Fort Lauderdale Real Estate Blog

RealtyTrac defines Boomerang Buyers as millions of former distressed homeowners who surrendered their real estate homes and condos during the past financial meltdown. It is estimated there could be as many as 7.3 million boomerang buyers, and of this group, only 1 million have purchased a home again. 

This indicates the possibility of 6 million former homeowners sitting on the sidelines with the possibility of returning to the real estate market as potential homebuyers in the near future. Adding to this, confirmed data shows younger buyers are also beginning to purchase homes after a time when first-time buyers were underrepresented. These return buyers could further strengthen an already established outlook for a real estate recovery.

So, the

49 Views, 0 Comments.

The latest findings shows the average household in America is getting smaller, but you wouldn't know it by looking at the average home; which by contrast, is getting larger. Americans today are living in homes, condos and townhomes with more square feet per person than ever before.

The American Enterprise Institute completed an analysis of the Census Bureau's Characteristics of New Housing and found on average, the amount of living area per person has doubled since 1973. Over the past 40 years, the typical home in America has grown from 1,660 square feet to just under 2,700 square feet, an increase of one thousand square feet. In contrast, the typical household has decreased from 3.01 persons in 1973 to 2.54 persons in 2015 representing an all-time

55 Views, 0 Comments.

The Department of Housing and Urban Development (HUD) and US Census Bureau indicates the latest estimates that new construction for residential properties increased almost 10 percent in June of this year and is currently 26.6 percent higher than last year. A large portion of the growth can be attributed to the boost in multi-family homes.

This is exciting news for the real estate market overall as it is an indication how the job market gains has increased demand. Positive conditions for employment have inspired many buyers to begin the process of looking for either a home for sale or condo for sale and this trend is particularly evident with first-time home buyers.

This upswing in home buyers considering a home purchase along with astounding

53 Views, 0 Comments.

Home Builders/ Developers are widely considered to have a very good handle on the strength and weakness of the real estate housing market because of their distinct viewpoint on new construction homes for sale and the development of townhouse projects and condominiums for sale.  For this reason, the National Association of Home Builders has been surveying builders for the past thirty years to comment on the amount of current home buyers looking at properties, home sales conditions and their assessment for the up coming six months.

When the survey is tallied, a score of 50 or more indicates the majority of builders forecast positive conditions in the housing market going forward. The NAHB's survey in July scored it's highest level in 10 years with a

72 Views, 0 Comments.

Results from the Mortgage Bankers Association's Weekly Applications Survey reveal a movement in rates two weeks ago.  Rates were up across the board for most loan types as compared to the previous week which saw rates falling. By week's end, mortgage interest  rates remained the same for a 30-year fixed with conforming loan balances but increased for jumbo loans, FHA Loans and 15-year fixed mortgages.

Even with a small tick upward in mortgage interest rates, the buying power for home buyers wanting to purchase a house for sale or condo for sale is decreased.

"Interest rates rose on Friday after dropping throughout the middle of the week" MBA's chief economist Mike Fratantoni told CNBC. "However, refinance activity saw a pick-up." 

While the

16 Views, 0 Comments.

Homeownership Equity - a term that refers to the value of a given property after the mortgage debt is subtracted out, or more easily stated, the value of how much of a property you actually own.  With each loan payment paid on time, the amount of equity in the property increases. When local property values rise, home equity also increases.  Similarily, when properties decrease in value, home equity value also decreases.

The Federal Reserve stated homeownership equity reached a peak of 13.1 trillion in 2005 when prices for homes for sale were up and buying a condo or single family house was considered a good investment strategy for increasing one's net worth.

However, in 2011, as the US experienced a financial meltdown, home prices plummeted. During

57 Views, 0 Comments.

photo of condo patio and viewAs a result of foreign currency weakening against the US Dollar, the Miami Condo market pace has slowed down as foreign investors pull back from investing. In contrast, The Fort Lauderdale Condo market seems unaffected as the Fort Lauderdale Beach and dowtown Fort Lauderdale condo areas are projected for potential gains.

Real Estate Prices in Fort Lauderdale are generally less expensive than in Miami and combined with a sudden rise in US purchasers looking for cheaper alternatives, these real estate markets in Fort Lauderdale have become the main focus for new construction development. Over the past 12 months, developers have publicized their intentions to develop twenty-seven new condominiums projects adding almost 2,500 units in both locations in

57 Views, 0 Comments.

Determining how well the real estate market is rebounding is the task of the Department of Housing and Urban Development (HUD) which conducts a monthly report on the market's progress.  In an effort to understand trends in the real estate market place, this report investigates current housing data and the outcome of government programs tracking mortgage adjustment and foreclosure avoidance.

Results from the newest report reveal an upswing in both home sales and homeownership equity. Most notable: a 20% rise in new  construction home sales as compared to same period last year, and sales of existing homes for sale and condominiums are the strongest they've been going back to 2007 - with the exception of 2009, when the home buyer tax credit terminated.

70 Views, 0 Comments.

What do homebuyers really look for? A new survey conducted by the Demand Institute contradicts the conventional wisdom of what is typically thought to be the top features the average home buyer looks for when looking at homes for sale.  Conventional thinking ranks huge back yards, quality schools and closeness to work and public transit as top on the list. However, the latest results from the survey show conventional wisdom is incorrect.

Just 25% of those surveyed said being near public transportation was important to them while 44% considered it unimportant in their buying decision. Along the same lines, quality schools and proximity to employment were also ranked very low on the list. So, what do buyers consider to be most important today when

79 Views, 0 Comments.

photo of for rent signIn an effort to preserve peace and quiet enjoyment for local residents, city officials are hoping to clamp down on seasonal rentals in Fort Lauderdale. In a recent tentative agreement by Fort Lauderdale commissioners; property owners who rent out their property to tourists for vacation rentals, would be required to register with the city and show proof of yearly safety and health inspections. Under Florida law, cities cannot ban short-term rentals, so, officials have begun the process to regulate them instead. A Final vote is planned for August 18th.

The proposed law would limit the number of occupants per rental property, require a local emergency contact and allow the city to revoke the licenses of property owners whose renters repeatedly cause

61 Views, 0 Comments.