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”
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.
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%”
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?”
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”