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.

How are you doing today? Are you still thinking of moving? Do you have a specific timeline?
December is a great time to move as the weather is cooler and most people have time off for the holidays.  Happy Hanukkah and Merry Christmas ! This year both holidays fall on the same date. Realtors now for the entire United States use a brokerage agreement when taking out a client. This brokerage agreement is required by the National Realtors Association.

One of the major influences on mortgage rates has been the presidential election which has now ended. The newest concern is President-elect Donald Trump's economic proposals which sent bond rates higher in November.  Another factor impacting mortgage rates is the existing budget deficits. Inflation remains high partially due to housing prices, which rose 3.8% annually in September. The Federal Reserve is expected to cut rates again in December 2024. Rates on 30-year mortgages ticked further down Monday, 12/2/24, with a third consecutive decline reducing the average mortgage rate to 6.66%. That's now the lowest level in six weeks.

There are more homes on the market right now than there have been in years – and that could be a game changer for you if you’re ready to buy. There has been a recent Florida Statewide slowdown in Florida's housing sales for a 12.3%  decrease due mainly to Category 4 Hurricane Helene in September 2024. Hurricane Milton reached the gulf side of Florida in October 2024 and Florida's Real Estate sales declined for the month by 5.6% from the previous year. October's Real Estate listings also fell by 10.3%.

 Meanwhile, Florida home prices were not affected by these hurricanes. For the month of October 2024 Broward County secured 1,001 closed sales. The tri-county area Miami- Dade, Broward and Palm Beach County encountered 2,883 closed sale while the entire state of Florida closed 18,617 properties. Real Estate is very emotional and the minute a holiday arrives or an unforeseen change appears, most people place their real estate needs on hold. People prepare for hurricanes well in advance of the storm, taking days away from their buying thoughts. Hurricane season ends November 30th and the cooler weather arrives which we all look forward to in South Florida.

Happy Thanksgiving!
From my family to yours, wishing you a cozy, joy-filled season with family and friends.

As we transition into the cooler months, the real estate market is showing distinct shifts. Here’s what we’re seeing nationally and locally:

• Cooling Demand, Lower Inventory
  Fall season typically sees reduced buyer activity, with some sellers choosing to wait until spring. However, in SouthEast Florida demand remains high for well-priced remodeled homes especially those in desirable neighborhoods with top-rated schools.

• Interest Rates Update
  The average 30-year mortgage rate currently sits around 6%-6.5%, with expectations of stability or gradual decline into 2025. While rates are still higher than previous years, the pressure may ease slightly, encouraging more buyers to re-enter the market. Remember, October 2023 had mortgage rates at about 8%.

• Home Prices Hold Steady
  While price growth has slowed, many markets have maintained a steady pace. Sellers are still seeing strong returns, but pricing strategically and understanding local demand is key.

2. Tips for Buyers: Making the Most of Year-End Opportunities

End-of-year can be a smart time to buy! Fewer buyers mean less competition, and some sellers might be motivated to close deals before year-end. Here are some tips:

• Look for Motivated Sellers: Many sellers at this time are eager to finalize transactions before the new year. Everything is Negotiable!
• Get Pre-Approved: Rates and requirements can vary by lender, so shopping around is wise. Pre-approval lets you know what you can afford and is necessary for an offer, especially in today’s competitive market. It is the first step a buyer needs. A pre-approval letter is based on your financial information, such as W-2s, bank statements and your credit score.
• Exclusive Buyer Brokerage Agreements: This is the new normal paperwork for Buyers throughout the entire United States. Buyers will be signing this Exclusive Buyer Broker agreement before viewing properties For Sale, For Lease etc...  Compensation agreements and modification forms are also new.

