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2 Impacts of Mortgage Rates

2 Impacts of Mortgage Rates

2 Impacts of Mortgage Rates

If you’re in the market to purchase a home, you’ve likely been closely monitoring mortgage rates. Over the past few years, they experienced record lows, underwent significant increases, and are now showing signs of decreasing once again. But what’s behind these fluctuations?

Understanding the factors influencing mortgage rates can be complex due to the multitude of variables at play. Here are some of the key factors that have a significant impact: Inflation and Federal Reserve Policy

While the Federal Reserve (Fed) doesn’t directly control mortgage rates, its decisions regarding the Federal Funds Rate can indirectly influence them. The Fed adjusts the Federal Funds Rate in response to various economic indicators such as inflation, employment rates, and overall economic performance. This adjustment, in turn, affects investor expectations and market dynamics, consequently influencing mortgage rates. As explained by Business Insider:

“The Federal Reserve addresses inflation concerns by raising the federal funds rate, which can indirectly affect mortgage rates. High inflation levels and the anticipation of further Fed rate hikes can push mortgage rates upward. Conversely, if investors anticipate rate cuts by the Fed and inflation shows signs of slowing down, mortgage rates generally trend downward.”

In recent years, the Fed raised the Federal Funds Rate to combat inflation, resulting in corresponding increases in mortgage rates. However, there is optimism among experts that inflation and mortgage rates will see favorable trends in the coming months. Danielle Hale, Chief Economist at Realtor.com, predicts:

“[M]ortgage rates will continue to ease in 2024 as inflation improves . . .”

Furthermore, there is speculation that the Fed may consider reducing the Federal Funds Rate this year due to signs of cooling inflation, even though it hasn’t yet reached the ideal target set by policymakers.

In essence, while the interplay between inflation, Federal Reserve policies, and mortgage rates is intricate, understanding these dynamics can provide valuable insights for individuals navigating the housing market and seeking to capitalize on favorable borrowing conditions.

Considered a premier destination for living, Orlando entices with its sun-drenched climate, thriving tourism and tech sectors, and vibrant cultural tapestry. Renowned for iconic attractions like Walt Disney World, the city promises endless entertainment and leisure pursuits. Boasting esteemed educational institutions and a blend of urban conveniences and natural beauty, Orlando remains remarkably affordable compared to its metropolitan counterparts. Its family-centric vibe, sports culture, and ongoing infrastructure enhancements add to its allure. Whether seeking career prospects, recreational delights, or a cost-effective lifestyle, Orlando presents an irresistible choice for many. For your real estate needs in Orlando, Florida, look no further than Remax Heritage for assistance with buying, selling, or renting residential, vacation, or retirement properties.

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

 

$10 Tuesday – Bike Through Little Big Econ State Forest 

$10 Tuesday – Bike Through Little Big Econ State Forest 

$10 Tuesday – Bike Through Little Big Econ State Forest 

Prepare for an invigorating cycling journey as you embark on this challenging bike loop, starting from the Jones East Trailhead. Covering a distance of approximately 10.6 miles, this route guarantees an exciting ride for cycling enthusiasts. Little Big Econ State Forest, nestled within Seminole County, serves as the backdrop for this adventure, showcasing the breathtaking beauty of Central Florida’s natural landscape.

As you pedal through the forest, you’ll be greeted by the serene waters of the Econlockhatchee River and the majestic presence of the St. John’s River, alongside vast expanses of wetlands teeming with wildlife. This immersive experience allows you to connect with nature on a deeper level, immersing yourself in the sights and sounds of Florida’s wilderness.

Tickets for this cycling adventure are priced at $2 per person, with complimentary admission for children aged six and under. Don’t miss out on the opportunity to explore the wonders of Little Big Econ State Forest on two wheels – it’s an experience you won’t soon forget!

Click anywhere within the text to secure your spot and dive into the enchanting embrace of the forest’s beauty.

 

Orlando stands out as a premier destination to call home, thanks to its sunny climate, thriving economy driven by tourism and technology, and vibrant cultural landscape. Renowned for iconic attractions such as Walt Disney World, the city is a hub of entertainment and leisure activities. With esteemed educational institutions, a harmonious blend of urban amenities and natural beauty, and affordability compared to other major U.S. cities, Orlando offers a compelling lifestyle choice.

Its family-friendly environment, abundance of sports activities, and ongoing infrastructure enhancements enhance its allure. While individual preferences vary, Orlando’s unique blend of career opportunities, recreational options, and relatively affordable living costs make it an appealing prospect for many.

