South Florida rents are now more expensive than NY jumping 57% in the last year. What do you think of this news? Leave a comment and let me know - how much did your rent increase this year?
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Whether you’re a potential home buyer, seller, or both, you probably want to know, will home prices fall this year? Let's breakdown what's happening with home prices where experts say they're headed and why this matters for your home ownership goals.
Last year's rapid home price appreciation wasn't the norm. In 2021, home prices appreciated quickly because of a record low mortgage rate that motivated more buyers to enter the market. As a result, there were more people looking to make a move than there were homes available for sale. This led to competitive bidding wars which drove prices up typically in South Florida where home prices appreciate around 4% per year historically.
In 2021, they went up on average about 24% that goes to show you…
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When the pandemic hit in 2020, many experts thought the housing market would crash. They feared job loss and economic uncertainty would lead to a wave of foreclosures similar to when the housing bubble burst over a decade ago. Thankfully, the forbearance program changed that. It provided much needed relief for homeowners so a foreclosure crisis wouldn't happen again.
Forbearance enabled nearly five million homeowners to get back on their feet in a time when having the security and protection of a home was more important than ever. Those in need were able to work with their banks and their lenders to stay in their homes rather than go into foreclosure.
As the graph shows, with modification, deferral, and workout options in place, four out of…
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What would a recession mean for the housing market? According to a recent survey from The Wall Street Journal, the percentage of economists who believe we'll see a recession in the next 12 months is growing. When surveyed in July of 2021, only 12% of economists consulted thought there would be a recession by now, but this July when polled, 49% will see a recession in the next 12 months.
But should you delay your home ownership plans? If there is a recession? A recession doesn't mean falling house prices. As this graph illustrates, looking at the recessions going all the way back to 1980, home prices appreciated in four of the last six recessions. So historically, when the economy slows down it doesn't mean home values will fall.
Most people…
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Hey, it's Andy with the Mandel Team at Remax and I'm here to bring you your September 2022 housing market update. I cannot believe it's already September. As always, for the purposes of these videos, we're gonna be giving you the leading indicators, showing you where the real estate market is headed, not where it's been. So we're going over what's happening right now in the market.
A lot of times when you hear these stats from the media, they're giving you stats that happened 30, 60, sometimes even 90 days ago. We're telling you what's going on right now, so you can predict what's going to happen in the next 30, 60 days in the real estate market. Now, when we do these stats, we're talking about single family homes only, and we're doing…
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If you own a home your net worth likely just got a big boost thanks to rising home equity equity is the currentvalue of your home minus what you owe on the mortgage and today Floridians are building that equity far faster than you may expect the average Florida homeowners equity has grown by $90, 000 in the past 12 months.
one of the highest appreciating states in the country here's how we compare to the rest of the country as you can see prices are up a lot just about everywhere but the western states and Florida are leading the nation a lot of people that their homes were no longer as perfect as they thought after the pandemic. If you want to do renovations or additions to your home to make it more suitable long term, you can take out a home…
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In today's housing market, many are beginning to wonder if we're returning to the riskier lending habits and borrowing options that led to the housing crash 15 years ago. Let's ease those concerns. Several times a year, the Mortgage Bankers Association releases an index titled the Mortgage Credit Availability Index. Basically, the index determines how easy it is to get a mortgage. The higher the index, the more available mortgage credit becomes. As the graph shows, the index stood at about 400 in 2004. Mortgage credit became more available as the housing market heated up. And then the index passed 850 in 2006.
When the real estate market crashed, mortgages became impossible to secure. Thankfully, lending standards had eased somewhat since then…
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Once you've applied for a mortgage to buy a home, there are some key things to keep in mind. While it's an exciting time to start thinking about moving in and decorating, be careful when it comes to making any big purchases. Hey, I'm Andy with the Mandel team at RE/MAX. Here's my list of things not to do when getting a mortgage.
Number one don't deposit, large sums of cash. Lenders need to source your money, and cash isn't easily traceable. Your money needs to be vested in your account for 60 days before buying, otherwise you'll likely have to provide letters stating where the money came from and the bank might have to trace it.
Number two, don't make any large purchases or apply for new credit. It's not just home related purchases that could…
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Are you a buyer who wants to buy a house here in 2022, but you don't wanna pay these crazy high interest rates that you're seeing today in the sixes? What if I told you that there was a way to get an interest rate in the 4% range still in 2022? What if you're a seller? And you're thinking about putting your home on the market and you're worried about, "Well, is this market shifting and am I gonna be able to sell?" Or maybe your home is on the market and you're having a hard time selling it with these new higher interest rates. Hey, I'm Andy Mandel with the Mandel Team at RE/MAX. And today I want to talk to you about a loan product called a 2/1 buydown, what it means for buyers, what it means for sellers, how it differs from an adjustable rate…
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Experts in the real estate industry use a number of terms when they talk about what's happening with home prices. And some of those words sound a bit similar but mean very different things. Hey, it's Andy with The Mandel Team at RE/MAX. And to help you clarify what's happening with home prices and where experts say they're going, let's look at a few terms that you may hear. Appreciation is when home prices increase, depreciation is when home prices decrease but deceleration is when prices continue to appreciate but at a slower pace, you've probably seen that home prices have skyrocketed in the past two years but homes were actually appreciating long before that.
Home prices over the long term have only gone up and inflation usually increases…
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