The State of the Housing Cycle: Insights from Experts

For prospective homebuyers in South Florida, the current market dynamics present a challenging yet stable landscape. Ken H. Johnson, a noted real estate economist at Florida Atlantic University, observes that while we're possibly at the apex of the housing cycle, with sales moderating and prices leveling, this doesn't necessarily foretell a market crash. According to Johnson, the equilibrium we're seeing is characteristic of a market at its cycle's zenith. The consensus among housing economists is that a significant downturn is unlikely, primarily due to the imbalance between the limited housing inventory and the high demand in Southeast Florida.

This imbalance, where demand continuously…

14 Views, 0 Comments

These HUGE updates in the real estate market could significantly impact your home buying or selling plans. And they’re not just interesting – they're potentially game-changing!

Increased Loan Limits

Let's dive into the big news first: the increase in loan limits. The conventional loan limit has now been increased to $765,550, and the FHA loan limit has risen to $621,000.

What does that mean?

Any mortgage amount above these new loan limits is considered a Jumbo loan which usually has stricter requirements to qualify such as higher credit scores, higher down payments, and lower debt-to-income ratios.

You can now buy a home for up to $805,000 with only 5% down using a conventional loan. If you’re getting an FHA loan, you can now buy a home for…

616 Views, 0 Comments

Just when we thought mortgage rates were on a one-way trip to the sky, they've thrown us a curveball. Last week, we were looking at a pretty steep 7.92% for the average 30-year fixed mortgage rate. Fast forward to today, and it's like we're in a whole new world – and a much better one for anyone thinking about buying or selling a home!

We saw something similar last November when rates had shot up to new highs before some unexpectedly good economic news came along and gave them a nudge back down.

Last year, it was a surprisingly low inflation report that got everyone's hopes up. But that turned out to be a bit of a tease, and rates didn't really start to come down until February 2023. Since then, it's been mostly uphill.

This week, though,…

119 Views, 0 Comments

While the prospect of mortgage rates exceeding 8% has garnered attention, it's unlikely to bring about a seismic shift in the housing landscape.

Affordability Concerns

In today's market in South Florida, a household income of approximately $159,000 is needed to afford an average home with 8% interest rates assuming a 10% down payment. This is particularly relevant for South Florida, where the cost of living can be higher than other regions and the "average home" starts at a much higher price than many parts of the country.

The Real Solution: More Homes

The ultimate remedy for enhancing housing affordability lies in increasing the supply of homes. This is especially pertinent for Broward and Palm Beach Counties, where the demand for…

261 Views, 0 Comments

Introduction

Hello, I'm Andy with the Mandel Team at REMAX. Today, I bring you the October 2023 housing market update. We'll focus on single-family homes in Boca, Parkland, and Coral Springs, where our team does the majority of our business. Let's dive in.

The Stats That Matter

We aim to give you leading indicators to show where the housing market is headed, not where it's been. Media often talks about closed sales prices, which reflect the market 30, 60, or even 90 days ago. We want you to know what's happening now.

New Listings: The Supply

  • Boca: Up 6% compared to September 2022
  • Parkland: 20% fewer listings
  • Coral Springs: 17% fewer listings

Pending Sales: The Demand

  • Boca: Up 16.4% compared to last year

331 Views, 0 Comments

There are many national headlines about the real estate market that may make you feel uneasy and like a major issue is brewing. It’s important to look at not only the national housing market but specifically the hyper-local South Florida market to really get an understanding of what’s happening.

National Housing Market Stats

Nationally in August 2023, the number of pending home sales dropped 7.1% compared to July and plummeted 18.7% compared to August 2022. These figures represent homes that have entered into a contract but have not yet closed, serving as a leading indicator for existing-home sales in the coming 1 to 2 months.

South Florida Housing Market Stats

But while those numbers do sound bad, lets look at the local South Florida housing…

1099 Views, 0 Comments

I wanted to bring to your attention some critical changes happening in Florida's homeowners insurance landscape that could affect you.

Citizens Property Insurance Corporation, a state-run insurance company, has initiated a "depopulation program" aimed at reducing its number of policyholders. More than 300,000 homeowners have received an offer letter from private insurance companies as part of this initiative. The deadline to respond to these offers has been extended to October 10th due to a vendor's mailing delay.

Here's what you need to know:

Increased Rates

Some homeowners have reported a significant increase in their insurance rates—up to 61% in some cases—when switching from Citizens to a private insurer.

Mandatory Response

If you've…

1859 Views, 0 Comments

If you’re considering a move to the vibrant and sun-soaked city of Fort Lauderdale, Florida, you’ve come to the right place. As real estate agents, we’re here to give you the inside scoop on what it’s like to live in this beautiful coastal paradise. From the sparkling beaches to the bustling downtown scene, we’ll cover the pros and cons of Fort Lauderdale and everything you need to know before making this sunny city your new home.

Pros of Living in Fort Lauderdale

Picture yourself basking in the golden Florida sun, toes in the warm sand, and a gentle sea breeze brushing against your skin. Fort Lauderdale is a coastal gem that offers residents a unique blend of tropical paradise and urban allure. In this section, we’ll take a look at the advantages…

363 Views, 0 Comments

South Florida has long been known for its stunning beaches, vibrant culture, and sunny weather. However, in recent years, it has gained a new reputation as a magnet for wealth. The region has witnessed a significant influx of high-net-worth individuals and top-tier companies, resulting in a transformative economic landscape. In this blog, we'll explore the data and trends behind South Florida's wealth migration and how it's shaping property values in the area.

south florida waterfront properties

The Rise of South Florida as a Magnet for Wealth

One of the key drivers behind South Florida's wealth migration is the relocation of prominent financial companies. Names like Apollo, Blackstone, CI Financial, Citadel, Goldman Sachs, and Thomabravo have all made South Florida their new…

1649 Views, 0 Comments


Renting vs. Buying a Home in 2023

Are you standing at the crossroads, wondering whether to rent or buy a home in South Florida in 2023? It's a decision many potential homeowners grapple with, especially in a dynamic real estate market like South Florida's. In this comprehensive guide, we'll dissect the financial aspects of both options, shedding light on which path might be right for you.

The Rental vs. Buying Dilemma

When it comes to the South Florida real estate market, the choice between renting and buying can be particularly challenging. Before diving into the specifics, let me clarify that we won't be predicting market trends or interest rates in this discussion. Instead, our focus is on providing you with a holistic view of the…

1166 Views, 0 Comments