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Mortgage Rates | Beach Road Realty Blog

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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Monday, June 10, 2024   /   by Richard Eimers

THE PERILS OF OVERPRICING YOUR DESTIN, SANTA ROSA BEACH, MIRAMAR BEACH, 30A, AND INLET BEACH REAL ESTATE

In the highly sought-after real estate markets of Destin, Santa Rosa Beach, Miramar Beach, 30A, and Inlet Beach, Florida, overpricing a home can be a costly mistake that sellers should avoid at all costs. While it may be tempting to list your property at an inflated price in the hopes of
leaving room for negotiation, this strategy often backfires and can lead to a prolonged listing period, reduced buyer interest, and ultimately, a lower sale price.Richard Eimers, June 5, 2024

The Dangers of Overpricing
When a home is overpriced, it immediately puts itself at a disadvantage in the market. Buyers and their agents are typically well-informed and have access to comprehensive data on recent comparable sales in the area. An overpriced listing will stick out like a sore thumb, and savvy buyers will quickly recognize that the asking price is not aligned with the true market value of the property.
This perception of being overpriced can have several negative consequences:
Reduced Buyer . ...

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Monday, June 10, 2024   /   by Richard Eimers

Bought a Home Pre-Pandemic? Here's How Much It's Worth Now

The COVID-19 pandemic sent shockwaves through the real estate market, causing unprecedented shifts in home prices and buyer demand. If you were fortunate enough to purchase a home before the pandemic hit, you may be wondering how much your property's value has changed in the aftermath of this unprecedented event. In this blog post, we'll explore the impact of the pandemic on home values and provide insights into what your pre-pandemic home might be worth today.Richard eimers, June 5, 2024
The Pandemic Housing Boom
As the pandemic unfolded in early 2020, the real estate market experienced a seismic shift. With record-low mortgage rates and a newfound desire for more space and remote work accommodations, buyer demand skyrocketed. This surge in demand, coupled with a limited supply of homes for sale, created a perfect storm for rapidly rising home prices.
According to data from the National Association of Realtors, the median home price in the United States reached a record high of $44 ...

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

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