New Construction is Here!
We have been patiently waiting for new construction and I am happy to report on 2 new nearby communities that are beautiful nearby homes ready to be built. Yes, I drove by both communities to check out the areas. Please call me, Susan Penn at 954-557-5993 to discuss this exciting news, as we know these homes will not last long on the market as buyers will be scooping them up. A sign up sheet is needed per builder for further information on these communities.
Crypto Currency
Prices are rising in Miami for a number of reasons. But how much that is due to crypto investors is unclear. BitPay can facilitate cryptocurrency real estate transactions on behalf of buyers and sellers. An email invoice will be generated by the selling party. The buyer receives the invoice and pays from their preferred crypto wallet, either manually or by scanning a QR code. BitPay then transfers the funds to the seller via direct deposit. For sellers unwilling to receive cryptocurrency directly, your crypto will have to be converted to dollars to complete the purchase.
Real Estate Pricing
In March 2022, home sale prices were up 28.2% to a median of $500,000 compared to last year, according to Redfin. Meanwhile, Miami rental prices are the least affordable in the country, with the median rent for a typical unit with less than two bedrooms costing twice as much as the estimated maximum affordable rent for a median household, according to a recent report by Realtor.com. Homeowners may be shocked by what their home is now worth. In the first quarter, 70% of the largest metros in the U.S. posted double-digit price growth in median single-family existing-home sales prices, the National Association of REALTORS® reported Tuesday 5/3/22.
More Inventory
A whopping 64% of prospective sellers anticipate placing their homes on the market within the next six months, according to a recent Realtor.com survey. That means more inventory this summer for a market that desperately needs it. Home price appreciation is great news for existing home sellers. Hopefully, more inventory will help the decline of the current bidding wars we are facing right now.
We have been patiently waiting for new construction and I am happy to report on 2 new nearby communities that are beautiful nearby homes ready to be built. Yes, I drove by both communities to check out the areas. Please call me, Susan Penn at 954-557-5993 to discuss this exciting news, as we know these homes will not last long on the market as buyers will be scooping them up. A sign up sheet is needed per builder for further information on these communities.
Crypto Currency
Prices are rising in Miami for a number of reasons. But how much that is due to crypto investors is unclear. BitPay can facilitate cryptocurrency real estate transactions on behalf of buyers and sellers. An email invoice will be generated by the selling party. The buyer receives the invoice and pays from their preferred crypto wallet, either manually or by scanning a QR code. BitPay then transfers the funds to the seller via direct deposit. For sellers unwilling to receive cryptocurrency directly, your crypto will have to be converted to dollars to complete the purchase.
Real Estate Pricing
In March 2022, home sale prices were up 28.2% to a median of $500,000 compared to last year, according to Redfin. Meanwhile, Miami rental prices are the least affordable in the country, with the median rent for a typical unit with less than two bedrooms costing twice as much as the estimated maximum affordable rent for a median household, according to a recent report by Realtor.com. Homeowners may be shocked by what their home is now worth. In the first quarter, 70% of the largest metros in the U.S. posted double-digit price growth in median single-family existing-home sales prices, the National Association of REALTORS® reported Tuesday 5/3/22.
More Inventory
A whopping 64% of prospective sellers anticipate placing their homes on the market within the next six months, according to a recent Realtor.com survey. That means more inventory this summer for a market that desperately needs it. Home price appreciation is great news for existing home sellers. Hopefully, more inventory will help the decline of the current bidding wars we are facing right now.
Lawrence Yun, NAR’s chief economist. “Given the extremely low inventory, we’re unlikely to see price declines, but appreciation should slow in the coming months.”, as more housing supply is expected to come onto the market this quarter.
Inventory Housing Levels
Marr, the chief economist for Redfin stated “We're at the lowest level of inventory on record back at least 23 years,“ “So housing starts are not quite making that large of a dent in terms of the inventory shortage just yet.
Inventory Housing Levels
Marr, the chief economist for Redfin stated “We're at the lowest level of inventory on record back at least 23 years,“ “So housing starts are not quite making that large of a dent in terms of the inventory shortage just yet.
Core Logic is a real estate research company based in California. ” Selma Hepp, Executive, Research & Insights and Deputy Chief Economist at CoreLogic, puts it like this: “With so few homes, buyers are once again left with fierce competition that’s driving the share of homes that sold over the listing price up to 66% . . .
Buyers are looking for updated remodeled homes regardless of the price range and these homes are being scooped up the quickest! The most important step a seller can make is adding the touches necessary for the highest value. This can be painting a neutral color on the walls, adding new porcelain flooring or remodeling a kitchen. Currently, this allocated money will add significant value.
Having the continued imbalance between supply and demand, home prices are likely to have another year of strong gains and are expected to average about 10% growth for the year.”
Meanwhile, Miami rental prices are the least affordable in the country, with the median rent for a typical unit with less than two bedrooms costing twice as much as the estimated maximum affordable rent for a median household, according to a recent report by Realtor.com.
Meanwhile, Miami rental prices are the least affordable in the country, with the median rent for a typical unit with less than two bedrooms costing twice as much as the estimated maximum affordable rent for a median household, according to a recent report by Realtor.com.
Mortgage Rates
We are watching the rates rise. This week the rate fell slightly but the time limit on this drop is not going to last. It seems as though the historical low 3% mortgage rate will be an item of the past as we are now in the 5% arena.
Thanks!
Susan J Penn, PA Realtor -16 Years
Berkshire Hathaway HomeServices Realty
2330 Weston Road
Weston FL 33326
954-557-5993
susanjpennpa@gmail.com
www.susanjpennrealtor.com
