Broward County, FL Real Estate News

By Michael Peron, Michael Peron, Dave Florida Real Estate
(South Florida Home Solutions)
An Expert Makes All the Difference When You Sell Your HouseIf you’re thinking of selling your house, it’s important to work with someone who understands how the market is changing and what it means for you. Here are five reasons working with a professional can ensure you’ll get the most out of your sale. 1. They’re Experts on Market Trends With today’s housing market defined by change, it’s critical to work with someone who knows the latest information and how it impacts your goals. An expert real estate advisor knows about national trends and your local area too. More importantly, they’ll give insight to what all of this means for you, so they’ll be able to help you make a decision based on trustworthy, data-bound information. 2. A Local Professional Knows How To Set the Right Price fo...
Comments 2
By Michael Peron, Michael Peron, Dave Florida Real Estate
(South Florida Home Solutions)
What You Should Know About Rising Mortgage RatesAfter steadily falling over the winter, mortgage rates have started to rise in recent weeks. This is concerning to some potential homebuyers as the combination of higher mortgage rates and higher prices have made homes less affordable. So, if you’re planning to purchase a home this year, you too may be wondering if now’s the right time to buy or if you should hold off on your search until rates come back down. The recent uptick in rates has been driven by what’s happening with inflation. Joel Kan, Vice President and Deputy Chief Economist at the Mortgage Bankers Association (MBA), explains:  “Mortgage rates increased across the board last week, pushed higher by market expectations that inflation will persist, thus requiring the Federal Res...
Comments 3
By Michael Peron, Michael Peron, Dave Florida Real Estate
(South Florida Home Solutions)
One Major Benefit of Investing in a HomeOne of the many reasons to buy a home is that it’s a major way to build wealth and gain financial stability. According to Freddie Mac: “Building equity through your monthly principal payments and appreciation is a critical part of homeownership that can help you create financial stability.” With spring approaching, now’s a great time to consider if buying a home makes sense for you. The best way to figure that out is to talk with a trusted real estate professional. The Largest Part of Most Homeowners’ Net Worth Is Their Equity You may be surprised to learn just how much of a homeowner’s net worth actually comes from owning their home. The National Association of Realtors (NAR) shares: “Homeownership is the largest source of wealth among families, ...
Comments 2
By Michael Peron, Michael Peron, Dave Florida Real Estate
(South Florida Home Solutions)
How To Make Your Dream of Homeownership a RealityAccording to a recent Harris Poll survey, 8 in 10 Americans say buying a home is a priority, and 28 million Americans actually plan to buy within the next 12 months. Homeownership provides many financial and nonfinancial benefits, so that interest is understandable. However, it’s unlikely all 28 million Americans will accomplish that goal in the coming year. Experts project a total of around five million homes will be sold in 2023. Why is there such a big difference? It’s partly because there can be challenges to buying a home. In the same survey, when asked, “Which of the following are preventing you from pursuing homeownership at this time?”:   34% answered, “I don’t have enough saved for a down payment”  30% answered, “My credit score”...
Comments 2
By Michael Peron, Michael Peron, Dave Florida Real Estate
(South Florida Home Solutions)
A Smaller Home Could Be Your Best OptionMany people are reaching the point in their lives when they need to decide where they want to live when they retire. If you’re a homeowner approaching this stage, you have several options to explore. Jessica Lautz, Deputy Chief Economist and Vice President of Research at the National Association of Realtors (NAR), says: “As we see the transition of the large Baby Boomer generation age into retirement, it will be interesting to see if they move in with their Millennial and Gen Z children or if they stay put in their own homes.” Lautz lists two options: move into a multigenerational home with loved ones, or stay in your current house. Multigenerational living is rising in popularity, but it isn’t an option for everyone. And staying put may fit fewer...
Comments 2
By Michael Peron, Michael Peron, Dave Florida Real Estate
(South Florida Home Solutions)
The Two Big Issues the Housing Market’s Facing Right NowThe 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 highe...
Comments 5
By Michael Peron, Michael Peron, Dave Florida Real Estate
(South Florida Home Solutions)
Spring into Action: Boost Your Home’s Curb Appeal with Expert GuidanceTo sell your home this spring, it may need more preparation than it would have a year or two ago. Today’s housing market has a different feel. There are more homes for sale than there were at this time last year, but inventory is still historically low. So, if a house has been sitting on the market for a while, that’s a sign it may not be hitting the mark for potential buyers. But here’s the thing. Right now, homes that are updated and priced at market value are still selling fast. Today, homes with curb appeal that are presented well are still selling quickly, and sometimes over asking price. According to Danielle Hale, Chief Economist at realtor.com: “In a market where costs are still high and buyers can be a little...
