Many are asking if the current Real Estate Housing Market is a going to crash or slow down any time soon. The answer depends on who you ask.
Sandra Canning's blog
As of today October 15, 2020, mortgage rates have hit another historic low - 2.81%. Yes, banks are literally giving away free money. This is great news for homebuyers. This is not the time to overthink buying. There is no way to know how long this will last. Despite the COVID-19 pandemic the South Florida real estate market is on fire. Days on market are slashed (depending on location and price point) and we are seeing a huge influx of folks relocating from New York and California. There is definitely a method to winning a bidding war and finding the best property.
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Home prices are going up; mortgage rates are going down. A study by Black Knight found that the buyer savings from mortgage rate drops more than offsets the rise in home prices by about 16% (about $48,000) in just over a year’s time.
As of writing today, 02/03/2020 - the whole world is looking at the rapid spread of the Coronavirus, and asking do we have the latest pandemic? The Kansas City Chiefs (from Missouri ;-) won the Super Bowl, rents are on the rise and mortgage rates remain low. So while there is always an element of uncertainty, it is still a great time to buy or sell real estate. For sellers, there remains a shortage of homes in some markets, and for buyers’ mortgage rates continue to be at historic lows.
According to the MLS of the Realtors® of the Palm Beaches and Greater Fort Lauderdale, In October 2019, mortgage rates increased slightly from the three-year lows seen in September. While the Federal Reserve reduced the federal-funds target rate by .25%, this decline was widely expected and largely factored into mortgage rates already, which are still approximately 1% lower than this time last year. Fannie Mae is predicting that continued low rates, and possibly lower rates, are expected in 2020.
by Guest Blogger - Josh Felzer, NMLS# 12150 – V.P of Sales, The Mortgage Brothers, a dba of U.S Mortgage of Florida
by Guest Blogger - Lance Colby Hatch
Interior Designer/Owner, Decorating Den Fort Lauderdale