Happy Valentines Day! 

Mortgage Rates 

Mortgage Rates are a bit lower than they've been recently, with 30-year rates staying in the mid-6% range. But will they stay that way? Mortgage rates are expected to ease as inflation slows and the Federal Reserve lowers the federal funds rate. But in the last few months, inflation has been ticking up. And at its meeting last week, the Federal Reserve opted to keep its benchmark rate steady.  Fannie Mae predicts that in 2025, the US housing market will experience mortgage rates remaining above 6%, with a slight decline toward the end of the year. Analysts expect the 30-year fixed rate mortgage to stay in the mid-6% range throughout 2025 and 2026, although the forecast is far from guaranteed.

Market Inventory Levels

Generally, five to six months of supply is a balanced market. Single-family homes in Broward County ended 2024 still just barely in a seller's market at 4.6 months of supply, while condos and townhouses are now firmly in buyer's market territory with 9.8 months of supply as of December 2024. We are currently in a slow market where prices seem high and mortgage rates are between 6% -7%. Buyers have an opportunity to let their Realtor, Susan Penn at London Foster negotiate on price and terms for certain homes with this market. 

New Construction Homes in Broward County FL (Davie FL and Plantation FL)

Everyone loves New Construction Homes. Personally, Susan has been waiting 2 1/2 years for some of these wonderful developments to be realized in Davie, FL but, Susan is happy to announce 2025 is going to be the year these new projects come to fruitation. Some of you are waiting with me. Call me, Susan Penn 954-557-5993 to view homes or I will be calling you as you are on a list for these new properties. The newest New Construction Community to hit the market is in Plantation and is called Bellaterra and offers 8 semi-custom homes on an acre of land. Here is the link!

https://www.susanjpennrealtor.com/bellaterra-plantation-acres-real-estate-new-construction-homes-sale/

Pam Beach County Luxury Homes Showing Interest

Luxury Homes in Palm Beach County are sky rocketing! There are currently 22 pending homes in contract above $10 million up to $58 Million. 40 Luxury Homes over the $10 Million dollar price range closed in Palm Beach County over the last 90 days. Palm Beach County is being noticed as our President Trump is in office.