Comments 4
By Michael Peron, Michael Peron, Dave Florida Real Estate
(South Florida Home Solutions)
Wondering What’s Going on with Home Prices?The recent changes in home prices are top of mind for many as the housing market begins gearing up for spring. It can be hard to navigate misleading headlines and confusing data, so here’s what you should know about today’s home prices.   Local price trends still vary by market. But looking at national data, Nataliya Polkovnichenko, Ph.D., Supervisory Economist at the Federal Housing Finance Agency (FHFA), explains: “U.S. house prices were largely unchanged in the last four months and remained near the peak levels reached over the summer of 2022. While higher mortgage rates have suppressed demand, low inventories of homes for sale have helped maintain relatively flat house prices.” Month-over-month home price changes can be seen in the chart be...
Comments 1
By Michael Peron, Michael Peron, Dave Florida Real Estate
(South Florida Home Solutions)
Why It’s Easy To Fall in Love with HomeownershipNo matter how the housing market changes, there are some things about owning a home that never change—like the personal benefits it can provide. When you own your home, you likely feel a sense of attachment because of the comfort it gives and also because it’s a space that’s truly yours.Over the last few years, we’ve fully embraced the meaning of our homes as we spent more time than ever in them. As a result, the emotional benefits our homes provide have become even more important to us.As the most recent State of the American Homeowner from Unison puts it: “. . . one thing has stayed the same: the home continues to be of the utmost importance and a place of security and comfort.” The same study from Unison notes: 91% of homeowners say the...
Comments 2
By Michael Peron, Michael Peron, Dave Florida Real Estate
(South Florida Home Solutions)
What You Should Know About Closing CostsBefore you buy a home, it’s important to plan ahead. While most buyers consider how much they need to save for a down payment, many are surprised by the closing costs they have to pay. To ensure you aren’t caught off guard when it’s time to close on your home, you need to understand what closing costs are and how much you should budget for. What Are Closing Costs? People are sometimes surprised by closing costs because they don’t know what they are. According to Bankrate: “Closing costs are the fees and expenses you must pay before becoming the legal owner of a house, condo or townhome . . . Closing costs vary depending on the purchase price of the home and how it’s being financed . . .” In other words, your closing costs are a collection of fees ...
Comments 2
By Michael Peron, Michael Peron, Dave Florida Real Estate
(South Florida Home Solutions)
How To Win as a Buyer in Today’s Housing Market   Some Highlights  In today’s housing market, you can still be the champion if you have the right team and strategy. To win as a buyer, you need to build your team, make strategic plays, consider what’s in and out of bounds, and stand out from the crowd. Let’s connect today to make your game-winning play.
Comments 0
By Michael Peron, Michael Peron, Dave Florida Real Estate
(South Florida Home Solutions)
Why Today’s Housing Market Isn’t Headed for a Crash67% of Americans say a housing market crash is imminent in the next three years. With all the talk in the media lately about shifts in the housing market, it makes sense why so many people feel this way. But there’s good news. Current data shows today’s market is nothing like it was before the housing crash in 2008. Back Then, Mortgage Standards Were Less Strict During the lead-up to the housing crisis, it was much easier to get a home loan than it is today. Banks were creating artificial demand by lowering lending standards and making it easy for just about anyone to qualify for a home loan or refinance an existing one. As a result, lending institutions took on much greater risk in both the person and the mortgage products offered. Tha...
Comments 4
By Michael Peron, Michael Peron, Dave Florida Real Estate
(South Florida Home Solutions)
Number of Homes for Sale Up from Last Year but Below Pre-Pandemic YearsThe biggest challenge in the housing market right now, and likely for years to come, is how few homes there are for sale compared to the number of people who want to buy. That’s why, if you’re thinking about selling your house, this is a great time to do so. Your house would be welcome in a market that has fewer homes for sale than it did in the years leading up to the pandemic. According to the latest Monthly Housing Market Trends Report from realtor.com: “There were 65.5% more homes for sale in January compared to the same time in 2022. This means that there were 248,000 more homes available to buy this past month compared to one year ago. While the number of homes for sale is increasing, it is still 43.2% lower th...
Comments 2
By Michael Peron, Michael Peron, Dave Florida Real Estate
(South Florida Home Solutions)
How Experts Can Help Close the Gap in Today’s Homeownership RateAs we celebrate Black History Month, we reflect on the past and present experiences of Black Americans. This includes the path toward investing in a home of their own. And while equitable access to housing has come a long way, homeownership can be a steeper climb for households of color. It’s an important experience to talk about, along with how it can make all the difference for diverse homebuyers to work with the right real estate experts. We know it’s more challenging for some to buy a home because there’s still a measurable gap between the overall average U.S. homeownership rate and that of non-white groups. Today, the lowest homeownership rate persists in the Black community (see graph below):  Homeownership is an esse...
