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Home Prices | Beach Road Realty Inc Blog

Monday, January 15, 2024   /   by Richard Eimers

INSIGHT INTO HOME PRICE STABILITY FOR 2024

Despite facing 8% mortgage rates, the anticipated crash in home prices didn't materialize in 2023, offering a positive outlook for prospective home buyers. On average, U.S. property values concluded the year on an upward trajectory, with some regions experiencing declines offset by appreciation in others [^6^].
Traditionally, rising interest rates trigger price falls due to decreased demand. However, the resilience in home values is attributed to a nationwide housing shortage, as highlighted by Mike Simonsen at Altos Research. He emphasizes the delicate balance between low demand and low supply, indicating that a significant imbalance is necessary for declining home prices [^7^].
Looking ahead to 2024, analysts anticipate this equilibrium to sustain home prices, although forecasts differ. Realtor.com's economists predict a marginal decrease in the median home price by 1.7%, while Fannie Mae forecasts modest growth of 2.8% [^6^,^8^].
A consensus among experts is that mortgage rates wy ...

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Monday, January 15, 2024   /   by Richard Eimers

NAVIGATING THE REAL ESTATE LANDSCAPE IN 2024

In the past year, a significant portion of home buyers and sellers observed from the sidelines, witnessing a decline in home sales momentum. This downturn, initiated by the Federal Reserve's interest rate hikes in 2022, coupled with soaring borrowing costs and record-breaking home prices, marked the most substantial real estate market deceleration since the 2008 recession [^2^].

The surge in home prices has priced out a generation of potential buyers, delaying their dreams of homeownership. Simultaneously, current homeowners, reluctant to relinquish their advantageous pandemic-era mortgage rates, have opted to wait, leading to a noticeable drop in property listings [^4^].

Hope is on the horizon, though. In December, the Federal Reserve signaled a halt to interest rate hikes and hinted at a potential 0.75% rate cut in the coming year. Although mortgage rates don't mirror the federal funds rate precisely, they often move in sync, suggesting the possibility of more affordable home l ...

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Monday, January 15, 2024   /   by Richard Eimers

GOOD NEWS FOR HOMEBUYERS: MORE OPTIONS AND QUICK SALES

During the holiday season, while we heard the festive jingles, another sound was resonating - the joyous clinking of keys for newly bought homes. The latest report from Realtor.com® reveals that in December, home shoppers had a whopping 33,251 more real estate listings compared to the same month last year. This marks the second consecutive month of increased homes for sale after a 17-month period of dwindling inventory.

The positive trend includes a 4.9% annual increase in overall inventory, with a significant 9.1% surge in new listings. These fresh options provide a welcome boost to the housing market.

The increase in listings can be attributed to falling mortgage rates. After 17 weeks above 7%, rates dropped below 7% in mid-December, reaching a low of 6.61% on Dec. 28. Lower rates encourage homeowners to explore the market, breaking the trend of staying put due to existing low mortgage rates.

Despite the encouraging numbers, active inventory is still 36% below levels see ...

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Thursday, December 21, 2023   /   by Richard Eimers

Rock Legend Rod Stewart's $70M Beverly Hills Mansion

Discover the opulent world of rock-and-pop icon Rod Stewart as he lists his magnificent Beverly Hills estate for $70 million. This 28,500-square-foot mansion, nestled in the prestigious North Beverly Park neighborhood, offers unparalleled luxury.




Luxurious Features: The expansive great room boasts a hand-painted bar, French doors leading to a covered patio, and Versailles-like decor, designed by renowned architect Richard Landry. Indulge in the gourmet kitchen, tea room, and stunning den, complemented by intricate marble floors and ornate molding.




Entertainment Extravaganza:
Enjoy a screening theater, tennis court, and outdoor spaces with fireplaces and barbecue, perfect for gatherings.


Elegant Living Spaces:
The primary suite features a spacious sitting area, balcony, and dual bathrooms with distinct aesthetics.




Global Icon's Farewell:
Rod Stewart, with over 250 million records sold worldwide, is bidding farewell in style, currently on a farewell tou ...

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Wednesday, October 4, 2023   /   by Richard Eimers

Study: It’s the ‘Best Week of the Year’ to Buy a Home

Your buyers likely will see the most housing options, least competition and lowest prices of the year this week, according to new realtor.com® research.

Home buyers may want to be in the market this week: It’s the time of year with the most favorable conditions for purchasing a property, a new study shows.
Historically, the week of Oct. 1–7 brings the strongest balance of market conditions, with greater home listings, less buyer competition and lower prices compared to other times of the year, according to realtor.com®’s “Best Time to Buy Report(link is external).” That’s welcome news for buyers, who have been facing severe inventory and affordability constraints.
However, there remain plenty of market headwinds, such as mortgage rates at a 23-year high. The monthly payment to finance a median-priced home is still more than 20% higher than last year, even with home prices moderating in some markets, says realtor.com® Chief Economist ...

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

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