Friday, September 24, 2021 / by Jordana Tobel
As you may have heard, the Federal Reserve may start reversing its pandemic stimulus in November and interest rates will most likely rise.
But what does this mean for you if you’re looking to buy or sell in South Florida.
Let’s start with some basics:
The current housing boom will most likely flatten in 2022 when interest rates rise. Note the word flatten. Prices will not
go down, there is simply too much demand. We are NOT in a real estate bubble; a bubble is rising prices that aren’t
justified by fundamental economic factors such as demand. That is NOT what we are experiencing today.
In South Florida, with our warm climate, our beautiful coastline, and tax benefits, more and more people are moving
here every day. Many of those individuals have realized they can work from home and are no longer tethered to a
The latest stats from snntv.com indicate that nearly 1000 people move here every day and many are coming from
northern states . ...
Friday, October 16, 2020 / by Jordana Tobel
If you're a South Florida agent in the last quarter of 2020, you're probably feeling what we all know to be true -- our inventory doesn't match the current buyer demand.
According to NAR (the National Association of REALTORS®), inventory in July 2020 was 21 percent lower than 2019’s already low levels. Additionally, homeowners are now moving once every 13 years , instead of 8 years (the average in 2010). This makes things even worse.
Buyers are coming from all parts of the country, to live a life outside year-round. 37% of Americans said the pandemic has caused them to consider moving, and 77% of respondents said that, for 2021, they prefer to live in a suburb over a city. People care less about “proximity to work” and more about “living space.” The survey showed that people are looking for:
More square footage
Larger outdoor areas
Lower population density
These are all things that South Florida provides. Now the questi? ...
Wednesday, September 2, 2020 / by Jordana Tobel
Neighborhoods, like people, have unique sets of personalities and characteristics. Whether you're planning to buy a home or considering renting for the meantime, it’s important to figure out if the neighborhood you’re considering fits your lifestyle before you make your move.
This is why digging into local details such as safety, walkability, nearby schools, and other local demographics beforehand is crucial. It will help you determine if your potential neighborhood suits you, which could save you from lots of headaches or getting buyer’s remorse later on.
Here are ten tools and resources to help:
1. Your real estate agent is one of your most valuable resources about the neighborhood you're considering. Don’t be afraid to ask them questions especially if you’re buying remotely and haven’t had time to visit the area yet.
However, there are specific questions that real estate professionals cannot answer due to guidelines set by the Fair Housi ...
Monday, August 3, 2020 / by Jordana Tobel
A bad time to sell? Well, no. A bad decision to buy? Absolutely not. What's REALLY happening in the South Florida real estate market?
To those outside the industry, it may feel different but there are facts and circumstances in today's world that simply make this market unlike any other. Those of us who were around for the 2008 Recession may have some moments that feel like deja vu, but the truth is that this is nothing like the last recession.
Let's dispel the top three myths:
MYTH #1. It's a bad time to sell a home.
Yes, we are in a pandemic and unemployment is an issue, however despite that fact, there are many buyers frantically looking for a place to call home. At the same time, many homeowners are choosing not to sell and thus new home listings plunged 14% in early July compared to last year at the same time. Total inventory is also down 32% year over year. That means the current buyer demand is higher than the seller supply.
If you are considering selling, now is a great ti. ...
Thursday, April 9, 2020 / by Jordana Tobel
There are a number of important factors that will prevent a repeat of what happened in 2007 and 2008.
One of those factors is that we learned our lesson. The government is reacting and they are reacting quickly. Just last week, the FHA “immediate foreclosure and eviction moratorium for homeowners for the next 60 days.
In the early 2000s, homeowners were using their homes like ATMs and taking large amounts of cash out. When prices began to drop, those same homeowners didn’t care, they just walked way, they had no skin in the game. Today, the homeowner equity situation is entirely different. As a comparison, from 2005-2007, mericans cashed out over 825 billion worth of equity from their homes. In the last three years, they cashed out only 232 billion, less than 1/3 that amount. Not only that, 37% of Americans have no mortgage at all. Of the remaining 63%, more than 1 in 4 have over 50% equity.
In addition to the factors above, the government is providing small business an. ...