Coral Shores Realty

10/05/2016

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08/17/2016

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06/20/2016

11/01/2015

National Housing-Market Statistics Show Some Ups and Some Downs

The National Association of Home Builders/Wells Fargo Housing Market Index reached 62 in September; builder confidence in the single-family home market hasn't been this high since October 2005. But while builders are feeling confident about the single-family housing market, a lack of availability of both lots and labor could lead to future insecurity.

Future Construction
Across the country in August, housing starts fell 3 percent to a seasonally adjusted annual rate of 1.126 million units. This was not unusual, as single-month declines are often expected in a slowly improving housing market. Although housing starts decreased, building permits increased by 3.5 percent in August to 1.170 million. Builders will be busiest in the West in the coming months, as permits issued in this region were up 9.6 percent. The Midwest and South also posted permit gains of 2.9 percent and 2.4 percent, respectively. The Northeast saw its permits fall by 4.4 percent.

National Existing-Home Sales Decrease
The National Association of Realtors reported that after three consecutive months of gains, national month-over-month sales fell 4.8 percent. No region of the country saw monthly sales gains from July to August. In the Northeast, sales were unchanged from July but were 6.1 percent higher than August 2014. Sales in the Midwest and the South fell by 1.5 percent and 6.6 percent, respectively. Year over year, sales are 5.8 percent higher in the Midwest and 5.9 percent higher in the South. The West saw the steepest drop in August with a decline of 7.8 percent; sales are still 7.2 percent higher than a year earlier.

More First-Time Buyers
Overall demand for homes was higher than a year ago. Much of that demand came from first-time buyers, a group that accounted for 32 percent of the market in August. This is a 4 percent increase from July and a 3 percent increase from August 2014. These new buyers could be left with fewer housing options, however, as housing inventory has not kept pace with demand.

Housing Prices Increase
Price growth is starting to slow, which should be welcome news for buyers. The median existing-home price for all housing types reached $228,700 in August. The West saw the greatest increase with a 7.1 percent gain from a year ago. In the Midwest and the South, median prices climbed 4 percent and 6 percent, respectively, above August 2014. And in the Northeast, prices increased 2.4 percent.

11/01/2015

Four Benefits Homeowners Have That Renters Don't Have

There are many reasons why some people prefer to rent an apartment rather than purchase a home. Some jobs require considerable travel and occasional job-location transfers. Career-oriented professionals in their twenties find it easier and more convenient to pack up an apartment when it's necessary to move. For the majority of people, however, purchasing a home makes practical and financial sense. Home ownership in the United States is at almost 64 percent and on the rise. It is within the majority of Americans' reach and can be just as affordable as renting.

Personal Investment
A rental unit can cost as much, or more, per month than the mortgage payment on a home, but without the financial benefits. Home ownership is an investment. Each payment increases your equity, and each improvement you make increases the home's value. Owning a home is also a tax advantage. Real-estate property taxes, insurance, and mortgage interest are all deductible expenses. When you pay rent, you don't receive any of these financial benefits.

Growing Money (Equity)
The amount of your down payment determines the size of your mortgage payment. The money you put down on your home is instant equity. When you buy a home, the majority of your early payments goes toward the loan interest, and only a small amount goes toward the principal. After a period of time, the majority of your payment will go toward the principal. That means the equity in your home is growing faster, and as the paid principal amount grows so does your investment. When you sell your home, you will make money on your investment. Home prices continue to rise, and any remodeling you do also adds additional resale value.

Freedom to Make Changes
When you own your home, you are free to paint a door, rip out a wall, add a porch, or plant a garden. You don't need anyone's permission. (Restrictions may apply if you live in a development managed by a homeowner's association). A homeowner has freedom to make changes to their house, but a renter has to ask permission to repaint a wall.

Payment Stability
With a fixed-rate mortgage, the homeowner will not experience any change in payment for the length of their mortgage. Knowing exactly what to expect each month places the homeowner in a stable environment. Renters, however, must continually sign leases and deal with increases in their payments. Their only option is to look for another apartment with a lower rent.

