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Housing Market | Barbara's Corner Blog

Thursday, July 20, 2023   /   by Barbara Oleska

Home Prices Are Rebounding

If you’re following the news today, you may feel a bit unsure about what’s happening with home prices and fear whether or not the worst is yet to come. That’s because today’s headlines are painting an unnecessarily negative picture. If we take a year-over-year view, home prices did drop some, but that’s because we’re comparing to a ‘unicorn’ year when prices peaked well beyond the norm.
To avoid an unfair comparison to that previous peak, we need to look at monthly data. And that tells a very different and much more positive story. While local home price trends still vary by market, here’s what the national data tells us.
The graphs below use recent monthly reports from three sources to show the worst home price declines are already behind us, and prices are appreciating nationally.
 
Looking at this monthly view, we can see the past year in the hous. ...

  florida real estate, seller market, housing market, home prices

Thursday, July 13, 2023   /   by Barbara Oleska

Where Will You Go If You Sell? Newly Built Homes Might Be The Answer

Do you want to sell your house, but hesitate because you’re worried you won’t be able to find your next home in today’s market? You're not alone, but there’s some good news that may ease your worries. New home construction is up and is becoming an increasingly significant part of the housing inventory.
That means when you go to put your house on the market this summer, considering newly built homes is crucial for expanding the options you’ll have for your next move.
Near-Record Percentage of New Home Inventory
Newly built homes today make up a near-record percentage of the total number of homes available for sale (see graph below):

In fact, as the data shows, newly built homes now make up 31% of the total for-sale inventory. Over the past couple of decades, newly built homes made up an average of only around 13% of total housing inventory from 1983 to 2019.
That means the percentage of the total available. ...

  florida real estate, housing market

Thursday, May 4, 2023   /   by Barbara Oleska

A Recession Doesn’t Equal a Housing Crisis

Everywhere you look, people are talking about a potential recession. And if you’re planning to buy or sell a house, this may leave you wondering if your plans are still a wise move. To help ease your mind, experts are saying that if we do officially enter a recession, it’ll be mild and short. As the Federal Reserve explained in their March meeting:
“. . . the staff’s projection at the time of the March meeting included a mild recession starting later this year, with a recovery over the subsequent two years.” 
While a recession may be on the horizon, it won’t be one for the housing market record books like the crash in 2008. What we have to remember is that a recession doesn’t always lead to a housing crisis.
To prove it, let’s look at the historical data of what happened in real estate during previous recessions. That way you know why you shouldn’t be afraid of what a recession could mean for the housing . ...

  florida real estate, boca raton real estate, realtor, housing market

Thursday, March 9, 2023   /   by Barbara Oleska

Things To Consider When Selling Your House

Things To Consider When Selling Your House
Should you sell your house this spring? What's the latest on inventory, rates and pricing?
If you’re thinking about selling your house, please click on my Spring guide below to get the answers to your questions. If you want to see how your property measures up in our local market, give me a call and we'll discuss.

  florida real estate, boca raton real estate, south florida real estate, boca raton realtor, south florida realtor, boca raton residential real estate, residential real estate, seller market, how do i sell my home, housing market, what should i do to my house before i sell it

Thursday, February 23, 2023   /   by Barbara Oleska

The Two Big Issues the Housing Market’s Facing Right Now

 
The biggest challenge the housing market’s facing is how few homes there are for sale. Mark Fleming, Chief Economist at First American, explains the root causes of today’s low supply:


“Two dynamics are keeping existing-home inventory historically low – rate-locked existing homeowners and the fear of not finding something to buy.”

Let’s break down these two big issues in today’s housing market.

Rate-Locked Homeowners

According to the Federal Housing Finance Agency (FHFA), the average interest rate for current homeowners with mortgages is less than 4% (see graph below):


But today, the typical mortgage rate offered to buyers is over 6%. As a result, many homeowners are opting to stay put instead of moving to another home with a higher borrowing cost. This is a situation known as being rate locked.

When so many homeowners are rate locked and reluctant to sel. ...

  florida real estate, residential real estate, housing market, mortgage rates, home price appreciation, housing inventory