Happy Holidays! Happy Hanukkah! Merry Christmas! Happy New Year!
Broward County Market Report
Yes, yes, yes! South Florida Real Estate Properties are moving quickly right now. The typical holiday time slow moving sales are non-existent this year. Sales are in high gear!
Today our low interest rates are producing all time low mortgage rates driving up buyer demand; combined with the robust Standard & Poor's 500 Index; the appeal of stable assets in a volatile economy; homebuyers leaving tax-burdened Northeastern states to purchase sunny Florida's (no state income tax); and work-from-home and remote-learning policies have all combined to create a robust market for luxury single-family properties.
Speaking of mortgages, the loan limit as of yesterday November 30, 2021 changed, the Federal Housing Finance Agency (FHFA) raised loan amounts. Now, on single family residences the conforming loan limit for 2021 is $548,250.00. This number is going up by $98,950.00 to $647,200.00. You will discover certain lenders can honor this new loan policy today. The FHA new loan limit for 2022 is $460,000.00, up from $420,500.00. This is good news as it allows home buyers to afford "more home" value!
What were some previous historical mortgage rates?
October 1981 - 18.63%
January 1995 - 9.22%
December 2009 - 4.71%
Global vaccinations are rising and with unstable political situations around the world, South Florida is seeing an increase in foreign homebuyers. Global buyers are coming here for the vaccine and purchasing property. Yes, your competition is present!
The National Flood Insurance Program cannot sell new or renew flood insurance policies after 11:59 pm Eastern time on December 3, 2021. Congress will be working toward a 5-year reauthorization and reform measure.The existing National Flood Insurance Program policies will remain in effect until their expiration date (i.e., the renewal date plus a 30-day grace period), and claims will continue to be paid as long as Federal Emergency Management Agency has the funds on hand.
Miami-Dade County broke its record for the most annual home sales in only 10 months as October transactions surged year-over-year, according to a report by the MIAMI Association of Realtors (MIAMI) and the Multiple Listing Service
Inventory for Broward County, Miami-Dade County and Palm Beach County
Broward October 2021 Condos/Townhomes 1.9 Months of Inventory Supply
Broward October 2021 - Single Family 1.4 Months of Inventory Supply
Miami-Dade October 2021 Condos/Townhomes 4.0 Months of Inventory Supply
Miami-Dade October 2021 - Single Family 2.2 Months of Inventory Supply
Palm Beach October 2021 Condos/Townhomes 1.3 Months of Inventory Supply
Palm Beach October 2021 - Single Family 1.3 Months of Inventory Supply
