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Housing supply refers to the number of homes available for sale or rent in a particular market at a given time. It includes both newly constructed homes and existing homes that are listed for sale or rent.ped cool off the peak frenzy of buyer demand. But what you may not realize is, that actually could benefit you.
Inventory, in the context of the housing market, specifically refers to the number of homes available for sale. It represents the total stock of homes that are actively listed on the market and available for purchase by potential buyers.
When the housing supply increases, either due to new construction or more existing homes being listed for sale, the inventory of available homes on the market also increases. This means there are more options for potential buyers to choose from.
Conversely, when the housing supply decreases, perhaps due to a lack of new construction or fewer existing homes being listed, the inventory of available homes on the market decreases. This can lead to a situation where there are fewer homes available for sale, which may result in increased competition among buyers and potentially higher prices.
A balanced housing market typically has a relatively stable level of inventory, where the number of homes for sale meets or closely matches the demand from potential buyers. However, when there is a significant imbalance between supply and demand, such as a shortage of homes relative to demand, it can lead to competitive market conditions and upward pressure on prices.
In summary, the housing supply directly impacts the inventory of available homes on the market. Changes in the housing supply can influence market dynamics, including pricing, competition among buyers, and overall market activity.
There’s no denying the housing market is undergoing a shift this season as buyer
There’s a lot of confusion in the market about what’s happening with day-to-day movement in mortgage rates right now, but here’s what you really need to know: compared to the near 8% peak last fall, mortgage rates have trended down overall.
And if you’re looking to buy or sell a home, this is a big deal. While they’re going to continue to bounce around a bit based on various economic drivers (like inflation and reactions to the consumer price index, or CPI), don’t let the short-term volatility distract you. The experts agree the overarching downward trend should continue this year.
While we won’t see the record-low rates homebuyers got during the pandemic, some experts think we should see rates dip below 6% later this year. As Dean Baker, Senior Economist, Center for Economic Research, says:
“They will almost certainly not fall to pandemic lows, although we may soon see rates under 6.0 percent, which would be low by pre-Great Recession standards.”
And Baker isn’t the only one saying this is a possibility. The latest Fannie Mae projections also indicate we may see a rate below 6% by the end of this year (see the green box in the chart below):
demand slows and the number of homes for sale grows. But that shift actually gives you some unique benefits when you sell. Here’s a look at the key opportunities you have if you list your house this fall.
The chart shows mortgage rate projections for 2024 from Fannie Mae. It includes the one that came out in December, and compares it to the updated 2024 forecast they released just one month later. And if you look closely, you’ll notice the projections are on the way down.
It’s normal for experts to re-forecast as they watch current market trends and the broader economy, but what this shows is experts are feeling confident rates should continue to decline, if inflation cools.
s helped cool off the peak frenzy of buyer demand. But what you may not realize is, that actually could benefit you.
If you’re selling your house to make a move, it means you’ll have more options for your own home search. That gives you an even better chance to find a home that checks all of your boxes. So, if you’ve put off selling because you were worried about being able to find somewhere to go, know your options have improved.
But remember, no one can say for sure what will happen (and by when) – and short-term volatility is to be expected. So, don’t let small fluctuations scare you. Focus on the bigger picture.
If you’ve found a home you love in today’s market – especially where finding a home that meets your budget and your needs can be a challenge – it’s probably not a good idea to try to time the market and wait until rates drop below 6%.
With rates already lower than they were last fall, you have an opportunity in front of you right now. That’s because even a small quarter point dip in rates gives your purchasing power a boost.
If you wanted to move last year but were holding off hoping rates would fall, now may be the time to act. Connect with a real estate agent to get the ball rolling.
If you’re thinking about selling your house this season, work with me so you have the expert insights you need to make the best possible move today.
Article Source: www.keepingcurrentmatters.com
There’s no denying the housing market is undergoing a shift this season as buyer
There’s a lot of confusion in the market about what’s happening with day-to-day movement in mortgage rates right now, but here’s what you really need to know: compared to the near 8% peak last fall, mortgage rates have trended down overall.
