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Thursday, January 03, 2019

According to a new study, Miami has the largest proportion of renters versus homeowners in the country after Newark and Jersey City, N.J.

That is more renters, as percentage of the population, than New York City or Los Angeles, cities where housing is so notoriously expensive that only the affluent can afford to own.

Miami’s proportion of renters is 68 percent which has ticked up in the decade since the Great Recession highly affected the homeownership market across the U.S..This is according to a study by RENTCafe, a national apartment search website. The study examined only the city of Miami, not the county of Miami-Dade.

Meanwhile, the Miami-Dade city of Hialeah, which has become the main entry point for Cuban newcomers, went from being a majority-ownership city to one where renters predominate, according to RENTCafe, which bases it on Census Bureau statistics for the country’s largest 100 cities for the decade between 2006 and 2016.

The study found that the share of renters in Hialeah was 43 percent in 2006 and rose to almost 55 percent by 2016.

Overall, the study found that the growth in the share of renters outpaced the growth of homeownership in 97 of 100 large U.S. cities. The report said that this is most likely a lingering effect of the recession, noting that more recent data suggest the expansion of renting could be slowing.

Thinking about buying, selling, investing or renting?Call the Elite Team at Remax 305-595-9777.



Wednesday, December 26, 2018

After nearly four years of annual declines in inventory, the number of homes for sale has now increased year-over-year for three straight months. That's good news for home shoppers who now face less competition because homes stay on the market for longer. However, inventory levels are still well below where they were five years ago, and small increases have yet to reverse those deficits meaningfully. Last year, inventory fell 9.1 percent on an annual basis.

Some markets that previously were among the hottest in the country are now seeing the largest increases in available homes, but these are also the places where restricted inventory created more competition for potential buyers.

At the same time, the number of homes available to buyers in Kansas City, Las Vegas, and Washington, D.C., fell at a double-digit pace this past November. This is a sign that the inventory recovery has not reached all the markets.

After a few years of intense inventory shortages and cutthroat competition, small gains in inventory could be embraced by home buyers. Unfortunately, the small recent gains are not anywhere near enough to totally erase the existing deficit, nor are they evenly distributed.Experts say there are roughly twice as many homes available for sale in the higher reaches of the market than there are at the lower, more competitive end. In fact, it's probably more accurate to say that inventory levels are no longer in a free fall and are currently bumping along the bottom. And unfortunately, it's looking more and more unlikely that we'll see a significant upward surge in inventory any time soon. Building activity has been slow at best. And potential sellers may be advised against listing their home for sale in a rapidly rising interest rate environment, when a similar home to the one they're already in - let alone a larger or more expensive one - is likely to cost them more per month. This is a step in the right direction, but there's a long way to go.

The average U.S. home is worth $222,800, up 7.7 percent year-over-year. Las Vegas and Atlanta home values grew the most since last November, with the median home value in each metro area increasing by more than 13 percent. But while Atlanta surpassed its bubble peak value in mid-2017, the Las Vegas market is still 12.5 percent below the highest point it reached during the housing bubble.

Rents slightly increased in November after three months of flat or even decreasing costs. The median U.S. rent is $1,449, up 0.5 percent from a year earlier. Annual rent appreciation slowed since early 2018, even seeing slight declines in the fall.

Mortgage rates ended the month at 4.57 percent, according to Zillow, just above the monthly low of 4.56 percent. Rates peaked at 4.75 percent at the beginning of the month their highest level since 2011. Zillow's real-time mortgage rates are based on thousands of custom mortgage quotes submitted daily to anonymous borrowers on the Zillow Mortgages site and reflect the most recent changes in the market.

Thinking of selling, buying, investing or renting in the near future? Contact Elite South Florida Real Estate today!



Thursday, December 20, 2018

Nowadays, many women aren't waiting for a man or a marriage before they buy a home.

According to the National Association of Realtors, 18 percent of homebuyers in 2017 were single women.

While single women may not have as much buying power as single men, they aren't letting that stop them from being homeowners. A 2018 study done by Zillow indicates single women can afford to purchase only 39% of U.S. homes on the market. However, they are buying them at a rate that far exceeds that of single men, who are able to purchase more than 50% of the homes currently on sale. The association notes the percentage of homebuyers who are single women has risen for the last three years and is up from 11 percent in 1981.

Why are women buying homes in greater numbers? According to professionals in the real estate and finance industries, the main catalysts are delayed marriages, higher incomes and personal satisfaction,

Saving up for a down payment can be challenging for a single woman. It is estimated that it will take a single person approximately 11 years to save up for a 20 percent down payment for a typical U.S. home. In expensive housing markets like Miami, it could be decades before a single woman has saved enough to make a purchase.

Still, those of us in the industry have an optimistic outlook. The average single woman is making more money than they did in the past.As incomes increase, it could be only natural for single females to gravitate toward property purchases.

Community is important. While both men and women may be looking for similar things in terms of space, value and location, single females may emphasize safety and the surrounding community. Women often show a preference for condominiums rather than single-family homes. Condos are not only lower maintenance, but they are found in community settings, which single homeowners might find appealing for safety reasons.

