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Mortgagerates | Beach Road Realty Inc Blog

Thursday, January 25, 2024   /   by Richard Eimers

Real Estate Market Outlook 2024: A Guide for Home Buyers and Sellers

In 2023, the real estate market faced challenges, witnessing a decline in home sales due to higher borrowing costs and soaring home prices, marking the steepest slowdown since the 2008 recession. Aspiring homebuyers found themselves priced out of the market, while hesitant sellers held back, resulting in a notable drop in listings.
Relief in Sight
There's optimism on the horizon as the Federal Reserve, in December, signaled an end to interest rate hikes and hinted at a potential 0.75% rate cut in the coming year. Although mortgages don't mirror the federal funds rate directly, they typically follow the same trend, hinting at the possibility of more affordable home loans.
Home Prices Stability
Despite high mortgage rates, U.S. property values ended 2023 higher, with some regions experiencing appreciation while others saw declines. Analysts attribute this to a nationwide housing shortage, emphasizing the delicate balance between low demand and low supply. Forecasts for 2024 vary, but ...

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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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Monday, December 18, 2023   /   by Richard Eimers

NAR Forecasts 2024 Mortgage Interest Rates to Average 6.3%

By Jessica Lautz
NAR also said 2024 will see stronger sales activity, calling it great news for buyers and sellers.

CHICAGO – For the first time since August, interest rates for a 30-year fixed mortgage have dropped below 7%, hitting 6.95% this week. This brings the monthly mortgage payment for a home priced at $400,000 to $2,118. This is down from a recent high this Autumn of 7.79% and yields a monthly savings of $183 and $2,196 annually for the same $400,000 home.
The Fed indicated yesterday they will hold the Fed Funds Rate steady for now and cut rates three times in 2024. This is all welcome news for potential home buyers and sellers, as mortgage interest rates will decrease. NAR forecasts that mortgage interest rates will average 6.3% in 2024.
While the lock-in effect of higher mortgage rates has stalled the real estate market in 2023, the momentum is moving in the right direction for stronger sales activity in 2024. Will it be a traditional Spring real estate market ...

  beach road realty, richard eimers, eimers group, #realestate #housingmarket #mortgagerates #homebuying #homeselling #nar #interestrates #financialplanning #homeownership #realtoradvice #homeresearch #springmarket #winterrealestate #valentinesdayhomebuying

Tuesday, December 5, 2023   /   by Richard Eimers

‘Buy Now, Refinance Later’ Mortgage Deals Luring New Homebuyers

By Jeremy Tanner
Lenders are offering free refinancing to get buyers into homes, but proceed with caution and read the fine print.

NEW YORK – Some lenders are getting creative and offering free refinancing to buyers willing to take the leap and purchase a house amid America's crushing combination of lofty home prices and high mortgage rates.
The selling point? It can be summed up by the real estate slogan that seems like it was created for 2023: "marry the house, date the rate."
Essentially, fall in love with your home, but remember that you can break up with your costly mortgage rate when you find a lower one in the future.
Mortgage rates retreated some in November but are still historically high, with the average rate on a 30-year fixed-rate mortgage at 7.22% as of Thursday, according to Freddie Mac. The last time they were this high was two decades ago.
Current conditions have created an incentive for lenders to find new ways of attracting buyers and driving business a ...

  beach road realty, richard eimers, eimers group, refinancingtips, homebuyingadvice, mortgagerates, realestateinsights, homeownership, financialliteracy, propertyinvestment, housingmarket, buyersbeware, mortgageadvice

Tuesday, October 31, 2023   /   by Richard Eimers

National Association of Realtors: Pending Sales Rise 1.1% in Sept.

It’s a slight gain, but NAR’s chief economist says pending sales “remain at historically low levels.” Year-over-year, pending transactions were down 11%.

WASHINGTON – Pending home sales rose 1.1% in September, according to the National Association of Realtors® (NAR). Three of the four regions tracked – the Northeast, Midwest and South – posted monthly gains in transactions while the West saw a loss. Year-to-year, though, all four regions had transaction declines.
“Despite the slight gain, pending contracts remain at historically low levels due to the highest mortgage rates in 20 years,” says NAR Chief Economist Lawrence Yun. “Furthermore, inventory remains tight, which hinders sales but keeps home prices elevated.”
The Pending Home Sales Index (PHSI) – a forward-looking indicator of home sales based on contract signings – rose 1.1% to 72.6 in September. Year over year, pending transactions declined ...

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

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