The National Association of Realtors (NAR) recently released their latest Existing Home Sales Report, which revealed that homes were on the market for an average of 47 days in March. This is a decrease from the 59 days reported in February, as well as the 52 days reported back in March 2015.
42% of homes across the country were on the market for less than a month, which is the highest it’s been since July 2015 (43%)!
Among the states with homes selling in 30 days or less are Washington, Oregon, and Minnesota. The map below was created using results from NAR’s Monthly Realtor Confidence Survey.
Buyer demand is increasing as the inventory of homes available for sale remains low. If you are thinking about listing your home for sale this year, meet with a local real estate professional who can help you take advantage of current market conditions!
Contact The Edwards Real Estate Group at 954.998.3043 and schedule a FREE Real Estate Consultation with one of our top-notch real estate agents!
The Edwards Real Estate Group serving your South Florida and Fort Lauderdale Real Estate Needs!
Home values continue to climb and are projected to increase by about 5% over the next twelve months. That is great news for anyone who owns a home. However, it could present a challenge for a family trying to sell their house.
If prices are surging, it is difficult for appraisers to find adequate, comparable sales (similar houses in the neighborhood that closed recently) to defend the sales price when performing the appraisal for the bank.
The National Association of Realtors (NAR) recently released information revealing just how prominent the challenge is in today’s market.
Every month, Quicken Loans measures the disparity between what a homeowner believes their house is worth as compared to an appraiser’s evaluation in their Home Price Perception Index (HPPI). Here is a chart showing that difference for each of the last 12 months.
As we can see the difference has increased each of the last two months.
Every house on the market has to be sold twice; once to a prospective buyer and then to the bank (through the bank’s appraisal). With escalating prices, the second sale might be even more difficult than the first. If you are planning on entering the housing market this year, meet with an experienced professional who can guide you through this, and any other obstacle that may arise.
The Edwards Real Estate Group has helped thousands of families buy and sell homes, so we know a thing or two about Appraisals when they are good and when they are bad. We've had success fighting Appraisals and having them re-appraised closer to value.
The two biggest hurdle in buying any house is an Inspection and Appraisal (when financing is involved) make sure you speak with a Real Estate Professional who is a strong negotiator and can help you overcome those hurdles.
Schedule a FREE Home Buying or Home Selling Consultation with The Edwards Real Estate Group Call or Text 954.998.3043 today!
NEW CORAL RIDGE COUNTRY CLUB WATERFRONT CONDOMINIUM
These Luxury Waterfront Residences with spectacular views will satisfy the most discriminating of buyers. Each unique residence comes designer ready, with top of the line appliances, European custom cabinetry, wired for smart technology, high impact windows, two parking places per unit, large storage spaces and additional guests spaces.
The building consist of 5 stories and 11 units with 10 Foot Ceilings. The first floor is designated for parking, building lobby and owners club room. The Second, third and fourth floors consist of three residences per floor with two spacious penthouses located on the 5th floor. For more information Call or Text 954.998.3043! The Edwards Real Estate Group can help with all of your South Florida Real Estate Needs including New Construction Opportunities! Best part is when buying new construction it doesn't cost you a dime to use an agent!
DOCKAGE IS AVAILABLE TO ALL OWNERS FOR BOATS UNDER 80′ CONTROLLED BY THE CONDOMINIUM ASSOCIATION.
11 Luxury Residences
Boat Slips with water and electric
250 Linear Feet of Waterfront
Deep Water Ocean-Access wide canal
Pet Friendly Building
Secure Building entry
Two Garage Spaces per unit
Smart Technology Ready
Heated Infinity pool
Golf Cart Available on site
Garage Bike Storage
Electric Vehicle Charging Station
Private Elevator and Entry foyer
Zen Garden with Lush Landscaping
Private Storage Space
Outdoor Barbecue Area
Spacious open floor plans
all corner units
10 Foot Ceilings
Italian Custom Kitchen Cabinetry throughout
Designer Features and Faucets
Sub-Zero Wolf Appliances
Full Gas Range
Electrolux Front Loader Washer and Dryer
Designer Tub and Vanities
Spectacular Spa-Style Master Bath Retreat
Seamless Glass Shower Enclosure and Shower Door in Master Bathroom
Oversize Balconies with Glass Railings
Floor-to-ceiling impact glass windows & sliders
Beautiful intercoastal views and coral ridge skyline views
large walk-in closets
custom designer closets available
Many Floor Plans Available - For all of them please contact us!
Second Floor Plan
MICHAEL BEAMISH DESIGN GROUP INC. has been the premier established interior design firm of Fort Lauderdale for over 38 years. Our professional services and turn key designs offered to clients are of the highest standards and quality. All projects receive our personal attention with a hands-on approach to all coordination efforts.
