Alexandra Matthews

11/11/2022

11/11/2022

About $1.3T in recently added equity was lost, due to high mortgage rates and the economy; but U.S. housing equity remains strong compared to the pandemic’s outset.

11/08/2022

NAHB’s economist calls it “mortgage lock-in effect.” Homeowners with a rate of 3% or less refuse to list their home even if they have a yen to move or upsize.

11/01/2022

Happy Halloween 🎃🐈‍⬛🍭

10/26/2022

If you know my real estate story you'd know that my first real estate sales job was with an extremely high end luxury team selling right in the heart of Las Olas Isles. I loved the luxury properties but I hated that I ended up doing more property management of gorgeous vacation rentals than actually selling them. I was so discouraged I took 6 months off and debated quitting all together before I joined the LFR brokerage. I'm coming up on my one year anniversary and I can't even begin to tell you how grateful I am for all of the experience and knowledge I've gained. I was thrown into the fire and came out as a Top Producing Agent in my third month.

There's a saying in real estate that buyers seldomly buy the first place they look at ... well this is my THIRD buyer this year to inquire on a property, look at one unit only, and be put under contract IMMEDIATELY. I call them my unicorn buyers 🦄. Perhaps I'm a lucky gal, I am known to manifest, or perhaps all those years arguing with my parents is paying off when it comes to contracts and negotiations.

I am so excited for this buyer to own this gem. Ocean views from all three bedrooms, the living room, and kitchen! A condominium that just recently underwent renovations and right down the street from a renowned spa. This is definitely the right place to relax, refresh, and recharge. The first thing he told me was this would not be his only property in South Florida that he is coming back for more and the penthouses are next. You better believe I'll make sure it happens for him.

Congratulations!

07/14/2022

Rising Mortgage Rates May Affect Asking Prices

If you've been paying any amount of attention to the real estate market, you may have noticed that mortgage rates have been steadily increasing throughout most of 2022. In fact, the average interest rate for a 30-year mortgage is over 5% as of early June.

When the Federal Reserve first lowered national interest rates at the start of the COVID-19 pandemic, buyers essentially flooded the market. Now that interest rates are increasing, some sellers are lowering their asking prices to make sure that buyer interest doesn't begin to wane. If you're searching for your dream home, you may be able to find it at a reasonable price.

Dropping Prices
There are several signs indicating that the market is adjusting to current economic conditions. Because of inflation and rising interest rates, many sellers fear their homes will remain on the market longer than intended, which could drive the price down and make the property unappealing to prospective buyers. Even though the buyer's market is still highly competitive, sellers don’t want to risk a slow sale, so some have started lowering their asking prices.

In May 2021, 6.2% of homes reduced their listing prices. During May 2022, this number increased to 10.5% of homes. It may seem like a small adjustment, but it's not the only indicator.

Increased Inventory
According to the May 2022 Monthly Housing Trends Report, the inventory of active listings in the U.S. increased by 8% over last year, which indicates that the competition is increasing among sellers. If a seller notices that there are many homes being placed on the market in their area, they may not want to be in a situation where their home is skipped in favor of the others.

The number of newly listed homes has increased by 6% over last year, which is another sign of possible price drops to come. The national median home price is still up compared to 2021 and 2020, but if more and more sellers start to reduce their asking prices, this points towards the real estate market shifting back to buyers. When market conditions are favorable to buyers, the negotiating power doesn't remain solely with the seller. Even if a seller hasn't dropped their asking price, they may be open to doing so during negotiations.

Even though interest rates are increasing, now is a great time to buy if you have good financials and access to enough funds for the down payment. Even a small decrease in asking prices and buyer competition should give you a better opportunity to buy a home at the right price.

03/09/2022

Congratulations Shirley on your beautiful new studio at the Parliament House in Pompano Beach, FL!

Those morning walks on the beach across the street are going to be so peaceful 🙏🏽🌞🌊🌴