Newsletters Archives - Page 17 of 29 - Doiron Realty Services

Doiron Realty Services
Pete Doiron
Broker

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

Most Expensive Home in USA 2024-02-16

Gulf Coast
Real Estate Update

February 16th 2024

America’s Priciest

Piece of Real Estate

Is In Florida

The most expensive home in the entire country has surfaced in Naples Florida, with a price tag of $295 million. In fact 6 out of 10 of the most expensive homes for sale in the United States are located in Florida

100 Bay Road

Naples Florida

$295,000,000

Set in the exclusive Port Royal neighborhood, this 9-acre property offers the “once-in-a-lifetime opportunity” to create a family compound.The enormous lot overlooks the Gulf of Mexico and offers 1,655 feet of water frontage. One main residence and two guest homes are included in the sale. According to the listing, the property “could be an ideal private and gated family compound with a few incredible homes.” The waterfront oasis also comes with a private 231-foot yacht basin and a 111-foot, T-shaped dock with room for multiple boats.

Top 10 In America

Contract Pending

Lighthouse Pointe

Unit 601

1^st Floor Corner

Private Staircase to Beach

Two Bedroom / Two Bath

1,405 Sq. Ft.

$975,000

Mortgage Rates

Rise

On the heels of consumer prices rising more than expected, mortgage rates increased this week. The economy has been performing well so far this year and rates may stay higher for longer, potentially slowing the spring homebuying season. According to Freddie Mac data, mortgage applications to buy a home so far in 2024 are down in more than half of all states compared to a year earlier.

For Sale

Doiron Realty Services
Pete Doiron
Broker

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

Increase in the number of 2024-02-09

Gulf Coast
Real Estate Update

February 8th 2024

Buyers Have

More to Choose From

The number of residential properties for sale in the 33708 Zip Code is up 70% from the same time last year. Cities include: Madeira Beach, Redington Beach, North Redington Beach and Redington Shores.

The seven-day average of the number of houses for sale grew from 64 this week in February 2023 to 113 this week in 2024.

The seven-day average of the number of condos for sale grew from 110 this week in February 2023 to 184 this week in 2024.

The total number of properties available for sale is very close to the pre-pandemic number for sale in February 2019

Source: Housing Wire and Altos Research

Mortgage Rates

Show Little Movement

Mortgage rates remain stagnant, hovering in the mid-six percent range over the past several weeks. The economy and labor market remain strong with wage growth outpacing inflation, which is keeping consumer spending robust. Meanwhile, affordability in the housing market is an ongoing issue due to continued high home prices, elevated mortgage rates and low supply of homes on the market, particularly for first-time and low-income homebuyers.

Ocean Sands

2 Bedroom

2 Bath

1,225 Square Feet

$1,235,000

Sea Breeze

2 Bedroom

2 Bath

1,420 Square Feet

$1,150,000

Las Flores

3 Bedroom

3 Bath

1,995 Square Feet

$1,297,500

Just Listed

Sandy Shores

2 Bedroom / 2 Bath

1,005 Square Feet

No Minimum Rental

Gulfside Location

Across from Johns Pass

$700,000

For Sale

Doiron Realty Services
Pete Doiron
Broker

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

Florida leads 2024-02-01

Gulf Coast
Real Estate Update

February 1st 2024

Florida is a

Model for

Economic Growth

Florida leads the nation in several important categories and has become the national model for economic growth,” Florida Chamber Foundation President and CEO Mark Wilson said at the 2024 Florida Economic Outlook & Jobs Solution Summit.

Annual job growth will continue to outpace the nation: Florida’s job growth in 2023 remained an average of 1.1% higher than the national level and has not been slower than the U.S. since 2017. Rapid economic growth in many areas of Florida’s economy, as well as high levels of population growth, fuels the prediction that Florida will remain on top of the country in job growth.

Florida will continue growing at a faster pace than any other state: Florida’s GDP grew 9.3% over 2023, the fastest rate in the country. Florida has the fastest growth over the last four years, a long-term trend the organization expects to continue in 2024.

Florida’s economic growth will remain positive but will slow to more sustainable levels: With national economists split on the potential of a national recession in 2024, the Florida Chamber Foundation does not predict that Florida will experience a recession. Florida’s GDP is expected to grow by 7%, higher than the national average.

Mortgage Rates

Tick Down

Although affordability continues to impact homeownership, the combination of a solid economy, strong demographics and lower mortgage rates are setting the stage for a more robust housing market. Mortgage rates have been stable for nearly two months, but with continued deceleration in inflation, rates are expected to decline further. The economy continues to outperform due to solid job and income growth, while household formation is increasing at rates above pre-pandemic levels. These favorable factors should provide strong fundamental support to the market in the months ahead.

