Newsletters Archives - Page 14 of 29 - Doiron Realty Services

Doiron Realty Services
Pete Doiron
Broker

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

Pinellas County trucks in Sand 2023-12-08

Gulf Coast
Real Estate Update

Decmber 8th, 2023

Pinellas County

uses sand from

Polk County for

Beach Renourishment

The sand Pinellas County has been using for emergency beach dune renourishment has been coming from mines near Davenport and driven about 90 miles to the Gulf of Mexico coastline. The county normally pumps sand from the Gulf onto the beach for renourishment, but that process requires a federal permit, which the county can’t secure because it’s in a battle with the Army Corps of Engineers over required permanent easements from all homeowners.

Engineers evaluated the sand sources for emergency beach dune renourishment from three different mines, prior to accepting the material. The inland sand must match the powder sugar-white beach sand. Florida statute requires a match to protect the sea turtles.

Funding beach renourishment is tricky. For years, Pinellas beaches have relied on a combination of funding. The standard? 65% from the federal government and 17.5% from Florida’s Tourist Development Tax. One-half of one percent of that tax gets set aside annually for beach renourishment projects, amounting to about $5 million or more. “That is why the Army Core of Engineers is important to renourish the beaches,” explains John Bishop, Coastal Management Coordinator of Pinellas County. The Army Corps represents that crucial 65% of federal funding.

Source: Bay News 9

Coming Soon

Ocean Sands Two

Unit 702

2 Bedroom, 2 Bath

1,225 Square Feet

Direct Gulf Front

$1,250,000

Nearing Seven Percent

Mortgage Rates

Continue to Decrease

The 30-year fixed-rate mortgage averaged near 7 percent this week, down from nearly 7.80 percent just six weeks ago. When rates began to rapidly drop, purchase applications rebounded initially, but this improvement in demand diminished in the last week. Although these lower rates remain a welcome relief, it is clear they will have to further drop to more consistently reinvigorate demand.

For Sale

Doiron Realty Services
Pete Doiron
Broker

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

Florida Sill #1 2023-12-01

Gulf Coast
Real Estate Update

Decmber 1st, 2023

Florida Still # One

Map shows which states people are moving out of and where people are going. Outflow from California and New York still remains the highest. Florida is still the number one destination while migration to Texas has slowed down.

Relative to its population, Florida had a fairly small rate of arrivals from California, Census Bureau data shows, just 1 person per 1,000 residents. But the households that do move from California to Florida are also wealthier, on average, than those making the opposite trip.

The average household income among people who moved from California to Florida between 2020 and 2021 was nearly $200,000, according to from the IRS.

Just Listed

Redington Shores

Yacht & Tennis Club

Las Flores 601

Three Bedrooms

Three Baths

Northwest Corner

Expansive Bay and Gulf Views

Gated Community

2007 Construction

$1,299,900

Coming Soon

Sea Breeze

Sea Breeze Unit 206

Direct Gulf Front

Two Bedrooms

Two Baths

Corner Unit

Ideal Vacation Rental

3 Day Minimum

$1,175,000

Mortgage Rates Drop

for the

Fifth Consecutive Week

Market sentiment has significantly shifted over the last month, leading to a continued decline in mortgage rates. The current trajectory of rates is an encouraging development for potential homebuyers, with purchase application activity recently rising to the same level as mid-September when rates were similar to today’s levels. The modest uptick in demand over the last month signals that there will likely be more competition in a market that remains starved for inventory.

For Sale

Doiron Realty Services
Pete Doiron
Broker

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

Owners Not Selling 2023-11-16

Gulf Coast
Real Estate Update

November 16th, 2023

Owners Not Selling?

‘Lock-In Effect’

Isn’t Only Reason

While owners don’t want to give up 3%-ish mortgage rates,

a survey found other reasons.

A study from Fannie Mae casts doubt on the theory that homeowners aren’t moving because their next-home mortgage rate will be notably higher than the one they currently have – something in the neighborhood of 3% secured during the Covid pandemic. There’s more to the decline in existing homes for sale than just the lock-in effect,” say Fannie Mae economists. A low mortgage rate was only one of several reasons people are staying put.

Baby boomers represent 32% of homeowners, and over 80% said they would like to “age in place.”

Some buyers sought out desirable homes in vacation destinations since they no longer had to go into the office.

Others spent heavily on remodeling and upgrading their home.

Buyers who had a propensity to move “within the next few years,” may have shortened their timeline because of Covid and that, in turn, removed some potential sellers from the current market.

Source: Fannie Mae’s Economic and Strategic Research (ESR) group

Mortgage Rates

Trend Down

For the third straight week, mortgage rates trended down, as new data indicates that inflationary pressures are receding. The combination of continued economic strength, lower inflation and lower mortgage rates should likely bring more potential homebuyers into the market.