“I take personal pride in ensuring that my company can meet and exceed your expectations. I work personally on each project, and welcome the opportunity to discuss your project needs.”- Michael Beamish
Located Directory on the Intercoastal Waterway with 250 Feet of water frontage, this architectural masterpiece is in the prestigious section of Coral Ridge Country Club and situated in the heart of Fort Lauderdale, just minutes to the fabulous Fort Lauderdale Beach, Galleria Shoping Center and the Famous Las Olas dining and Shopping Area. 5 minutes from Coral Ridge Country Club and Golf course.
To learn more about this amazing New Construction Opportunity in the Desirable Coral Ridge Country Club Community Contact The Edwards Real Estate Group by phone or text at 954.998.3043! We work, live and play in the Coral Ridge Country Club
The housing market is really heating up and buyer demand is dramatically increasing as we enter the spring season. However, one challenge to the current market is a major shortage of inventory. Below are a few comments made in the last month by industry experts.
“Looking ahead, the key for sustained momentum and more sales than last spring is a continuous stream of new listings quickly replacing what's being scooped up by a growing pool of buyers. Without adequate supply, sales will likely plateau."
"Low inventories and tight credit will limit the gains we will see in 2016. However, given the level of pent-up demand evident in web activity and stated buyer intentions for 2016, we should see this spring materialize as the busiest season of sales since 2006."
“Inventory is too low to support much higher sales. There's virtually no inventory available at the entry level, and single family housing starts and permits continue to languish at levels far below where they should be at this point of the recovery.”
David Crowe, Chief Economist of the National Assoc. of Home Builders
“Many sellers may not have an absolute decision as to whether to buy an existing home or a new home. So the low inventory of existing homes is locking them in place.”
“Challenges remain, with low housing supply and declining affordability being a key concern in many markets.”
Most Analysts are in agreement…we NEED inventory to sell to meet the demand of Today’s Buyer. Let us rephrase that we need Quality Homes at Fair Market Price to put on the market to sell!
Contact The Edwards Real Estate Group at 954.998.3043 and schedule a FREE Real Estate Consultation today! We will share with you what’s happening in the South Florida Real Estate Market then we will discuss whats happening on your street for homes similar to yours.
If you thought about selling your house this year, now may be the time to do it. The inventory of homes for sale is well below historic norms and buyer demand is skyrocketing. We were still in high school when we learned the concept of supply and demand: the best time to sell something is when supply of that item is low and demand for that item is high. That defines today’s real estate market.
Jonathan Smoke, the Chief Economist of realtor.com, in a recent article revealed that:
“Would-be buyers face a dilemma: There will be more homes on the market over each week of the next three to four months, but there will also be even more prospective buyers. We are entering the busiest season of home buying with the lowest amount of inventory in three years. To be competitive, buyers should get pre-approved for a mortgage and be ready to act quickly if they find a home that meets their needs.”
Smoke goes on to say:
“Listings are growing as they normally do this time of the year, but because demand has been growing faster than supply, homes are selling faster. So the monthly trend is the normal seasonal pattern, but the year-over-year decline is reflective of demand being stronger than supply for more than a year, which is resulting in fewer homes available and faster-moving inventory.”
In this type of market, a seller may hold a major negotiating advantage when it comes to price and other aspects of the real estate transaction including the inspection, appraisal and financing contingencies.
As a potential seller, you are in the driver’s seat right now. It might be time to hit the gas. The Edwards Real Estate Group is Committed to helping you achieve your Real Estate Needs! Call or Text 954.998.3043
According to the BMO Harris Bank Home Buying Report, 52% of Americans say they are likely to buy a home in the next five years. Americans surveyed for the report said that they would be willing to pay an average of $296,000 for a home and would average a 21% down payment. The report also included other interesting revelations.
74% of those looking to buy a new home will consult with a real estate agent
59% said they will visit online real estate websites
37% will seek recommendations from friends and family
78% plan to get pre-approved before seriously searching for a home
Those Who Already Own
75% of current homeowners set a budget before looking for a home, and 16% ended up spending less while 13% went over their budget.
63% of American homeowners spent under six months looking for a new home before they made a purchase.
8% bought their home without participating in an active real estate search - or even any plan to buy at all - because a specific property caught their attention.
The last point is very interesting: Of those who purchased a home, 8% bought “without any plan to buy at all”. A property caught their attention and they acted on it.
Why Are More People Not Planning Their Next Move?