For instance, a single female may not want to be on the ground floor of a building because of safety concerns. Women might seek out places where grocery stores, schools and parks are close by because it indicates a tight community and single moms can rely on neighbors as well.

As far a financial considerations are concerned, without a partner's income to supplement their own, single women need to ensure they don't overextend themselves financially.Budgeting for a house is very different than budgeting for rent, with owning a house comes property taxes, maintenance, potential renovating expenses, as well as insurance.

Despite the challenges, many single women are finding ways to make homeownership a reality. If the trend continues, it won't be all that unusual to for your new neighbor to be a woman who has made the purchase on her own.



Monday, December 10, 2018

Buying a house for the first time can b e a daunting task. With so many places and situations that can cost you money or even happiness, it’s something to approach with caution and while being informed.

Order your FREE copy of “COMMON MISTAKES FIRST TIME HOME BUYERS MAKE AND HOW TO AVOID THEM” today. This book will show you everything you need to know to cause the process to go as smoothly as possible, without any mistakes. You’ll learn about programs for people buying for the first time, the best way to get a loan, common mistakes to avoid and much, much more. Don’t let a couple of simple errors cost you thousands and thousands of dollars.

Looking to BUY, SELL, RENT or INVEST? Call the Elite Team @ Remax Advance Realty – dedicated professionals ready to work for YOU?



Monday, December 10, 2018

Why do some homes seem to never sell?

There are a lot of reasons, but each one of them can be solved with the right tools and methods. Yes, the price is the first thing to look at, but many times it’s the other variables that make the biggest difference.

Do not simply drop the price in an effort to get it off the market. Request your FREE copy of “ How we sell homes others failed to sell”. In this book, we’re going to walk you through how to market it better.

Looking to BUY, SELL, RENT or INVEST? Call the Elite Team @ Remax Advance Realty – dedicated professionals ready to work for YOU?


2.6% Dip in Pending Home Sales in October

Monday, December 03, 2018

According to the National Association of Realtors, nationwide pending home sales declined in October 2018 in all regions except the Northeast.

The Pending Home Sales Index, an indicator looking forward based on contract signings, decreased 2.6 percent to 102.1 in October, down from 104.8 in September. Also, year-over-year contract signings dropped 6.7 percent, this is the tenth straight month of annual decreases.

Ten straight months of decline certainly isn't favorable news for the housing sector and the recent rise in mortgage rates have reduced the pool of eligible homebuyers.

A similar period of decline occurred during the 2013 Taper Tantrum when interest rates jumped from 3.5 percent to 4.5 percent. After 11 months - November 2013 to September 2014 - sales rebounded when rates decreased. Most experts say that this time, interest rates are not going down, in fact, they say they are probably going to increase even further.

While the short-term outlook is not certain, most experts are optimistic about the long-term outlook. The current home sales level matches sales in 2000.

It is important to note that mortgage rates are much lower today compared to earlier this century, when mortgage rates averaged 8 percent. Also, there are more jobs today than there were two decades ago.

Those “in the know” expect existing-home sales this year to decrease 3.1 percent to 5.34 million, and the national median existing-home price to increase 4.7 percent. Looking ahead to next year, existing sales are forecast to decline 0.4 percent and home prices to drop roughly 2.5 percent.

It is a fact that prices have galloped ahead of wage growth for too long, particularly in the coastal markets. Now, with the job market getting strong, and home sellers recalculating how aggressive to be with list prices, the housing market is looking to find its footing. However, while inventory remains tight, the underlying demand fundamentals remain strong. The experts expect the pause in activity to end next year.

Looking to BUY, SELL, RENT or INVEST? Call the Elite Team @ Remax Advance Realty – dedicated professionals ready to work for YOU?


Rise of Median Prices in Miami for 27th Consecutive Quarter

Wednesday, November 28, 2018

Median prices for single-family homes in Miami-Dade County increased to $360,000 during the third quarter, an 8.5 percent increase from $331,750 in the same period of 2017. Median prices for existing condominiums increased 3.3 percent year-over-year from $227,500 to $235,000.

Median prices have now increased for 27 consecutive quarters, a streak spanning for over 6 years.

Throughout the state of Florida, the median sales price for single-family existing homes in 3Q 2018 was $255,000, an increase of 6.3 percent from the same time a year ago, according to Florida Realtors. The median price throughout the state of Florida for condo-townhouse properties during the quarter was $182,500, up 6.1 percent over the last year’s figure.

According to the National Association of Realtors, the national median existing single-family home price in the third quarter was $266,900, up 4.8 percent from the third quarter of 2017 ($254,700).

Looking to Buy, Sell, Rent or Invest in Real Estate in Miami? Call The Elite Team @ 305-525-9777.


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 According to a new study, Miami has the largest proportion of renters versus homeowners...

After nearly four years of annual declines in inventory, the number of homes for sale...

Nowadays, many women aren't waiting for a man or a marriage before they buy a home. According...

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