When the topic of disruption arises we often hear; smart homes will soon be the norm, more people than ever are connected via the Internet of Things, and Artificial Intelligence will disrupt the way we live, work and play.
If buyer demand continues to outpace the current supply of existing homes for sale, prices will continue to appreciate. Nothing nefarious is taking place. It is simply the theory of supply & demand working as it should.
Hurricane Irma impacted Florida’s Sept. 2017 housing market and economy. With that in mind, 2018 Florida Realtors data finds existing single-family sales up 17% year-to-year, median prices up 4.9%, condo sales up 14.6% and condo median prices up 5.5%.
Florida led the nation in construction job growth over the past year, according to a new report. Contractors added 70,700 workers to their Florida payrolls, a 14.8 percent growth rate, in the 12 months ending in September.
As a first-time home buyer, where do you even begin? Saving enough cash to cover a down payment is a big enough hurdle to get over, but that’s just the beginning. The entire process can be intimidating and overwhelming. Mortgages, offers and negotiations, inspections, homeowners insurance, property taxes, the list goes on.
12% of millennials surveyed cited “rising rents” as the trigger that sparked them to become homeowners, while 17% said family needs; for 55+ buyers, 20% said privacy. Overall, 44% want a three-bedroom home, and 93% want at least two bathrooms.
If you’re like the vast majority of home buyers, you will choose to finance your purchase with a mortgage loan. By preparing in advance, you can avoid the common delays and roadblocks many buyers face when applying for a mortgage.
The tax reform bill also might be contributing to the growth in home plans. Eighteen percent of the respondents doing projects said they have increased their remodeling budget as a result of their taxes getting lowered.