3. Selling this Season? Here’s How to Make Your Home Stand Out

Selling in fall and winter has its advantages. Here are some tips to attract buyers:

• Embrace Curb Appeal: Have your exterior home painted if needed, by walking the exterior of your home. Add some landscaping to bring out curb appeal is a great option.
• Paint Your Homes Inside a Light Neutral Shade: Properties painted with a light tone(s) throughout the interior of the house keep distractions to a minimum presenting calming vibe.
• Be Flexible with Showings: With holidays and inclement weather, accommodating buyers’ schedules can increase your chances of a successful showing.
• Modern : The Modern style is clean, neutral, timeless and classic that buyers love. 
• Declutter: Many sellers may overlook bulky furniture or too much furniture in a room. Declutter is not only going room to room taking items away, such as knick-knacks or clothing.

4. Neighborhood Spotlight: [Featured Community/Weston, FL]

This month, we’re highlighting [Weston, FL]. Known for its [unique features, e.g., great 'A' Top-Rated schools, distinct neighborhoods, spacious homes, luxury homes for families, art festivals, concerts, celebrity golf tournaments, beautiful landscapes, scenic parks, sports parks, highway convenience, shopping and dining options], this area has become a favorite among [young families, and professionals].

October 2024 South East Florida Real Estate Market Report by Susan J Penn Realtor

Happy Halloween!

The real estate market is remaining calm. Having more housing choices available to Buyers due to an increase in South Florida's inventory, and mortgage rate levels expected to fall further, these two factors are leaving buyers taking their time.  Buyers are sitting on their homes with very low mortgage rates, usually at 3%, due to the pandemic, so they do not have the drive and ambition to purchase a home with a mortgage at twice the mortgage rate price of 6%. 2025 is expected to bring lower mortgage rates along with economic improvement especially in the Luxury market. On November 7, 2024 another 25 basis points rate cut is predicted. Looking at Broward County for August 2024, Closed Sales were down 1.4% from The previous year of 2023. There's currently 8.3 months of townhouse and condo supply in Broward County Real Estate, compared to 4.5 months of single-family home supply.

Currently, Sellers will need to be patient and flexible with the sale of their home. Homes are staying in the market longer unless they are at a price range of $800,000.00 and lower. Homes that are well maintained and have great curb appeal, feature newer roofs and offer contemporary updates with modern finishes tend to sell faster. This is more work and expense for the Seller, although those updates sell homes quicker. The newest counter tops are quartz and the modern cabinets are glossy without handles. People love the glass barn door shower doors. The updated style for shower floors in walk-in showers no longer features a large step down. Large tile sizes such as 24 x 48 and 48 x 48 without all of the grout lines showing are being used to remodel homes.

What is Needed to Purchase a Home Today?

1) Pre-Approval Letter

2) Proof of Funds

3) Signed Buyer Brokerage Agreement

What is a signed Buyer Brokerage Agreement?

The NAR Settlement had the commission removed from MLS. The signed Buyer Brokerage agreement agrees for the Buyer to pay commission to their Real Estate Agent. Now, the agent asks ahead of showing a property what or if their commission is.  The Sellers commission will usually wipe away the Buyer paying their agent a commission. Another form is filled out for the commission.

There is paperwork involved so please follow #1 and #2. Yes, I am happy to give you a very qualified mortgage consultant. 

September 2024 South East Florida Real Estate Market Report & Newsletter by Susan J Penn Realtor

Happy Labor Day!

For much of the past three years, inflation had risen higher than the Fed's 2 % goal.  The economy is healing from the pandemic where supply and demand was quite difficult to balance. In 2022, inflation exceeded 6 percent. Now that we are  toward the end of 2024, Jerome Powell believes that inflation is on a sustainable path back to the 2 percent level. The September 18th meeting may give a lower rate change.

Buyer anxiety around prices and the Presidential election precipitated the fall season as the National Association of Realtors' Pending Home Sales Index declined 5.5%, to 70.2, with the lowest index reading in 23 years. Sales for Housing are at a slow pace and although the level of inventory is climbing, it is not enough to suit Buyers demands. Also, Buyers are being very picky in their choice of homes. Buyers want a turn key home with multiple upgrades. A key issue driving America’s housing affordability crisis is a persistent lack of homes on the market. Supply is simply not keeping up with demand in many markets across the country, for varying reasons. Mortgage rates are dropping in advance of the Federal Reserve's September 18, 2024 meeting. Once Buyers notice mortgage rates falling, homes for sale will start moving again with more sales occurring.

