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Homebuying | Beach Road Realty Inc Blog

Monday, January 15, 2024   /   by Richard Eimers

HOUSING SUPPLY SHORTAGE PERSISTS: IMPLICATIONS FOR BUYERS AND SELLERS

The persistent housing supply shortage has sparked speculation on whether homebuyers can expect more options in the coming year. NAR economist Yun is optimistic, anticipating that pent-up sellers, weary of waiting, will soon list their properties. He envisions a steady increase in listings and continued success in new home sales.
However, not all experts align with this view. Realtor.com economists forecast a potential 14% drop in inventory this year. The shortage is compounded by a decline in existing homes for sale and a significant drop in single-family housing starts in 2023 and 2022.
Despite the challenges, newly-built homes have played a crucial role, constituting one-third of all homes for sale in 2023—double the historical average. Yet, it's acknowledged that new construction alone won't bridge the inventory gap.
Chief Economist Mark Fleming from First American Financial Corporation highlights a U.S. shortfall of approximately one million homes. He suggests that condit ...

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Monday, January 15, 2024   /   by Richard Eimers

LOWER RATES REVIVING REAL ESTATE MARKET

In recent years, soaring mortgage rates have chilled the enthusiasm of homebuyers and deterred potential sellers from entering the market due to the prospect of higher loan costs.
This prolonged period of cautious waiting has led to a notable slowdown in the real estate sector. Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), estimates a substantial 18% decrease in existing home sales last year, following a 17% decline in 2022.
As financing costs gradually decrease, there's optimism for a resurgence in sales volume. Selma Hepp, Chief Economist at CoreLogic, anticipates a boost in home sales activity in 2024 compared to 2023. The decline in mortgage rates is expected to motivate more sellers to trade their existing homes, alleviating the market's inventory shortage and stimulating increased transactions.
Evidence suggests that homebuyers' patience is waning, even with higher borrowing costs. A recent Bank of America survey indicates a significant drop froms ...

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Friday, December 22, 2023   /   by Richard Eimers

Embracing Positive Momentum: Home Loan Costs Reach Six-Month Low

In a promising turn of events, home loan financing costs have once again decreased, driving the average long-term U.S. mortgage rate to a six-month low.

1. Encouraging Rate Drops:
The average 30-year mortgage rate has seen a notable decline, dropping from 6.95% to a current 6.67%, marking the eighth consecutive week of decreases and returning to levels seen in late June.
 
2. Welcoming Trends:

Chief Economist Sam Khater of Freddie Mac highlights the positive trend, emphasizing that the 30-year fixed-rate mortgage remains below 7% for the second consecutive week, breaking a streak of 17 weeks above 7%.
 
3. Beneficial Shift for Homeowners:

Borrowing costs for 15-year fixed-rate mortgages, popular among homeowners refinancing, have also decreased, with the average rate now at 5.95%, fostering an optimistic outlook for potential homebuyers.
 
4. Market Recovery Anticipated:

Mortgage rates have been on a easing trajectory since late October ...

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Friday, December 22, 2023   /   by Richard Eimers

Average Long-Term U.S. Mortgage Rate Falls to 6.67%

By Alex Veiga

Some economists say home sales will increase in 2024 as mortgage rates ease.

LOS ANGELES (AP) — Home loan financing costs eased again this week, pulling the average long-term U.S. mortgage rate down to a six-month low.
The average rate on a 30-year mortgage dropped to 6.67% from 6.95% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.27%.
The latest drop in rates is the eighth in as many weeks. The average rate is now back to where it was in late June.
“The 30-year fixed-rate mortgage remained below 7% for the second week in a row, a welcome downward trend after 17 consecutive weeks above 7%,” said Sam Khater, Freddie Mac’s chief economist.
Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loan, also declined this week, with the average rate falling to 5.95% from 6.38% last week. A year ago, it averaged 5.69%, Freddie Mac said.
Mortgage rates have been eas ...

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

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