New Regulations Shake Up Florida Condo Market
Category: Real Estate Total Views: 149By : Editor Updated: 06-28-2024
Florida Condo Market Faces Major Challenges
Significant problems are facing Florida's condo market, especially for retirees. Condos are becoming more expensive because of new regulations and growing insurance costs. The collapse at Surfside has increased concern for building safety. Reserve money increases are now required by homeowner associations, which drives up expenses. Many long-time residents are having trouble making ends meet. Some are being driven to sell and leave F... Read More
Spring Market Stagnation Leads to Seller Concessions
Category: Real Estate Total Views: 89By : Editor Updated: 06-27-2024
Cooling Home Prices Despite the Annual Increase
Though still higher than a year ago, home prices are starting to cool off. Reportedly, price increases are slowing down. Following a quiet springtime market, sellers are beginning to change their expectations. Homes are selling a little bit below their asking prices for the first time since the epidemic began. More precisely, in the four weeks that ended on June 23, the average house sold for 0.3% less than what it was listed for. Ho... Read More
Mortgage Rate Dip Spurs Buyer Interest in Housing Market
Category: Real Estate Total Views: 73By : Editor Updated: 06-26-2024
Mortgage Rates Hit Three-Month Low, Spurring Buyer Interest
The lowest mortgage rates in three months are enticing home buyers to return to the market. Mortgages are now more enticing because of the steady drop in rates during the last three weeks. Applications for mortgages have therefore clearly increased. Reduced monthly payments brought about by lower rates increase accessibility to home ownership. This change follows a time of exorbitant prices that turned off a lot of prospe... Read More
2024 Housing Market Dynamics: Summer Surge Ahead
Category: Real Estate Total Views: 151By : Editor Updated: 06-25-2024
Record-High Home Prices As Mortgage Rates Rise
Even as mortgage rates increased in April, home prices broke all previous records. The usual assumption that rising mortgage rates would drive down house prices is refuted by this odd trend. Prices rose 6.3% over the same month in the previous year, according to the S&P CoreLogic Case-Shiller National Home Price Index. This rise is the second month running that prices have increased significantly. An average 30-year fixed mortgage... Read More
High Mortgage Rates Impact U.S. New Home Construction
Category: Real Estate Total Views: 295By : Editor Updated: 06-24-2024
Homebuilding Slows Significantly in May
American homebuilding fell off dramatically in May. Seasonally adjusted annual rate of 1.28 million homes was reported by the Census Bureau. It is less than the 1.38 million economists had projected and down from 1.35 million in April. With this slowdown, new home building is moving at its slowest rate since June 2020. High mortgage rates are a big part of this fall. The weak May performance of the housing market is indicative of more genera... Read More