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Real Estate Market Updates

Dec 2021 and Year End Real Estate Market Update: Broward County

“2021 was an extremely successful year for real estate in South Florida and especially in Broward County. We saw a 15.8 percent rise in closed sales to 18,565, and the median sale price increased a whopping 17.5 percent to $470,000. Also, homes were flying off the market. The median time to contract was 15 days, a 53.1 percent decrease from 32 days in 2020. I am proud of my Realtor® family at Broward,...

Most Consumers Now Comfy with Online Closings

After a year of the pandemic, 81% of adults say they’re okay buying things – even expensive things – online, especially with extra authentication and verification steps. NEW YORK – The COVID-19 pandemic fueled an acceleration in online transactions, including in real estate. As a result, a majority of U.S. adults are comfortable completing financial purchases digitally, finds a new...

Mortgage Rates Jump Almost 1/4 Point – to 3.45%

The Fed announced it would tighten monetary policy more quickly, which pushed the 30-year, fixed-rate mortgage higher compared to last week’s 3.22%. SILVER SPRING, Md. (AP) – Average long-term U.S. mortgage rates jumped again this past week, reaching their highest level since March 2020, just as the coronavirus pandemic was breaking in the U.S. Mortgage buyer Freddie Mac reported Thursday that...

Some Owners Have ‘Seller’s Market’ Misconceptions

“Aspirational pricing” doesn’t work well in any real estate market. Buyers will risk a bidding war only if they first see some level of value. CHICAGO – The housing market is hot, but some homeowners overestimate how hot it is when they go to sell. Real estate professionals shared a few unrealistic expectations with realtor.com that their sellers had, such as that their home “doubled in value...

Fed: Expect an Interest Rate Hike Sooner than Later

Notes released Wed. suggest a shift in Fed officials’ attitudes, and policy changes could soon induce interest rates, including mortgages, to move higher. WASHINGTON (AP) – The U.S. job market is nearly healthy enough that the central bank’s low-interest rate policies are no longer needed, Federal Reserve officials concluded last month. Fed officials also expressed concerns in minutes from its...

Mortgage Rates Hit 3.22%, Highest Level in 20 Months

The 30-year, fixed-rate loan rose from last week’s average 3.11%. A year ago, the FRM was 2.65%, though this week’s average remains low by historical standards. WASHINGTON (AP) – Average long-term U.S. mortgage rates rose in the past week to start the new year. They reached their highest level since May 2020, at the height of the coronavirus pandemic, yet remained historically low. Mortgage...

South Florida Real Estate Trends For 2022

In this video, I'll be talking about the 10 key trends to impact South Florida real estate in 2022. Watch the video here.  The transcript is below. #1 - More U.S. companies and individuals will continue to move to South Florida. This is because the region is pro-business, it offers a healthy lifestyle, sunny weather and low taxes. #2 - Miami's tech and finance hub will continue growing. Did you know...

Buyers Who Waited for Lower Prices? Many Regret It

Some buyers postponed searches, assuming prices would drop as they did in the last recession. But now homes they once considered are financially out of reach. FORT LAUDERDALE, Fla. – As South Florida home prices spiked during the pandemic, some people decided to put their home shopping on pause in the hopes that prices might drop, a decision they are coming to regret. Now, a year-and-a-half into...

No Foreclosure Wave on the Horizon

Of the at-risk homeowners leaving forbearance, 73% have at least 20% home equity – and 28% have at least 50%. They may sell but they can avoid foreclosure. DENVER – Millions of U.S. homeowners took advantage of a government program that provided them a reprieve from mortgage payments when their finances took a hit during the pandemic. As the clock runs out on those “forbearance” agreements, a...

November 2021 Real Estate Market Update: Broward County

“The November reports are out, and they did not disappoint! The holiday season certainly isn’t slowing down the red-hot housing market in Broward County. We saw a 14.1 percent year-over-year increase in median sale price to $485,000 as well as the average days on market dropping 25 percent to 15 days. It’s impressive to see the consistency in growth for median sale price and the days on market...

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