The real estate market is experiencing a notable surge, with the list price of homes increasing by 27% from the start of the last quarter. This upward trend signifies homeowners' growing confidence in the market's potential, prompting them to ask for more, reflecting the enhanced perceived value of their properties. Port Orange Housing Update January 1st March 31st Percentage...
Timing is crucial in real estate, as demonstrated in Ormond Beach, where homeowners who sold at the end of March earned 15% more compared to early January. This emphasizes the significance of listing during optimal periods, leveraging seasonal trends to maximize property value and attract the best offers. Ormond Beach Housing Update January 1st March 31st Percentage...
In New Smyrna Beach, property sales surged impressively at the end of Quarter 1, marking a 141% increase. This significant uptick translated to 65 transactions, reflecting a robust demand in the real estate market. This substantial growth indicates a thriving interest in the area, potentially driven by various attractive local factors. New Smyrna Beach Housing Update January 1st March...
The interplay between local economies and the real estate market is intricate and profound. The Local Economic Impact on Real Estate is a fundamental aspect that both potential buyers and sellers should consider when navigating the market. This impact manifests through various elements, such as job growth, industry shifts, and population changes, all of which can significantly influence real estate values...
The NAR settlement is altering commission practices, requiring written buyer agreements, and mandating compliance with new MLS rules. I'm going to cover how this impacts sellers, buyers, and then home prices. Sellers: Negotiating commissions has always been part of the real estate process, but it's gaining unprecedented public attention following recent developments. My approach centers on a...
Last week, Federal Reserve Chair Jerome Powell made some concerning statements about potential bank failures tied to the struggling commercial real estate sector, causing a stir in the financial community. Investors are reacting in various ways, some seeking shelter while others look for opportunities. The rise of remote work is reshaping urban land use, putting pressure on office and retail...
The United States is currently facing a significant housing affordability crisis, shaped by a variety of contributing factors. While high mortgage rates are a noticeable hurdle, they're not the sole obstacle to home accessibility. The issue is multifaceted, involving elements beyond just the cost of borrowing. Consider the scenario in 2020: families earning $59,000 annually could feasibly take on a new...
A recent study by Zillow on home sales in 2023 reveals that listing your home in the early weeks of June could net you a 2.3% higher sale price. This marks a shift from 2019, with the optimal listing period moving to June, likely influenced by mortgage rates. The prime listing window varies across the U.S., starting in late February in San Francisco and extending to early July in New York and...
In a significant move to address the nation's housing crisis, President Joe Biden, in his State of the Union address, unveiled comprehensive proposals aimed at enhancing housing affordability and supply. Recognizing the hurdles facing first-time homebuyers and those looking to sell their starter homes, Biden's plan introduces a $10,000 tax credit, designed to stimulate market movement and assist over 3.5...
In January, the number of total foreclosure filings rose by 10% from the previous month and increased by 5% compared to the same period last year, as reported by Attom, a provider of property data. There's also evidence suggesting that wider economic trends are starting to impact foreclosure activities more significantly. Rob Barber, the CEO of Attom, mentioned in a report that various external...