When considering buying, selling, or renting property in Orlando, Florida, think of Remax Heritage. We’re here to assist with your residential, retirement, or vacation property needs in this dynamic city!

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

 

OUT & ABOUT:Orlando Starflyer Swing! 

OUT & ABOUT:Orlando Starflyer Swing! 

OUT & ABOUT:Orlando Starflyer Swing! 

Get ready to embark on an adrenaline-fueled journey that will take your breath away and leave you feeling invigorated like never before! Prepare yourself for the ultimate thrill ride designed exclusively for the bold and daring souls out there. This exhilarating experience promises to push your limits, ignite your senses, and create memories that will last a lifetime.

Immerse yourself in the heart-pounding excitement of this high-flying attraction, available for booking every day from 10 am to 2 am. Whether you’re an early riser seeking an electrifying start to your day or a night owl craving a dose of adrenaline under the stars, this ride has you covered with its flexible operating hours.

Tickets for this pulse-pounding adventure are priced at just $10 per person, making the thrills of this ride accessible to all who dare to take the plunge. Don’t let this opportunity pass you by! Secure your tickets today and get ready to experience the exhilaration of soaring through the sky by clicking anywhere in the text. Book now and prepare yourself for the ride of a lifetime!

 

 Orlando stands out as a premier destination for living, drawing people in with its inviting climate, abundant economic opportunities, and vibrant cultural landscape. Known worldwide for iconic attractions like Walt Disney World, the city is a hub of entertainment and leisure activities. It’s also home to esteemed educational institutions and offers a balanced blend of urban amenities and natural beauty, all at a more affordable cost compared to many other major U.S. cities.

Families are drawn to Orlando for its welcoming atmosphere, diverse sports scene, and ongoing infrastructure enhancements that enhance quality of life. While individual preferences vary, Orlando’s winning combination of job prospects, recreational offerings, and relatively lower living expenses make it an appealing choice for many.

When considering buying, selling, or renting property in Orlando, think of Remax Heritage. Our expertise in the local market ensures you find the perfect retirement, residential, or vacation property to suit your needs in sunny Florida!

 

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

 

REAL ESTATE NEWS! Foreclosure activity remains minimal!

REAL ESTATE NEWS! Foreclosure activity remains minimal!

REAL ESTATE NEWS! Foreclosure activity remains minimal!

Have you come across alarming headlines discussing the surge in foreclosures within today’s housing market? If so, you might find yourself feeling uneasy about what lies ahead. However, it’s important to remember that these attention-grabbing titles often fail to provide the complete picture.

It’s crucial to put these headlines into perspective. The purported increase highlighted by the media can be misleading. This is because they’re comparing the latest figures to a period when foreclosures reached historic lows, creating the illusion of a more significant issue than what truly exists.

Throughout 2020 and 2021, the implementation of moratoriums and forbearance programs provided vital support to millions of homeowners, enabling them to retain their residences and regain financial stability during exceptionally challenging times. Consequently, the expiration of these relief measures naturally led to an anticipated uptick in foreclosures. However, it’s essential to understand that a rise in foreclosures does not necessarily signify distress within the housing market.

To gain a clearer understanding, it’s advisable to assess the data within the broader context of historical trends, particularly in comparison to the housing crash. This approach offers a more accurate depiction of the current situation, alleviating concerns about the potential recurrence of past crises.

 

Orlando is frequently regarded as a premier destination for living, thanks to its sunny climate, abundant economic opportunities in tourism and technology, and vibrant cultural offerings. With renowned attractions such as Walt Disney World, the city provides ample entertainment and recreational options. Orlando also boasts well-respected educational institutions, a blend of urban and natural landscapes, and affordability compared to other major U.S. cities. Its family-friendly atmosphere, sports scene, and ongoing infrastructure enhancements add to its allure. While preferences may vary, Orlando’s mix of career prospects, recreational activities, and relatively affordable living costs make it a desirable choice for many. When considering buying, selling, or renting retirement, residential, or vacation properties in Orlando, Florida, remember to consider Remax Heritage!

