In October, new home sales dropped to their lowest level in nearly two years, highlighting ongoing challenges in the housing market. Sales of new single-family homes fell 17% to an annualized rate of 610,000, significantly below the expected 725,000, according to government data released Tuesday. Hurricanes Helene and Milton, which disrupted parts of the Southeast, played a major role in the decline....
When it comes to purchasing a property, one of the most common questions people ask is, “When is the best time to buy?” The truth is, there's no one-size-fits-all answer, but understanding current market conditions can help you decide if now is the best time to buy. One crucial factor is mortgage rates. Over the past few years, rates have remained relatively low, making homeownership more...
October Volusia County Housing Market Update SEP 2024 OCT 2023 OCT 2024 Percentage Difference Number of Listings 3,058 2,462 3,025 23% Increase Number of Sales 362 439 304 31% Decrease List Price $511,000 $528,000 $508,000 4% Decrease Sales Price $388,000 $442,000 $416,000 4%...
The dream of owning a home is still alive, and in 2024, there are plenty of ways to make that dream a reality without emptying your wallet. With rising interest in affordable housing options, you can find a property that balances price and comfort, whether you're a first-time buyer or looking to downsize. So, how do you find these hidden gems? Start by expanding your search beyond the most popular (and...
When buying a home, it’s easy to get caught up in square footage, kitchen upgrades, or that dream backyard. But one of the most important considerations often gets overlooked: affordability. A common rule of thumb is to keep your housing costs—including mortgage, insurance, and property taxes—at no more than 28% of your monthly income. This guideline, known as the 28% rule, is a smart move that helps...
In recent news, many financial analysts are predicting that the Federal Reserve (FED) will cut mortgage rates by 50 basis points during their upcoming meeting in September. This potential mortgage rate cut could provide a much-needed boost for homebuyers and investors who have been navigating the market amid high rates. A reduction in mortgage rates not only makes home buying more affordable but also opens...
Discover essential tax benefits for real estate investors, including key deductions and strategies to maximize your investment returns. Investing in real estate isn’t just about generating income—it’s also a great way to reduce your tax bill. Let’s break down some of the major tax benefits that can help boost your bottom line. 1. Depreciation: A Hidden Gem Depreciation allows you to deduct the...
In recent years, there has been a significant shift in the real estate market towards eco-friendly homes. This trend is driven by a growing awareness of environmental issues, advancements in sustainable building technologies, and a rising demand from homebuyers who prioritize sustainability. What Are Eco-Friendly Homes? Eco-friendly homes, also known as green homes, are designed to have minimal...
In an encouraging turn for prospective homebuyers, mortgage rates have recently decreased from 7.03% to 6.82%. This seemingly small decline can significantly impact the housing market, potentially making homeownership more attainable for many. Here's a closer look at what this rate drop means and how it translates into tangible savings for borrowers. Understanding the Impact Mortgage rates play a crucial...
The housing market in Volusia County, Florida, has experienced notable shifts over the past year, reflecting broader trends in the real estate sector. By examining key metrics such as the number of listings, sales, average list and sales prices, and days on market, we can gain insights into the current market dynamics. Key Metrics Metric May 2024 June 2023 June 2024 YoY % Change # of...