The Hurdles of Housing Inventory

It’s a shortage of skilled labor and higher development costs that are keeping construction starts low and housing inventory strapped in all areas of the country and in Davenport Florida, according to new data from Freddie Mac. According to the GSE, the number of open construction jobs has increased steadily since the housing crisis nearly a decade ago.

According to Freddie, the housing market has largely recovered since the Great Recession—with one holdout: inventory.

“A decade after the Great Recession, the housing market is rebounding,” Freddie Mac reported. “House prices today are higher than they were at the peak in the summer of 2006, near-record-low mortgage rates have boosted housing demand, and sales volume is robust. The spoiler is the…

2813 Views, 0 Comments

Homeownership Costs More Than Buyers Realize

If buyers want to avoid falling behind on their mortgage loans in Central Florida, they’ll want to consider more than just a home’s listing price—especially given new data just released by Zillow. According to Zillow and Thumbtack, the average U.S. homeowner spends an additional $9,080 on their home every year. In some cities, some spend as much as $16,000.

“Buyers too often focus on a home’s list price or mortgage payment to determine what they can afford,” Zillow reported. “However, the numerous less-obvious costs associated with homeownership can affect the monthly bottom line.”

In total, Zillow found that homeowners pay an average of $6,059 in “unavoidable costs,” which includes things like insurance, utilities, and taxes. These costs are…

2780 Views, 0 Comments

Thinking Of Selling? You Should Act NOW!

If you thought about selling your house this year, now more than ever may be the time to do it! How much is your Davenport FL home worth?  The inventory of homes for sale is well below historic norms and buyer demand is skyrocketing. We were still in high school when we learned the concept of supply and demand: the best time to sell something is when supply of that item is low and demand for that item is high. That defines today’s real estate market.

Lawrence Yun, Chief Economist at the National Association of Realtors, recently commented:

“Buyer interest is solid, but there is just not enough supply to satisfy demand. Prospective buyers are being sidelined by both limited choices and home prices that are climbing too fast.”

Yun goes on…

2713 Views, 0 Comments

3 Tips To Succeed In Today’s Real Estate Market

3 Tips To Succeed In Today’s Real Estate Market

In today’s highly competitive real estate market, where inventory levels are not keeping up with the constant stream of buyer demand, there are steps you can take to ensure you are most prepared for success when buying a home. Look for Homes for Sale in Davenport FL

The 3 tips we are going to expand on today come from a recent blog by Trulia entitled, The Skinny on Skinny Inventory. 

1. Be Prepared

“Homebuyers should talk with a lender, real estate agent, and a home inspector BEFORE finding a home to make an offer on.”

Being intentional, pre-approved, and prepared will set you up for the accelerated time tables that come with a highly competitive market. If you are the most…

3249 Views, 0 Comments

What does a real estate agent do all day anyway?

It's not as easy as it looks on TV

 Key Takeaways

•  A real estate agent's job is to make sure everyone else involved in the transaction is doing their job.
•  Agents have to continually shift gears to quickly adapt and respond to customer needs.

What does a Central Florida real estate agent do? Oh, where to start. Trying to explain to the public how real estate agents spend their time is akin to explaining what a doctor or lawyer does all day. There’s a lot more that goes into “treating patients” or “handling legal matters” and the same goes for “helping people buy, sell or rent property.”

From a consumer’s first thought about making a real estate move to actually taking the leap (whether that means right now, next month or three…

3544 Views, 0 Comments

U.S. Housing Inventory Hits A New Low… List Your House TODAY!

How Much is your Davenport FL home worth?  

Every summer, families across the country decide if this will be the year they sell their current house and move into their dream home.

Mortgage rates have hovered around 4% for all of 2017, forcing buyers off the fence and into the market, resulting in incredibly strong demand RIGHT NOW!! At the same time, inventory levels of homes for sale have dropped dramatically as compared to this time last year.

Trulia reported that “U.S. home inventory has tumbled 8.9% over the past year and has now fallen for nine consecutive quarters.” There is now 20% less inventory than there was five years ago.

Here is a chart showing the decrease in inventory levels by category:

Bottom Line

Demand for your…

3065 Views, 0 Comments

Rising Home Prices Mean Great News For Homeowners

How much is your Davenport FL home worth?  Recently there has been a lot of talk about home prices and if they are accelerating too quickly. As we mentioned before, in some areas of the country, seller supply (homes for sale) cannot keep up with the number of buyers who are out looking for homes, which has caused prices to rise. 

The great news about rising prices, however, is that according to CoreLogic’s Homeowner Equity Report, the average American household gained over $14,000 in equity over the course of the last year, largely due to home value increases.

The map below was created using the same report from CoreLogic and shows the average equity gain per mortgaged home during the 1st quarter of 2017 (the latest data available).

For…

2965 Views, 0 Comments

Americans Still Believe Real Estate Is Best Long-Term Investment

According to Bankrate’s latest Financial Security Index Poll, Americans who have money to set aside for the next 10 years would rather invest in real estate than any other type of investment.  Look for Homes for Sale in Davenport FL to build your Real Estate Investment Portfolio.

Bankrate asked Americans to answer the following question:

“What is the best way to invest money you wouldn’t need for 10 years or more?”

Real Estate came in as the top choice with 28% of all respondents (3% higher than last year), while cash investments – such as savings accounts and CD’s – came in second with 23% (the same as last year). The chart below shows the full results:

The article points out several reasons for these results:

“After…

2737 Views, 0 Comments

Low Down Payment Mortgage Options You’ve Never Heard Of

Low-Down-Payment Home Buying Gets Easier In 2017

In case you haven't noticed, it's getting easier to buy a home in Davenport FL.

Interest rates have remained low, dipping below 4% of late according to mortgage agency Freddie Mac.

Also helping: banks are rolling out proprietary mortgage programs that require almost no down payment, and in some cases, no mortgage insurance.

Lending institutions are no doubt competing for home buyer market share. While rates are low historically, they are coming up from generation-long lows in 2016, which dried up much of the refinance activity. Now, lenders are desperate for business.

Home buyers are benefiting.

With as little as 1% down, home buyers can purchase a home anywhere in the country, often…

4812 Views, 0 Comments

Using the internet to help you Buy a Home

Buy A House Online: Pluses & Pitfalls

When buying a home in Davenport Florida, some people just love to look at real estate -- touring model homes every weekend, "looky-looing" in open houses and making real estate agents drive them around for months. They don't want to do there home search online.

But even if that describes you, there are some things your real estate agent can't disclose -- so the Internet can still be your friend. And the amount you can save on your mortgage by shopping online is truly wonderful.

Start "Mouse Hunting" Today

With today's technology, you can click your way through almost every step of your home purchase.

Even if you love looking for houses in the back seat of a Realtor's car, tech can help with…

6436 Views, 0 Comments