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:...
With interest rates at their highest levels since 2000 and affordability lowest since 1984, it's a fair question to ask whether it's a good time to buy a house. To answer this question, it's important to consider both the past and the future. Looking back: Compared to last year, it is not a good time to buy a house. Interest rates and home prices are both higher today. Looking ahead: However, interest...
Yesterday, the yield on the 10 year Treasury bond hit a high of 4.8% which lead to the average 30 year fixed mortgage rate hitting a 23 year high. It toped at 7.7%. A year ago from today they were 6.6%. What about mortgage applications? According to Mortgage Bankers Association's Survey, applications decreased another 6% from last week. Which is 22% lower than this time last year, hitting a 27 year low...
Yesterday Mortgage Rates hit new highs with the 30 year fixed rate sitting at 7.51% for a 30 year fixed rate. These are the highest rates we've seen since 2002. I was hopeful by the fall of this year we'd be back into the 6's but unfortunately that projection is being pushed to 2024. All if this is because the bond market has been struggling and has rebounded like analysis projected. If you want to...
We're back with our August New Smyrna Beach Housing Update. Let's see how interest rates are affecting our housing market. New Smyrna Beach Housing Update July 2023 August 2022 August 2023 Percentage Difference Number of Listings 184 149 193 29% Increase New Listings 68 94 105 12% Increase List...