What's New on IsabellaScott.com and the South Florida Area Real Estate Market and Lifestyles August 2020 | South Florida Waterfront Homes and Condos

What’s New in South Florida and the Treasure Coast Markets

Luxury Homes and Lifestyles – August 2020

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Highlights:

Where is the Housing Market Headed for the Rest of 2020?
How is Remote Work Changing Homebuyer Needs – More Space, updated kitchens, home gyms and other guest rooms
Freddie Mac PMMS Weekly Survey Mortgage Rates as of Aug 6, 2020 – Mortgage Rates Drop to 2.88% Fixed Rate, Hitting a Record Low for the Eighth Time this Year
Palm Beach County and Treasure Coast COVID-19 Status and Restrictions – Quick Highlights
Home Sales Surging This Summer – A quick video on the strength of the summer housing market.
August 7, 2020 Latest Unemployment Report: 1.8 Million New Jobs and 10.2% Unemployment – Better Than Projections
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
South Florida Area Market Reports Available for July 2020 / August Available by September 6th
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.

Where is the Housing Market Headed for the Rest of 2020?

Infographic – Full post to follow – check back

Highlights:

Record Low Interest Rates expected to continue through 2020 and 2021
Median Price of Homes Forecasted to Increase
Total Home Sales Projected to remain strong through 2020 and Increase in 2021

How is Remote Work Changing Homebuyer Needs?

Homebuyer needs are changing due to remote work but in more ways than just a work space. Buyers are also looking for updated kitchens, home gyms and more space in general – Indoors and Outdoors. Read the post to gain some more insights.

Mortgage Rates Drop, Hitting a Record Low for the Eighth Time this Year

August 6, 2020

The resilience of the housing market continues as mortgage rates hit another all-time low, giving potential buyers more purchasing power and strengthening demand. We expect rates to stay low and continue to propel the purchase market forward. However, the main barrier to rising demand remains the lack of inventory, especially for entry-level homes.

Freddie Mac PMMS Weekly Survey of Mortgage Rates as of August 6, 2020:

* 30 Year Fixed Rate – 2.88% with .8 fees / points
* 15 Year Fixed Rate – 2.44% with .8 fees / points
* 5/1 ARM (Adjustable) – 2.9% with .4 fees / points

Palm Beach County and Treasure Coast Covid-19 Status and Restrictions

Here are some Quick Highlights: I’m working on a post and will provide links to more detailed information:

Businesses and restaurants / retail, and country clubs, are open in various stages – minimum practicing CDC guidelines of safe distancing when possible, otherwise wearing masks
– Broward and Miami-Dade had passed the requirement weeks ago with fines if not worn in public places
– Palm Beach County, Martin County and St Lucie counties just passed them or are in the process of passing and/ or starting implementation
Beaches and Parks in all counties have been open since May with CDC Covid restrictions.

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