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Beach Road Realty Inc Blog

Sunday, February 25, 2024   /   by Richard Eimers

When Will Housing Affordability Improve?

By Casey Quinlan

It’s going to take time, experts say: Expected interest rate cuts will have some impact on housing prices and mortgage rates, but more housing stock is needed.

NEW YORK – Inflation is slowing, and job growth has surged but many Americans still feel the burden of expensive housing – fueled in part by high demand, low inventory and mortgage rates.
Home prices across the U.S. rose 5.5% over the past year in December 2023 and they are projected to increase 2.8% year over year by December 2024, according to CoreLogic, a consumer and business information company. None of the states in CoreLogic's data showed home price declines.
Rents shot up 23.9% between the beginning of 2020 and the start of 2023 and home prices rose 37.5%, according to Harvard University's Joint Center for Housing Studies' 2023 state of the nation's housing report. The median sales ...

Sunday, February 25, 2024   /   by Richard Eimers

Home Sales Are Heating Up Ahead of Spring Buying Season

More buyers appear to accept escalating home prices as long as mortgage rates stay lower, NAR data shows.
Existing-home sales accelerated in January as home buyers shrugged off rising home prices—which surged to an all-time high—and took advantage of lower mortgage rates and moderately higher inventory, according to the National Association of REALTORS®.
NAR’s latest existing-home sales data, which reflects completed transactions for single-family homes, townhomes, condos and co-ops, jumped 3.1% month over month in January. Still, sales are down 1.7% compared to a year earlier.
“While home sales remain sizably lower than a couple of years ago, January’s monthly gain is the start of more supply and demand,” says NAR Chief Economist Lawrence Yun. “Listings were modestly higher, and home buyers are taking advantage of lower mortgage rates compared to late last year.”
Although there were 2% more homes on the market in January than ...

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Sunday, February 25, 2024   /   by Richard Eimers

Americans Hold on to the Dream of Homeownership

Housing affordability has challenged the resolve of many homebuying hopefuls over the last couple of years as both mortgage rates and home prices climbed. However, based on a recent survey, buyers still think funding a home purchase is possible, especially if mortgage rates ease. A sizable 40% of potential buyers would find a home purchase feasible if mortgage rates were to drop below 6%, and another 32% of buyers would be willing to participate if rates dropped below 5%.
Younger respondents tended to be more willing to move forward and bullish on purchasing a home, even given tough housing conditions. Roughly 47% of Millennial respondents and 37% of Gen Z respondents said that they would still buy a home if rates were higher than 8%. Along this line, over half of Millennials (55%) and 40% of their Gen Z counterparts feel now is a good time to buy. Whereas, only 32% of Gen X and a mere 17% of Boomers feel the same.
 
Despite still-rising home prices and climbing down paymen ...

Sunday, February 25, 2024   /   by Richard Eimers

Florida's January Housing: Median Prices, New Listings Up

Florida Realtors: Fla.’s single-family median price up 3.8% ($405K), condo median up 3.2% ($320K). New listings and inventory levels up in both property categories.

ORLANDO, Fla. – Florida’s housing market started 2024 with higher median prices, more new listings, more inventory (active listings) and median prices in January compared to a year ago, according to Florida Realtors®’ latest housing data.
However, mortgage interest rates above 6% continued to impact potential homebuyers’ purchase power, while also contributing to a lock-in effect among would-be home sellers who bought their homes years ago with a mortgage rate of 3% to 4.5%.






“We’re seeing positive signs that for-sale inventory is beginning to increase in many local markets across the state, which should encourage buyers who may have been waiting on the sidelines,” said 2024 Florida Realtors® President Gia Arvin, broker-owner with Matchmaker Realty ...

Sunday, February 25, 2024   /   by Richard Eimers

The Ultimate Smart Home Series Guide: 24 Products of Note

This year’s Consumer Electronics Show (CES) unveiled new smart home products catering to the evolving needs of homeowners. These innovations impact what modern buyers seek in a home. Understanding and highlighting these features is key in the competitive real estate market, where the demand for smart, efficient and secure homes is ever-increasing.
1. Whirlpool – SlimTech Insulation
Whirlpool's SlimTech Insulation marks a significant advancement in refrigerator technology. It replaces traditional polyurethane foam insulation with a highly porous powder blend vacuum sealed within the door or the sides of the fridge. This innovation also reduces wall thickness by up to 66%, allowing for more space inside the refrigerator.
2. Kohler – Luxury Showers and Toilets
Kohler revealed luxurious smart-home bathroom products like updates to the Numi 2.0 smart toilet and high-end Stillness Bath. Their Anthem+ Digital Control allows for integrated control of water, light, sous ...
Beach Road Realty Inc
Richard Eimers
17 Roundwood Drive
Inlet Beach, FL
850-259-1798

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