Happy Sellers and Buyers,and Customers

As a Real Estate  for over 28 years, my ultimate goal is to let my experience and knowledge help my customers realize their goal, which is to sell or buy there home.  Do I get asked how  I differ from all the other agent’s out there? Well, the answer is my experience and my past record does speak for itself not only in what I do but how I do it! Most agents will do the minimum marketing to save a dollar in their pockets and never think “out of the Box”. My team is taught to always find new ways to get every unique customer’s home out to the largest population of potential buyers and sellers by concentrating not on the cost but to find the qualified buyers and sellers. All agents will do the general work as to put you in MLS (Multiple Listing Service} and send out postcards but what else do they generally do? Well if your working with our team you not only get the Standard marketing you get Worldwide Marketing with over 86 different websites as well as we as a team call your neighbors and our database of over 14,000 people to let them know you have placed your home on the market or you are looking for a particular home. In short, we always go above and beyond to help our customers not only get what they want but to save as much money as possible in the process and make everything very smooth all the way through closing.

https://youtu.be/aZ7Dc9cMHGU

 

30-year fixed mortgage averaged 4.53 percent for the week ending July 12

By DBJ Staff  – 

U.S. mortgage rates rose this week after dropping in most of the recent weeks, according to Freddie Mac.

The 30-year fixed mortgage averaged 4.53 percent for the week ending July 12, up from 4.52 percent the previous week. A year ago, mortgage rates stood at 4.03 percent.

Favorable mortgage rates have helped drive U.S. home sales and the refinance market.

Sam Khater, Freddie Mac’s chief economist, said mortgage rates were mostly unchanged, but did tick up for the first time since early June.

“The 10-year Treasury yield continues to hover along the same narrow range, as increased global trade tensions are causing investors to take a cautious approach,” Khater said. “This in turn has kept borrowing costs at bay, which is certainly welcoming news for those looking to buy a home before the summer ends.”

He added a record number of people quit their job last month, most likely for a new opportunity with higher wages and better benefits.

“This positive trend, along with these lower mortgage rates, should increasingly give some previously priced-out prospective homebuyers the financial wherewithal to resume their home search,” Khater said.

The historic low for 30-year rates was 3.31 percent in November 2012.

Read more at https://www.bizjournals.com/orlando/news/2018/07/15/u-s-mortgage-rates-reverse-course.html

3 BENEFITS, YOU MAY NOT HAVE KNOWN ABOUT INVESTING IN REAL ESTATE

  1. YOUR FIRST HOUSE SHOULD BE YOUR FIRST INVESTMENT HOME

There are many benefits to buying your first home as a real estate investment. Being young, this may get you your first taste of financial freedom and benefit you for years to come. Perhaps you are in college, renting out the other rooms in your house to other students not only pays your mortgage but making the lease through their parents makes it a stable income. This just builds foundations for your next steps which are upgrading or investing in multiple properties.

  1. LOOK FOR THE LOWER END IN THE BEST NEIGHBORHOODS

People pay so much attention to the minor problems in a house, things that don’t cost very much to fix like carpet, floors, gutters, lawns, paint color, etc… When looking for an investment, these minor fixes can be a great bargaining tool when buying the house. By looking for the lower end homes set in the most desirable neighborhoods, you will save yourself more than enough to make those minor fixes after.

  1. LONG-TERM FINANCIAL SECURITY-

Owning rental-property can give you long-term financial security. Property values appreciate over time, meaning that your investment or land is going to be worth more in the future. Having a second steady flow of income can give you a head start in financial freedom, investing, saving, and retirement planning. Rule of thumb, consider three things… the location, location, location.

 

Orlando was the rated the 3rd in Best Places in the Nation to Invest in Real Estate in 2018. If you have any questions please feel free to contact us.

Contact the Maycumber Team at 

www.WeKnowOrlando.com

Core Logic report of Homes Sales Statistics

 

 

The CoreLogic Home Price Insights report features an interactive view of our home price analysis through May 2018 with Forecasts from June 2018 including live maps.

CoreLogic HPI™ is designed to provide an early indication of home price trends. The indexes are fully revised with each release and employ techniques to signal turning points sooner.

CoreLogic HPI Forecasts™ (with a thirty-year forecast horizon), project CoreLogic HPI levels for two tiers—Single-Family Combined (both Attached and Detached) and Single-Family Combined excluding distressed sales.

