Tuesday, July 26, 2022 / by Trish Wheeler
Mortgage rates have risen, but also have been stabelizing as of late. Mortgage rates are actually considered good on average over the course of the last decade. We enjoyed low interest rates for a few years, but that was not the norm. As the shock of the rate hikes get overwith, homebuyers will come back around. First time homebuyes will now have more options for sure.
The media is feeding all of us bs as to a housing bubble and its heading for a crash. This is not like 2007-2008. We are still low on inventory. Inventory is coming up slowly. It will take some time to get to a comfortable level. We are seeing prices slowly coming down as well, but I don't think we will see a major reduction.
Most existing homeowners are sitting pretty. They were able to cash in on the low rates and high home values to give them equity for high repair items. As inventory increases, we will see more homebuyers get back into the market once the ...
Saturday, May 21, 2022 / by Trish Wheeler
As prices start to fall in the big cities, don't think it won't trickle down to us here in The Panhandle of Florida. It will be a slow and steady approach, but it is coming. We are still seeing prices on homes and condos soaring due to low inventory, but we will see a slowing of the home and condo sales in the coming months. This may be a great opportunity to get the first time homebuyers back in the game. Interest rates are higher and this may give some pause, don't let that stop you from your dreams of homeownership. As long as interest rates don't tumble toward the 8's or above it is still affordable. Remember when we thought the 5's were rock bottom? This is a cycle and homes sales will still happen and builders will still build. We were luck enough to see the 2's for quiet some time, but its over for now. We can go with the shift or remain still, its your choice. I believe the vast majority will go with the shift and ever. ...
Saturday, April 16, 2022 / by Trish Wheeler
Today the market is still very much a Seller's Market. Sellers are basically calling the shots on what they want for their property. There is still a shortage on inventory for homes and condos. People are asking is there going to be a bubble? My opinion is NO! This market is not like the financial crisis we saw in 2007 and after. At that time Lenders were giving loans to anyone who could breathe. What is happening now is totally different. Lenders are alot more cautious in their loan process. They are requiring more down payments for condos and second homes which creates equity. The problem our market is having now is low inventory because we have had an influx of people moving to our beautiful State of Florida. Rates are going up, but the demand is still there. This may cause the market to stabilize somewhat on prices, but the inventory will take a while to come back. I hope this information is helpful to you toda. ...