09/02/2015

National Data Shows a Stronger Housing Market

The June 2015 buying season was the strongest one since the economic downturn, with sales increasing to their highest pace in 8 years. This was the sixth month in a row that national home sales increased year over year. What's more, all regions of the country saw sales gains in June. Existing-home sales in the Northeast were 4.3 percent higher than a month ago and 12.5 percent higher than a year ago. In the Midwest, sales climbed 4.7 percent from May and were 12.7 percent higher than June 2014. Sales in the South and West rose 2.3 percent and 2.5 percent from a month ago, respectively. When compared with June 2014, sales were up 7.3 percent in the South and 8.8 percent in the West.

From "For Sale" to "Sold" in Record Time
Not only were more homes selling, they were also selling at remarkable speeds. Properties in June remained on the market for an average 34 days, down from 40 days in May. This set the record for the shortest selling time since the National Association of Realtors began tracking the statistic in May 2011. Forty-seven percent of all homes sold in June beat the 34-day sales pace by selling in less than a month.

A Bigger Investment
More buyers were looking for homes, but there were fewer homes available for sale. The high demand and short supply led to an increase in home prices in June, climbing to a national median all-time high of $236,400. In the Northeast, the median price was 3.9 percent higher than a year ago. The Midwest and the South both saw prices climb 7.2 percent higher than June 2014. The West, meanwhile, posted the highest year-over-year gains with 9.9 percent. Unfortunately, the high prices also affected home affordability for prospective buyers because more buyers were competing for higher-priced homes. To boost inventory, more building permits will need to be issued for condominiums and single-family homes.

Builder Confidence Rises
More builders are confident in the current housing market, because of improved job growth and strong sales in both the new and existing home markets. The National Association of Home Builders/Wells Fargo Housing Market Index climbed to a level of 60 in July (a number over 50 indicates there are more builders that see the current market as good, rather than poor.) Builders haven't been this confident in the market since November 2005. The index that measures builders' sales expectations for the next 6 months increased two points to 71.

08/01/2015

Obama is reducing the amount homeowners owe and waiving refi requirements




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02/01/2015

3 Market Trends Expected for 2015

The housing market improved slightly in November. The Pending Home Sales Index rose 0.8 percent to 104.8. This is 4.1 percent above November 2013, marking the third consecutive month the index has posted year-over-year gains. Every region of the country saw improvements but the Midwest. Sales in the Midwest decreased 0.4 percent, which is 0.5 percent below last year’s sales. In the North, sales climbed 1.4 percent, 7.0 percent above November 2013. The index also posted monthly gains of 1.3 percent and 0.4 percent in the South and West, respectively. Year-over-year sales in the South are up 5.1 percent, and sales in the West increased 4.9 percent. National home sales for 2014 should hit 4.94 million, a 3.0 percent drop from 2013.

Low Down Payments
Many buyers believe they need a significant down payment to purchase a new home. The National Association of Realtors' 2014 Profile of Home Buyers and Sellers proves otherwise. For first-time buyers, the median down payment averaged six percent, while repeat buyers had a median down payment of 13 percent.

Sales Expected to Increase
The next twelve months should make up for 2014's drop in sales. The expanding economy and improving job market should lead to an increase in the demand for homes. Meanwhile, home prices have risen by an impressive 25 percent over the past three years, giving current homeowners the equity they need to afford their next home purchase. And new mortgage products with incentives like low down payments will draw first-time buyers into the market. With all these factors in play, NAR economists believe sales could climb to 5.30 million by the end of 2015.

Rates Low but Expected to Climb
Sliding bond yields led to a drop in fixed mortgage rates at the start of the New Year. For the week ending January 8, the 30-year fixed-rate mortgage averaged 3.73 percent. This is the lowest rates have fallen since May 23, 2013, when the 30-year fixed averaged 3.59 percent. Despite the decrease, economists still project rising interest rates over the coming months.