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

 

$10 Tuesday – Bike Through Little Big Econ State Forest 

$10 Tuesday: Winery Tour and Tasting at Lakeridge Winery & Vineyards 

$10 Tuesday: Winery Tour and Tasting at Lakeridge Winery & Vineyards 

Welcome to LakeRidge Winery & Vineyard! Complimentary guided tours are available daily from 10 am, with the final tour departing at 4 pm. Each tour typically lasts between 30 to 40 minutes. Before embarking on the tour, one of best, knowledgeable guides will treat you to a 10-minute presentation delving into the history of Florida wine and guiding you through the entire winemaking process. After the presentation, you’ll have the opportunity to explore the wine shop, which offers a diverse array of unique wine accessories and gift items, including glassware, cooking items, and gourmet foods—perfect for treating your family and friends! Join them any day for an amazing tour and the chance to sample some of the finest wines Florida has to offer! You can find them at 19239 U.S. 27 North, Clermont, Florida 34715. Click anywhere in the text to learn more about LakeRidge Winery.

Orlando is frequently hailed as a prime living destination, owing to its delightful climate, thriving tourism and technology sectors, and vibrant cultural landscape. Home to iconic attractions such as Walt Disney World, the city presents a plethora of entertainment options. With esteemed educational institutions, a harmonious blend of urban and natural settings, and affordability compared to other major U.S. cities, Orlando stands out. Its family-oriented atmosphere, sporting events, and ongoing infrastructure enhancements further enhance its allure. While individual preferences vary, Orlando’s combination of career prospects, recreational activities, and relatively affordable living costs make it a compelling choice for many. When considering buying, selling, or renting residential, retirement, or vacation properties in Orlando, Florida, remember to consider Remax Heritage!

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

 

Real Estate Market Insights: December 2023

Real Estate Market Insights: December 2023

Real Estate Market Insights: December 2023

Real Estate Market Insights: December 2023 – Navigating Trends, Challenges, and Opportunities

WASHINGTON (January 19, 2024) – Existing-home sales retreated in December, according to the National Association of REALTORS®. Among the four major U.S. regions, sales slipped in the Midwest and South, rose in the West and were unchanged in the Northeast. All four regions experienced year-over-year sales decreases.

On an annual basis, existing-home sales (4.09 million) dropped to the lowest level since 1995, while the median price reached a record high of $389,800 in 2023.

Total existing-home sales1 – completed transactions that include single-family homes, townhomes, condominiums and co-ops – decreased 1.0% from November to a seasonally adjusted annual rate of 3.78 million in December. Year-over-year, sales declined 6.2% (down from 4.03 million in December 2022).

“The latest month’s sales look to be the bottom before inevitably turning higher in the new year,” said NAR Chief Economist Lawrence Yun. “Mortgage rates are meaningfully lower compared to just two months ago, and more inventory is expected to appear on the market in upcoming months.”

Total housing inventory2 registered at the end of December was 1 million units, down 11.5% from November but up 4.2% from one year ago (960,000). Unsold inventory sits at a 3.2-month supply at the current sales pace, down from 3.5 months in November but up from 2.9 months in December 2022.

The median existing-home price3 for all housing types in December was $382,600, an increase of 4.4% from December 2022 ($366,500). All four U.S. regions posted price increases.

“Despite sluggish home sales, 85 million homeowning households enjoyed further gains in housing wealth,” Yun added. “Obviously, the recent, rapid three-year rise in home prices is unsustainable. If price increases continue at the current pace, the country could accelerate into haves and have-nots. Creating a path towards homeownership for today’s renters is essential. It requires economic and income growth and, most importantly, a steady buildup of home construction.”

REALTORS® Confidence Index

According to the monthly REALTORS® Confidence Index, properties typically remained on the market for 29 days in December, up from 25 days in November and 26 days in December 2022. Fifty-six percent of homes sold in December were on the market for less than a month.

First-time buyers were responsible for 29% of sales in December, down from 31% in November 2023 and December 2022. NAR’s 2023 Profile of Home Buyers and Sellers – released in November 20234 – found that the annual share of first-time buyers was 32%.

All-cash sales accounted for 29% of transactions in December, up from 27% in November 2023 and 28% in December 2022.

Individual investors or second-home buyers, who make up many cash sales, purchased 16% of homes in December, down from 18% in November and identical to one year ago.

Distressed sales5 – foreclosures and short sales – represented 2% of sales in December, virtually unchanged from last month and the previous year.

Mortgage Rates

According to Freddie Mac, the 30-year fixed-rate mortgage(link is external) averaged 6.60% as of January 18. That’s down from 6.66% the prior week but up from 6.15% one year ago.

