Renters Prefer Smaller Metro Areas

Similar to home buyers, renters now prefer smaller metro markets. The advantage of more open space and lower costs are the driving forces. COVID-19 changed people’s ability to work from home. Larger metro areas like San Francisco and San Jose saw double-digit rent decreases. Conversely, some smaller Metro areas saw double-digit increases in rents. PleaseContinue reading “Renters Prefer Smaller Metro Areas”

Noisy Homes Sell for Less

Homes within a 2-mile radius of an airport sell for over 13% less than homes in the same zip code. Sellers near a railroad saw values decrease by over 12%. Busy highways reduced sale prices by over 11%. Data per realtor.com® Please contact Ed Curry at 941-799-9440 if you are thinking of selling or purchasing a home.

Housing Market Wealth Grows

Homeowners in Sarasota County saw the median sale price increase from $297,000 to $350,000 for single-family homes in December.  That was a year over year increase of 17.8%.  Manatee County saw an increase from $335,000 to $357,900, a 6.8% increase.  The limited inventory of homes for sale and surging demand by buyers driven by historicallyContinue reading “Housing Market Wealth Grows”

5 Common Home Buying Mistakes

(1) Not getting a mortgage pre-approval.  This is step one period. (2) Shopping for a home you cannot afford.  Know your budget and don’t go over it.  (3) Using a shady mortgage lender.  Incompetent lenders will blow up your home purchase.  (4) Submitting a lowball offer.  Many home sellers will not even respond. (5) BuyingContinue reading “5 Common Home Buying Mistakes”

The Move is On!

Florida gained 241,256 new residents from July 2019 to July 2020 according to the U.S. Census Bureau.  Florida was second in the nation in population growth behind only Texas.  COVID-19 and higher home prices in other Northern urban areas may be partly responsible for the population growth according to experts.  Please contact Ed Curry atContinue reading “The Move is On!”

14K Appreciation for FL Homeowners

The average Florida homeowner gained approximately $14,000 in home appreciation year over year during the 3rd quarter of 2020.  The surge in appreciation was the largest since 2014 when we were exiting the great recession.  Washington State saw the largest increase nationally increased equity at $35,800.  Please contact Ed Curry at 941-799-9440 if you areContinue reading “14K Appreciation for FL Homeowners”

Mistakes When Making A Home Offer

The real estate market is very heavily favoring home sellers at this time because of a lack of homes for sale.  Homebuyers will most likely experience a multiple offer situation regarding homes they wish to purchase.  Avoid these common home buyer offer mistakes:   1) The fastest way to alienate a home seller to make aContinue reading “Mistakes When Making A Home Offer”

Help Those Who Need It Most

Over 30,000 FPL customers and homeowners are months behind on their utility bills because of COVID-19.  On October 1, FPL starting disconnecting service to delinquent customers.  Please forward the information below to anyone you know who may need help with paying their utility bills. FPL customers anywhere in FL can visit FPL.com/Help or call 800-226-3545.Continue reading “Help Those Who Need It Most”

$309 Average Monthly Savings

There are approximately 1.4 million Florida homeowners who would benefit from refinancing their homes because of lower mortgage rates according to a national research. firm.  These homeowners are high quality refinancing candidates because they have at least 20% equity in their homes and a credit score over 720.  Florida is second in the nation inContinue reading “$309 Average Monthly Savings”

Foreclosure Filings Increase 20%

Nationally, October saw a large increase in foreclosure filings from the previous month. Miami was in the top 5 cities nationally.  Some homeowners may be unaware that mortgage lenders have instituted forbearance programs and loss mitigation departments to help struggling homeowners due to COVID-19.  Please contact Ed Curry at 941-799-9440 if you are thinking ofContinue reading “Foreclosure Filings Increase 20%”

Forbearance Plans Drop to New Low

Forbearance, (when mortgage lenders allow you to delay payments for a specified time) rates are at a 7 month low.  Many homeowners took advantage of forbearance plans in the early Spring due to COVID-19.  Mortgage forbearance plans make up almost 6% of all mortgages which is the lowest rate since April when it was 3.74%. Continue reading “Forbearance Plans Drop to New Low”

Will Mortgage Rates Rise After Election?

This year mortgage rates reached an all time low for home buyers.  After the 2016 election rates jumped from 3.74% to 4.24%. Many economists agree that mortgage rates will hover around 3%.  The Federal Reserve has been keeping the Federal Funds Rate near zero which indirectly helps mortgage rates stay low.  Additionally, there is stillContinue reading “Will Mortgage Rates Rise After Election?”

Builders Are Dealing With Supply Shortages

Almost 50% of builders reported supply disruptions in a recent national survey. Shortages were reported in: lumber, appliances, flooring and hardware.  Some builders are reducing home buyer product choices to more readily available inventory.  Additionally, some builders are using escalation clauses.  If the home building material costs increases over a certain amount, the home buyerContinue reading “Builders Are Dealing With Supply Shortages”

Delinquencies Place Two FL Cities in Top 10

A large number of FHA mortgage delinquencies have placed Orlando (9) and Tampa (10)  in the top ten cities in the nation.  This could become a serious situation as COVID-19 unemployment benefits expire and unemployment remains high.  Nationally, in September over 3.5 million FHA mortgages were enrolled in a forbearance plan. Ed Curry has earnedContinue reading “Delinquencies Place Two FL Cities in Top 10”

Buyer Purchasing Power Goes Up $33,000+

Lower mortgage rates have increased the purchasing power of buyers by an average of more than $33,000 from one year ago.  That is almost a 7% increase from last year.  Increased home prices, however, are negating that increase in purchasing power.  Home prices have seen average increases nationally of over 8%.  Please contact Ed CurryContinue reading “Buyer Purchasing Power Goes Up $33,000+”

Millennials Help Keep Home Sales Strong

20 and 30-year-old home buyers are helping to keep the home sale market strong.  More than half of new mortgages were made to this demographic according to Realtor.com.  Millennials have now surpassed Baby Boomers as the largest adult group in America. 

Americans Are Saving More Money $$$$

A recent survey of 5,000 Americans indicated that people are saving more than before the COVID-19 outbreak.  Almost half of those surveyed said their spending has decreased.  People working from home are saving on commuting costs and that may be one of the reasons.  Additionally, with millions of unemployed, people are feeling a need toContinue reading “Americans Are Saving More Money $$$$”

Buyers Choose New Construction Because of Existing Home Shortage

New single family home sales are up nationally almost 14% from June to July. There is a real shortage of existing home inventory for buyers to choose from. Many buyers are looking to new home builders to fill their needs. In the Sarasota/Manatee County area our inventory of homes for sale in slightly over aContinue reading “Buyers Choose New Construction Because of Existing Home Shortage”

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