Thursday, September 23, 2021 / by Flr Team
There are many non-financial benefits of buying your own home. However, today’s headlines seem to be focusing primarily on the financial aspects of homeownership- specifically affordability. Many articles are making the claim that it’s not affordable to buy a home in today’s market, however, that is not the case.
It’s Not That Homes Are Unaffordable - It’s That They’re Less Affordable
Since home prices are rising, it is true that homes are less affordable. To paint the full picture, you have to look at how today stacks up the historical data. A closer analysis of affordability going further back in time reveals that homes today are actually more affordable than any time from 1975 to 2005.
Despite that, the chatter about affordability is pushing some buyers to the sidelines making them feel uncomfortable knowing the owners got a better deal a year ago.
However, Are Homes Really Less Affordable If We Consider Equity?
Thursday, September 16, 2021 / by Flr Team
If you’re thinking of buying a home, now is the best time with today’s low mortgage rates, but the challenge is the low inventory. Many buyers want to capitalize on these market conditions, and it’s leading to more buyer competition and bidding wars.
If you are having difficulty finding a home to buy, it may be time to sit down with a trusted Real Estate Professional about a newly built home. Early indicators show new-home construction is on the rise. While it won’t be able to fix the overall inventory challenges, this does mean you’ll soon have more options as you continue your search for a new home. As a buyer, a newly built home may be exactly what you are looking for, as it can be customized to your standards from the ground up.
Here is what the industry experts are saying about new homes coming to the market:
Nadia Evangelou, Senior Economist and Director of Forecasting at the National Association of Realtors (NAR), says rec; ...
Thursday, September 9, 2021 / by Katy Foster
Regardless if you are following the real estate industry, there is a good chance that you heard we were in a serious sellers’ market. But what does that really mean? And why are conditions so good for those who want to list their home?
It starts with the number of homes available for sale. A recent report from the National Association of Realtors (NAR) shows housing supply is still at an astonishingly low. Today we have about a 2.5-month supply of homes at the current sales pace. HIstorically, a six month supply is necessary for a ‘normal’ or ‘neutral’ market in which there are enough homes available for active buyers.
When the supply of homes for sale is as low as it is right now, it makes it difficult for buyers to find a home to purchase. This creates an increase in competition among buyers which leads to bidding wars. And if buyers know there is a good chance of them being part of a bidding war, they are more than likely to ; ...
Friday, September 3, 2021 / by Katy Foster
As summer comes to an end, does selling your vacation home make sense right now? According to research from the National Association of Realtors (NAR), vacation home sales are up 57.2%.
If you have taken your last vacation for the summer, here are a few reasons why you should consider selling your vacation home this year:
Remote Work Continues to Drive Demand for Vacation Homes
A report from NAR says that based on continuously evolving work needs, there could be more interest in a second home than you actually think.
Recent data shows we’ll likely see a sustained increase in the rate of remote work for the next five years, which means that your vacation home could be highly sought after by certain buyers.
Selling Could Allow You To Upgrade Your Vacation Spot
When demand is high like this, so is the buyer competition. And when competition is strong, buyers will do anything and everything they can to make their offer on your vacation ho; ...
Monday, August 23, 2021 / by Flr Team
In today’s real estate market, it is no secret that the top stories are low housing supply and high buyer demand. If you are a first time home buyer looking for that perfect starter home or if you are someone interested in downsizing, it may be worth considering a condo as an option during your home search.
There are a few reasons as to why more and more people are considering buying condos, as the benefits can be quite desirable. Especially when you are looking in Cocoa Beach. Here are a few perks that could be compelling to you:
The average sales price of a condo in Cocoa Beach is $450,000 less than the median price of a single-family detached home. This makes condos a great option for first time home buyers, those that may have a limited down payment for savings, or those looking to save money by downsizing in general.
Another perk to purchasing a condo is the low maintenance. Usually all exterior maintenance for condos ar; ...