For Sale

Lighthouse Pointe
Unit 106

Doiron Realty Services
Pete Doiron
Broker

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

Bleisure rental market 2023-11-09

Gulf Coast
Real Estate Update

November 9th, 2023

The‘ Bleisure’

Rental Market in Florida

Private equity firm TPG Inc has been buying single-family homes in Florida vacation areas, where it is renting them out daily as alternatives to hotels and short-term rentals on websites such as Airbnb, the Wall Street Journal reported. TPG is aiming to tap into a trend where people are combining business and leisure trips in a phenomenon the lodging industry calls ‘bleisure’ travel, while also targeting those who want more space, a kitchen and greater privacy than a hotel can offer.

Bleisure: travel that combines both business and leisure, by not committing to one purpose solely. People on a bleisure trip, will typically add some extra days to their business trip in order to relax

OPEN HOUSE
Sunday November 12th
1:00 to 4:00

17980 Gulf Blvd

Redington Shores FL 33708

2 Bedroom / Bath Corner Unit
1,405 Square Feet
Private staircase to Beach
$975,000

Treasury Yields Decline

Mortgage Rates Move Down

As Treasury yields decline, the 30-year fixed-rate mortgage dropped a quarter of a percent, the largest one-week decrease since last November. Incoming data show that household debt continues to rise, primarily due to mortgage, credit card and student loan balances. Many consumers are feeling strained by the high cost of living, so unless mortgage rates decrease significantly, the housing market will remain stagnant.

Typically, the gap between the 10-year Treasury yield and the 30-year fixed mortgage rate spans 1.5 to 2 percentage points. For much of 2023, that margin has grown to 3 percentage points, making mortgages more expensive. See below.

For Sale

Doiron Realty Services
Pete Doiron
Broker

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

High End Homebuyers 2023-11-03

Gulf Coast
Real Estate Update

November 3rd, 2023

High End Homebuyers

Propping-Up the Market

Deep-pocketed home buyers who are paying cash to avoid rising mortgage rates are propping up the housing market, as high rates keep many borrowers on the sidelines.
Prices, sales and inventory of luxury homes—defined as the top 5% of the market—are all outpacing the overall housing market, a shift from late 2021 when wealthy buyers began tapping the brakes.
According to Redfin, the median luxury sale price during the third quarter of 2023 rose 9% year-over-year to $1.1 million, nearly three times the annual jump for nonluxury homes, where the median price rose 3.3% to $340,000. While luxury home sales during the third quarter were still down 10.6% compared with the same period last year, sales of nonluxury homes fared worse, dropping 17% year-over-year.
According to Redfin, 42.5% of luxury buyers paid cash during the third quarter, compared with 34.6% during the same period a year ago.

After a Multi-Week Climb
Mortgage Rates Level Off

The 30-year fixed-rate mortgage paused its multi-week climb but continues to hover under eight percent. The Federal Reserve again decided not to raise interest rates but have not ruled out a hike before year-end. Coupled with geopolitical uncertainty, this ambiguity around monetary policy will likely have an impact on the overall economic landscape and may continue to stall improvements in the housing market.

For Sale

Income Properties

Doiron Realty Services
Pete Doiron
Broker

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

How popular is Florida? 2023-10-27

Gulf Coast
Real Estate Update

October 27th, 2023

Google study says

folks in these states are

interested in moving here

Florida saw more new residents than any other state in 2022 and recent studies suggest that it has continued to be one of the most popular states to move to in 2023.
A recent study released by real estate marketing company Hyperwired analyzed Google searches that included phrases like “move to,” “relocate to,” and “homes in” for each state to find the most popular relocation destinations for each one.

Is Florida the most
popular stateto move to?

According to a July study by moving company SelfStorage and Hyperwired’s findings Florida is still the most-desired state to move to in 2023.

Here are the 23 states where Google search data reflects Florida as the number one most-desired place to move to:

Alabama
Colorado
Delaware
Georgia
Illinois
Indiana
Iowa
Kentucky
Maryland
Michigan
Minnesota
Missouri
New Jersey
New York
North Carolina
Ohio
Oklahoma
South Carolina
South Dakota
Tennessee
Virginia
West Virginia
Wisconsin

Gulf Front Condo
Market Update

Madeira Beach, North Redington Beach and Redington Shores

IIt’s no secret our world renown beaches on The Gulf of Mexico are a major reason people want to live in Pinellas County. Our Real Estate market begins on the beach and moves inland from there.We can learn alot from the real estate market along the shoreline. Here is a summary of the research I just completed.

