Newsletters Archives - Page 9 of 29 - Doiron Realty Services

Income Properties

Doiron Realty Services
Pete Doiron
Broker

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

Tampa led all cities with a gain of 34.8% 2022-06-02

Gulf Coast
Real Estate Update

June 2nd 2022

Tampa Bay
leads in rising
home prices

For years, Phoenix was leading the S&P CoreLogic Case-Shiller index. Not anymore.
Prices of Tampa Bay homes went up 34.8% in the year ending in March, the S&P CoreLogic Case-Shiller Index reported Tuesday. Phoenix home prices rose 32.4% and Miami followed with 32%. Cities in the South and Southeast have had the strongest performances, according to the Case-Shiller data.

I’ve always said “If you live in Florida and your not near the beach, you might as well move to Arizona”

Mortgage Rates
Stay Relatively Flat

Mortgage rates continued to inch downward this week but are still significantly higher than last year, affecting affordability and purchase demand. Heading into the summer, the potential homebuyer pool has shrunk, supply is on the rise and the housing market is normalizing. This is welcome news following unprecedented market tightness over the last couple years.

What’s For Sale

Income Properties

Doiron Realty Services
Pete Doiron
Broker

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

Foreclosures increase 139% 2022-05-27

Gulf Coast
Real Estate Update

26May 19th 2022

Foreclosures
increase 139%

But they’re
down 34%

ATTOM data study shows an increase in foreclosure activity for the first quarter of this year compared to the 1st quarter of 2021. But remember there was a moratorium on foreclosures due to the pandemic in 2021.
When you compare foreclosure activity this year to the pre-pandemic levels of 2019 foreclosure filings are actually down 34% for the same period.

For additional perspective take a look at this graph illustrating foreclosure activity quarter by quarter from 2005 to the present. A peak of about 550,000 in the 2nd quarter of 2009 compared to just 79,000 the 1st quarter of this year.

Mortgage Rates
Continue to Decrease

Mortgage rates decreased for the second week in a row due to multiple headwinds that the economy is facing. Despite the recent moderation in rates, the housing market has clearly slowed, and the deceleration is spreading to other segments of the economy, such as consumer spending on durable goods.

What’s For Sale

Income Properties

Doiron Realty Services
Pete Doiron
Broker

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

Housing bubble in Florida? 2022-05-20

Gulf Coast
Real Estate Update

May 19th 2022

Is Florida ready
for another
Housing bubble?

Florida’s economy has bounced back from the pandemic quicker than most — which economists’ credit in part to a surge of people buying homes in the state. “The coast is most exposed to dramatic swings. Coastal communities are the canary in the coal mine,” said Florida Atlantic University economist Ken H. Johnson.
Real Estate is one of Florida’s greatest strengths — with nearly 20 percent of the state’s gross domestic product based on home sales and rent. Tampa Bay’s housing market hasn’t slowed in the last month even as mortgage rates rose in an attempt to cool activity. The hike may even be pushing more people to buy homes during this busy spring season to lock in a lower rate before they go up even further. Home values in the region have risen by 29.1 percent since March last year
University of Tampa economist John Stinespring. “If population growth continues to exceed the dampening effects of interest rate increases, we wouldn’t anticipate a bubble bursting.” Human nature hasn’t changed; people still want a place near the beach.

Source: Tampa Bay Times ( full article )

Condo Condo Condo

Three Gulf Front Units

to Choose from

Mortgage Rates
Decrease Slightly

Economic uncertainty is causing mortgage rate volatility. As a result, purchase demand is waning, and homebuilder sentiment has dropped to the lowest level in nearly two years. Builders are also dealing with rising costs, meaning this posture is likely to continue.

What’s For Sale

Income Properties

Doiron Realty Services
Pete Doiron
Broker

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

The number of cash sales has increased 20% 2022-05-12

Gulf Coast
Real Estate Update

May 12th 2022

Cash Sales Increasing

The number of cash sales in the Tampa – St. Petersburg – Clearwater MSA have increased 20% from the first quarter of 2021 to the first quarter of 2022. 39% of all residential buyers in our market paid cash at closing.

Cash sales in some niche markets have been even higher. 74% of Gulf Front Condo Sales closed in the Madeira / Redington Beach market in the last 90 days have been deals.

Coming Soon

Shore Mariner Condo.

2 Bedroom – 2 Bath

Direct Gulf Front

South West Exposure

55 + communitty with all the amenities.

$750,000

More Market Stats

Mortgage Rates
Continue to Increase

Homebuyers continue to show resilience even though rising mortgage rates are causing monthly payments to increase by about one-third as compared to a year ago. Several factors are contributing to this dynamic, including the large wave of first-time homebuyers looking to realize the dream of homeownership. In the months ahead, we expect monetary policy and inflation to discourage many consumers, weakening purchase demand and decelerating home price growth.