The report is published monthly with coverage at the national, state and Core Based Statistical Area (CBSA)/Metro level and includes home price indices (including distressed sale); home price forecast and market condition indicators. The data incorporates more than 40 years of repeat-sales transactions for analyzing home price trends.

https://www.corelogic.com/insights-download/corelogic-home-price-insights.aspx

May 2018 National Home Prices

Home prices nationwide, including distressed sales, increased year over year by 7.1 percent in May 2018 compared with May 2017 and increased month over month by 1.1 percent in May 2018 compared with April 2018 (revisions with public records data are standard, and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results).

 

Forecast Prices Nationally

The CoreLogic HPI Forecast indicates that home prices will increase by 5.1 percent on a year-over-year basis from May 2018 to May 2019, and on month-over-month basis home prices are expected to be up 0.3 percent from May 2018 to June 2018.

The CoreLogic HPI Forecast is a projection of home prices using the CoreLogic HPI and other economic variables. Values are derived from state-level forecasts by weighting indices according to the number of owner-occupied households for each state.

HOUSING INVENTORY: LOWEST IN DECADES

 

 

 

 

 

 

Resale inventory is at the lowest level in more than 18 years and continues to decrease. New home construction hasn’t kept pace with demand, and the result is an inventory shortage at a time when demographic and economic indicators are moving upward for the .

One way to measure for-sale housing inventory is with “months’ supply,” which shows how many months it would take to sell the available inventory at the current sales pace, as if no other came on the market, which is unlikely but it is a good snapshot to measure health.

Month's Supply Lowest In More Than 18 Years

The housing market is seasonal, so when comparing the data over time we look at these numbers for the same month of each year. In March 2018, the months’ supply was approximately 3.8 months measured across the country, which means it would take only 3.8 months to sell all the existing houses listed at the March 2018 sales pace.  The March 2018 supply was about the same level as in March 2017, but well below where it was during the Great Recession, and tighter than it was before the housing boom. By this measure, inventory is the tightest it’s been in over 18 years.

Inventory Tight for Entry-Level Buyers

When we dig deeper into inventory at different price levels we see that inventory for entry-level homes is even tighter. Using the median price as the reference, we look at months’ supply for homes listed at different price points, for those homes listed at the entry-level (priced from 50 percent of median sale price up to 25 percent above) there was only a 3-month supply available for sale. There is more supply at higher price points – close to 7 months for homes listed for more than twice the median sale price.

Areas of the country with strong job growth have even lower supply. Denver, Seattle, and San Francisco have about 2 months of supply, making each of those cities a sellers’ market. Miami, with a supply made up mostly of condos, has the highest supply of the largest metros at 9 months.

Month's Supply in Large Metro Areas

The incredibly tight inventory on the low end has pushed prices up for that segment of the market. As measured by the CoreLogic Home Price Index, prices for lower-end homes increased by almost 10 percent year over year in March 2018, while prices for higher-priced homes increased by 6 percent. Increases for lower-end homes can price entry-level buyers out of the housing market, keeping a lid on overall home sales.

© 2018 CoreLogic, Inc. All rights reserved.

 

 

 

Resale inventory is at the lowest level in more than 18 years and continues to decrease. New home construction hasn’t kept pace with demand, and the result is an inventory shortage at a time when demographic and economic indicators are moving upward for the housing market.

One way to measure for-sale housing inventory is with “months’ supply,” which shows how many months it would take to sell the available inventory at the current sales pace, as if no other homes came on the market, which is unlikely but it is a good snapshot to measure health.

Month's Supply Lowest In More Than 18 Years

The housing market is seasonal, so when comparing the data over time we look at these numbers for the same month of each year. In March 2018, the months’ supply was approximately 3.8 months measured across the country, which means it would take only 3.8 months to sell all the existing houses listed for sale at the March 2018 sales pace.  The March 2018 supply was about the same level as in March 2017, but well below where it was during the Great Recession, and tighter than it was before the housing boom. By this measure, inventory is the tightest it’s been in over 18 years.

Inventory Tight for Entry-Level Buyers

When we dig deeper into inventory at different price levels we see that inventory for entry-level homes is even tighter. Using the median price as the reference, we look at months’ supply for homes listed at different price points, for those homes listed at the entry-level (priced from 50 percent of median sale price up to 25 percent above) there was only a 3-month supply available for sale. There is more supply at higher price points – close to 7 months for homes listed for more than twice the median sale price.

