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You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

Dec. 27, 2022

Existing Home Sales Plummet

Existing Home Sales Plummet

 

 

 

Existing Home Sales Plummet

 

No One Buying or Selling Existing Homes "No one" is a relative term when it comes to economic data.   There are actually about 4 million people per year buying existing homes based on the annualized and seasonally adjusted pace. But relative to most of the past 25 years, this is about as low as it gets. Officially, the National Association of Realtors (NAR) reported existing sales at a pace of 4.09 million, well off the median forecast of 4.20 million. With prices/rates/rents/etc as high as they are, it has discouraged the migration necessary to create the inventory. This is actually a bit of a silver lining as it means we might be seeing better sales numbers if there were more inventory. At the very least, we can see that the current environment is distinctly different from the Great Financial Crisis which saw inventories surge.

 

Posted in Orlando Real Estate Market Updates
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Dec. 26, 2022

Low Housing Inventory Holding Back Crash?

Low Housing Inventory Holding Back Crash?

 

Low Housing Inventory Holding Back Crash?

 

Housing Market Supply Is Keeping Prices From Crashing Housing inventory in the U.S. decreased between October and November this year, underscoring a housing shortage that some experts believe is helping to keep soaring prices from dramatically plummeting. The National Association of Realtors (NAR) announced Wednesday that total housing inventory at the end of November was 1.14 million units.  This was down 6.6 percent from October but up 2.7 percent from a year ago. The potential, or lack thereof, for the U.S. housing market to crash has become a major point of discussion in recent months in light of elevated mortgage rates, soaring housing prices and inflation. This doesn't mean that housing prices won't drop at all. But prices "would fall more if not for a lack of homes for sale," the outlook said.

Posted in Orlando Real Estate Market Updates
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Dec. 20, 2022

Builder Warns Of Significant Orlando Real Estate Market Softening

Builder Warns of Significant Orlando Real Estate Market Softening

 

 

Builder Warns Of Significant Orlando Real Estate Market Softening

 

Lennar: Orlando experiences 'significant softening' in home demand  The metro recorded 1,973 residential construction starts in October, down 36.7% from 3,117 in October 2021. Even as Lennar had to lower prices and offer incentives, construction costs remained elevated. The higher interest rate environmental and extremely difficult capital markets for construction loans will reduce nationwide construction of both single-family homes and rental projects. In one sign of the correction, Lennar reported a 26% home sales cancellation rate in the fiscal fourth quarter. Many homebuyers who were depending on mortgages were stung by the interest rate increases making those loans more expensive. "We've been very fortunate to have limited unsold inventory in those markets so we should be able to get these markets back on track in the first quarter," Beckwitt said.

Posted in Orlando Real Estate Market Updates
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Dec. 19, 2022

Renters Burdened By Housing Costs

Renters Burdened By Housing Cost

 

 

 

Renters Burdened By Housing Costs

 

More Than 19 Million Renters Burdened by Housing Costs  Over 40% (19 million) of renter households in the country spent more than 30% of their income on housing costs during the 2017-2021 period   Households spending more than 30% on housing costs, including rent or mortgage payments, utilities, and other fees, are considered housing cost burdens according to the Department of Housing and Urban Development At the county level, 239 or 7.6% of the nation’s 3,143 counties had a median housing cost ratio for renters above 30%. More than half of households with income and paying rent faced housing cost burdens in these counties. The hardship caused by the rise in housing costs persisted despite increases in median household income.

Posted in Topic Of Interest
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Dec. 18, 2022

Home Builders Cutting Prices!

Home Builders Cutting Prices!

 

Home Builders Cutting Prices!

 

More Home Builders are Cutting Prices and Offering Incentives – But Not at 2008 Levels As the housing market has slowed rapidly over the past several months, builders have increasingly been reducing prices and offering special sales incentives In November 2022, a relatively high 36% of single-family home builders reported reducing their prices, and 59% were offering special sales incentives. Among builders who did reduce their home prices, the average reduction was 5% in July 2022, and 6% in three subsequent surveys conducted through November. Sales incentives is a standard business model for many home builders, and has been on the rise in recent months. During the latter part of 2022, the share of builders offering incentives increased from 43% in July to 53% in September and 59% in November.

