Newsletters Archives - Page 13 of 29 - Doiron Realty Services

Income Properties

Doiron Realty Services
Pete Doiron
Broker

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

Fed Raises Key Rate 2023-05-04

Gulf Coast
Real Estate Update

May 4th, 2023

Fed Raises Key Rate

Hints at Pause

The quarter-point hike puts the benchmark rate at 5.1%, the highest in 16 years. But amid bank turmoil, the Fed also signaled future hikes could be put on hold.
The Fed may now pause the streak of 10 rate hikes in a row that have made borrowing for consumers and businesses steadily more expensive. The Fed’s rate increases over the past 14 months have more than doubled mortgage rate. Chair Jerome Powell had said in March that a cutback in lending by banks, to shore up their finances, could act as the equivalent of a quarter-point rate hike in slowing the economy.

Mortgage Rates
Tick Down

This week, mortgage rates inched down slightly amid recent volatility in the banking sector and commentary from the Federal Reserve on its policy outlook. Spring is typically the busiest season for the residential housing market and, despite rates hovering in the mid-six percent range, this year is no different. Interested homebuyers are acclimating to the current rate environment, but the lack of inventory remains a primary obstacle to affordability.

For Sale

Income Properties

Doiron Realty Services
Pete Doiron
Broker

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

Price Correction 2023-04-28

Gulf Coast
Real Estate Update

April 28th, 2023

Price

Correction

Yesterdays Newsletter showed an incorrect price of $1,295,000 for Ocean Sands 707. The correct price is $1,195,000

OPEN

This Sunday

1:30 to 4:00

Ocean Sands

Unit 707

14950 Gulf Boulevard

Madeira Beach, FL 33708

Direct Gulf Front

Two Bedrooms

Two Full Baths

1,225 Square Feet

Double Pained Windows

Inside Full Size Laundry

Quartz Counter Tops

Assigned Garage Parking

Furnished

Monthly HOA $723

$1,195,000

For Sale

Income Properties

Doiron Realty Services
Pete Doiron
Broker

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

Upside Down Mortgage Policy 2023-04-27

Gulf Coast
Real Estate Update

April 27th, 2023

Upside Down

Mortgage Policy

A new federal housing rule will make reliable borrowers subsidize risky loans.

A new rule will raise mortgage fees for borrowers with good credit to subsidize higher-risk borrowers. Under the rule, which goes into effect May 1, home buyers with a good credit score over 680 will pay about $40 more each month on a $400,000 loan, and upward depending on the size of the loan. Those who make down payments of 20% on their homes will pay the highest fees. Those payments will then be used to subsidize higher-risk borrowers through lower fees.

Source: Wall Street Journal

OPEN

This Sunday

1:30 to 4:00

Ocean Sands

Unit 707

14950 Gulf Boulevard

Madeira Beach, FL 33708

Direct Gulf Front

Two Bedrooms

Two Full Baths

1,225 Square Feet

Double Pained Windows

Inside Full Size Laundry

Quartz Counter Tops

Assigned Garage Parking

Furnished

Monthly HOA $723

$1,295,000

The 30-year
Fixed-rate Mortgage
Continues to Inch Up

The 30-year fixed-rate mortgage increased modestly for the second straight week, but with the rate of inflation decelerating rates should gently decline over the course of 2023. Incoming data suggest the housing market has stabilized from a sales and house price perspective. The prospect of lower mortgage rates for the remainder of the year should be welcome news to borrowers who are looking to purchase a home.

For Sale

Income Properties

Doiron Realty Services
Pete Doiron
Broker

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

Real Estate Agent Reckoning 2023-04-21

Gulf Coast
Real Estate Update

April 21st, 2023

A Brutal

Reckoning For

Real Estate Agents

The number of Realtors grew by more than 156,000 in the combined years of 2020 and 2021, according to the NAR, and peaked at a record high of 1.6 million in October.

As the pandemic’s homebuying craze now seems like a distant memory, the slowdown in sales has forced a reckoning among real-estate agents who must decide whether the shrinking returns are worth the thousands of dollars and countless hours they’re pouring into their businesses. The challenges are most pronounced for newer agents who are still building up their networks, face fierce competition from their veteran counterparts, and haven’t yet weathered a downturn such as this one.

Full article

After Weeks of Decline
Mortgage Rates Increase

For the first time in over a month, mortgage rates moved up due to shifting market expectations. Home prices have stabilized somewhat, but with supply tight and rates stuck above six percent, affordable housing continues to be a serious issue for potential homebuyers. Unless rates drop into the mid five percent range, demand will only modestly recover.

For Sale

Income Properties

Doiron Realty Services
Pete Doiron
Broker

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

New mortgage crisis 2023-04-14

Gulf Coast
Real Estate Update

April 13th, 2023

There’s a

mortgage crisis

but it’s not

what you think

Illustration: Lindsey Bailey/Axio

The 2008 financial crisis was caused, in part, by mortgage lenders taking on too much risk. Now, the pendulum has swung so far in the opposite direction that the private sector has all but ceased taking on mortgage risk any more.

