Newsletters Archives - Page 15 of 29 - Doiron Realty Services

Income Properties

Doiron Realty Services
Pete Doiron
Broker

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

Rates Hold 2023-09-21

Gulf Coast
Real Estate Update

September 21st, 2023

Fed Holds

Rates Steady

The Federal Reserve is holding interest rates steady following its September 19-20 meeting, leaving the federal funds rate at a target range of 5.25 to 5.5 percent. While it stood pat this time, the Federal Reserve has raised rates a total of 11 times during this economic cycle in an effort to significantly reduce liquidity to the financial markets and tamp down high inflation.
The last time the Fed raised rates was at its July meeting, and many analysts are waiting to see if the Fed will raise again during this economic cycle. Projections show an additional rate hike could be on the way before the end of the year if conditions warrant.

Full article

Source:Bankrate

OPEN HOUSE
Sunday September 24th
1:00 to 4:00

Lighthouse Pointe
Unit 106

17980 Gulf Blvd Redington Shores FL 33708

2 Bedroom / Bath Corner Unit

1,405 Square Feet

Private staircase to Beach

$1,000,000

Mortgage Rates
Remain Flat

Mortgage rates continue to linger above seven percent as the Federal Reserve paused their interest rate hikes. Given these high rates, housing demand is cooling off and now homebuilders are feeling the effect. Builder sentiment declined for the first time in several months and construction levels have dipped to a three-year low, which could have an impact on the already low housing supply.

For Sale

Income Properties

Doiron Realty Services
Pete Doiron
Broker

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

Vacation Home Demand 2023-09-14

Gulf Coast
Real Estate Update

September 14th, 2023

Demand for Vacation

Homes Sits Near 7-Year Low

Mortgage-rate locks for second homes are down nearly 50% from pre-pandemic
levels, compared to a 33% drop for primary homes.
Rate locks for second homes hit a seven-year low in February, dropping to 52%
below pre-pandemic levels.
As far as the plunge in mortgage locks for vacation homes; that comes after
they skyrocketed during the pandemic, hitting a peak of 88.5% above pre-
pandemic levels in October 2020. Affluent Americans jumped at the chance to
snap up second homes with record-low mortgage rates during a time when many
of them could work remotely from vacation towns. Demand for primary homes
jumped during that time, too, but the increase was much more modest, reaching
a peak of 16% above pre-pandemic levels in late 2020.

Full article

Source:Redfin

Just Listed Today

Lighthouse Pointe

Unit 106

2 Bedroom / Bath Corner Unit

1,405 Square Feet

Private staircase to Beach

$1,000,000

Please Call for Details

Mortgage Rates
Inch Back Up

Mortgage rates inched back up this week and remain anchored north of seven percent. The reacceleration of inflation and strength in the economy is keeping mortgage rates elevated. However, potential homebuyers can still benefit during these times of high mortgage rates by shopping around for the best rate quote. Freddie Mac research suggests homebuyers can potentially save $600-$1,200 annually by applying for mortgages from multiple lenders.

For Sale

Income Properties

Doiron Realty Services
Pete Doiron
Broker

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

Heirs and 2nd Homes 2023-09-08

Gulf Coast
Real Estate Update

September 7th, 2023

Leaving Behind a Second Home?

Don’t Split Heirs

Forget location, location, location. Parents leaving a treasured holiday home to kids and grandkids have three more important things to worry about if they hope to avoid years of family in-fighting and legal battles.

Ownership, management, and use of the holiday home: That’s the trifecta estate planners and financial advisors need to reckon with if they want to keep the peace.

When it comes to ownership, the big questions that must be answered include: Who actually owns the property? Is it the parents or grandparents, and do the children get to use it? Is it a trust for the benefit of multiple family beneficiaries, potentially lasting over multiple generations?

As for management, the property owners need to know who will pay the bills, maintain the property, and deal with repairs, insurance, property taxes, and the like?

And when it comes to use, who gets to enjoy the property and when?

