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Eimers Group | Beach Road Realty Blog

Monday, June 17, 2024   /   by Richard Eimers

UNPACKING FLORIDA'S 2024 LISTING BOOM: TRENDS, FACTORS, AND IMPLICATIONS

Richard Eimers, June 17, 2024
Florida's real estate market has witnessed a remarkable resurgence in listing activity in 2024, signaling a potential shift from the trends observed in 2023. To fully comprehend the current landscape, it is crucial to examine the broader historical context and the factors influencing this upswing.
Rebounding from a Subdued 2023
The year 2023 was characterized by a relatively sluggish real estate market in Florida, with listing activity remaining muted compared to previous years. This lull can be attributed to a confluence of factors, including rising interest rates, economic uncertainties, and a general cooling of the housing market after the unprecedented boom during the COVID-19 pandemic.As the state navigated these challenges, many prospective sellers adopted a cautious approach, opting to hold onto their properties until market conditions improved. Consequently, inventory levels remained tight, contributing to the subdued listing activity observed t ...

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Monday, June 17, 2024   /   by Richard Eimers

FROM WALL STREET TO WATERFRONT: THE BOND RALLY REVIVING FLORIDA'S SEASIDE MARKETS

The recent surge in bond prices, accompanied by a plunge in the yield on the benchmark 10-year U.S. Treasury note, could be a game-changer for the housing markets in some of Florida's most coveted coastal communities. As bond yields tumble, mortgage rates are poised to follow suit, potentially breathing new life into the real estate dreams of countless aspiring homeowners in places like Destin, Miramar Beach, Santa Rosa Beach, and Inlet Beach.For months, soaring mortgage rates have cast a dark cloud over the housing market, pricing many buyers out of their dream homes and dampening demand. However, the recent bond rally has provided a glimmer of hope, offering a potential reprieve from the relentless rise in borrowing costs that has plagued the industry.
Richard Eimers June 17, 2024

The Bond Rally's Ripple Effect
The relationship between bond yields and mortgage rates is intrinsic. As the yield on the 10-year Treasury note falls, lenders can offer lower interest rates on home loan. ...

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Wednesday, June 12, 2024   /   by Richard Eimers

FLORIDA HOUSING MARKETS OFFER UNEXPECTED AFFORDABILITY IN 2024

While Florida is renowned for its picturesque beaches and luxurious lifestyle, several cities and coastal towns across the state are becoming increasingly affordable for homebuyers, according to recent market data. This trend is defying long-held assumptions about the prohibitive costs associated with owning property in the Sunshine State.
Richard Eimers, June 12, 2024

Miami: A Cosmopolitan Gem with Surprising Affordability
Miami, once considered a bastion of exclusivity and opulence, has seen a softening of housing prices due to a population decline of approximately 80,000 residents between 2020 and 2022. This exodus, largely driven by concerns over the cost of living, has created a more favorable market for potential homebuyers.
 
The median home price in Miami-Dade County currently stands at $429,800, a figure that is relatively affordable compared to other major metropolitan areas across the country. While the region's cost of living remains higher than the national ave ...

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Wednesday, June 12, 2024   /   by Richard Eimers

COMMON MISTAKES HOMEBUYERS SHOULD AVOID IN TODAY'S MARKET

In the current housing market, prospective homebuyers face a unique set of challenges. With higher mortgage rates, rising prices, and limited home supply, navigating the homebuying process has become increasingly complex. While these obstacles may seem daunting, there is one surefire way to avoid potential pitfalls – leaning on the expertise of a real estate agent. An experienced professional's insights can help homebuyers dodge common mistake
s and make informed decisions throughout the process.Richard Eimers, June 12, 2024
Putting Off Pre-approval: A Costly OversightOne of the most critical steps in the homebuying journey is obtaining pre-approval from a lender. During this process, a lender will thoroughly evaluate your financial situation, including your credit score, income, and existing debts, to determine the maximum loan amount you qualify for. This crucial step not only provides you with a clear understanding of your budget but also signals to sellers that you are a se. ...

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Monday, June 10, 2024   /   by Richard Eimers

WEEKLY MORTGAGE RATES DIP, HOME PRICES SOFTEN

By Richard Eimers June 10, 2024

The housing market is showing signs of cooling down as mortgage rates remain elevated, and home buyers grapple with affordability challenges. According to the latest data, average mortgage rates ebbed this week, but not enough to provide significant relief for prospective homebuyers. Meanwhile, national home prices continue to rise, albeit at a slower pace compared to the past few years.

Mortgage Rates Ease, but Remain High
The average rate on the 30-year fixed-rate mortgage fell to 6.89% in the week ending June 6, down from the previous week's 7.02% average. While this dip in mortgage rates is a welcome development, it may not be enough to entice many buyers back into the market. Rates above 7% have been blamed for slowing down the spring homebuying season, as they have significantly impacted affordability for many households.
Despite the latest ease in mortgage rates, home buyers haven't been flooding back to the market. Mortgage applications f ...

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Beach Road Realty
Richard Eimers
17 Roundwood Drive
Inlet Beach, FL
850-259-1798
Beach Road Realty

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