Single-family and Condo/Co-op Sales

Single-family home sales edged lower to a seasonally adjusted annual rate of 3.4 million in December, down 0.3% from 3.41 million in November and 6.1% from the previous year. The median existing single-family home price was $387,000 in December, up 4.0% from December 2022.

Existing condominium and co-op sales recorded a seasonally adjusted annual rate of 380,000 units in December, down 7.3% from November and one year ago (both 410,000 units). The median existing condo price was $343,800 in December, up 8.2% from the previous year ($317,700).

Regional Breakdown

At 470,000 units, existing-home sales in the Northeast were unchanged from November but down 9.6% from December 2022. The median price in the Northeast was $428,100, up 9.4% from the previous year.

In the Midwest, existing-home sales retracted 4.3% from the prior month to an annual rate of 900,000 in December, down 10.9% from last year. The median price in the Midwest was $275,600, up 5.9% from December 2022.

Existing-home sales in the South descended 2.8% from November to an annual rate of 1.72 million in December, a decrease of 4.4% from the prior year. The median price in the South was $352,100, up 3.8% from one year ago.

In the West, existing-home sales grew 7.8% from a month ago to an annual rate of 690,000 in December but were down 1.4% from one year before. The median price in the West was $582,000, up 4.8% from December 2022.

About NAR

The National Association of REALTORS® is America’s largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries. The term REALTOR® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of REALTORS® and subscribes to its strict Code of Ethics.

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For local information, please contact the local association of REALTORS® for data from local multiple listing services (MLS). Local MLS data is the most accurate source of sales and price information in specific areas, although there may be differences in reporting methodology.

NOTE: NAR’s Pending Home Sales Index for December 2023 is scheduled for release on January 26, and Existing-Home Sales for January will be released on February 22. Release times are 10 a.m. Eastern.


1 Existing-home sales, which include single-family, townhomes, condominiums and co-ops, are based on transaction closings from Multiple Listing Services. Changes in sales trends outside of MLSs are not captured in the monthly series. NAR benchmarks home sales periodically using other sources to assess overall home sales trends, including sales not reported by MLSs.

Existing-home sales, based on closings, differ from the U.S. Census Bureau’s series on new single-family home sales, which are based on contracts or the acceptance of a deposit. Because of these differences, it is not uncommon for each series to move in different directions in the same month. In addition, existing-home sales, which account for more than 90% of total home sales, are based on a much larger data sample – about 40% of multiple listing service data each month – and typically are not subject to large prior-month revisions.

The annual rate for a particular month represents what the total number of actual sales for a year would be if the relative pace for that month were maintained for 12 consecutive months. Seasonally adjusted annual rates are used in reporting monthly data to factor out seasonal variations in resale activity. For example, home sales volume is normally higher in the summer than in the winter, primarily because of differences in the weather and family buying patterns. However, seasonal factors cannot compensate for abnormal weather patterns.

Single-family data collection began monthly in 1968, while condo data collection began quarterly in 1981; the series were combined in 1999 when monthly collection of condo data began. Prior to this period, single-family homes accounted for more than nine out of 10 purchases. Historic comparisons for total home sales prior to 1999 are based on monthly single-family sales, combined with the corresponding quarterly sales rate for condos.

2 Total inventory and month’s supply data are available back through 1999, while single-family inventory and month’s supply are available back to 1982 (prior to 1999, single-family sales accounted for more than 90% of transactions and condos were measured only on a quarterly basis).

3 The median price is where half sold for more and half sold for less; medians are more typical of market conditions than average prices, which are skewed higher by a relatively small share of upper-end transactions. The only valid comparisons for median prices are with the same period a year earlier due to seasonality in buying patterns. Month-to-month comparisons do not compensate for seasonal changes, especially for the timing of family buying patterns. Changes in the composition of sales can distort median price data. Year-ago median and mean prices sometimes are revised in an automated process if additional data is received.

The national median condo/co-op price often is higher than the median single-family home price because condos are concentrated in higher-cost housing markets. However, in a given area, single-family homes typically sell for more than condos as seen in NAR’s quarterly metro area price reports.

4 Survey results represent owner-occupants and differ from separately reported monthly findings from NAR’s REALTORS® Confidence Index, which include all types of buyers. The annual study only represents primary residence purchases, and does not include investor and vacation home buyers. Results include both new and existing homes.

5 Distressed sales (foreclosures and short sales), days on market, first-time buyers, all-cash transactions and investors are from a monthly survey for the NAR’s REALTORS® Confidence Index, posted at nar.realtor.

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.