Areas of the country with strong job growth have even lower supply. Denver, Seattle, and San Francisco have about 2 months of supply, making each of those cities a sellers’ market. Miami, with a supply made up mostly of condos, has the highest supply of the largest metros at 9 months.

Month's Supply in Large Metro Areas

The incredibly tight inventory on the low end has pushed prices up for that segment of the market. As measured by the CoreLogic Home Price Index, prices for lower-end homes increased by almost 10 percent year over year in March 2018, while prices for higher-priced homes increased by 6 percent. Increases for lower-end homes can price entry-level buyers out of the housing market, keeping a lid on overall home sales.

© 2018 CoreLogic, Inc. All rights reserved.

National Association of Realtors

Pending home sales slid in April to their third-lowest level over the past year according to the latest Pending Home Sales Index data released by the National Association of Realtors (NAR) on Thursday. The report indicated that the index declined 1.3 percent in April to 106.4 from an upwardly revised 107.8 in March. On a year over year basis, the index was down 2.1 percent and declined for the fourth straight month.

“Pending sales slipped in April and continued to stay within the same narrow range with little signs of breaking out,” said Lawrence Yun, Chief Economist at NAR. “Listings are typically going under contract in under a month and instances of multiple offers are increasingly common and pushing prices higher.”

Watch what Yun had to say about the other factors that impacted pending home sales and his take on the :

 

Lake Nona-area plaza, tenants for future

A plaza near Lake Nona, a fast-growing community in southeast Orlando, is expanding and gaining medical and retail tenants.

The Narcoossee Retail Center, developed by Reich Properties Inc. at 865 N. Narcoossee Road in St. Cloud, will have two urgent care centers as tenants for its planned 10,800-square-foot second phase. A building that size may cost roughly $1 million to build, based on industry standards.

Nemours Children’s Primary Care, an urgent care center for children, will occupy 4,200 square feet. In addition, the St. Cloud Regional Medical Center will have a 2,000-square-foot urgent care center, Reich Properties President John Reich told Orlando Journal. “St. Cloud Regional Medical Center and Nemours both decided Narcoossee Road is a good place to be — it’s where St. Cloud meets .”

Medical City is a life sciences hub in that includes Nemours Children’s Hospital, the University of Central medical school, the Orlando VA Medical Center and more.

Nearly 5,000 square feet of the second phase remains available for tenants.

Reich Properties spokeswoman Coleen Taylor said the $2 million second phase is nearing constriction and will be delivered in first-quarter 2019.

Orlando-based Jordan & Associates Consulting Inc. is the engineering consultant for the project.

Plans for a third phase will bring an additional 11,000 square feet or more to the plaza. No timeline was given for that phase.

The first phase of Narcoossee Retail Center is complete and fully occupied by Building Brains Academy Language Immersion Preschool, Domino’s Pizza Bakery, All Flooring USA and The Nail Lounge & Spa.

Reich said the growing residential development in the area is driving demand for more commercial space. “Osceola County is a somewhat rural lifestyle, and you have to go to Osceola for that lifestyle. That’s why there are so many rooftops going up. There are enough rooftops now to support developing commercial,” Reich said.

He envisions the plaza’s second and third phases being fully occupied by health care providers such as dentists and orthopedics, along with restaurants.

Predicting the Housing Market and Economic Health

 

The next recession is likely to be triggered by monetary and trade policy according to experts surveyed by Zillow, and that could happen as early as 2020. Through its 2018 Q2 Zillow Home Price Survey, the real estate engine asked more than 100 real estate experts and economists about their predictions for the as well as the triggers for the next recession and when it would begin.

A very few, only nine, of the over 100 experts surveyed believed that the next downturn would be triggered by the housing market. “By most measures, the is doing well; GDP is growing steadily and unemployment is near historic lows. This has prompted the Federal Reserve to raise short-term interest rates four times since the start of 2017,” Zillow said in its survey. With two more rate hikes expected this year, the experts surveyed believed that raising rates too quickly could push the economy towards slower growth, leading to a recession.

Despite these misgivings, the respondents also thought that the housing market would continue to experience strong appreciation, predicting that home values in the U.S. would rise 5.5 percent in 2018 to a median of $220,000. They had predicted home values to rise 3.7 percent in 2018 during the same period last year.

