July 2019

Found 6 blog entries for July 2019.

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Many questions about the real estate housing market focus on current home prices and where they are trending. To answer these questions, we can turn to the most current Home Price Expectation Survey (HPES).

Quarter 2 - 2019 survey results are as follow:

  • Home values are expted to appreciate by 4.1% in 2019
  • Over the next 5 years, the average annual appreciation rate is expted to be 3.2%
  • By year 2023, the cumulative appreciation will be 16.8%
  • Even the most bearish of pundits predict a cumulative appreciation of over 6.7% by 2023.

What Does This Mean?

A significant amount of family wealth is comprised of home equity. As the home's value increases, the home's equity increases as well.

Using predictions from the HPES Survey,

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The Current real estate market boasts higher home values, low interest rates, and increased buyer demand. All of these conditions point to the robust market predicted to go on for the remainder of the year.

One area that may cause a slow down is a diminishing supply of housing inventory. Demand from buyers typically increases during the summer months, however, the supply of properties is not keeping up with the demand.

Below are a few insights from industry experts:

Chief Economist at National Associations of Realtors (NAR), Lawrence Yun says, "An imbalance persists for mid-to-lower priced properties with strong demand and insufficient supply, which is consistently pushing up home prices."

First American Chief Economist Mark Fleming says,

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Whether you are purchasing a home for the first time as a "first time home-buyer" or wanting to upgrade to a larger home of your dreams, now may be the perfect time to do do.

Look at 3 significant reasons to consider purchasing a home today:

1. Affordability
Many people look only at price when speaking about home affordability. As home prices have gone up throughout the past year, they assume homes are less affordable. However, affordability is determined by 3 components:

  • PRICE
  • WAGES
  • MORTGAGE INTEREST RATES

Home prices are up, but so are employment wages - and mortgage interest rates have dramatically decreased. As a result, the National Association of Realtors/ (NAR) Affordability Index report signaled that homes are MORE

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The below infographic illustrates the necessary steps you will need to take when buying your dream home or condo. 

infographic - 10 steps to buying a home | www.johnsabia.com/blog

Number 3 is where I come in. Let me beyour resource for guiding you thru steps 4 thru 10. My 30+ years experience selling homes and condos in Fort Lauderdale will ensure your buying transaction is as smooth and stress free as possible.

I have a network of people already in place to help from the start to the finish line!

Even if you are not ready just yet. Let's have a quick conversation to find out your needs and wants and get you on the right pathway from the beginning to your goal of becoming a home owner.

You can reach me directly at 954.850.2397.

START YOUR FORT LAUDERDALE HOME SEARCH BELOW:

 

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photo of person looking at financing/johnsabia.com blog

Know Your Buying Power first

In Many local and national real estate markets, There are more home-buyers looking for their dream home then there are available homes for sale. When this happens, the market place is very competitive and buyers need to make sure they stand out to a potential seller. One way to show a seller you are a serious buyer is to get pre-approved for your loan upfront so a seller knows you are a qualified purchaser.

even in non-competitive markets, it makes good sense to know your buying power before searching homes to be sure your dream home is within your reach.

Freddie Mac points out the advantages of pre-approval in the "My Home" section on their website. "It's highly recommended that you work with your lender to get

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