Comments 3
By Michael Peron, Michael Peron, Dave Florida Real Estate
(South Florida Home Solutions)
The Top Reasons for Selling Your HouseMany of today’s homeowners bought or refinanced their homes during the pandemic when mortgage rates were at history-making lows. Since rates doubled in 2022, some of those homeowners put their plans to move on hold, not wanting to lose the low mortgage rate they have on their current house. And while today’s rates have started coming down from last year’s peak, they’re still higher than they were a couple of years ago. Today, 93% of outstanding mortgages have a rate at or below 6%. That means a strong majority of homeowners with mortgages have a rate below what they’d get if they moved right now. But if you’re a homeowner in that position, remember that mortgage rates aren’t the only thing to consider when making a move. Your mortgage rate is import...
Comments 1
By Michael Peron, Michael Peron, Dave Florida Real Estate
(South Florida Home Solutions)
You May Not Need as Much as You Think for Your Down Payment   Some Highlights  Many people believe you need to put down 20% of the purchase price when you buy a home. But recent homebuyers actually put down far less on their purchase. And with programs like FHA loans, VA loans, and USDA loans, some qualified buyers are able to put down as little as 0-3.5%. Let’s connect to make sure you have a trusted lender and can find out if you’re ready to buy a home sooner rather than later.
Comments 2
By Michael Peron, Michael Peron, Dave Florida Real Estate
(South Florida Home Solutions)
Experts Forecast a Turnaround in the Housing Market in 2023The housing market has gone through a lot of change recently, and much of that was a result of how quickly mortgage rates rose last year. Now, as we move through 2023, there are signs things are finally going to turn around. Home price appreciation is slowing from the recent frenzy, mortgage rates are coming down, inflation is easing, and overall market activity is starting to pick up. All of that’s great news for the housing market this year. Here’s what experts are saying.  Cristian deRitis, Deputy Chief Economist, Moody’s Analytics:   “The current state of the housing market is that it is certainly in transition.”   Susan Wachter, Professor of Real Estate and Finance, University of Pennsylvania’s Wharton School:   “Housing is...
Comments 1
By Michael Peron, Michael Peron, Dave Florida Real Estate
(South Florida Home Solutions)
Why You Shouldn’t Fear Today’s Foreclosure HeadlinesIf you’ve seen recent headlines about foreclosures surging in the housing market, you’re certainly not alone. There’s no doubt, the stories in the media can be pretty confusing right now. They may even make you think twice about buying a home for fear that prices could crash. The reality is, the data shows a foreclosure crisis is not where the market is headed, and understanding what that really means is mission critical if you want to know the truth about what’s happening today. Here’s a deeper look.According to the Year-End 2022 U.S. Foreclosure Market Report from ATTOM, foreclosure filings are up 115% from 2021, but down 34% from 2019. As media headlines grab onto this 115% increase, it’s more important than ever to put that percent...
Comments 2
By Michael Peron, Michael Peron, Dave Florida Real Estate
(South Florida Home Solutions)
The 3 Factors That Affect Home AffordabilityIf you’ve been following the housing market over the last couple of years, you’ve likely heard about growing affordability challenges. But according to experts, the key factors that determine housing affordability are projected to improve this year. Selma Hepp, Executive, Deputy Chief Economist at CoreLogic, shares: “. . . with slowly improving affordability and a more optimistic economic outlook than previously believed, the housing market could show resilience in 2023.” The three measures used to establish home affordability are home prices, mortgage rates, and wages. Here’s a closer look at each one. 1. Mortgage Rates Mortgage rates shot up to over 7% last year, causing many buyers to put their plans on hold. But things are looking differen...
Comments 2
By Michael Peron, Michael Peron, Dave Florida Real Estate
(South Florida Home Solutions)
Want To Sell Your House? Price It Right.Last year, the housing market slowed down in response to higher mortgage rates, and that had an impact on home prices. If you’re thinking of selling your house soon, that means you’ll want to adjust your expectations accordingly. As realtor.com explains: “. . . some of the more prominent pandemic trends have changed, so sellers might wish to adjust accordingly to get the best deal possible.” In a more moderate market, how you price your house will make a big difference to not only your bottom line, but to how quickly your house could sell. And the reality is, homes priced right are still selling in today’s market. Why Pricing Your House Appropriately Matters Especially today, your asking price sends a message to potential buyers.  If it’s priced t...
Comments 1
Broward County, FL Real Estate Professionals