Exciting news for homebuyers and homeowners alike! Mortgage rates have finally dropped into the 6's for the first time since March 11th. This significant change is a welcome relief for many who have been waiting for a more favorable time to purchase or refinance their homes. The drop in mortgage rates brings renewed hope and opportunity to the real estate market, making it a perfect time to explore your...
Housing markets on Florida's west coast are cooling faster than anywhere else in the U.S. due to a construction boom, natural disasters, and high insurance costs. This surge in supply is reducing competition at a time when high housing costs and insurance premiums are already discouraging buyers. Rapid Cooling in Western Florida: North Port, Tampa, and Cape Coral are experiencing the fastest...
I'm so excited for my sellers at 19 Peruvian Lane here in Ormond! We went live on their home and are super excited to share it with you. This charming Johnson-built home is situated on a quiet cul-de-sac in Ormond Beach, Florida, offering an inviting atmosphere with its stone accents, front porch, and extra-wide driveway. The split floor plan provides 3 bedrooms and 2 baths, making it ideal for a small...
Many anticipated a strong spring home-buying season, but the reality has proven challenging for hopeful buyers. Home sales stagnated last month as mortgage rates and home prices continued to rise. However, an increase in resale inventory may help moderate home price growth somewhat. Experts believe the market will regain momentum only when mortgage rates drop sufficiently to make homes more affordable....
For over a century, heavy rains have transformed a low-lying area east of Nova Road into a temporary lake, affecting homes, businesses, and apartment buildings. But could levees, floodwalls, or new berms make a difference? How about raising structures, creating underground retention, or deepening channels to combat Daytona flooding? A diverse team of engineers, biologists, geologists, hydrologists,...
Florida is home to a diverse array of top employers across various industries, contributing significantly to the state's economy and job market. Here’s a closer look at Florida's Top Employers: NASA - 17,330 Employees - Aerospace & Defence NASA's Kennedy Space Center in Florida is a critical hub for aerospace innovation and space exploration. As a leading employer, NASA provides a range of...
Recent data from the American Community Survey (ACS) highlights an interesting economic landscape in Volusia and Flagler counties. While Florida’s median household income of $69,303 lags behind the U.S. median of $74,755, there are notable exceptions and surprises within these counties. Here is an overview of the Volusia County median household income. Ponce Inlet: The Pinnacle of Prosperity Ponce...
In May 2024, the real estate market saw a significant decrease in transactions, dropping by 25% compared to May 2023. Despite the increase in listings by 56%, fewer transactions were completed, indicating potential buyer hesitation or market saturation. Interestingly, while the list price remained stable at $505,000, the sales price increased by 10% to $438,000, suggesting strong buyer competition for...
Pending home sales took a hit in April, dropping 7.7%, as reported by the National Association of REALTORS®. All four U.S. regions saw declines both month-over-month and year-over-year. The Pending Home Sales Index (PHSI), which predicts future home sales based on contract signings, fell to 72.3 in April. Compared to last year, this is a 7.4% decrease. For reference, an index of 100 matches the...
Since interest rates began climbing in 2022, the share of buyers paying cash for homes has increased, reaching 41.1% in the first quarter of 2024. This trend is driven by buyers seeking to avoid financing costs and those who can afford to skip financing being more active in the market. While cash sales are common in high-end markets, they are also growing in smaller, more affordable markets and fringe...