Ocean Sands

2 Bedroom

2 Bath

1,225 Square Feet

$1,235,000

Sea Breeze

2 Bedroom

2 Bath

1,420 Square Feet

$1,150,000

Las Flores

3 Bedroom

3 Bath

1,995 Square Feet

$1,297,500

Coming Soon

Sandy Shores

2 Bedroom / 2 Bath

No minimum Rental

Across from Johns Pass

$700,000

For Sale

Doiron Realty Services
Pete Doiron
Broker

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

Inflation data still pointing 2024-01-25

Gulf Coast
Real Estate Update

January 25th, 2024

Inflation Data

Still Pointing to

Rate Cuts

this year

Inflation came in hotter than expected this month, but we are still talking about rate cuts in 2024! When the market believes the Federal Reserve is done hiking rates, the markets make a big move lower with the 10-year yield and mortgage rates.

The Fed mainly focuses on core inflation, and its primary inflation data is the PCE inflation report. However, we have made some good progress with the core inflation data in the CPI report in the past year.

Generally speaking, today’s headline and core inflation prints were hotter than anticipated. Rents are still lagging badly behind the current data, and even though the downtrend in shelter inflation is here, we are far from the reality. Used car prices were more firm than anticipated but also in the downtrend. As shown below, we have room to go lower in shelter.

Source: Housing Wire

Mortgage Rates

Inch Up But Remain

in the

Mid 6% Range

The 30-year fixed-rate has remained within a very narrow range over the last month, settling in at 6.69% this week. Given this stabilization in rates, potential homebuyers with affordability concerns have jumped off the fence back into the market. Despite persistent inventory challenges, we anticipate a busier spring homebuying season than 2023, with home prices continuing to increase at a steady pace.

Ocean Sands

2 Bedroom

2 Bath

1,225 Square Feet

$1,250,000

Sea Breeze

2 Bedroom

2 Bath

1,420 Square Feet

$1,150,000

Las Flores

3 Bedroom

3 Bath

1,995 Square Feet

$1,297,500

For Sale

Doiron Realty Services
Pete Doiron
Broker

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

Tampa Bay in top 10 2024-01-18

Gulf Coast
Real Estate Update

January 18th, 2024

Tampa Bay

in the top ten

2024 Hottest

Housing Markets

Zillow’s annual predictions for the hottest housing markets of the year. Factors include expected home value growth, projected change in owner-occupied households and job growth compared to new construction.

Baby boomers and millennials represent two enormous generations, and both are very active in the housing market. Baby boomers are hardly exiting the market as they age and millennials are aging into their prime home buying years as they hit their early and mid-thirties.

Source: Zillow research

Mortgage Rates

Decrease to Lowest

Level Since May 2023

Mortgage rates decreased this week, reaching their lowest level since May of 2023. This is an encouraging development for the housing market and in particular first-time homebuyers who are sensitive to changes in housing affordability. However, as purchase demand continues to thaw, it will put more pressure on already depleted inventory for sale

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

Doiron Realty Services
Pete Doiron
Broker

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

“Florida is full” 2024-01-11

Gulf Coast
Real Estate Update

January 11th, 2024

Florida is full

A Lot of People

Moved to Florida in 2023

But Not as Many as 2022

Despite cries that “Florida is full!” from longtime residents, the state is still growing—albeit at a slower pace than in recent years. That’s based on recent numbers published by do-it-yourself moving companies U-Haul and PODS.

Indeed, for years now, Florida has remained a favored destination. The 2023 U-Haul Growth Index found seven Florida metros among its list of the nation’s top 25 growth cities, marking the seventh year in a row the state has had the most cities represented. In 2022, the Sunshine State was home to four cities among the top 25 list and 10 in 2021.

Remote work options and proximity to loved ones played a big role in 2022’s moving trends, but where people moved to in 2023 seems to be more linked to affordability.

New Census Bureau Data shows that residents from New York, California and New Jersey top the list of out-of-staters moving into Florida.

Source: U-Haul.com / Census Bureau

2023 USA Life Events

Life events drive the residential Real Estate Market.

Here is a sampling of what happened in 2023

7 million babies were born
3 million marriages occurred
7 million people turned 65
50 million people changed jobs

Also consider this:

3.9 million residential sales closed in 2023. Last time it was that low was 1993 with a US population of 260 million. Today our population is 340 million.

34% of homeowners have no mortgage. 90% of owners who do, have a mortgage under 5% and half of those have a rate less than 3.5%

Mortgage Rates

Continue to Hover

in the Mid-Six’s

Mortgage rates have not moved materially over the last three weeks and remain in the mid-six percent range, which has marginally increased homebuyer demand. Even this slight uptick in demand, combined with inventory that remains tight, continues to cause prices to rise faster than incomes, meaning affordability remains a major headwind for buyers. Potential homebuyers should look closely at existing state and local resources, such as down payment assistance programs, which can considerably help defray closing costs.

