: 561-339-1779 for more info.
Real Estate Market Forecast: Opportunities for Home Buyers and Sellers in 2024
Real Estate Market Forecast: Trends for this year show many opportunities for home buyers and sellers in 2024. Look for interest rates and the number of houses listed to change.
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.
SOLD!! Hudson, Florida WATERFRONT VACANT Lot
Hudson Waterfront VACANT Lot has SOLD! Text or call the Martin Group to sell your property: Doug Martin 561-339-3299.
SOLD!! Manatee Cove Featured Townhome Boat Dock
This is a rare find for fishing and boating enthusiasts who want their own townhome at a reasonable price with a very low home owners association fee.
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.
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.
8 Strategies to Secure Lower Mortgage Rate
8 Strategies to Secure a Lower Mortgage Rate This year, mortgage rates have been on a roller coaster ride, rising and falling amid inflationary pressures and economic uncertainty. Even the experts are divided about where rates are headed next1 when it comes to predictions. There is hope for you in that you might get a lower mortgage rate. This climate has been unsettling for some homebuyers and sellers. However, with proper planning, you can work toward qualifying for the best mortgage rates available today – and open up the possibility of refinancing at a lower mortgage rate in the future. How does a lower mortgage rate save you money? According to Trading Economics, the average new mortgage size in the United States is currently around $410,000.2 Let’s compare a 5.0% versus a 6.0% fixed interest rate on that amount over a 30-year term. Mortgage Rate (30-year fixed) Monthly Payment on $410,000 Loan(excludes taxes, insurance, etc.) Difference in Monthly Payment Total Interest Over 30 Years Difference in Interest 5.0% $2,200.97 $382,348.72 6.0% $2,458.16 + $257.19 $474,936.58 + $92,587.86 With a 5% rate, your monthly payments would be about $2,201. At 6%, those payments would jump to $2,458, or around $257 more. That adds up to a difference of almost $92,600 over the lifetime of the loan. In other words, shaving off just one percentage point on your mortgage could put nearly $100K in your pocket over time. Therefore, how can you improve your chances of securing a low mortgage rate? Try these eight strategies: 1. Raise your credit score. Borrowers with higher credit scores are viewed as “less risky” to lenders, so they are offered lower interest rates. A good credit score typically starts at 690 and can move up into the 800s.3 If you don’t know your score, check with your bank or credit card company to see if they offer free access. If not, there are a plethora of both free and paid credit monitoring services you can utilize. If your credit score is low, you can take steps to improve it, including:4 Correct any errors on your credit reports, which can bring down your score. You can access reports for free by visiting AnnualCreditReport.com. Pay down revolving debt. This includes credit card balances and home equity lines of credit. Avoid closing old credit card accounts in good standing. It could lower your score by shortening your credit history and shrinking your total available credit. Make all future payments on time. Payment history is a primary factor in determining your credit score, so make it a priority. Limit your credit applications to avoid having your score dinged by too many inquiries. If you’re shopping around for a car loan or mortgage, minimize the impact by limiting your applications to a short period, usually 14 to 45 days.5 Over time, you should start to see your credit score climb — which will help you qualify for a lower mortgage rate. 2. Keep steady employment. If you are preparing to purchase a home, it might not be the best time to make a major career change. Unfortunately, frequent job moves or gaps in your résumé could hurt your borrower eligibility. When you apply for a mortgage, lenders will typically review your employment and income over the past 24 months.5 If you’ve earned a steady paycheck, you could qualify for a better interest rate. A stable employment history gives lenders more confidence in your ability to repay the loan. That doesn’t mean a job change will automatically disqualify you from purchasing a home. But certain moves, like switching from W-2 to 1099 (independent contractor) income, could throw a wrench in your home buying plans.6 3. Lower your debt-to-income ratios. Even with a high credit score and a great job, lenders will be concerned if your debt payments are consuming too much of your income. That’s where your debt-to-income (DTI) ratios will come into play. There are two types of DTI ratios:7 Front-end ratio — What percentage of your gross monthly income will go towards covering housing expenses (mortgage, taxes, insurance, and dues or association fees)? Back-end ratio — What percentage of your gross monthly income will go towards covering ALL debt obligations (housing expenses, credit cards, student loans, and other debt)? What’s considered a good DTI ratio? For better rates, lenders typically want to see a front-end DTI ratio that’s no higher than 28% and a back-end ratio that’s 36% or less.7 If your DTI ratios are higher, you can take steps to lower them, like purchasing a less expensive home or increasing your down payment. Your back-end ratio can also be decreased by paying down your existing debt. A bump in your monthly income will also bring down your DTI ratios. 4. Increase your down payment. Minimum down payment requirements vary by loan type. But, in some cases, you can qualify for a lower mortgage rate if you make a larger down payment.8 Why do lenders care about your down payment size? Because borrowers with significant equity in their homes are less likely to default on their mortgages. That’s why conventional lenders often require borrowers to purchase private mortgage insurance (PMI) if they put down less than 20%. A larger down payment will also lower your overall borrowing costs and decrease your monthly mortgage payment since you’ll be taking out a smaller loan. Just be sure to keep enough cash on hand to cover closing costs, moving expenses, and any furniture or other items you’ll need to get settled into your new space. 5. Compare loan types. All mortgages are not created equal. The loan type you choose could save (or cost) you money depending on your qualifications and circumstances. For example, here are several common loan types available in the U.S. today:9 Conventional — These offer lower mortgage rates but have more stringent credit and down payment requirements than some other types. FHA — Backed
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.
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.
Strong Housing Market Is Expected To Continue Into 2022
Market conditions like fewer available listings, changing criteria for desired homes, and record-low mortgage rates are changing the way people buy and sell homes. Find out how!
Move-Up or Upsizing vs.Second Home
What type of home would suit you best: a move-up home or a second home? Which is right for you? Answers with things to consider. Text to book free consultation 561-339-1779.
SOLD!! North Palm Beach Intracoastal Waterfront Condo
This listing in North Palm Beach has been SOLD!! Retire in Waterfront Condo next to a Boat Marina on each side of building. Enjoy peace, quiet, fresh air, of ocean breezes, warm in winter months, and walk to top-rated Belle’s Restaurant, next door.