What’s New in South Florida and the Treasure Coast Markets
Luxury Homes and Lifestyles – December 2020
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Highlights:
- CHECK THE BLOG FOR MORE ARTICLES
- With Home Values Surging, is it still Affordable to Buy?
- 2021 New Conforming Loan Limits Increase to $548,250
- Merry Christmas and Happy Holidays – Turning a House into a Happy Home
- Happy New Year and Welcome 2021!!!
- Tips on Test-Driving and Learning More About a Neighborhood While Sheltering in Place
- Why Is It so Important to Be Pre-Approved in the Homebuying Process?
- Freddie Mac PMMS Weekly Survey Mortgage Rates as of November 25, 2020 – Mortgage Rates Drop to 2.72% Fixed Rate, Hitting a New Record Low
- South Florida Area Market Reports September for October 2020 / November Available by December 6th
- Palm Beach County and Treasure Coast COVID-19 Status and Restrictions – Quick Highlights
- Home Buying Process page is being updated and expanded
- What House Can I Afford plus new real estate calculators added in the Mortgage Finance Center
- Here are some charts from John Hopkins University on Tracking Florida COVID -19 Cases and Deaths by Overall Totals and By Daily Totals – UPDATED DAILY
This post will be updated throughout the month, so come back and check for more info, and view other months’ posts in the What’s New in South Florida Waterfront Homes and Condos Blog category.
Home Values are Surging But Is it Still Affordable to Buy?
Housing inventory is at an all-time low. Realtor.com just that there are 39% fewer homes for sale today than there were last year. At the same time, buyer demand remains strong.
Whenever there’s a shortage in the supply of an item that’s in high demand, the price of that item increases.
There are several factors that influence the cost of a home – 2 of the major ones are:
- The price of the home
- The mortgage rate at which a buyer can borrow the funds necessary to purchase the home.
Read more to see how they affect affordability
2021 New Conforming Loan Limits Increase to $548,250
The Federal Housing Finance Agency (FHFA) announced in November 2019 that the maximum conforming loan limits for mortgages to be acquired by Fannie Mae and Freddie Mac in 2020 would be raised again to $548,250, effective January 1, 2020.
- The average increase for the House price Index rose nearly 5.3% for the year which is the reason for the increase over the 2020 loan limits. In most of the U.S., the 2021 maximum conforming loan limit for one-unit properties will be $548,250 an increase of $37,850 from $510,400 in 2020.
Merry Christmas and Happy Holidays 2020 Turning a House into a Happy Home
From our home to yours, warm wishes for a very happy Holiday Season.
Turning a House into a Happy Home – read more tips to inspire happiness in your home!
Happy New Year 2021!
Let’s Close out 2020 and Welcome 2021 with open arms and a renewed sense of hope and new beginnings.
🎉 Watch New Year’s Eve at Times Square Live Coverage of Celebrations
December 31st, 2020 and Welcome 2021!🎉
Tips on Test-Driving and Learning More About a Neighborhood While Sheltering in Place
In a year when we’re learning to do so much remotely, homebuying is no exception.
This year, rather than delaying their home purchases, buyers – alongside their trusted real estate professionals – turned to the Internet to do more than just a typical home search. In some cases, they bought homes without even stepping foot inside.
Why Is It so Important to Be Pre-Approved in the Homebuying Process?
Pre-approval is the most important thing to obtain before you get serious about home shopping. In a pre-approval the lender has verified your credit, income documents, debt and expenses and qualifying ratios, and determined a top home price and monthly mortgage payment that you qualify for using debt qualifying ratios.
Your qualification is actually based on your monthly payments, down payment / loan amount and other house specific criteria like HOA or Condo fees, property taxes, homeowners insurance, and also any country club dues and assessments if you are purchasing in a country club.
Read more information on Why it is Important to be Pre-Approved vs just Pre-Qualified and Tips on doing some calculations yourself on What Home You Can Afford
Mortgage Rates Held Steady Heading into the Thanksgiving Holiday
November 25, 2020
Mortgage rates remain at record lows and while that has fueled a refinance boom, it’s been driven mainly by higher income borrowers. With about 20 million borrowers eligible to refinance, lower-and middle-income borrowers are leaving money on the table by not taking advantage of low rates. On the homebuying side, demand continues to surge, and it has created a seller’s market where inventory is at a record low and home prices are rising, beginning to offset the benefits of the low rates.
Freddie Mac PMMS Weekly Survey of Mortgage Rates as of November 25, 2020:
* 30 Year Fixed Rate – 2.72% with .7 fees / points
* 15 Year Fixed Rate – 2.328% with .6 fees / points
* 5/1 ARM (Adjustable) – 3.16% with .3 fees / points
Tracking The COVID-19 Curve in Florida by Totals and Also Daily Totals
Here are some charts from John Hopkins University on Tracking the COVID -19 Cases and Deaths by Overall Totals and By Daily Totals. The Charts update daily about 9:00 PM
Tracking the COVID-19 CURVE in Florida by Cases and Deaths – Totals and By Day
The Home Buying Process
This page is being updated and expanded with more local information and tips on property taxes, insurance and mortgage information.
How Much House Can You Afford?
Also visit the Mortgage Finance Center; main page for Mortgage programs, Affordability Worksheets and Calculators.
Market Trends Updates for November, 2020 / December Available January 6, 2021
View the updated Market Trends and Reports for August for various cities in Palm Beach County, St Lucie and Martin Counties. These reports automatically update around the 5th of the month so check back and keep up to date!