June 2018

Found 13 blog entries for June 2018.

blog photo - lack of housing inventory - www.johnsabia.com

The Impact of A Lack Of Housing Inventory

 As the housing market travels down the road to complete recovery, the housing bust of a decade ago is a faded memory. Home values have increased, home and condo sales are up, and distressed properties (short sales and foreclosures) have dropped to the lowest points in years. Forecasts for the housing market the rest 2018 is a continued strengthening.

However, the shortage of inventory may be a cause for concern. Buyer Demand typically rises during the summer months, however, the supply of properties is not keeping up with the demand.

Industry Expert's Take

NAR's Chief Economist, Lawrence Yun was quoted as saying, "The worsening inventory crunch through the first 3 months of the year inflicted even

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blog chart Fort Lauderdale May Market Report - www.johnsabia.com

As you can see from the above chart, closed sales in May for homes for sale in Fort Lauderdale totaled 1,518 as compared to 1,580 on year ago (-3.9%). There were a total of 289 cash transactions. The median Sales Price in May was $355,000 up 6% from $335,000 last year. Median Days on the market was 34 days, down 10.5%. In May there was a 4.1 Month supply of inventory for homes, up ever so slightly from last year.

Closed Sales for Condos for sale in Fort Lauderdale in May totaled 1,667 up 1.2% from 1,647 same period last year. There wee 888 cash transactions. The Median condo sales price in May was $168,000 up 5.7% from $159,000 same time last year. Median Days on the Market in May was 45 days, down 16.7%. In May, the inventory level for condos was

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Here are the Top Four Renovations To Maximize Your Return

Blog infographic - best renovations for maximum roi - www.johnsabia.com

 Some Pointers

WHether you are selling your home, or buying your first home or a homeowner planning to stay in your home for awhile, there is tremendous value in knowing and understanding which home renovation upgrades are best for the Return On Your Investment (ROI).

Minor renovations to a bathroom will not only improve the everyday quality of life for you the homeowner, but it will also go a long way with impressing potential home-buyers.

Landscaping and cub appeal are the first and last aspects about a house a buyer sees. Sometimes, they will choose to look or not look at a house based on the first impression of the curb appeal. These upgrades are typically the 2nd and 4th

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blog photo of lending standards - www.johnsabia.com

 Lending Standards

With record high appreciation rates for home values, many are worried that another housing bubble may be in the distant future. The last housing bubble was ten years ago. Loosening of standards for mortgage credit was one of the reasons we experienced the housing boom and bust.

The University of North Carolina completed a study right after the crisis and found: "lenders began originating large numbers of high risk mortgages from around 2004 to 2007, and loans from those vintage years exhibited higher default rates than loans made either before or after."  

Another study revealed those very risky loans were the reason for the housing crisis. Findings from John V Duca, John Muellbauer, and Anthony Murphy revealed, "Our

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blog photo child sleeping - www.johnsabia.com

Parents Say Their Kid's Opinion On What House To Buy Matters

Harris Poll recently released a study by Sun Trust Mortgage reporting that "55% of homeowners with a child under the age of 18 at the time when they purchased their home said that the opinion of their child played a significant part in their decision to buy."

Diving further into the report by parent's age, millennials (18-36 year olds) lead the pack with 74% of home-owners stating that the opinion of their child was a big contributing factor in choosing the home they purchased. 

83% of renters believe that their child's opinion on which home to purchase will be a significant factor in their decision process when they begin looking at homes for sale or condos for sale.

With That

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Blog photo lady sitting - www.johnsabia.com

Now Is Not A Good Time To Rent!

I'm often asked "how's the market" or "is now a good time to buy?". However, one question I'm never asked, is if it's a good time to rent! I would like to make sure that everyone understands, now is NOT a good time to rent at all!

Recently released by the Census Bureau, was the 2018 first quarter median rent numbers. Per their report, and illustrated below in the graph; the findings show increases in rental payments from 1988 to present day:

blog photo US Census Bureau | www.johnsabia.com

As you can see, rents have steadily been in the rise and are showing no indications of slowing down. If you are debating whether or not to continue renting when your lease expires, you may be pleasantly surprised that you may be qualified to buy a home or condo of your

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blog photo of house - www.johnsabia.com

Days On Market Drops In April

The National Association of Realtors (NAR) recently released data showing the median number of days a property spent on the market for sale reached a new low of twenty-six days in April, as 57% of homes were on the market for less than 30 days.

Lawrence Yun, NAR's Chief Economist was quoted saying:

"What is available for sale is going under contract at a rapid pace. Since NAR began tracking this data in May 2011, the median days a listing was on the market was at an all-time low in April, and the share of homes sold in less than a month was at an all-time high."

Strong demand from homebuyers, a soaring economy, and a low supply of inventory of new and existing homes and condos for sale created the perfect

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blog photo making an offer - www.johnsabia.com

Presenting An Offer In Today's Real Estate Market

After multiple times out looking at properties for sale, searching for the perfect "home", you've finally  found it! The price fits your budget, and in today's extremely competitive real estate market, you want to do everything you can to present a great offer to the seller, so that your dream home becomes a reality.

Here are four steps to take from Freddie Mac to assist buyers make offers to purchase, as well as additional information you should consider:

Determine The Price You Want To Pay

"you've found the perfect home and you're ready to buy. Now what? Your real estate agent will be by your side, helping you determine an offer price that is fair."

Your agent, based on experience and

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Blog photo - reasons to buy a home - www.johnsabia.com

Why Summer Is A Great Time To Buy A Home

 Below are four great reasons to buy a home or condo this summer instead of waiting:

  1. Prices Are On the Rise - Home Price Insights (Corelogic) most recent report indicates that over the past twelve months, homes and condos have appreciated by 7 percent and will continue to rise at a rate of 5.2 percent over the next year. Home values will continue on the upward trend. It doesn't make sense to wait.
  2.  Mortgage Interest Rates Expected to Rise - Freddie Mac's Primary Market Mortgage Survey reveals interest rates for a 30-year mortgage have risen by half of a percentage point already this year to approximately 4.5%. Many experts agree that interest rates will continue to rise over the next year. Fannie
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Top Reasons For HomeOwnership

Infographic of Homeownerhip - www.johnsabia.com

Some Highlights

  • June is National Homeownership Month!
  • Now is the perfect time to consider the many benefits of homeownership aside from financial reasons.
  • What does owning your own home mean to you?

Contact us When your are ready to begin the home-buying process. We're here to help!

Fort Lauderdale Real Estate

Disclaimer:The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. John Sabia PA and Keeping Current Matters, Inc. does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own

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