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Housingmarket | Beach Road Realty Blog

Friday, May 24, 2024   /   by Richard Eimers

LONG-TERM MORTGAGE RATES DECLINE FOR A THIRD WEEK

The average rate on a 30-year mortgage fell to 6.94% from 7.02% last week and borrowing costs on 15-year fixed-rate mortgages dipped 6.24% from 6.28% and the Impact of Long-Term Mortgage Rates Decline on Real Estate.By Richard Eimerss, May 24, 2024

In a notable shift, long-term mortgage rates have declined for the third consecutive week, igniting a flurry of activity in the real estate market. This trend is bringing renewed hope and opportunities for both home buyers and sellers, creating a dynamic environment that's reshaping the housing industry. Let's delve into the implications of this trend and explore the potential trajectory of mortgage rates over the next six months.
Home Buyers: An Era of Renewed Opportunity
For prospective home buyers, the decline in mortgage rates is a welcome relief. Lower rates mean reduced monthly mortgage payments, making homeownership more accessible to a broader segment of the population. This affordability boost can be particularly significa. ...

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Friday, May 24, 2024   /   by Richard Eimers

A NEW DAWN FOR FLORIDA’S PROPERTY INSURANCE MARKET: WHAT IT MEANS FOR DESTIN AND INLET BEACH HOME BUYERS AND SELLERS

By Richard Eimers, May 24, 2024

In recent years, Florida’s property insurance market has been a turbulent sea for homeowners, particularly in areas like Destin and Inlet Beach, known for their picturesque views and prime real estate. However, a significant shift is on the horizon. The market is stabilizing, bringing a wave of optimism to both home buyers and sellers. Of the 150 insurers participating in the state’s catastrophic insurance protection program, 10 have filed no rate increases for this year, and eight have even filed rate decreases. This shift could have profound implications for the local real estate market.
The Current Landscape: A History of Turbulence
Florida’s property insurance market has long been characterized by instability. Natural disasters, particularly hurricanes, have wreaked havoc on the state, leading to substantial losses for insurers. These losses have historically resulted in skyrocketing premiums for homeowners, making it increasin. ...

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Thursday, May 23, 2024   /   by Richard Eimers

FLORIDA'S YEAR OVER YEAR COMPARISON OF HOME SALES AND PRICES

By Richard Eimers, May 23, 2024

The luxury real estate markets in Destin, Miramar Beach, Santa Rosa Beach, and Inlet Beach, Florida, have experienced notable changes between the periods of 1/1/2023 to 5/23/2023 and 1/1/2024 to 5/23/2024. By analyzing the key figures such as Total Active Listings, New Listings, Under Contract Listings, Number of Sold Listings, and comparing the Average Sales Price with the Median Sales Price, we can understand the impact on current buyers and sellers.
Total Active Listings
2023: 2,948
2024: 3,386

There is a significant increase in the total active listings, up by 438 listings, indicating a higher inventory in the market. This increase can provide buyers with more options, potentially easing the competition for homes. For sellers, the larger inventory may mean more competition and the need for strategic pricing and marketing.
New Listings
2023: 1,781
2024: 1,996
New listings have also seen an increase from the previous year, with 215 additio ...

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Monday, May 20, 2024   /   by Richard Eimers

CONSIDERING SELLING YOUR DESTIN - INLET BEACH PROPERTY? HERE’S WHAT YOU NEED TO KNOW

By Richard Eimers, May 20, 2024

Owning a residential resort property in the Destin Inlet beach area can be a lucrative investment, particularly if it’s an income-producing asset. However, the decision to sell such a property is significant, especially in today’s dynamic real estate climate. Here are some factors to consider and the potential risks associated with overpricing.
 
Current Market Conditions
The real estate market in Florida, particularly in popular areas like Destin Inlet, has seen consistent growth. Properties, especially those that can generate rental income, are in high demand. This trend is supported by strong tourism in the region, with vacation rental condos showing robust revenue projections.
 
Overpricing Risks
In an emerging climate-aware market, overpricing your property can lead to several risks:
 
Extended Time on Market: Properties priced too high may linger on the market, making them less attractive to potential buyers. T ...

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Monday, May 20, 2024   /   by Richard Eimers

NEW FLORIDA LAW ROILS CONDO MARKET: OWNERS IN OLDER BUILDINGS FACE ? SIX-FIGURE SPECIAL ASSESSMENTS

By Richard Eimers May 20, 2024
In the wake of the tragic Surfside condo collapse in 2021, Florida has enacted new legislation aimed at enhancing the safety and structural integrity of condominium buildings across the state. While the intention behind the law is commendable, its implementation has led to significant financial burdens for many condo owners, particularly those in older buildings. As a result, numerous owners are now placing their units on the market to avoid the hefty special assessments mandated by the new regulations.
The Surfside Collapse and Legislative Response The catastrophic collapse of the Champlain Towers South in Surfside, Florida, served as a grim wake-up call regarding the potential dangers lurking within aging condominium structures. In response, Florida lawmakers swiftly enacted legislation requiring condo associations to conduct regular assessments of their buildings' structural integrity and to fully fund reserves necessary for critical repairs. This mo. ...

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

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