Newsletters Archives - Page 10 of 29 - Doiron Realty Services

Income Properties

Doiron Realty Services
Pete Doiron
Broker

13800 Park Blvd. Suite 207
Seminole FL 33776
727-391-2829

Florida Bucks The Trend 2023-03-02

Gulf Coast
Real Estate Update

March 2nd, 2023

Florida

Bucks the Trend

U.S. house prices rose 8.4% year-to-year – between the fourth quarter (4Q) of 2021 and 2022.
In a ranking of the largest 100 U.S. metros for home-price growth, Florida’s also rose the most year-to-year, taking six of the top 10 spots. Florida saw the highest year-to-year price increase of any state with 15.2%.

Tampa-St. Petersburg-Clearwater: Up 15.8% year-to-year, down 0.1% 3rd quarter to 4th quarter of 2022.

Federal Housing Finance Agency (FHFA) House Price Index

Mortgage Rates
Continue to
Climb Up

As we started the year, the 30-year fixed-rate mortgage decreased with expectations of lower economic growth, inflation and a loosening of monetary policy. However, given sustained economic growth and continued inflation, mortgage rates boomeranged and are inching up toward seven percent. Lower mortgage rates back in January brought buyers back into the market. Now that rates are moving up, affordability is hindered and making it difficult for potential buyers to act, particularly for repeat buyers with existing mortgages at less than half of current rates.

What’s For Sale

Income Properties

Doiron Realty Services
Pete Doiron
Broker

13800 Park Blvd. Suite 207
Seminole FL 33776
727-391-2829

Florida is an “inbound state” 2023-02-23

Gulf Coast
Real Estate Update

February 23rd, 2023

Why Do People
Move to and Leave
Florida

United Van Lines’ analysis of its customers unveils some of their motives.

Florida is an “inbound state” for residents, classified as having more than 55% of its shipments headed into the state versus leaving it. Other full-service van lines and U-Haul agree with this label.
In the 2022 study, 38% of United Van Lines movers to Florida relocated for retirement. The second highest reason? Lifestyle change at 28%. These were the top two reasons in 2021 as well.
Over 69% of United Van Lines’ movers headed to Florida are older than 55, and nearly 39% are 65 or older.
Nearly half (48%) of United Van Line movers coming into Florida reported an income of $150,000 or more.
On the other hand, those leaving Florida are motivated by the usual main drivers, moving for family (46%) and new jobs (28%)
More movers with an income under $75,000 – measured by both percentage and number – headed out of Florida than arrived to the state via United Van Lines.

Mortgage Rates
Trend Up

The economy continues to show strength, and interest rates are repricing to account for the stronger than expected growth, tight labor market and the threat of sticky inflation. Our research shows that rate dispersion increases as mortgage rates trend up. This means homebuyers can potentially save $600 to $1,200 annually by taking the time to shop among lenders to find a better rate.

What’s For Sale

Income Properties

Doiron Realty Services
Pete Doiron
Broker

13800 Park Blvd. Suite 207
Seminole FL 33776
727-391-2829

Floridians Optimistic 2023-02-16

Gulf Coast
Real Estate Update

February 16th, 2023

Are Floridians

More Optimistic

than Rest of U.S.?

UF study of Floridians

found a 1.4-point increase

overall with an uptick

in expectations

for the future

While Americans’ attitudes declined a bit in Jan., a monthly UF study of Floridians found a 1.4-point increase overall with an uptick in expectations for the future. “The increase in consumer sentiment in January stems from improvements in Floridians’ expectations about the future, particularly their expectations of a year from now,” says Hector Sandoval, director of the Economic Analysis Program at UF’s Bureau of Economic and Business Research.

Ocean Sands Southwest Corner Unit

Welcome to Unit 701 at Ocean Sands One, the epitome of beach-front living in Madeira Beach, Florida. This stunning southwest corner unit offers plenty of natural light and breathtaking views of the beach and Gulf of Mexico.

Sandy Shores Direct Gulf Front

Enjoy stunning balcony views of the Gulf of Mexico and miles of pristine white sandy beaches. Just steps across the street from world famous John’s Pass Village & Boardwalk. Strong Vacation Rental History.

Surfside South Gulf Front

Surfside South Condo has secure keyed entry lobby’s and two elevators. 103 is an open concept split 2-bedroom 2-bath first floor unit. Direct access to the beach side balcony from the living room and master bedroom.

Bay Pines Condo

Looking for low maintenance & convenience? This 2 bedroom, 1 bath, first floor unit checks all the boxes. 55+ community across the street from Bay Pines VA Hospital, 5 minutes to the beach, and walking distance to all shopping.

