Southeast Florida Home Source Blog

Friday, March 29, 2024   /   by Burt Horwitz

HOW TO QUALIFY FOR A BETTER MORTGAGE RATE

HOW TO QUALIFY FOR A BETTER MORTGAGE RATE

Don’t just wait for a lower rate. You can make changes to your personal finances that could help you get a lower interest rate.

Mortgage interest rates have been headlining financial news segments for several years running. Much of that news has been met with less than open arms, as rates have risen dramatically in recent years, an increase that is related to the ripple effect of the COVID-19 pandemic.

Mortgage interest rates did not immediately spike. In fact, data from the lender Freddie Mac indicates mortgage rates were still well below 4% on January 1, 2022. However, those rates hovered around 7% by the end of that year. and we’re still around that level at the start of 2024.

With such high interest rates, it's understandable if prospective home buyers feel helpless. However, there's much buyers can do to help themselves as they seek to secure the lowest mortgage interest rate possible.

Read your credit report a. ...

Friday, March 29, 2024   /   by Burt Horwitz

BEST TIME TO SELL YOUR HOME IN 2024

BEST TIME TO SELL YOUR HOME IN 2024

Last year, the housing market faced significant challenges, keeping many buyers—and sellers—waiting in the real estate market wings. As the snow melts, the flowers bloom, and the open houses are being scheduled in earnest, buyers might be eager to emerge.

That’s because home list prices have come down from the peak of $449,000 in June 2022 and $445,000 in June 2023. The median home list price was a median of $415,500 in February, according to the most recent Realtordotcom. While prices are usually highest in the summer, prices are expected to come down a little overall this year by about 1.7%, according to the the 2024 forecast. Mortgage rates have also fallen to the high 6% range from almost 8% last fall. This has freed up some sorely needed housing inventory.
"Many homeowners also felt ‘locked in’ by their current mortgage [rate], hesitant to list their home for sale and trade a sub-4% mortgage for a 7%-plus mor. ...

Sunday, June 4, 2023   /   by Burt Horwitz

CLOSED SALE IN VICTORIA PARK FT. LAUDERDALE FLORIDA

After twenty days as an active listing and twenty-seven showings, I was able to sell this amazing home in Victoria Park, Fort Lauderdale for the full asking price of $2,200,000.
Yes, I did a full color handout brochure and had really excellent professional video and photography done. I did a ton of online marketing and the myriad of other things necessary to gain visibility for the listing. I walked the prospective buyers and Realtors through the house at every showing and explained all the features of this remarkable home and was able to answer any question asked, even to the smallest detail.
But I can’t take all the credit. The owners kept the interior and exterior of the home in such immaculate condition throughout the time it was listed, that buyers asked if there was anyone living in the house. Realtors kept asking if the house was staged but it wasn't, the buyers were living there. And the owners were always willing to accommodate a showing no matter what time I aske ...

Sunday, June 4, 2023   /   by Burt Horwitz

THE REAL ESTATE MARKET MAY HAVE SLOWED NATIONALLY, BUT NOT IN SOUTH FLORIDA

The home sales market has slowed nationally, but not in South Florida. It’s reported that 2 out of 3 homeowners (65.3%) are “equity rich.”
 
Homeowners across South Florida are seeing equity gains in their homes, despite the national housing market slowing down. About 65.3% of residential properties with a mortgage in South Florida are considered “equity rich,” in the first quarter of this year.
To find how many properties were still building equity, researchers looked at mortgaged residential properties in the area with different levels of loan-to-value ratios. For a property to be “equity rich,” the combined estimated loan amount was no more than 50% of their estimated market value, meaning that the owner had at least 50% equity.
The data shows a steady uptick from the prior two quarters in the tri-county area: For the fourth quarter of 2022, about 64.5% of homes were equity rich, and in the third quarter of 2022, about 63% of home ...

Wednesday, November 9, 2022   /   by Burt Horwitz

HOW TO DEAL WITH THE CHANGING REAL ESTATE MARKET

Are you looking for a home now? This may be the best time to make a purchase.
• Demand for homes has been lessening recently so you don’t have to make a quick decision on what home to purchase.
• There’s less competition so you’re less likely to get entangled in bidding wars.
• It’s becoming a buyers’ market. You can make an informed, intelligent decision because houses are staying on the market longer. You have the opportunity to see a variety of homes and not have to choose a home that doesn’t meet your requirements.
• You have a higher probability of being able to negotiate the purchase price of a home as opposed to the “take it or leave it” attitude that ruled the market previously.
• You can look for homes that have a recent price reduction and have been on the market for a while. These homeowners are more likely to be a “motivated” seller who will be willing to accept an under the asking ...
Keller Williams Realty
Burton Horwitz - Realtor
7280 W Palmetto Park Rd
Boca Raton, FL 33433
561-289-5939
Homes Sales South Florida

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