Newsletters Archives - Page 12 of 29 - Doiron Realty Services

Income Properties

Doiron Realty Services
Pete Doiron
Broker

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

Will boomers save the economy? 2023-07-06

Gulf Coast
Real Estate Update

July 6th, 2023

Will Baby Boomers

save the economy

as they spend down

their $75 trillion

nest egg?

Source: Business Insider

Baby boomers will soon retire and begin spending down their massive $75 trillion nest egg. What these seniors don’t pass on to their heirs, they’ll be spending in their Golden Years. Baby boomers — which includes around 58 million people over 65 — had $20 trillion in stocks, $18 trillion in real estate, $15 trillion in pensions, $8 trillion in noncorporate-business stakes, and $9 trillion in cash.

The financial strength of baby boomers has been on full display in recent months after the generation edged out millennials as the top homebuyers, with them making up 39% of home purchases from July 2021 to June 2022.

Mortgage Rates
Continue to Climb

Mortgage rates continued their upward trajectory again this week, rising to the highest rate this year so far. This upward trend is being driven by a resilient economy, persistent inflation and a more hawkish tone from the Federal Reserve. These high rates combined with low inventory continue to price many potential homebuyers out of the market.

For Sale

Income Properties

Doiron Realty Services
Pete Doiron
Broker

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

Florida Law Prohibiting Property Ownership 2023-06-29

Gulf Coast
Real Estate Update

June 29th, 2023

Florida Law

Prohibiting Property

Ownership for

Some Foreign Nationals

Effective July 1st

Photo credit: The Real Deal

State Law Poised To Become the First in the Country Enacted To Block Such Purchasers

Some immigrants from seven countries will no longer be allowed to buy real estate, including houses and condominiums in certain cases, in Florida under a new law set to take effect at the end of this week.

The new law prohibits foreign nationals from China, Cuba, Iran, North Korea, Russia, Syria and Venezuela from owning agricultural land or any real estate in Florida near a military installation or critical infrastructure, such as airports, refineries, power plants and chemical manufacturing facilities. Florida Republican Gov. Ron DeSantis signed Senate Bill 264 into law on May 8.

In response to the new law The Florida Association of REALTORS has added additional language to all of its approved contracts:

ATTENTION: SELLER AND BUYER

CONVEYANCES TO FOREIGN BUYERS: Part III of Chapter 692, Sections 692.201 – 692.205, Florida Statutes, 2023 (the “Act”), in part, limits and regulates the sale, purchase and ownership of certain Florida properties by certain buyers who are associated with a “foreign country of concern”, namely: the People’s Republic of China, the Russian Federation, the Islamic Republic of Iran, the Democratic People’s Republic of Korea, the Republic of Cuba, the Venezuelan regime of Nicolás Maduro, or the Syrian Arab Republic. It is a crime to buy or knowingly sell property in violation of the Act.

At time of purchase, Buyer must provide a signed Affidavit which complies with the requirements of the Act. Seller and Buyer are advised to seek legal counsel regarding their respective obligations and liabilities under the Act.

Florida Senate Bill

HB 1355/SB 264

Mortgage Rates
Move Up Modestly

Mortgage rates have hovered in the six to seven percent range for over six months and, despite affordability headwinds, homebuyers have adjusted and driven new home sales to its highest level in more than a year. New home sales have rebounded more robustly than the resale market due to a marginally greater supply of new construction. The improved demand has led to a firming of prices, which have now increased for several months in a row.

For Sale

Income Properties

Doiron Realty Services
Pete Doiron
Broker

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

U.S. Migration Trends 2023-06-22

Gulf Coast
Real Estate Update

June 22nd, 2023

Where are people

moving to and from?

Nationwide, 25% of homebuyers searched to move to a different metro area between Mar ’23 – May ’23. The top 5 states homebuyers searched to move to were Florida, Texas, Arizona, South Carolina, and Tennessee.

California, New York, District Of Columbia, Massachusetts, and Illinois were the top 5 states homebuyers searched to move from. People moving to a new metro make up a bigger piece of the homebuying pie than ever before, with a record 25.2% of Redfin.com users nationwide looking to relocate.