Mortgage Rates
Increase for the
Second Consecutive
Week

Mortgage rates moved up for the second consecutive week. The economy is showing signs of resilience, mainly due to consumer spending, and rates are increasing. Overall housing costs are also increasing and therefore impacting inflation, which continues to persist.

What’s For Sale

Income Properties

Doiron Realty Services
Pete Doiron
Broker

13800 Park Blvd. Suite 207
Seminole FL 33776
727-391-2829

Tampa Bay housing supply up 214% 2023-02-10

Gulf Coast
Real Estate Update

February 10th, 2023

Tampa Bay Metro

Sellers Market

Supply of Residential housing in the Tampa Bay Metro is up 214% compared to 2021 but down 20.7% from pre-pandemic levels in 2019. Supply rises when New Listings are outpacing the number of listings that go off-market (regardless of whether they actually sell). Likewise, it falls when New Listings aren’t keeping up with the rate at which homes are going off-market. Bottom line, we are still in a sellers’ market.

Source: Florida Realtors Organization

Coming Soon
Ocean Sands
Madeira Beach

This stunning southwest corner unit offers plenty of natural light and breathtaking views of the beach and Gulf of Mexico.

Two Bedrooms

Two Full Baths
1,225 Square Feet
Impact Rated Sliders & Windows
Inside Laundry
Granite/Quartz Counter Tops
Assigned Garage Parking
SW Corner Unit

$1,295,000

Mortgage Rates
Increase Slightly

Following an interest rate hike from the Federal Reserve and a surprisingly strong jobs report, mortgage rates increased slightly this week. The 30-year fixed-rate continues to hover close to six percent, and interested homebuyers are easing their way back to the market just in time for the spring homebuying season.

What’s For Sale

Income Properties

Doiron Realty Services
Pete Doiron
Broker

13800 Park Blvd. Suite 207
Seminole FL 33776
727-391-2829

CaliFlorida 2023-02-02

Gulf Coast
Real Estate Update

February 2nd, 2023

CaliFlorida

California is still the number one state that people are looking to move out of and Florida is the number one state that people are moving to.

The data found that Florida was the fastest growing state in 2022, with an annual population increase of 1.9% within a year. In fact, according to NAR, this was the first time since 1957 that Florida’s population grew faster than anywhere else across the U.S.

Experts atribute the migration to the fact that Florida is a the Sun Belt region that experienced a robust job market recovery after the COVID-19 pandemic. Jobs in Florida increased about 5% in 2022 compared to March of 2020.

Source: redfin and NAR

Mortgage Rates
Continue to
Shift Down

Mortgage rates inched down again, with the 30-year fixed-rate down nearly a full point from November, when it peaked at just over seven percent. According to Freddie Mac research, this one percentage point reduction in rates can allow as many as three million more mortgage-ready consumers to qualify and afford a $400,000 loan, which is the median home price.

What’s For Sale

Income Properties

Doiron Realty Services
Pete Doiron
Broker

13800 Park Blvd. Suite 207
Seminole FL 33776
727-391-2829

Rents UP – Wages UP 2023-01-27

Gulf Coast
Real Estate Update

January 27th, 2023

Rents Up

Wages Up

Limited inventory during the pandemic pushed home prices up. Although inflation can be blamed for the increase in rental and mortgage costs, the price increases also boosted national inflation levels.

Rent in metropolitan areas like Miami, Tampa, and Fort Myers has drastically increased since 2020. Part of the price changes may be due to the rise of remote work, which made some cities popular with those unattached to an office or looking for an enjoyable place to live.

However, as Florida does, in some parts of the Sunshine State, wages are rising faster than rent. Hillsborough County, home to Tampa, has wages rising faster than almost two-thirds of the other counties.

Source: ATTOM Data – Florida Tax Watch

Mortgage Rates
Trend Down

Mortgage rates continue to tick down and, as a result, home purchase demand is thawing from the months-long freeze that gripped the housing market. Potential homebuyers remain sensitive to changes in mortgage rates, but ample demand remains, fueled by first-time homebuyers.

What’s For Sale

Income Properties

Doiron Realty Services
Pete Doiron
Broker

13800 Park Blvd. Suite 207
Seminole FL 33776
727-391-2829

Florida more and more expensive 2023-01-19

Gulf Coast
Real Estate Update

January 19th, 2023

Florida

Cost of Living

Rising

Miami and Tampa Bay in the top 10 metro areas where inflation rose the fastest according to Consumer Price Index (CPI) from the most recent Bureau of Labor Statistics report.