Median Price Per Square Foot

Number of Units Sold

Cash Sales

The MEDIAN (middle) Sale Price per square foot is up 7% year over year through the third quarter in spite of a sharp decrease in quarter two of 2023. The number of units sold is down 28% for the same period in spite of a sharp increase in quarter two of 2023. 67% of the transactions were cash/no mortgage.

Mortgage Rates
Continue to climb
Toward 8%

For the seventh week in a row, mortgage rates continued to climb toward eight percent, resulting in the longest consecutive rise since the Spring of 2022. Rates have risen two full percentage points in 2023 alone and, as we head into Halloween, the impacts may scare potential homebuyers. Purchase activity has slowed to a virtual standstill, affordability remains a significant hurdle for many and the only way to address it is lower rates and greater inventory.

For Sale

Income Properties

Doiron Realty Services
Pete Doiron
Broker

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

Real Estate slowdown 2023-10-20

Gulf Coast
Real Estate Update

October 20th, 2023

The housing market is

about to have its

slowest year since the

real estate bubble burst in 2008

High rates and low inventory are contributing to the worst year for home sales since 2008, the year the housing bubble burst, according to National Association of Realtors projections.
At its current pace, total existing-home sales in 2023 are projected to amount to 4.1 million according to NAR. That would be th lowest number since the subprime mortgage crisis of 2008—a year that also saw the unemployment rate spike to nearly 8% and millions of Americans home equity evaporate. By comparison, there were more than 6 million home sales in 2021, NAR data shows.
The “lock-in effect” can also explain the slowing of existing-home sales. Normally, existing homeowners looking to move or trade up are responsible for a large portion of homes on the market. Current homeowners who bought when rates were below 3% during the pandemic are reluctant to sell and reenter the market as mortgage rates are climbing toward 8%.

Mortgage Rates
Approach 8%

Mortgage rates continued to approach eight percent this week, further impacting affordability. In this environment, it’s important that borrowers shop around with multiple lenders for the best mortgage rate. With research showing down payment is the single largest barrier to first-time homebuyers attaining homeownership.

For Sale

Income Properties

Doiron Realty Services
Pete Doiron
Broker

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

RE groups implore Fed 2023-10-13

Gulf Coast
Real Estate Update

October 13th, 2023

Real estate groups

implore the Fed

to stop rate hikes

In a letter to Fed Chair Jerome Powell this week, the Mortgage Bankers Association (MBA), the National Association of Realtors (NAR), and the National Association of Home Builders (NAHB) urged the Fed to state that it’s not considering further rate hikes and that it will hold off on selling any more mortgage-backed securities until the housing finance market stabilizes.

The move is the first time the groups have addressed the central bank directly since its rate hiking campaign started in March of 2022 and is the latest sign of how “ongoing market uncertainty” around the Fed’s rate course is pummeling the housing market, which — the groups say — could spill over to the broader economy.

Full Story

Mortgage Rates
Continue to Climb

For the fifth consecutive week, mortgage rates rose as ongoing market and geopolitical uncertainty continues to increase. The good news is that the economy and incomes continue to grow at a solid pace, but the housing market remains fraught with significant affordability constraints. As a result, purchase demand remains at a three-decade low.

For Sale

Income Properties

Doiron Realty Services
Pete Doiron
Broker

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

Appeal denied 2023-10-06

Gulf Coast
Real Estate Update

October 6th, 2023

Judge denies appeal

to block Florida’s

Chinese property law

Attorneys for a group of plaintiffs this week urged a federal appeals court to block a new Florida law (SB 264) that restricts people from China from owning property in the state, saying the measure “mandates egregious national-origin discrimination.”
The lawsuit focuses on part of the measure that specifically puts restrictions on people from China who are not U.S. citizens or permanent U.S. residents. That part prevents people “domiciled” in China from purchasing property in Florida, with some exceptions.
The judge rejected the request for a preliminary injunction, stating that U.S. Supreme Court precedents have “held that states could deny aliens ownership interests in land within their respective borders absent an arbitrary or unreasonable basis.” He also indicated a key is that the “law classifies based on where an alien is domiciled.”
“It does not facially discriminate against noncitizens based on race or ancestry. It does not discriminate against noncitizens based on ‘the particular country in which one was born,’” the judge wrote, partially quoting a Supreme Court precedent.

Full Story

Mortgage Rates
Continue to Surge

Mortgage rates maintained their upward trajectory as the 10-year Treasury yield, a key benchmark, climbed. Several factors, including shifts in inflation, the job market and uncertainty around the Federal Reserve’s next move, are contributing to the highest mortgage rates in a generation. Unsurprisingly, this is pulling back homebuyer demand.

For Sale