Slowing Home Price Growth
Home price growth is expected to slow down over the next twelve months. Two years ago, existing-home prices climbed 11.4 percent. Last year, prices rose 5.6 percent, with the national median existing-home price reaching $208,000. Economists believe the pace for 2015 will be between four and five percent, a more reasonable price growth that makes home ownership more affordable for more Americans.

12/09/2014

National Home Sales Reach Yearly High

With 5.17 million units sold, September set the highest sales pace so far this year, though sales were still 1.7 percent below September 2013. The Midwest was the only region to experience a decline in sales; existing-home sales dropped 5.6 percent in September, 4.9 percent below last year’s sales. The Northeast and the South saw sales increase month-over-month by 1.5 percent and five percent, respectively. When compared with September 2013, sales were up 1.4 percent in the Northeast and down 1.4 percent in the South. With sales jumping 7.1 percent, the West saw the largest month-over-month increase, yet September 2014 was still four percent down year-over-year.

Interest Rates Still Low
Low interest rates made purchasing a home more feasible for many buyers. For the last week in October, the 30-year fixed-rate mortgage averaged 3.98 percent. At the same time last year, the rate sat at 4.10 percent. Mortgage rates might be affordable now, but economists predict they will soon be on the rise.

Stable Housing Prices Equals More Sales
In September, the median existing-home price climbed to $209,700, 5.6 percent above last year’s price. This is the 31st month that prices have increased year-over-year. Every region of the country reported price gains. The Northeast saw housing prices rise 4.8 percent from a year ago. The Midwest and the South saw price gains of 4.9 percent and 5.1 percent, respectively. In the West, prices rose four percent.

A Lack of Inventory Means Fewer Sales
Low mortgage rates and stable housing prices lead to an increase in sales, but a lack of inventory might put stress on future home sales. Traditionally, inventory has declined in cold winter months; September set the pace, with inventory falling 1.3 percent. The 2.30 million homes on the market in September represented a 5.3-month supply at the current sales pace. Despite the shortage of homes available for sale, unsold inventory is six percent higher than a year ago.

Housing Starts Increase
In September, total housing production climbed 6.3 percent to a seasonally adjusted rate of 1.017 million units. This is the third time this year that nationwide housing starts have topped the million mark. The Northeast and the Midwest posted gains of 5.3 percent and 3.5 percent, while the South saw an increase of 4.2 percent. The building boom was biggest in the West, where housing starts increased 13.9 percent. With consumer confidence and job creation both on the rise, economists believe the construction industry will continue to grow throughout the rest of the year.

07/19/2013

National Housing Market News for July

More real estate contracts were signed in April than in March. The Pending Home Sales Index reached 106 in April, up 0.3 percent from 105.7 in March. What's more, the index is 10.3 percent above April 2012 levels. The last time index levels were this high was April 2010, when the looming deadline for the home buyer tax credit fueled a buying frenzy. For the past two years, pending home sales have posted above levels from the previous year.

The Country at a Glance
Gains in the Northeast and Midwest were largely offset by declines in the West and South. The index reached 92.3 in the Northeast, a jump of 11.5 percent. In the Midwest, the index climbed 3.2 percent to 107.1―a full 15.1 percent higher than April 2012. In the South, the index dropped 1.1 percent, while inventory constraints in the West caused the index to slip 7.6 percent.

Inventory Woes
Economists with the National Association of Realtors see a correlation between pending contracts and higher closed home sales―the more contracts signed, the more homes sold. With total existing-home sales expected to climb seven percent this year to around five million, the inventory of homes available for sale should continue to constrict. The lack of supply will lead to an increase in home prices; NAR economists believe the national median existing-home price will reach $190,000 in 2013, an increase of eight percent.

The Proof is in the Prices
The S&P/Case Shiller 20-city composite index rose in March by 10.9 percent to reach its highest reading since November 2008. The 20-city composite is a leading measure of US home prices. With average home prices across the country climbing back to late 2003 levels, it's no surprise that all 20 cities in the composite posted positive year-over-year gains for the third month in a row.