“As we close in on the longest economic expansion this country has ever seen, meaningfully higher interest rates should eventually slow the frenetic pace of home value appreciation that we have seen over the past few years, a welcome respite for would-be buyers,” said Aaron Terrazas, Senior Economist at Zillow. “Housing is a critical issue in nearly every market across the country, and while much remains unknown about the precise path of the U.S. economy in the years ahead, another housing market crisis is unlikely to be a central protagonist in the next nationwide downturn.”

On average, panelists said they expected home value growth to slow further in coming years – to 4.1 percent by the end of next year, 2.9 percent in 2020, 2.6 percent in 2021 and 2.8 percent by 2022.

On mortgage credit, most of the respondents had a positive assessment of residential lending with 51 percent saying that today’s mortgage underwriting standards were “just about right, neither too tight, nor too loose.” Around 25 percent of respondents felt that underwriting standards were somewhat tight, whereas 21 percent said that they were somewhat loose.

A Record-breaking Month for the Housing Market

April was a quick selling month for the , according to Redfin. sold faster during the month than any other month Redfin has recorded since 2010, with homes staying on the market for just 36 days on average. This is six days faster than April of 2017. Homes were more expensive as well, with the national home sale price crossing the $300,000-mark for the first time in Redfin’s history. The median national home price was $302,000.

“Despite rising prices and low inventory, sales in 2018 so far are slightly higher than last year, which was the best year on record since the 2006 housing boom,” said Redfin Chief Economist Nela Richardson. “As we enter peak homebuying season, new listings will be key in maintaining sales growth and moderating the rapid price increases we’ve seen this year.”

In April the market gained a 5.7 percent month-over-month increase in newly listed homes , a welcome relief in a month that saw a 9.2 percent year-over-year decrease in available homes. Of all the homes for sale in April, 26.2 percent sold for above their list price, a year-over-year increase from April 2017’s 24.9 percent.

Redfin also notes that only 2.8 months of supply remained at the end of April, while six months of supply is the signal of a healthy market. Tough competition due to the limited supply has raised prices in every large metro; no metro area with a population of 750,000 or more saw any decline in prices in April.

 

 

According to Redfin, Michigan metros were the most competitive and fastest growing in the nation. Detroit experienced a 21.2 percent year-over-year price increase, the second highest in the nation behind San Jose, followed by Grand Rapids, where homes spent on average just nine days on the market.

“Detroit and Grand Rapids are no different than other cities dealing with low inventory. In addition, buyers are pouring in from the east coast, west coast, and Chicago, which is adding to the demand,” said Kent Selders, a Redfin Market Manager in Michigan.

See how inventory shortages and price increases are impacting other metros here.

The Impact of Supply Shortage on Luxury Housing

 

 

 

The supply shortage of is not limited to the median home only. The first quarter of 2018 saw the also feeling the heat of inventory shortage as prices for high-end homes saw the strongest appreciation in four years, according to a report on the luxury housing market by Redfin.

This quarterly report tracks home sales in more than 1000 cities across the country and defines a home as a luxury property if it is among the top 5 percent most expensive homes sold in the city during the quarter.

Prices for luxury homes rose nearly 8 percent to an average of $1.8 million during the quarter, Redfin found. However, this did nothing for sales of these homes which fell 20 percent marking four consecutive quarters of declining sales in this segment of the housing market.

“For the first time since changes to the tax code went into effect, luxury buyers could no longer deduct more than $10,000 in state and local property taxes or interest for mortgages over $750,000,” said Nela Richardson, Chief Economist at Redfin. “In a world of balanced supply and demand, these changes would have dampened price growth. Instead, this quarter saw the strongest luxury price appreciation in four years, demonstrating that the current inventory crunch is extremely broad-based and affects buyers at every price range.”

The inventory shortage is also escalating competition for luxury homes. The report indicated the average luxury home that sold last quarter went under contract after 82 days on the market, nine days faster than the same period last year. While only 1.5 percent of luxury homes were bid up over the asking price, that’s up from 1.3 percent in the first quarter of 2017.

In terms of regions, Florida and Nevada saw strong growth in prices of luxury homes with average sale prices in Vero Beach increasing 68 percent to $2.65 million over last year while those in Reno going up 51.3 percent. On the other hand, some cities known for their luxury homes actually saw a decline in prices.

Homes in Long Beach, California led this group of cities with prices falling 26.1 percent year-over-year in the first quarter. Prices in Washington, D.C. also saw a decline of 9.6 percent as did Fort Lauderdale, which saw prices falling 7.3 percent.