Why are people that are considering a move not putting their home search to a plan, and instead, buying only when a property catches their attention? An article by Fannie Mae reveals evidence that a large number of homeowners are dramatically underestimating the equity they have in their current home. The report explains that:
“Homeowners may be underestimating their home equity. In particular, if homeowners believe that large down payments are now required to purchase a home, then widespread, large underestimates of their home equity could be deterring them from applying for mortgages, selling their homes, and buying different homes.”
Perhaps it is time to sit with a real estate professional to determine the actual equity you have in your house and to take a look at the opportunities that currently exist in the real estate market. This may be the perfect time to move-up, move-down or buy that vacation home your family has always wanted.
Contact The Edwards Real Estate Group your South Florida Real Estate Experts at 954.998.3043 and schedule a FREE Real Estate Consultation Today!
In a study conducted by Builder.com, researchers determined that nationwide, it would take “nearly eight years” for a first-time buyer to save enough for a down payment on their dream home.
Depending on where you live, median rents, incomes and home prices all vary. By determining the percentage of income a renter spends on housing in each state, and the amount needed for a 10% down payment, they were able to establish how long (in years) it would take for an average resident to save.
According to the study, residents in South Dakota are able to save for a down payment the quickest in just under 3.5 years. Below is a map created using the data for each state:
What if you only needed to save 3%?
What if you were able to take advantage of one of the Freddie Mac or Fannie Mae 3% down programs? Suddenly saving for a down payment no longer takes 5 or 10 years, but becomes attainable in under two years in many states as shown in the map below.
Whether you have just started to save for a down payment, or have been for years, you may be closer to your dream home than you think! Meet with a local real estate professional who can help you evaluate your ability to buy today.
Contact The Edwards Real Estate Group at 954.998.3043 and schedule a FREE Real Estate Consultation with one of our top-notch Real Estate Consultants! We will educate you about the buying process, help you determine the best home for you and your family, negotiate on that home and get you into the home of your dreams with as little hassle as possible!
How Housing Matters is a joint project of the Urban Land Institute and the MacArthur Foundation. It is “an online resource for the most rigorous research and practical information on how a quality, stable, affordable home in a vibrant community contributes to individual and community success”.
“The ladder to economic success can stretch only so high without the asset-building power of homeownership.
Home equity provides Americans with the ability to send their children to college with less student loan debt and is the primary source of funds for retirement. Half of the assets of Americans over age 55 are in their home.”
We have often posted that the net worth of a family owning a home is 45 times greater than that of a family that rents. That is not a coincidence. Are you ready to build wealth? Are you thinking of Selling your Current home to move into a higher priced home?
The Edwards Real Estate Can help you buy and sell in South Florida and Fort Lauderdale area! We are here to help you with all of your South Florida and Fort Lauderdale Real Estate Needs! Call or Text 954.998.3043 and schedule a Real Estate Consultation today!
A few weeks ago, Jonathan Smoke, the Chief Economist at realtor.com, exclaimed: “All indicators point to this spring being the busiest since 2006.”
Now, Freddie Mac has doubled down on that claim and is saying that 2016 will be the best year that the real estate industry has seen in a decade. In their March Housing Outlook Report, Freddie Mac explained:
“Despite the challenges facing the housing market, we expect this to be the best year for housing in a decade. Home sales, housing starts, and house prices will reach their highest level since 2006 according to our latest forecast…Challenges remain, with low housing supply and declining affordability being a key concern in many markets, but on balance, the housing markets in the U.S. are poised for the best year since 2006.”
The key indicators that have given Freddie Mac such a positive outlook are:
2016 looks to be shaping up as a great year for residential real estate. Whether you are thinking of buying or selling, now may be the time to sit down with a real estate professional to discuss the new opportunities that are arising.
Contact The Edwards Real Estate Group at 954.998.3043 and schedule a Real Estate Consultation with one of our top-notch Real Estate Agents!
Now that the housing market has stabilized, more and more homeowners are considering moving up to the home they have always dreamed of. Prices are still below those of a few years ago and interest rates have stayed near historic lows.
Sellers should realize that waiting to make the move when mortgage rates are projected to increase probably doesn’t make sense. As rates increase, the price of the house you can afford will decrease if you plan to stay within a certain budget for your monthly housing costs.
Here is a chart detailing this point:
According to Freddie Mac, the current 30-year fixed rate is currently around 3.75%.With each quarter of a percent increase in interest rate, the value of the home you can afford decreases by 2.5% (in this example, by $10,000).
Freddie Macpredicts that mortgage rates will be closer to 4.7% by this time next year.
Act now to get the most house for your hard-earned money.
Contact The Edwards Real Estate Group at 954.998.3043 and schedule a FREE Real Estate Consultation with one of our top-notch Real Estate Agents!