Of the 20 cities, 12 saw prices climb by the double digits. Phoenix saw the largest price increase, with gains of 22.5 percent. San Francisco and Las Vegas were close behind, with increases of 22.2 percent and 20.6 percent, respectively.

Mortgage Rates Climb
For five weeks straight, the fixed mortgage rates climbed in anticipation of the Federal Reserve slowing its bond purchases. The 30-year fixed-rate mortgage averaged 3.91 percent for the week ending June 6, up from last June's rate of 3.67 percent. The 15-year FRM, meanwhile, averaged 3.03 percent, up from June 2012's 2.94 percent. But despite the increases, mortgage rates are still near historic lows. Housing affordability, in turn, is high, which should help keep the housing market recovery on track.

05/07/2013

Housing Market News: A Shrinking Inventory

With mortgage rates dropping lower and lower, housing affordability is higher than ever. But home buyers looking to take advantage of low mortgage rates are facing an unexpected obstacle—a lack of inventory. The limited number of homes available for sale is reflected in the Pending Home Sales Index.

Still High?
In February, the Pending Home Sales Index fell by 0.4 percent to 104.8. But even with the drop, the index is still a healthy 8.4 percent higher than last year's February numbers. What's more, for the past 22 months, contract activity has posted gains above the previous year's levels. Before January, the index last climbed past the 104.8 mark in April 2010, when the increase was a direct response to the deadline for the home buyer tax credit.

Low Supply
The index could climb even higher, but a limited inventory is constricting market activity. The trend should continue; economists with the National Association of Realtors predict the low inventory will impact existing-home sales throughout the year. Sales are only expected to rise by 7 percent in 2013 to around 5 million, a level that is close to the current level of sales activity. With fewer homes on the market, the index—which reflects contract signings—isn't expected to change much over the course of the year.

Build More
New home construction could help relieve the shortage. NAR economists believe housing starts would need to rise by at least 50 percent from current levels to bring balance to the market. Many small home builders, however, lack the capital needed to expand their businesses, preventing them from adding to the supply of homes available for sale. The solution to the problem, according to NAR economists, is to apply clearer regulatory rules to construction loans taken out at small community banks and credit unions. With more new homes on the market, more home buyers will be able to take advantage of low mortgage rates.

The Time for Sellers
Low mortgage rates are encouraging home buyers to jump into the housing market, but a limited inventory is preventing many of them from signing contracts. This creates an ideal situation for home sellers. The fewer homes on the market, the less competition sellers will face, making it easier for them to market their homes to an audience of eager home buyers.

12/01/2012

My Client-First Philosophy:

There are many qualities and skills that go into being an excellent real estate professional - integrity, in-depth community and market knowledge, marketing savvy, effective negotiation skills and a high-quality professional network, all of which are hallmarks of how I work.

That said, in my experience as a Florida real estate professional, I've also found that providing the very best service is essentially about putting my clients first. This means keeping myself accessible, being a good listener as well as a good communicator, and responding quickly to your needs.

This "client first" philosophy has always been my approach and it requires me to continually improve my skills and ways of doing business. In addition, I've found that the latest technologies are enabling me to do everything I've always done, only much more quickly and efficiently. They've also helped me to extend the range of services I provide to my clients.

So when you decide that you'd like to buy or sell a home in the Dade, Broward, and Palm Beach counties, please contact me.


In order to be called a REALTOR®, Wayne Lowthorp has demonstrated that he has a greater understanding, and more experience, than legal requirements. In addition to this, REALTORS® everywhere, including Wayne Lowthorp, follows superior professional standards when he is hired to deal with your needs in the real estate market.

If you are concerned about finding someone trustworthy, be a little more confident with knowing REALTORS® have a commitment to treat you diligently and justly. The National Association of REALTORS® has built a strong network of trusted real estate professionals, and with higher expectations of professionalism than required, the NAR has grown to the largest professional network in the United States.


www.NativeRealtorWayne.com

Native Realtor Wayne is born and raised in Ft Lauderdale, he sells homes anywhere in Florida, you can reach him at 954 648-1919. He can also help you find vacant land for Planted Pines in Florida or to build your own special home...............