What’s For Sale

Income Properties

Doiron Realty Services
Pete Doiron
Broker

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

The rate of sellers dropping their prices is growing 2022-05-05

Gulf Coast
Real Estate Update

May 5th 2022

Sellers Dropping Their Asking Price

12% of homes for sale in the U.S. had price drops in the past four weeks. That’s the highest level since early December according to a study by Redfin. The rate of sellers dropping their prices is growing faster month over month since August 2021. Sellers tight grip on the market is starting to loosen as the white-hot housing market begins to cool.
Here in Pinellas those price reduction numbers track overall in our coastal markets at 12%. Some market niches track even higher. 29% of sellers of Gulf Front Condos in the Madeira and Redington Beach market that are currently for sale or pending contract have reduced their asking price.

Mortgage Rates Increase

Mortgage rates resumed their climb this week as the 30-year fixed reached its highest point since 2009. While housing affordability and inflationary pressures pose challenges for potential buyers, house price growth will continue but is expected to decelerate in the coming months.

What’s For Sale

Income Properties

Doiron Realty Services
Pete Doiron
Broker

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

The Fed is betting that higher interest rates will slash inflation 2022-04-28

Gulf Coast
Real Estate Update

April 28th 2022

Mortgage rates
swelled above 5 percent
for the first time in
more than a decade

The run-up comes as the Federal Reserve has launched a major initiative to tamp down the highest inflation rate in 40 years The Fed is betting that higher interest rates will slash inflation and recalibrate the job market.

Inflation

But their plan also rests on the assumption that higher rates will cool demand for housing, especially while homes themselves are in such short supply.When borrowing became less expensive, home prices rose as buyers could afford to spend more on housing. The most recent Case-Shiller housing index showed Tampa Bay Metro saw increases of 30.8 percent year over year. And though higher rates are expected to slow home-buying over time, the factors that have led to the housing boom remain. Inventory remains low and demand remains high.

Source: Washington Post

Gulf Front Condo

Ocean Sands

$775,000

What’s For Sale

Income Properties

Doiron Realty Services
Pete Doiron
Broker

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

Boomers overtake Millennials 2023-03-31

Gulf Coast
Real Estate Update

March 31st, 2023

Baby Boomers

Overtake

Millennials

as Largest Generation

of Home Buyers

The share of baby boomers has surpassed millennials and now makes up the largest generation of home buyers, according to the latest study from the National Association of Realtors®.
The combined share of younger boomer (58 to 67 years old) and older boomer buyers (68 to 76 years old) rose to 39% in 2022, up from 29% the year prior.

Younger millennials (24 to 32 years old) and older millennials (33 to 42 years old) have been the top group of buyers since 2014, but they saw their combined share fall from 43% in 2021 to 28% last year.

Source: NAR

Mortgage Rates
Decrease for the Third
Consecutive Week

Economic uncertainty continues to bring mortgage rates down. Over the last several weeks, declining rates have brought borrowers back to the market but, as the spring homebuying season gets underway, low inventory remains a key challenge for prospective buyers.

More For Sale

Income Properties

Doiron Realty Services
Pete Doiron
Broker

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

Mortgage Rates Drop Despite Fed Rate Increase 2023-03-24

Gulf Coast
Real Estate Update

March 23rd, 2023

Mortgage Rates

Drop Despite

Fed Rate Increase

Concerns continue over the health of the economy following recent bank failures and could easily affect how mortgage rates change over the next few weeks.
That’s because rattled investors began looking toward the relative security of government bonds. With interest rates high and economic uncertainty looming, bonds seem like a safe place to park assets. That’s pushing up bond prices, which lowers the yield and tends to lower long term treasury rates. The 30-year fixed rate mortgage is closely tied to the 10-year Treasury and is not directly tied the short-term Fed Funds rate.

Off Market Opportunity
in Highly Desirable
Ocean Sands

Coming Soon, completely remodeled direct Gulf Front two bedroom, two bath unit. White open concept kitchen finished with solid wood cabinetry, quartz counter tops and premium stainless appliances. Baths are upgraded with granite tops and modern tile and frameless glass shower in master. Refinished ceilings with recessed lighting, luxury vinyl plank flooring thru-out, new interior trim. Everything is done and this unit comes completely furnished too.

$1,195,000

Call me to arrange for a private viewing.

727-391-2829

Mortgage Rates
Continue to
Slide Down

Mortgage rates continued to slide down as financial market concerns came to the fore over the last two weeks. However, on the homebuyer front, the news is more positive with improved purchase demand and stabilizing home prices. If mortgage rates continue to slide over the next few weeks, look for a continued rebound during the first weeks of the spring homebuying season.

What’s For Sale