The Mandel Team Real Estate Blog - August, 2020

Can I Back Out Of My Home Purchase?

All right. So you're under contract on a home or you're thinking about writing an offer on a home but you're just not sure if it's the perfect one for you and you might be wondering what outs do I have in the contract? How can I back out?

Well, in this video we're gonna go over all the ways that you as a buyer can back out of a contract if the home is just not the right home for you. So typically there are two outs for you as a buyer to get out of the contract and be able to get your money back with no penalties for you.

The first out, is the inspection period. So down here in South Florida, all the contracts are on the as is with right to inspect form of the contract. So what that means is you as the buyer are going to have an inspection…

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Sellers Are Returning to the Housing Market

In today’s housing market, it can be a big challenge for buyers to find homes to purchase, as the number of houses for sale is far below the current demand. Now, however, we’re seeing sellers slowly starting to come back into the market, a bright spark for potential buyers. Javier Vivas, Director of Economic Research at realtor.com, explains:

“Seller confidence has been improving gradually after reaching its bottom in mid-April, and now it appears to have reached an important recovery milestone…After five long months, sellers are back in the housing market; while encouraging, the improvement to new listings is only the first step in the long road to solving low inventory issues keeping many buyers at bay.”

Even with the number of homes coming…

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Why Foreclosures Won’t Crush the Housing Market Next Year

With the strength of the current housing market growing every day and more Americans returning to work, a faster-than-expected recovery in the housing sector is already well underway. Regardless, many are still asking the question: will we see a wave of foreclosures as a result of the current crisis? Thankfully, research shows the number of foreclosures is expected to be much lower than what this country experienced during the last recession. Here’s why.

According to Black Knight Inc., the number of those in active forbearance has been leveling-off over the past month (see graph below):

Black Knight Inc. also notes, of the original 4,208,000 families granted forbearance, only 2,588,000 of these homeowners got an extension. Many homeowners have once…

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South Florida Housing Market Update [August 2022]

Hey, it's Andy with the Mandel Team at RE/MAX. And I'm here to bring you your August, 2022 Housing Market Update. As always, for the purposes of these videos, we're gonna be talking about single family homes only, in Boca, Parkland, and Coral Springs. Those are the areas where our team does the predominant amount of our business. And when we talk about these numbers, we're talking about single family homes only, no country clubs, no townhouses, no condos, no 55 and over. So we're gonna give you that what's going on right now versus which you're normally seeing in the media. They're giving you stats that are sometimes two, three months old. So we're showing you what's happening right now to give you an indication of where the market is headed, not…

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The Latest Unemployment Report: Slow and Steady Improvement

Last Friday, the Bureau of Labor Statistics (BLS) released its latest Employment Situation Summary. Going into the release, the expert consensus was for 1.58 million jobs to be added in July, and for the unemployment rate to fall to 10.5%.

When the official report came out, it revealed that 1.8 million jobs were added, and the unemployment rate fell to 10.2% (from 11.1% last month). Once again, this is excellent news as this was the third consecutive month the unemployment rate decreased.

There is, however, still a long way to go before the job market fully recovers. The Wall Street Journal (WSJ) put a potential date on that recovery:

“July’s payroll growth, at 1.8 million, still leaves total payrolls 12.9 million lower than in February. And…

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South Florida Housing Market Update [July 2020]

Hey, it's Andy with the Mandel Team at RE/MAX, and I'm here to bring to you your July 2020 housing market update. For the purposes of this video, we're gonna be going over Boca, Parkland, and Coral Springs. Those are the cities that our team predominantly does most of our business. In Boca, we are not gonna be discussing the country clubs or any 55 and over community, so all ages, no country clubs for the purposes of this video.

Now, when we do these videos, we wanna bring you the leading indicators to show you where the housing market is headed, not where it's going. When you watch these videos from the mainstream media, they're gonna talk about closed sales price. That's really indicative of what sold 30, 60, sometimes even 90 days ago. So…

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