Fort Lauderdale Real Estate Blog

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 Buying Now Is 20%+ Cheaper Than Renting

The most recent findings in the Rent vs Buy Report from Trulia report that owning a home is still cheaper than renting, with a traditional mortgage (fixed 30-year), in 98 out of the 100 largest metropolitan locations in the country.

Going back six years since this study first began, owning has been consistently less expensive than renting.

The two exception metro areas where renting is still cheaper are San Jose and San Francisco, California, where median home prices have skyrocketed to more than One Million Dollars this year. Home values in San jose have increased tweny-nine percent in the last year, while rental values have stayed the same.

For the 98 metro locations where homeownership is

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Housing Market 2018 VS 2008

Many folks are wondering if there is a comparison between the current real estate housing market and the market just prior to the "boom and bust" ten years ago. Looking at just price appreciation alone, many fear that we are on a similar path, advancing quickly toward another market downturn.

However, looking deeper into the data, there is a defining difference between the two market periods. During the last decade, the demand for real estate was artificially created by very relaxed lending standards combined with a large amount of inventory added to the market to meet the demand. Below is a chart illustrating the amount of inventory of homes for sale just prior to the market crash in 2008.

blog johnsabia.com - graph of 2008 inventory

During a normal real

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Why You Should Not Sell FSBO (For Sale By Owner)

In today's real estate housing market, with soaring home prices and a shortage of supply of inventory, some homeowners may consider selling For Sale By Owner (FSBO). There are many reasons why this may not be the best decision for the vast majority of home-sellers.

1. Buyer Exposure - According to a recent study from NAR (National Association of Realtors) in 2017, 95% of home-buyers begin their search online for a home as compared to only 15% who search the ad section in the local newspaper. Most professional real estate agents have an internet strategy to promote your home for sale online. Do you?

2. Internet Results - Where did actual home-buyers find the home or condo they purchased? the

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Millennial HomeBuyer Wave Rising

It's unclear whether or not Millennials believe in home ownership as being a significant factor in obtaining their slice of the American Dream. 

As compared to prior generations, Millennials have taken longer to achieve milestones considered important such as getting married, having children and their first purchase of a home. However, just because it took longer to achieve these milestones, it doesn't make them any less important for millennials to aspire to achieve.

For older millennials aged between twenty-five to thirty-four, who have already established themselves, in the career of their choice and raising children, homeownership is the next logical step.

Urban Institute's state Of Millennial Housing,

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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

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 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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 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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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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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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