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

Doiron Realty Services
Pete Doiron
Broker

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

Fed cuts rate 2024-09-19

Gulf Coast
Real Estate Update

September 19th, 2024

Fed Chair

Jerome Powell’s

First Rate Cut

In Four Years

Now that the Fed rate cutting is officially here, what does it mean for the U.S. housing market?

While the Fed doesn’t directly set long-term rates and yields, including the 30-year fixed mortgage rate, its policy and the market’s assessment of future rates and the economy do have an impact. We’ve already seen the average 30-year fixed mortgage rate, as tracked by Freddie Mac, decrease from a cycle high of 7.79% in October 2023 to 6.20% as of last week, as financial markets have responded to labor market softening and anticipated Fed rate cuts.

Groups like the Mortgage Bankers Association, Wells Fargo, Fannie Mae, and Moody’s all expect mortgage rates to come down a bit further as the Fed rate cuts remove volatility in the market and the spread between the 10-year treasury and mortgage rates narrows.

Contract Pending

Sea Breeze

Gulf Front Condo

Madeira Beach

Lucrative Vacation Rental

2 Bedroom, 2 Bath Corner Unit

$900,000

Just Listed

Gulf Side

Single Family Home

Madeira Beach

3 Bedroom 3 Bath

1,304 Square Feet

No Rental Restrictions

Turn Key

2nd story possible

$1,150,000

More

Mortgage Rates

Continue

To Tumble

Mortgage rates continued declining towards the six percent mark, reviving purchase and refinance demand for many consumers. While mortgage rates do not directly follow moves by the Federal Reserve, this first cut in over four years will have an impact on the housing market. Declining mortgage rates over the last several weeks indicate this cut was mostly baked in, but rates will likely fall further, sparking more housing activity.

For Sale

Doiron Realty Services
Pete Doiron
Broker

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

Beach Access fight 2024-09-12

Gulf Coast
Real Estate Update

September 12th, 2024

Beach Access Fight

Goes To

Federal Court

Beach front property owners have gone to a federal appeals court after a judge last month sided with the Pinellas County town of Redington Beach in a dispute about public beach access.

Property owners are challenging a ruling by U.S. District Judge Virginia Hernandez Covington that said the town had adequately shown a history of “customary use” by the public of parts of the beach that are privately owned.

Covington upheld a 2018 ordinance that sought to protect customary use of what are known as “dry sand areas” of the beach for such activities as walking, sunbathing, fishing and building sand castles.

The waterfront property owners argued that the ordinance was an unconstitutional “taking” of their private property.

Customary use has spurred fights in various parts of the state over the years and drew particular attention in 2018 after Florida lawmakers made controversial changes to customary-use laws.

The Florida Constitution ensures public access to portions of beaches “below mean high water lines,” often described as wet areas of beaches. But Covington’s ruling, which came in two consolidated lawsuits filed by property owners, dealt with dry-sand portions of beaches closer to homes.

In one of the cases, which were consolidated later, U.S. District Judge James S. Moody in 2020 ruled in favor of waterfront property owners. But a panel of the 11th U.S. Circuit Court of Appeals overturned that ruling in 2021, sending the case back to district court.

Source: WUSF

Mortgage Rates

Drop to Lowest Levels

Since February

Mortgage rates have fallen more than half a percent over the last six weeks and are at their lowest level since February 2023. Rates continue to soften due to incoming economic data that is more sedate. But despite the improving mortgage rate environment, prospective buyers remain on the sidelines, as they negotiate a combination of high house prices and persistent supply shortages.

For Sale

Doiron Realty Services
Pete Doiron
Broker

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

Boommates 2024-09-06

Gulf Coast
Real Estate Update

September 6th, 2024

Older Adults

Moving in With

‘Boommates’

Retirement-aged adults are increasingly sharing housing arrangements due to rising taxes, insurance and mortgage costs.

With housing costs still high for many, older adults are turning to roommates to split the cost of housing, a trend called “boommates.”

An increasing number of adults age 65 and older are opting for shared housing arrangements to save money in an era when many have fallen behind on retirement savings and concerns about loneliness and social isolation.

According to Harvard University’s Joint Center for Housing Studies, nearly 1 million people age 65 and over now live with unrelated roommates.

Jamie Battmer, chief investment officer at wealth management firm Creative Planning, said, “There’s been a big bump in housing costs, and that’s forced people from a financial standpoint to either cut back or find ways like this to cut these costs. We’ve got this big group of people entering the prime years of retirement, so you’re going to have more people doing this.”

Source: Bloomberg

Mortgage Rates

Renain Flat

This Week

Mortgage rates remained flat this week as markets await the release of the highly anticipated August jobs report. Even though rates have come down over the summer, home sales have been lackluster. On the refinance side however, homeowners who bought in recent years are taking advantage of declining mortgage rates in order to lower their monthly payments..

For Sale