Full article

Source: Florida REALTORS

Mixed Use Development
in Madeira Beach
Finalized

The Beachmaker

Marriot Autograph

Collection Property

Upscale mixed use

Condotel / Residence and Retail

Click for details

Mortgage Rates Decrease
from Last Week
While Remaining Above
Seven Percent

For the fourth consecutive week, the 30-year fixed-rate mortgage hovered above seven percent. The economy remains buoyant, which is encouraging for consumers. Though while inflation has decelerated, firmer economic data have put upward pressure on mortgage rates which, in the face of affordability challenges, are straining potential homebuyers.

For Sale

Income Properties

Doiron Realty Services
Pete Doiron
Broker

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

Pinellas Beach Erosion 2023-09-01

Gulf Coast
Real Estate Update

September 1st, 2023

Eroded Pinellas County beaches

further damaged by

Hurricane Idalia

A narrower beach means less protection for homes and businesses along the coast. But a dispute over federal guidelines has delayed beach renourishment projects in Pinellas County.

For years, Pinellas County has been trying to work with the Army Corps of Engineers on renourishment projects. But a dispute over federal guidelines has delayed those plans.
The federal agency is requiring property easements from beach community homeowners before taxpayer dollars are used to restore the beaches.

The county pays for the local share of the nourishment projects. For example: the federal share for the Treasure Island and St. Pete Beach Project is 65% and the local share is 35%.

Source: WUSF Public Media – WUSF 89.7

Contract Pending

Gulf Front Condo

Unobstructed View

3 Bedroom – 2 Bath

1,345 Square Feet

Oversized Balcony

Under Building Parking

No Minimum Rental Restrictions

Liberal Pet Policy

Ram Sea One

North Redington Beach

$1,150,000

The 30-Year
Fixed-Rate
Mortgage Decreases

Mortgage rates leveled off this week but remain elevated. Despite continued high rates, low inventory is keeping house prices steady. Recent volatility makes it difficult to forecast where rates will go next, but it might be easier to gauge as the Federal Reserve determines their next steps regarding interest rate hikes in September.

For Sale

Income Properties

Doiron Realty Services
Pete Doiron
Broker

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

New Insurers for Florida 2023-08-25

Gulf Coast
Real Estate Update

August 25th, 2023

Two More Private Insurers

OK’d to Insure Fla. Homes

The Florida Office of Insurance Regulation (OIR) approved two more private insurance companies as property and casualty insurers in Florida: Orion180 Select Insurance Company and Orion180 Insurance Company.
Four new insurance companies have now recently been approved to operate in Florida following legislative reforms designed to promote market stability.

“OIR has been diligently working to attract more companies, jobs and capital to Florida’s insurance market since the passage of recent legislative reforms,” says Commissioner Michael Yaworsky. “Today’s announcement is another sign that the reforms are having a positive impact on Florida’s insurance market.

Mortgage Rates
Continue to Surge

This week, the 30-year fixed-rate mortgage reached its highest level since 2001 and indications of ongoing economic strength will likely continue to keep upward pressure on rates in the short-term. As rates remain high and supply of unsold homes woefully low, incoming data shows that existing homes sales continue to fall. However, there are slightly more new homes available, and sales of these new homes continue to rise, helping provide modest relief to the unyielding housing inventory predicament.

For Sale

Income Properties

Doiron Realty Services
Pete Doiron
Broker

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

Rents cool in Tampa… 2023-08-18

Gulf Coast
Real Estate Update

August 18th, 2023

Despite cooling down

Tampa Bay rents remain

above the national average

Despite a decline from last year, Tampa Bay rents remain above the national average.
Tampa is the 27th most expensive large city in the US with a median rent of $1,707 the median rent currently stands at $1,408.

In St Petersburg the rent sits at $2,013 for a one bedroom and $2,635 for a two bedroom. For comparison the median rent across the nation is $1,177 for a one bedroom and $1,349 for a two bedroom and $1,372 overall.

Median rent in Tampa is 24.4% higher than the national average and is similar to the prices you would find in North Las Vegas and Long Beach California.