Posted in Orlando Real Estate Market Updates
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Dec. 16, 2022

Mortgage Rates Drop to 3-Month Lows

Mortgage Rates Drop to 3-Month Lows

 

 

Mortgage Rates Drop to 3-Month Lows   When MBS improve, lenders are creating loans that are worth more money and can thus offer them at lower rates. Today's rates improved by more than would be suggested by the improvement in MBS, so there's clearly something else going on as well. In today's case, it's quite simply the mortgage market's sigh of relief after having moved through the week's riskiest events (inflation data on Tuesday and the Fed announcement on Wednesday). The market volatility following the Fed is so late in the day that lenders seldom adjust their mortgage rates to match the bond market reality. This time around, it coincided with MBS at their best levels in more than 3 months and mortgage rates were quickly able to make the same claim.   The average conventional 30 yr fixed rate is moving into the low 6% range for top tier scenarios.

Click To View Current Mortgage Rates

Posted in Mortgage News
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Dec. 12, 2022

Florida Still Top Spot For Americans Looking To Move

Florida Still Top Spot For Americans Looking

 

 

Florida still top spot for Americans looking to move

 

Despite the cooling US housing market, Florida still top spot for Americans looking to move Nearly 25% of U.S. homebuyers are looking to move out of their current metro areas, with many people turning their attention to cities in Florida as their next place to call home. Redfin found that 24.1% of people looking to purchase a home are seeking to move to a different metro area than where they currently live. Half of the top 10 migration destinations on the list are Florida cities Miami: Number 3 Tampa, Florida: Number 5 Cape Coral, Florida: Number 7 North Port-Sarasota, Florida: Number 8 Orlando, Florida: Number 10 FLORIDA IS GROWING, BUT ESTIMATES CLAIM THIS WILL SLOWDOWN IN THE FUTURE.

 

 

Posted in Orlando Real Estate Market Updates
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Dec. 8, 2022

Mortgage Rates Fall Back to Multi-Month Lows

Mortgage Rates Fall Back To Multi-Month Lows

 

 

Mortgage Rates Fall Back to Multi-Month Lows  

 

Mortgage rates moved moderately lower today after new economic data showed a big drop in the cost of labor in Q3. Labor costs are one of the places the Fed looks for evidence that inflation is becoming entrenched. In today's case, the drop suggests additional moderation in the pace of underlying inflationary pressures. The market's reaction was possibly bigger than it otherwise might have been due to the intense focus on next week's inflation data on Tuesday and the likely announcement of a smaller rate hike from the Fed the following day. In short, rampant inflation has been the biggest contributor to the abrupt rate spike in 2022 and the hope is increasing that a shift is about to be confirmed. Today's mortgage rates aren't significantly lower than yesterday's on average, but it was enough of a movement for the average lender to hit the lowest levels since early September.

Posted in Mortgage News
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Dec. 3, 2022

FHA Loan Limits Increase For 2023

FHA LOAN LIMITS INCREASE FOR 2023

 

FHA Loan Limits Increase For 2023

fha loan limits 2023

FHA Announces New Single Family Title II Forward and Home Equity Conversion Mortgage Loan Limits for 2023 FHA’s 2023 minimum national loan limit floor of $472,030 for a one-unit property is set at 65 percent of the national conforming loan limit. This floor applies to those areas where 115 percent of the median home price is less than the floor limit. The maximum loan limits for FHA forward mortgages will rise in 3,222 counties. The loan limits announced today reflect steep increases in home prices throughout much of the country.

Posted in Mortgage News
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Dec. 2, 2022

Mortgage Rates Drop Sharply, Hitting Lowest Levels Since Mid-September

Mortgage Rates Drop Sharply

 

Mortgage Rates Drop Sharply, Hitting Lowest Levels Since Mid-September

 

 Mortgage rates had been in a holding pattern for nearly 3 weeks following the November 10th CPI inflation data. On that single day, the average 30yr fixed rate fell by a record amount (as far as day-over-day record keeping is concerned, and we don't have daily records prior to 2009).   That took rates from the low 7s to the mid 6's in a matter of hours and there they've stayed until this morning. The average borrower would be seeing rates that are 0.25% lower versus yesterday morning at the average lender  Friday brings the important Employment Situation (the official jobs report from the Department of Labor). All other things being equal, that would make for another good day for rates.

Posted in Mortgage News
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