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Homeownership | 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

ANTICIPATED MORTGAGE RATE DECLINE IN 2024: A POSITIVE OUTLOOK

In a promising development for 2024, the burden of high mortgage rates impacting the real estate market may be on the verge of easing.

During its December meeting, the Federal Reserve hinted at a positive shift, signaling an expected cut in its overnight rate in 2024. Analysts are optimistic, predicting a synchronized decline in mortgage rates [^5^].

Freddie Mac’s Chief Economist, Sam Khater, foresees a gradual improvement in the housing market in the coming year. With inflation decelerating and expectations of the Federal Reserve lowering the federal funds target rate, a thawing of the housing market is likely [^9^].

Already, the average 30-year fixed mortgage rate has seen a decrease from its October peak of around 8%. Forecasts from Fannie Mae, the Mortgage Bankers Association, and Realtor.com align, projecting a trend towards lower rates in 2024, potentially ending the year closer to 6% [^7^].

However, it’s not an unmitigated positive; the era of 3% mortgages ...

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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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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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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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