As far as the NAR Settlement, the Real Estate Business is back to Normal with the use of knowledge and extra forms. Spending multiple hours learning and reviewing these new documents has placed myself back on track and ready to assist you with your real estate needs.

August 2024 South East Florida Real Estate Market Report & Newsletter by Susan J Penn Realtor

Enjoy the month of August 2024 as Real Estate has undertaken a major change! You can look all you want online at listings, UNTIL YOU ARE FINALLY READY TO PURCHASE A PROPERTY..... Now, there is a NEW CHANGE. Changes occur all of the time in Real Estate. For a Buyer or Seller, I am available to provide you this new service and will make the transaction as seamless as possible. After 19 years in this Business I am quite used to the multiple changes in the real estate industry.

No longer is the commission displayed to the Buyers Agent on the Multiple Listing Service from the Sellers Agent. The multiple listing service has been around for over 100 years and has been there to provide cooperation among the Realtors. As of August 13, 2024, the multiple listing service took out the amount of commission for all listings. This is the New Real Estate Process and we will get through the change. This does not mean the Sellers Agent will not provide a commission, it means as a Buyers Agent, if you are a Buyer, which is now termed consumer, I need to ask on behalf of my client, what the commission is that the Seller's agent is providing, ahead of scheduling a showing. I also am required to send a commission form to the listing agent before viewing a property.

Now that you are READY, before you buy a home in the United States, (This is for all 50 States in the United States) and before you even go look at a new place, you’ll be signing  paperwork. You will sign a written agreement with me as your agent before touring a home. As a buyer, you first need to supply your pre-approval letter or proof of funds. If you need a mortgage consultant to help with a pre-approval letter, I am happy to provide you this service. Pre-touring paperwork involves signing either a pre-touring agreement, a showing agreement, or a buyer’s broker agreement which states the buyer will pay the buyer's broker compensation. Yes, the buyer is now responsible for the Buyer's agents commission. In Florida, Realtors are usually considered transaction brokers. There is an Exclusive Buyer Brokerage Agreement, Consent to Transition to Transaction Broker which needs a buyer's signature before we start pre-viewing properties. The buyer is now considered the consumer and this language will appear. 

For my Brokerage, London Foster * AS OF AUGUST 15th, IT IS REQUIRED TO HAVE A BUYER AGREEMENT SUBMITTED TO OUR NEW BACK OFFICE BEFORE SHOWING A PROPERTY THAT YOU ARE NOT LISTING. * 

There is other paperwork to be signed such as the above mentioned Exclusive Buyer Brokerage Agreement and there are modifications to compensation agreements. The Buyer agent's will call the listing agent and ask if the seller will pay the buyer's broker a commission and find out what the amount is. If the Seller's agent says 2.5% for example is the Buyer agents commission and the Seller's Agent has signed and sent the compensation agreement back to the Buyer'sAgent, that paperwork will wipe out what the Buyers agreed to pay and the Buyer is back to Business as Usual. Yes, the New Buying a home process is performed with more forms. If the Seller does not agree to pay a commission we can always locate another property. I am here to help you. The commission is private in place of being in the public eye, due to the NAR lawsuit and the department of justice.

I have a Gorgeous Luxury Listing For Sale in The Landings of Weston FL. Click the link for the Virtual Tour. This prestigious Custom Pool Residence offers 5 Bedrooms, 3 Full Baths and 2 Half Baths. This meticulous santuary extends from the open living areas to the resort style backyard. The versatile space seamlessly merges indoor and outdoor. The gourmet kitchen features Sub Zero and Thermadore Appliances, with a wine cooler and refrigeration drawers. 

Where are The Mortgage Rates for August 2024

30-year conforming 6.442% 

30-year jumbo 6.915%  

30-year FHA 6.274% 

30-year VA 5.940%  

30-year USDA 6.342%

15-year conforming 5.595%