Bank capital and liquidity rules implemented after the 2008 financial crisis make mortgage lending and servicing unattractive to banks trying to maximize their return on capital — especially once compliance costs are added in. “It is becoming increasingly difficult for banks to stay in the mortgage business, which ultimately hurts everyday Americans,” wrote JPMorgan CEO Jamie Dimon in this year’s shareholder letter.

Nonbanks now originate 71% of agency-backed loans and 86% of government-backed loans. The mortgage market is now dominated by nonbanks that operate with relatively thin cushions of capital and need substantial economies of scale.

Full article

Mortgage Rates
Decrease Slightly

Mortgage rates decreased for the fifth consecutive week. Incoming data suggest inflation remains well above the desired level but showing signs of deceleration. These trends, coupled with tight labor markets, are creating increased optimism among prospective homebuyers as the housing market hits its peak in the spring and summer.

For Sale

Income Properties

Doiron Realty Services
Pete Doiron
Broker

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

Cross Country Movers 2023-04-06

Gulf Coast
Real Estate Update

April 6th, 2023

Cross Country

Movers

Largely Undeterred

By High

Mortgage Rates

Redfin.com user search data shows that 14% fewer homebuyers looked to move within their own metro area than a year earlier in February, compared with a 4% drop for out-of-town movers.

Florida, other Sun Belt destinations are most popular with relocating buyers

Miami, Phoenix, Las Vegas, Sacramento, CA and Tampa, FL were the most popular destinations for house hunters looking to move to a different metro in February

Source: Redfin News

Mortgage Rates
Trending Lower

Mortgage rates continue to trend down entering the traditional spring homebuying season. Unfortunately, those in the market to buy are facing a number of challenges, not the least of which is the low inventory of homes for sale, especially for aspiring first-time homebuyers.

For Sale

Income Properties

Doiron Realty Services
Pete Doiron
Broker

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

“Silver Tsunami” 2024-01-04

Gulf Coast
Real Estate Update

January 4th, 2024

Silver Tsunami

Aging Americans changing their housing habits could affect the market in coming years. 10,000 people a day are turning 65 and by 2030 the entire baby boomer population will be over 65. Currently baby boomers currently own a cumulative $18.3 trillion in real estate. The silver tsunami’s transformative potential has not yet materialized in any meaningful way yet and it may not anytime soon. Baby boomers, the wealthiest generation are increasingly staying in their homes and the vast majority don’t have a mortgage or have one with a very low interest rate.

Source: Housing Wire

Mortgage Rates

Move Sideways

as Markets Digest

Incoming Data

Between late October and mid-December, the 30-year fixed-rate mortgage plummeted more than a percentage point. However, since then rates have moved sideways as the market digests incoming economic data. Given the expectation of rate cuts this year from the Federal Reserve, as well as receding inflationary pressures, mortgage rates will likely continue to drift downward as the year unfolds. While lower mortgage rates are welcome news, potential homebuyers are still dealing with the dual challenges of low inventory and high home prices that continue to rise.

Ocean Sands

2 Bedroom

2 Bath

1,225 Square Feet

$1,250,000

Sea Breeze

2 Bedroom

2 Bath

1,420 Square Feet

$1,175,000

Las Flores

3 Bedroom

3 Bath

1,995 Square Feet

$1,299,900

For Sale

Income Properties

Doiron Realty Services
Pete Doiron
Broker

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

Citizens of “countries of concern” must register 2023-12-28

Gulf Coast
Real Estate Update

December 28th, 2023

Deadline approaches

for citizens of

“countries of concern”

to register Florida Real Estate

Citizens of Cuba, China, Venezuela, Russia, Syria, North Korea and Iran have until the end of January to register certain real estate with the Florida Department of Commerce, under a law passed earlier this year. The consequences of not registering with the state include steep penalties — $1,000 per day — and even property seizure. The law only applies to citizens of “countries of concern” who do not have a permanent residency or citizenship in the U.S. Companies and government entities from the listed countries are included.

Any agricultural land must be registered with the state
Future purchases of agricultural land is banned almost entirely in the new law
Real Estate that falls within 10 miles of airports, seaports, Army Corps of Engineer flood control infrastructure and military bases are all included in the criteria.

If an individual or a company acquired affected real estate before July 31, that property must be registered by Dec. 31. But it is only considered late if it is not registered by Jan. 31, 2024.

Heading into the New Year

Mortgage Rates Remain

on a Downward Trend

The rapid descent of mortgage rates over the last two months stabilized a bit this week, but rates continue to trend down. Heading into the new year, the economy remains on firm ground with solid growth, a tight labor market, decelerating inflation, and a nascent rebound in the housing market.

Ocean Sands

2 Bedroom

2 Bath

1,225 Square Feet

$1,250,000

Sea Breeze

2 Bedroom

2 Bath

1,420 Square Feet

$1,175,000

Las Flores

3 Bedroom

3 Bath

1,995 Square Feet

$1,299,900

Happy New Year

For Sale