Source: Tampa Bay Business Journal

30 Year Fixed-Rate
Mortgage Reaches
its Highest Level
in Over Twenty Years

The economy continues to do better than expected and the 10-year Treasury yield has moved up, causing mortgage rates to climb. The last time the 30-year fixed-rate mortgage exceeded seven percent was last November. Demand has been impacted by affordability headwinds, but low inventory remains the root cause of stalling home sales.

Year to Date Sales

For Sale

Income Properties

Doiron Realty Services
Pete Doiron
Broker

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

Florida’s Inventory Jump 2024-05-23

Gulf Coast
Real Estate Update

May 23rd, 2024

Florida’s Housing

Inventory Jump

Biggest In The Nation

Click here to view an interactive version of the map above.

Housing inventory levels in Florida are up the most in the nation on a year-over-year basis (34%), but the bulk of the increase is really concentrated in sections of Southwest Florida. In particular, in markets like Cape Coral and Fort Meyers, which were hard-hit by Hurricane Ian in September 2022. According to the National Oceanic and Atmospheric Administration (NOAA), Hurricane Ian caused an estimated $112.9 billion worth of total damage, Making it the third costliest U.S. hurricane on record.

The combination of increased housing supply for sale—the damaged homes, combined with strained demand, the resulting spiked home prices, spiked mortgage rates, higher insurance premiums, and higher HOAs—has translated into market softening across much of Southwest Florida.

Source:ResiClub and FAST COMPANY

Pinellas County Inventory

Mortgage Rates

Drop Below

Seven Percent

Spring homebuyers received an unexpected windfall this week, as mortgage rates fell below the seven percent threshold for the first time in over a month. Although this week’s data on previously owned home sales showed a decline, total inventory of both new and existing homes is up. Greater supply coupled with the recent downward trend in rates is an encouraging sign for the housing market.

For Sale

Income Properties

Doiron Realty Services
Pete Doiron
Broker

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

Tampa Bay 2024-05-17

Gulf Coast
Real Estate Update

May 17th, 2024

Florida Dominates

Top 10 U.S. Cities

List to Invest in

Short Term Rentals

Based on a new study from Clever Real Estate in collaboration with Rabbu.com, Tampa is the best U.S. city to invest in short-term rentals, while San Jose, California, is the riskiest short-term rental market in America.

The study analyzed metrics such as median home prices, occupancy rates, and changes in property values to rank Airbnb investment markets across the U.S.

Tampa stands out with a 71.6% property value increase over the past five years — 55% higher than the median city in the study. The metro area boasts 16,020 property listings, triple the median, a 44.8% Airbnb occupancy rate, and $52,705 average annual Airbnb revenue.

Source: Clever Real Estate Full Story

Mortgage Rates

Continue to Decrease

Mortgage rates decreased for the second consecutive week. Given the news that inflation eased slightly, the 10-year Treasury yield dipped, leading to lower mortgage rates. The decrease in rates, albeit small, may provide a bit more wiggle room in the budgets of prospective homebuyers.

For Sale

Income Properties

Doiron Realty Services
Pete Doiron
Broker

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

Decade of Price Growth 2024-05-09

Gulf Coast
Real Estate Update

May 9th, 2024

This Decade

Outpaces the

1990’s and 2010’s

According to an analysis of the latest Case-Shiller data, U.S. home prices have risen more than 47% since the start of 2020. Through the first 50 months of the 2020s decade, U.S. home prices have risen by 47.1%. This already surpasses the total national appreciation witnessed throughout both the 1990s and 2010s decades.

Source: Case-Shiller/ResiClub

U.S. HOME PRICE GROWTH BY DECADE:

1990s: +30.1%

2000s: +47.3%

2010s: +44.7%

January 2020 to February 2024: +47.1%

We’ve seen a greater level of overall price inflation compared to the same point in the previous three decades.

Mortgage Rates

Decrease for the

First Time Since March

After a five week climb, mortgage rates ticked down following a weaker than expected jobs report. An environment where rates continue to hover above seven percent impacts both sellers and buyers. Many potential sellers remain hesitant to list their home and part with lower mortgage rates from years prior, adversely impacting supply and keeping house prices elevated. These elevated house prices add to the overall affordability challenges that potential buyers face in this high-rate environment.

For Sale