It is a Good Time to be Buying or Selling a South Florida Condo
Additional findings from Fannie Mae’s HPSI October reading
31% of Americans say it is a good time to buy a house, a 2 percentage point month-over-month increase. Still, the share who says it is a good time to buy remains at an all-time survey low.
19% of Americans say it is a good time to sell, a 4 percentage point month-over-month increase and 1 percentage point away from an all-time survey high reached in July.
31% of Americans say that home prices will rise, a drop of 3 percentage points from the previous month.
45% of Americans believe that mortgage rates will drop over the next 12 months.
69% of Americans say they are not concerned with losing their job, a drop of 1
It is a Buyer’s Market for Condos in Pompano Beach!
By Dennis Stewart
There has been a shift in the Condo Market in Pompano Beach, FL.
Compared to a year ago, prices have slowly increased, but the number of units listed and the days on the market (DOM) have increased. Additionally, the Sold Price/Original Listing Price% has also slipped to a low of 91% which means that Sellers are having to wait longer to sell, and they are getting an average of 9% less than the asking price. These are all indications of a Buyer’s Marker. These are some very important stats for units in the $250k-$500k price range in Pompano Beach:
There are many benefits to homeownership. One of the top ones is being able to protect yourself from rising rents while locking in your housing cost for the life of your mortgage. Don’t Become Trapped Jonathan Smoke, Chief Economist at realtor.com recently reported on what he calls a “Rental Affordability Crisis.” He warns that, “Low rental vacancies and a lack of new rental construction are pushing up rents, and we expect that they’ll outpace home price appreciation in the year ahead.” The Joint Center for Housing Studies at Harvard University recently released their 2015 Report on Rental Housing, in which they reported that 49% of rental households are cost-burdened, meaning they spend more than 30% of their income on housing. These households struggle to save
Here are four great reasons to consider buying a home today instead of waiting. 1. Prices Will Continue to Rise CoreLogic’s latest Home Price Index reports that home prices have appreciated by 6.7% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 5.3% over the next year. The Home Price Expectation Survey polls a distinguished panel of over 100 economists, investment strategists, and housing market analysts. Their most recent report projects home values to appreciate by more than 3.2% a year for the next 5 years. The bottom in home prices has come and gone. Home values will continue to appreciate for years. Waiting no longer makes sense. 2. Mortgage Interest Rates Are
Developers are proposing a pair of new condo projects - the 350-unit Koi Residences & Marina and the 24-unit Pompano City Place - for the Pompano Beach coastal market. "Developers are moving forward at a rapid speed with announcements and design applications for new condo projects in the coastal markets of South Florida," said Peter Zalewski, a principal with the Greater Downtown Miami-based real estate consultancy Condo Vultures® LLC. "Despite the growing number of proposed units in the tricounty region, about 2,500 units are currently under construction or recently completed in South Florida as of March 2013. The unanswered question is, how many of the proposed condo towers will be able to attract
