Friday, October 16, 2020 / by Jordana Tobel
If you're a South Florida agent in the last quarter of 2020, you're probably feeling what we all know to be true -- our inventory doesn't match the current buyer demand.
According to NAR (the National Association of REALTORS®), inventory in July 2020 was 21 percent lower than 2019’s already low levels. Additionally, homeowners are now moving once every 13 years , instead of 8 years (the average in 2010). This makes things even worse.
Buyers are coming from all parts of the country, to live a life outside year-round. 37% of Americans said the pandemic has caused them to consider moving, and 77% of respondents said that, for 2021, they prefer to live in a suburb over a city. People care less about “proximity to work” and more about “living space.” The survey showed that people are looking for:
More square footage
Larger outdoor areas
Lower population density
Increased affordability
These are all things that South Florida provides. Now th ...
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Monday, August 3, 2020 / by Jordana Tobel
A bad time to sell? Well, no. A bad decision to buy? Absolutely not. What's REALLY happening in the South Florida real estate market?
To those outside the industry, it may feel different but there are facts and circumstances in today's world that simply make this market unlike any other. Those of us who were around for the 2008 Recession may have some moments that feel like deja vu, but the truth is that this is nothing like the last recession.
Let's dispel the top three myths:
MYTH #1. It's a bad time to sell a home.
Yes, we are in a pandemic and unemployment is an issue, however despite that fact, there are many buyers frantically looking for a place to call home. At the same time, many homeowners are choosing not to sell and thus new home listings plunged 14% in early July compared to last year at the same time. Total inventory is also down 32% year over year. That means the current buyer demand is higher than the seller supply.
If you are considering selling, now is ...
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Thursday, April 9, 2020 / by Jordana Tobel
There are a number of important factors that will prevent a repeat of what happened in 2007 and 2008.
One of those factors is that we learned our lesson. The government is reacting and they are reacting quickly. Just last week, the FHA “immediate foreclosure and eviction moratorium for homeowners for the next 60 days.
In the early 2000s, homeowners were using their homes like ATMs and taking large amounts of cash out. When prices began to drop, those same homeowners didn’t care, they just walked way, they had no skin in the game. Today, the homeowner equity situation is entirely different. As a comparison, from 2005-2007, mericans cashed out over 825 billion worth of equity from their homes. In the last three years, they cashed out only 232 billion, less than 1/3 that amount. Not only that, 37% of Americans have no mortgage at all. Of the remaining 63%, more than 1 in 4 have over 50% equity.
In addition to the factors above, the government is providing small busin ...
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Wednesday, March 18, 2020 / by Jordana Tobel
Let’s start by looking at the bigger picture and the national market:
The national housing market’s high demand and low inventory in recent months has caused prices to rise.. The 30-year fixed mortgage rate averaged 3.45% for the week ending Feb. 27, compared to a year ago at the same time when it averaged 4.35%, according to Freddie Mac. That rate is the lowest in three years. These low rates have fueled recent sales activity: there was a 9.6% increase year-over-year from January 2019 to January 2020. Additionally, new home sales reached their highest level since 2007.
Now comes Corona:
There is no doubt the coronavirus outbreak, now labeled a pandemic by the World Health Organization (with more than 118,000 cases, 4,000 deaths and a foothold in every continent), will have an impact on the housing market. Anyone who says otherwise is in denial. The stock markets plummeted because of concern over corporate health and plunging revenues. The supply chain of approxim ...
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Thursday, February 13, 2020 / by Jordana Tobel
Guess how much Florida vacation home rentals contribute to the state economy?
Almost 28 billion. Yes, that’s billion with a “b.” That’s almost 20% of the state tourism industry, according to a new report by the University of Central Florida’s Rosen College of Hospitality Management.
In 2018, more than one in 10 tourists stayed in a vacation-rental home.
“Floridians have long-known that the state’s vacation rental industry has a significant impact on our economy, but the numbers in this report are simply staggering,” says Florida Realtors president Barry Grooms, a Realtor and co-owner of Sarabay Suncoast Realty Inc. in Bradenton. “More than $27 billion a year is a substantial contribution to our economy, and the 115,000 jobs it supports are critical to the well-being of many of our communities.”
Florida’s tourism industry is growing faster than the U.S. economy. The state has experienced 8 consecutive ...
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