Sunday, June 4, 2023 / by Burt Horwitz
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 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
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 ...
Friday, November 20, 2020 / by Burt Horwitz
Builders are almost giddy. An Index of 50 suggests a balance between optimism and pessimism, but Nov.’s confidence number hit 90 after a record-breaking 85 in Oct.
WASHINGTON – Calling it “another sign that housing continues to lead the economy forward,” builder market confidence for newly-built single-family homes increased five points to 90 in November. It shattered the previous record of 85 set in October, according to the latest NAHB/Wells Fargo Housing Market Index (HMI).
Builder confidence levels hit successive all-time highs in each of the past three months.
“Historically low mortgage rates, favorable demographics and an ongoing suburban shift for homebuyer preferences have spurred demand and increased new home sales by nearly 17% in 2020 on a year-to-date basis,” says NAHB Chairman Chuck Fowke. “Though builders continue to sign sales contracts at a solid pace, lot and material availability is holding back some building activity. ...
Monday, June 8, 2020 / by Burt Horwitz
Average 30-Year Mortgage Rates Rise Slightly to 3.18%
Last week’s record-breaking low for 30-year fixed-rate mortgages (3.15% – the third historical low this year) rose marginally to 3.18% this week.
BALTIMORE (AP) – Long-term mortgage rates increased slightly as the U.S. economy showed signs that the worst of the coronavirus-fueled recession may have passed.
The average interest charged on a 30-year mortgage was 3.18% this week, up from 3.15% a week ago, according to a report Thursday by mortgage buyer Freddie Mac. That average is down from 3.82% a year ago.
The economic collapse following the COVID-19 outbreak has corresponded with a decline in mortgage rates. But there are signs that the economy may have already bottomed as government data shows that applications for jobless aid – though still historically high – are steadily falling.
The average 15-year mortgage rate was unchanged from last week at 2.62%. This average has fallen from 3.28% a yea ...