For many Americans, the dream of homeownership took a backseat in 2023. Existing home sales in the US hit a staggering 18.7% decline compared to 2022, marking the lowest annual sales volume since 1995. This dramatic shift wasn't due to a lack of desire, but rather a perfect storm of factors that put the brakes on the housing market. Rising Interest Rates: The culprit many point to is the surge in mortgage...
The headlines might have you believe the sky's falling on the real estate market, but hold on – a closer look reveals promising reasons for optimism with real estate in 2024. While there may be some shifts and adjustments, savvy investors and homeowners can navigate the year with confidence, fueled by these five trends: 1. Mortgage Rate Stabilization: After a rollercoaster ride in 2023, mortgage rates...
The December 2023 consumer price index (CPI) report. Consumer price index was higher-than-expected inflation rate and the Fed’s response. The CPI rose 0.3% in December and 3.4% year-over-year. This was higher than the estimated 0.2% and 3.2%. Excluding food and energy, the core CPI also rose 0.3% for the month and 3.9% from a year ago. Shelter costs were the main driver of the increase. The Fed is...
Time for the 2023 New Smyrna Beach Housing Update. What are your thoughts? New Smyrna Beach Housing Update 2022 2023 Percentage Difference New Listings81996618% IncreaseSold Properties6255945% DecreaseList Price$639,000$639,0000%Sales Price$578,000$520,00010% DecreaseDays on Market819113% IncreaseDaytona Beach Housing Market UpdateOrmond Beach Housing Market UpdatePort Orange...
Time for the 2023 Ormond Beach Housing Update. What are your thoughts? Ormond Beach Housing Update 2022 2023 Percentage Difference New Listings1,9812,0252% IncreaseSold Properties1,4601,28012% DecreaseList Price$522,000$552,0006% IncreaseSales Price$458,000$509,00011% IncreaseDays on Market719331% IncreaseDaytona Beach Housing Market UpdateOrmond Beach Housing Market UpdatePort...
Time for the 2023 Daytona Beach Housing Update. What are your thoughts? Daytona Beach Housing Update 2022 2023 Percentage Difference New Listings2,7942,9335% IncreaseSold Properties2,0281,66518% DecreaseList Price$436,000$398,0009% DecreaseSales Price$389,000$388,0001% DecreaseDays on Market7610132% IncreaseDaytona Beach Housing Market UpdateOrmond Beach Housing Market UpdatePort...
Time for the 2023 Port Orange Housing Update. What are your thoughts? Port Orange Housing Update 2022 2023 Percentage Difference New Listings 1345 1306 3% Decrease Sold Properties 1057 955 10% Decrease List Price $435,000 $435,000 0% Sales Price $379,000 $399,000 5% Increase Days on Market 60 79 32% Increase Daytona Beach Housing Market...
Christmas Came Early!!! Interest rates are at 6.82%! My oh my! The housing market has undergone a significant transformation since the beginning of 2021. A period of remarkable growth, fueled by historically low interest rates, peaked in October 2022 with a 27% increase in median sales price (FRED data). However, the tide began to turn as the Federal Reserve responded to rising inflation and prices by...
If you've followed my blog posts, you'll understand that I'm always honest about the state of the housing market. Today, I have some great news for home buyers: now is the time to buy! Why do I say that? For the past two months, mortgage rates have begun to decline. They were in the low 8% range in September/October, but today they are in the low 7% range. This means that buying a home is becoming more...
With the recent news about mortgage rates, many people have asked me about buying down their mortgage rate. For example, if you prequalify with a lender, you can buy down your interest rate from 8% to 7%. Making your monthly payment cheaper and more affordable. If you're purchasing a home and you're asking yourself "Should I buy down my mortgage rate?" the answer is most likely no if you believe:...