Source: Redfin

OPEN THIS SUNDAY
6/25/2023
1:00 to 4:00

CA$H COW
on the
Gulf of Mexico

Sandy Shores
12924 Gulf Blvd Unit 204

Direct Gulf Front
Turn Key
Vacation Rental
Perfect Air BnB
3 day minimum Rental
Across from
Johns Pass Boardwalk
One Bedoom, One Bath
$735,000

Mortgage Rates
Continue to
Slide Down

Mortgage rates slid down again this week but remain elevated compared to this time last year. Potential homebuyers have been watching rates closely and are waiting to come off the sidelines. However, inventory challenges persist as the number of existing homes for sale remains very low. Though, a recent rebound in single-family housing starts is an encouraging development that will hopefully extend through the summer.

For Sale

Income Properties

Doiron Realty Services
Pete Doiron
Broker

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

Inflation easing 2023-06-15

Gulf Coast
Real Estate Update

June 15th, 2023

Fed holds off

on rate increase

The Federal Reserve said Wednesday it was keeping its key interest rate at 5.25% — the first time it has kept the rate steady in more than a year. The fed raised interest rates 10 consecutive times from March 2022 to this May. Inflation appears to be finally easing, and the Fed wants to assess whether it has already raised rates high enough to tame price increases.

Source: NBC News

Yet the Fed also signaled rates could still go higher if inflation proves sticky.”Inflation remains elevated,” the Fed’s Open Market Committee said Wednesday in a statement, adding it was prepared to adjust rates “if risks emerge that could impede the attainment of the Committee’s goal” of reaching a 2% inflation rate.

Mortgage Rates
Continue
to Come Down

Mortgage rates decreased slightly this week in anticipation of the pause in rate hikes by the Federal Reserve. As inflation continues to decelerate, economic growth is slowing and the tightening cycle of monetary policy is reaching its apex, which means mortgage rates are expected to decrease later this year and into next.

For Sale

Income Properties

Doiron Realty Services
Pete Doiron
Broker

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

Heirs prefer to sell 2023-06-09

Gulf Coast
Real Estate Update

June 9th, 2023

Inherited-Home

Recipients

Prefer to Sell

Source: Florida Realtors

Higher home prices and mortgage rates – plus the increasing costs for renovations, property taxes and utilities – are making it harder for adult children to hold onto inherited family property.

Plus the cash can be more appealing than the real estate. If inheritors can unload a house in a hot location for a high price, the home sale proceeds can help secure their finances and fund goals such as retirement, financial advisers say.

More than three-quarters of parents plan to leave a home to their children when they die, according to a 2023 Charles Schwab survey – and almost 70% of those who expect to inherit a home from their parents plan to sell it, the survey found.

For some context take a look at the wealth distribution in the United States in this this graphic from the New York Times. Looks like the total wealth of the US is about $158 Trillion. Pretty astonishing.

Mortgage Rates
Decline After a
Three-Week Ascent

Mortgage rates decreased after a three-week climb. While elevated rates and other affordability challenges remain, inventory continues to be the biggest obstacle for prospective homebuyers.

For Sale

Income Properties

Doiron Realty Services
Pete Doiron
Broker

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

Price Increases 2023-06-01

Gulf Coast
Real Estate Update

June 1st, 2023

Home Prices Up 4.3%

But More in Florida

Source: Florida Realtors

U.S. house prices rose 4.3% between the first quarters of 2022 and 2023, according to the Federal Housing Finance Agency (FHFA) House Price Index (FHFA HPI).
However, year-to-year home prices increases were higher in all eight Florida metros tracked by the study. Six of those were in the top 25 nationally for prices increases, and Tampa, at No. 36, still had a greater year-to-year 1Q price increase the two-thirds of U.S. cities.

