The Mandel Team Real Estate Blog - January, 2021

What Happens When Homeowners Leave Their Forbearance Plans?

According to the latest report from Black Knight, Inc., a well-respected provider of data and analytics for mortgage companies, 6.48 million households have entered a forbearance plan as a result of financial concerns brought on by the COVID-19 pandemic. Here’s where these homeowners stand right now:

• 2,543,000 (39%) are current on their payments and have left the program
• 625,000 (9%) have paid off their mortgages
• 434,000 (7%) have negotiated a repayment plan and have left the program
• 2,254,000 (35%) have extended their original forbearance plan
• 512,000 (8%) are still in their original forbearance plan
• 116,000 (2%) have left the program and are still behind on payments

This shows that of the almost 3.72 million homeowners who…

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Should I Wait for Lower Mortgage Interest Rates?

Historically low mortgage rates are a big motivator for homebuyers right now. In 2020 alone, rates hit new record-lows 16 times, and the trend continued into the early part of this year. Many hopeful homebuyers are now wondering if they should put their plans on hold and wait for the lowest rates imaginable. However, the reality is, acting sooner rather than later may be the actual win if you’re ready to buy a home.

According to Greg McBride, Chief Financial Analyst for Bankrate:

“As vaccines become more widely available and a return to normal starts to come into view, we’ll see mortgage rates bounce off the record lows.”

While only a slight increase in mortgage rates is projected for 2021, some experts believe they will start to…

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Avoid These Mistakes When Selling Your Home In Florida [2021]

So you're thinking about selling your home here in Boca Raton, but you wanna avoid the three biggest mistakes that sellers make all the time. Well in this video, we're gonna go over what those three biggest mistakes are and how you can avoid them.

The first mistake we see sellers make all the time is not looking up an agent's reviews prior to interviewing them or to hiring them. Google is a great place you can start. People google everything. So if a realtor doesn't have a profile on Google, that could be a red flag, but check to see if there's any reviews on Google. Another place you could see reviews is Zillow.

Zillow is not just a great place for buyers, but for sellers to start their search for an agent. So you can go to Zillow, you can…

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How Much Are Closing Costs For A Buyer In Florida

So you're thinking about buying a house. You have your down payment saved, but you wanna know how much you can expect to pay in closing costs. Well, in this video, we're gonna break down what closing costs are here in South East Florida and what you can expect to pay to purchase your next home.

In addition to the down payment that you need to save in order to buy a house, you also have to save up for closing costs. So what are closing costs? Well, they can be split into two distinct categories.

One are your hard closing costs. These are the costs that you're not gonna get back if you were to sell the next day. Then the next is your prepaid items. So when you buy a house, there are certain things you have to pay in advance like insurance and…

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The Importance of Home Equity in Building Wealth

Homeownership has always been the first rung on the ladder leading to household wealth. As Freddie Mac recently posted:

“Homeownership has cemented its role as part of the American Dream, providing families with a place that is their own and an avenue for building wealth over time. This ‘wealth’ is built, in large part, through the creation of equity…Building equity through your monthly principal payments and appreciation is a critical part of homeownership that can help you create financial stability.”

Home equity is the difference between the current market value of your house and the amount you currently owe on your mortgage. To estimate your equity, subtract your mortgage balance from the market value of your home.

You can…

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3 Must-Do’s When Selling Your House This Year

It’s exciting to put a house on the market and to think about making new memories in new spaces. However, despite the anticipation of what’s to come, we can still have deep sentimental attachments to the home we’re leaving behind. Growing emotions can help or hinder a sale depending on how we manage them.

When it comes to the bottom line, homeowners need to know what it takes to avoid costly mistakes when it’s time to move. Being mindful and prepared for the process can help you stay on the right track when selling your house this year.

1. Price Your Home Right

When inventory is low, like it is in the current market, it’s common to think buyers will pay whatever we ask when setting a listing price. Believe it or not, that’s not always…

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What Does 2021 Have in Store for Home Values?

According to the latest CoreLogic Home Price Insights Report, nationwide home values increased by 8.2% over the last twelve months. The dramatic rise was brought about as the inventory of homes for sale reached historic lows at the same time buyer demand was buoyed by record-low mortgage rates. As CoreLogic explained:

“Home price growth remained consistently elevated throughout 2020. Home sales for the year are expected to register above 2019 levels. Meanwhile, the availability of for-sale homes has dwindled as demand increased and coronavirus (COVID-19) outbreaks continued across the country, which delayed some sellers from putting their homes on the market.

While the pandemic left many in positions of financial insecurity, those who…

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Is This the Year to Sell My House?

If one of the questions you’re asking yourself is, “Should I sell my house this year?” consumer sentiment about selling today should boost your confidence in the right direction. Even with the current health crisis that continues to challenge our nation, Americans still feel good about selling a house. Here’s why.

According to the latest Home Purchase Sentiment Index from Fannie Mae, 57% of consumer respondents to their survey indicate now is a good time to buy a home, while 59% feel it’s a good time to sell one:

“The percentage of respondents who say it is a good time to sell a home remained the same at 59%, while the percentage who say it’s a bad time to sell decreased from 35% to 33%. As a result, the net share of those who say it…

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Red Flags In The South Florida Housing Market

I wanna talk about some of the red flags and the issues that I see in the South Florida housing market. If you've heard anything about real estate in 2020, you've probably heard that home prices are going up. And that's very true, especially here in South Florida. It probably differs depending on where you are, but in South Florida for sure, home prices have been going up. Since about April when they lifted that original lockdown, it's just been a straight shot up like this.

In November of 2020, compared to February of 2020, before the pandemic really took hold everywhere, home prices are up about 11% here in South Florida, at least in the areas that we sell. So if you own a $400,000 home before the pandemic, it's probably worth a little more…

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South Florida Housing Market Update [January 2021]

Hey, it's Andy with the Mandel Team at RE/MAX, and I'm here to bring you your January, 2020, housing market update. As always for the purposes of this video, 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. When we talk about Boca, we're not talking about country clubs or 55 and over communities, it's single family homes only, no condos, no townhouses. Those are other markets, they're completely different so we're gonna focus on single family homes only. In this video, because it's the end of the year and the beginning of 2020, we're gonna talk about how December of 2020 did compare it to December, 2019; and then we're gonna talk…

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