Fort Lauderdale Real Estate Blog

Buyers Are out Looking Now!

Hourglass photos - www.johnsabia.com

 The National Association Of Realtors (NAR) recently released findings that show now could be a great opportunity to sell your home. The concept of "supply and demand" indicates the best time for a product or service is realized when there is a low supply, limited competition and a high demand for that good or service.

Let's test this concept to the current residential real estate market.

Supply

Everyone knows  that for more than a year now, the current inventory for homes and condos for sale has been far below the number needed to sustain a normal balanced market. A normal market can be defined where there is six months housing supply to satisfy the demand. A recent NAR report showed that at this time, there is

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Real Estate Tops Best Investment Poll For 5 YearS

Real Estate Best Investment Photo | www.johnsabia.com

To determine what Americans consider the best long-term investment choice, Gallup surveys Americans each year. Survey respondents are asked to choose between real estate, stocks and mutual funds, gold, bonds or savings account and Certificate of Deposits (CD's).

For Five years in a row, real estate has been the top choice for respondents as the best long-term investment choice.

This year's findings show 34% of Americans selected real estate, while 26% chose stocks and bonds. the chart below illustrates The full study results.

Best Investment Chart Results | www.johnsabia.com

Emphasized in the study is the contrast in the sentiment over the past 5 years as compared to years 2011 and 2012, when the best investment choice was gold with

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2018 Tax Reform Impact on Housing Market

Predictions as early as last year were that the 2018 TAX CHANGES would be disastrous for the housing market. Headlines warned that double-digit price depreciation was coming and suggested demand from buyers could sink like a ship. There was even sentiment that home-ownership could lose its coveted status as a major component of the American Dream.

As we look at numbers from the first quarter, we can begin to measure the actual impact that tax reform has had on the real estate housing market.

Tax Reform Has not killed off buyer demand

Showing Time Index which "tracks the average number of buyer showings on active residential properties on a monthly basis" and is a "highly reliable leading indicator of

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Is Your Firt Home Within Reach?

If you are dreaming about owning your first home, the below infographic may offer good news for you. Where do you place on the chart?First Home Infographic | www.johnsabia.com

Worth Noting

  • Millenials as defined by the US Census Bureau are between Ages 18 - 36.
  • The Median Age of First Time Buyers is 32 per The National Association Of Realtor's (NAR) Profile of HomeBuyers and Sellers
  • More and More older Millenials between the ages of 25 thru 36 are quickly realizing home ownership is actually within their grasp now!

If you have questions about real estate or would like to begin the home-buying process, call/text or email me to get started!

 

Disclaimer:The information contained, and the opinions expressed, in this article are not

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Are You Under 50 And renting?

Each year, findings in the Survey of Consumer Expectations (SCE) are made public by the New York Federal ReservE. Each survey covers a variety of topics, including inflation, labor market, household finance, credit access and housing.

In the housing section of the survey, one question asked participants: "Assuming you had the financial resources to do so, would you like to OWN instead of RENT your primary residence?"

More than 3/4 of respondents under age fifty replied they would prefer to own their home, rather than rent. While just 52.6% of participants over age 50 said they would prefer to own. The chart below illustrates the full breakdown.

Consumer Expectation Survey | JohnSabia.com

When renter respondents were asked what the average probability of

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Are You Waiting To Upgrade To Your Dream Home?

Since January of this year, interest rates for mortgages have increased by more than half of a point. This interest rate increase has many thinking that real estate prices for homes and condos will drop. However, historical data  proves this false.

view of lake thru doors | JohnSabia.com

How Do Home Values Today Compare to Beginning Of The Year

While mortgage interest rates have been rising, home values have also been rising. Here are the current monthly price increases as reported in Corelogic's the Home Price Insights Report:

  • January 2018 - Real estate prices Were up 0.5% versus the prior month
  • February 2018 - Real estate prices ere up 1% versus the prior month
  • March 2018 - Real estate prices were up 1.4% versus the prior
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Home Ownership Tips

Your Dream Home doesn't have to be a Dream. With careful planning and some sacrifices, you can make this dream a reality. Here are a few tips:

  • Set up an automatic savings plan to save a small amount out of every paycheck. Consistency is key. By doing this automatically, you won't have to think about it and you may not even miss the small amount.
  • Living within your means is a small sacrifice to make for a big reward! Sticking to a budget will help you save enough money necessary for a down payment while also paying down or eliminating other debts that may be affecting you negatively.
  • Think about what you are willing to cut back on now to make home ownership a reality for you tomorrow.

Infographic - tips to make home ownership a reality

Call or text me today to

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About Home Inspections

Inspection CheckList - www.johnsabia.com

Once you've found the perfect property, submitted a written offer and have successfully negotiated price and terms, one of the next tasks as a home-buyer, is to have a comprehensive inspection performed on the property.  Since most Purchase Contracts are contingent upon a clear inspection, the Inspection will need to be completed within the allotted Inspection Period, as outlined in the executed contract.

For the most part, contracts to purchase Fort Lauderdale Homes For Sale and Fort Lauderdale Condos For sale are written on "As-Is Purchase Contract", With A Right To Inspection. The Inspection Contingency allows you to renegotiate the purchase price you've contracted, ask the seller to make repairs or issue a credit, or

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Today's Housing Market Is Not 2006 All Over Again

With home prices across the country on the rise again this year, there is worry we are repeating the 2006 housing bubble that brought havoc upon many when it collapsed. Our current real estate market is significantly different from the giant meltdown we experienced twelve years ago in the following four areas.

  • Home Prices
  • Standards For Mortgages
  • Mortgage Debt
  • Housing Affordability

Home Prices:

No one questions that home prices have increased to 2006 levels in several nationwide markets. However, after 10+ years, based on inflation, home prices should be higher.

Chief Economist for Corelogic, (which provides exceptional data on past, current, and future home prices) Frank

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What Will Happen If You Wait One Year To Buy?

Home prices nationwide have increased by 6.7% year-over-year. During the same time frame, interest rates have also stayed historically low, which has provided an opportunity for many buyers to enter the real estate market.

As a seller, you may be focusing your attention on ‘short-term price’ – where home values are trending over the next six months.

As a buyer, however, you should not focus on price; rather, you should be concerned with the ‘long-term cost’ of the home purchase.

The Mortgage Bankers Association (MBA), Freddie Mac, and Fannie Mae all predict that mortgage interest rates will go up by Next Spring 2019. According to CoreLogic’s most recent Home Price Index Report, home prices are

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