Tampa Bay Metro

Up 5.6% year over year

Up 0.7% quarter to quarter

Miami Metro
Up 14.1% year over year
Up 2.7% quarter to quarter

San Fransisco

Down 10.1% year over year

Just Listed

Ocean Sands One
Unit 507
Direct Gulf Front
Completely Upgraded
Two Bedoom-Two Bath
$1,200,000
OPEN THIS SUNDAY
6/4/2023
1:00 to 4:00

Mortgage Rates
Jump Up

Mortgage rates jumped this week, as a buoyant economy has prompted the market to price-in the likelihood of another Federal Reserve rate hike. Although there has been a steady flow of purchase

For Sale

Income Properties

Doiron Realty Services
Pete Doiron
Broker

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

Housing Trifecta 2023-05-26

Gulf Coast
Real Estate Update

May 26th, 2023

Trifecta of

Challenges

The number of available homes remains low, especially during what would normally be a busy spring selling season.

Source: Altos Research

Looking ahead, there’s no flood of new homes that could significantly ease the housing crunch. Homeowners have little incentive to move, since doing so would mean giving up the comfortably low mortgage rates that guarantee them relatively low mortgage payments at a fixed rate.

Low mortgage rates and a surge in remote work have propelled competition in the housing market to new heights.

Source: NAR

In March 2020, $300,000 could have gotten you a roughly 2,000-square-foot home, according to data on average prices per square foot from Realtor.com. Today, that same dollar amount would get you a 1,400-square-foot property. A trifecta of challenges — higher borrowing rates, fewer transactions, and a historic lack of homes available for sale.

Mortgage Rates
Continue
to Rise

The U.S. economy is showing continued resilience which, combined with debt ceiling concerns, led to higher mortgage rates this week. Dampened affordability remains an issue for interested homebuyers and homeowners seem unwilling to lose their low rate and put their home on the market. If this predicament continues to limit supply, it could open up an opportunity for builders to help address the country’s housing shortage.

For Sale

Income Properties

Doiron Realty Services
Pete Doiron
Broker

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

OPEN HOUSE CANCELED 2023-05-20

Gulf Coast
Real Estate Update

May 18th, 2023

OPEN THIS SUNDAY
5/21/2023
1:00 to 4:00

CANCELED

Due to Last Minute

On-Line Booking

Sandy Shores
12924 Gulf Blvd Unit 204

Direct Gulf Front
Turn Key
Vacation Rental
Perfect Air BnB
3 day minimum Rental
Across from
Johns Pass Boardwalk
One Bedoom, One Bath
$749,000

Income Properties

Doiron Realty Services
Pete Doiron
Broker

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

Homeowners like their house 2023-05-19

Gulf Coast
Real Estate Update

May 18th, 2023

Homeowners

are hanging onto

coveted rates

of 3 or 4 percent

Todays homeowners

have low rates.
62% below 4%
82% below 5%
92% below 6%

Home values soared in the past few years, as the pandemic reshuffled people’s housing needs, and buyers clamored for the few listings available. To cool that demand — and tame inflation throughout the economy — the Federal Reserve has been hiking rates at the fastest pace in decades. Those moves sent mortgage rates surging past 7% last fall, and while they’ve pulled back somewhat, the 30-year fixed rate is still around 6.35%, Freddie Mac.

The number of new listings hitting the market are also far below normal levels, as millions of homeowners decide not to budge. Down more than more than 32 percent from pre-pandemic levels.

Coming Soon

Ocean Sands
Direct Gulf Front
Completely Upgraded
Two Bedoom-Two Bath
$1,195,000

OPEN THIS SUNDAY
5/21/2023
1:00 to 4:00

Sandy Shores
12924 Gulf Blvd Unit 204

Direct Gulf Front
Turn Key
Vacation Rental
Perfect Air BnB
3 day minimum Rental
Across from
Johns Pass Boardwalk
One Bedoom, One Bath
$749,000

The 30-year
Fixed-rate Mortgage
Reverts from Last Week

The 30-year fixed-rate mortgage averaged 6.39 percent this week, as economic crosscurrents have kept rates within a ten-basis point range over the last several weeks. After the substantial slowdown in growth last fall, home prices stabilized during the winter and began to modestly rise over the last few months. This indicates that while affordability remains a hurdle, homebuyers are getting used to current rates and continue to pursue homeownership.

For Sale