Many people moved to the Sunshine State during the pandemic seeking better weather, a tax haven, and more space. More high earners moved to Florida than to any other U.S. state during the pandemic, almost four times as the many who moved to Texas, the second-most popular destination.

In fact, half of the top 10 are Sunbelt states—largely where people with the means to do so decamped during lockdown, many of whom made the move permanent. But as more and more remote workers swarmed into these regions, the cost of living—which originally lured them in—crept up. It only makes sense that inflation is rising fastest in the cities where demand is hottest.

Miami-Ft. Lauderdale-West Palm Beach, Fl.: 9.9%
Tampa-St. Petersburg-Clearwater, Fl.: 9.6%
Dallas-Ft. Worth-Arlington, Tx.: 8.4%
Riverside-San Bernardino-Ontario, Ca.: 7.5%
Seattle-Tacoma-Bellevue, Wa.: 8.4%
Phoenix-Mesa-Scottsdale, Az.: 9.5%
Boston-Cambridge-Newton, Ma.: 7%
Denver-Aurora-Lakewood, Co.: 6.9%
Atlanta-Sandy Springs-Roswell, Ga.: 8.1%
New York-Newark-Jersey City, NY-NJ: 6.3%

Source: Fortune.com

Mortgage Rates
Continue to Decrease

As inflation continues to moderate, mortgage rates declined again this week. Rates are at their lowest level since September of last year, boosting both homebuyer demand and homebuilder sentiment. Declining rates are providing a much-needed boost to the housing market, but the supply of homes remains a persistent concern.

What’s For Sale

Income Properties

Doiron Realty Services
Pete Doiron
Broker

13800 Park Blvd. Suite 207
Seminole FL 33776
727-391-2829

Inventory declining faster than expected 2023-01-12

Gulf Coast
Real Estate Update

January 12th, 2023

A notable drop in inventory

Traditionally, housing inventory falls in the month of December, however, we clearly saw in the second half of 2022 that higher rates created more days on the market and inventory was lingering longer. During the last four weeks and especially this past week, we are seeing inventory decline faster than expected.

As we can see in the chart above, the weekly inventory data is now heading down more noticeably. It will be interesting to see whether this weekly data stops declining before the spring seasonal push in inventory or if we will have a repeat of the second half of 2022, where we saw a lack of new listing growth. That mean homebuyers would have slim pickings again for the spring buying season.

We are on the cusp of breaking under 1 million total active listings, and if this happens in 2023, it will be only the second time in recent history this has occurred. Per the last existing home sales report, we have 1.14 million homes for sale. Historically, the U.S. has between 2 million and 2.5 million. During the height of the housing bubble years, we had 4 million.

Source: Altos Data, NAR

Coming Soon

Gulf Front Condo

Madeira Beach

One Bedroom Unit
Direct Gulf Front
Turnkey Oportunity

Strong Rental History

$825,000
Madeira Beach

Mortgage Rates Decline

While mortgage rates have resumed their decline, the market remains hypersensitive to rate movements, with purchase demand experiencing large swings relative to small changes in rates. Over the last few weeks latent demand has been on display with buyers jumping in and out of the market as rates move.

What’s For Sale

Income Properties

Doiron Realty Services
Pete Doiron
Broker

13800 Park Blvd. Suite 207
Seminole FL 33776
727-391-2829

US RE market has slowed 2023-01-05

Gulf Coast
Real Estate Update

January 5th, 2023

Do News Stories
Accurately Reflect
the Market?

The Real Estate Market has slowed, but not to levels reflected in doom-and-gloom headlines – especially in some local Florida markets.

We have all seen the headlines:

Explosion of Inventory
Median Sales Price Plummeting
Houses are Sitting on the Market Longer
Where Have All the Buyers Gone?

Sellers are Forced to Accept Discounts – and the list goes on…

Call it click bait, call it fear porn. Headlines are written to draw eyeballs to the story. While rooted in some fact, they can be misleading, particularly if it’s written at the national level, or comparing the U.S. West Coast or Northeast to Florida. They can even be misleading if comparing regions within Florida to Pinellas County.

Takeaway: Every Market is different and Top-of-the-fold headlines may not always tell the whole story

Mortgage Rates
Inch Up

Mortgage application activity sunk to a quarter century low this week as high mortgage rates continue to weaken the housing market. While mortgage market activity has significantly shrunk over the last year, inflationary pressures are easing and should lead to lower mortgage rates in 2023. Homebuyers are waiting for rates to decrease more significantly, and when they do, a strong job market and a large demographic tailwind of Millennial renters will provide support to the purchase market. Moreover, if rates continue to decline, borrowers who purchased in the last year will have opportunities to refinance into lower rates.

What’s For Sale