And if you’re looking to buy or sell a home, this is a big deal. While they’re going to continue to bounce around a bit based on various economic drivers (like inflation and reactions to the consumer price index, or CPI), don’t let the short-term volatility distract you. The experts agree the overarching downward trend should continue this year.
While we won’t see the record-low rates homebuyers got during the pandemic, some experts think we should see rates dip below 6% later this year. As Dean Baker, Senior Economist, Center for Economic Research, says:
“They will almost certainly not fall to pandemic lows, although we may soon see rates under 6.0 percent, which would be low by pre-Great Recession standards.”
And Baker isn’t the only one saying this is a possibility. The latest Fannie Mae projections also indicate we may see a rate below 6% by the end of this year (see the green box in the chart below):
demand slows and the number of homes for sale grows. But that shift actually gives you some unique benefits when you sell. Here’s a look at the key opportunities you have if you list your house this fall.
The chart shows mortgage rate projections for 2024 from Fannie Mae. It includes the one that came out in December, and compares it to the updated 2024 forecast they released just one month later. And if you look closely, you’ll notice the projections are on the way down.
It’s normal for experts to re-forecast as they watch current market trends and the broader economy, but what this shows is experts are feeling confident rates should continue to decline, if inflation cools.
s helped cool off the peak frenzy of buyer demand. But what you may not realize is, that actually could benefit you.
If you’re selling your house to make a move, it means you’ll have more options for your own home search. That gives you an even better chance to find a home that checks all of your boxes. So, if you’ve put off selling because you were worried about being able to find somewhere to go, know your options have improved.
But remember, no one can say for sure what will happen (and by when) – and short-term volatility is to be expected. So, don’t let small fluctuations scare you. Focus on the bigger picture.
If you’ve found a home you love in today’s market – especially where finding a home that meets your budget and your needs can be a challenge – it’s probably not a good idea to try to time the market and wait until rates drop below 6%.
With rates already lower than they were last fall, you have an opportunity in front of you right now. That’s because even a small quarter point dip in rates gives your purchasing power a boost.
If you wanted to move last year but were holding off hoping rates would fall, now may be the time to act. Connect with a real estate agent to get the ball rolling.
If you’re thinking about selling your house this season, work with me so you have the expert insights you need to make the best possible move today.
Article Source: www.keepingcurrentmatters.com
Chances are at some point in your life you’ve heard the phrase, home is where the heart is. There’s a reason that’s said so often. Becoming a homeowner is emotional.
So, if you’re trying to decide if you want to keep on renting or if you’re ready to buy a home this year, here’s why it’s so easy to fall in love with homeownership.
Your house should be a space that’s uniquely you. And, if you’re a renter, that can be hard to achieve. When you rent, the paint colors are usually the standard shade of white, you don’t have much control over the upgrades, and you’ve got to be careful how many holes you put in the walls. But when you’re a homeowner, you have a lot more freedom. As the National Association of Realtors (NAR) says:
“The home is yours. You can decorate any way you want and choose the types of upgrades and new amenities that appeal to your lifestyle.”
Whether you want to paint the walls a cheery bright color or go for a dark moody tone, you can match your interior to your vibe. Imagine how it would feel to come home at the end of the day and walk into a space that feels like you.
One of the hardest things about renting is the uncertainty of what happens at the end of your lease. Does your payment go up so much that you have to move? What if your landlord decides to sell the property? It’s like you’re always waiting for the other shoe to drop. Jeff Ostrowski, a business journalist covering real estate and the economy, explains how homeownership can give you more peace of mind in a Money Geek article:
“Homeownership means you are the boss and have the biggest say in your lifestyle and family decisions. Suppose your kids are in public school and you don’t want to risk having them change schools because your landlord doesn’t renew your lease. Owning a home would remove much of the risk of having to move.”
You may also find you feel much more at home in the community once you own a house. That’s because, when you buy a home, you’re staking a claim and saying, I’m a part of this community. You’ll have neighbors, block parties, and more. And that’ll give you the feeling of being a part of something bigger. As the International Housing Association explains:
“. . . homeowning households are more socially involved in community affairs than their renting counterparts. This is due to both the fact that homeowners expect to remain in the community for a longer period of time and that homeowners have an ownership stake in the neighborhood.”
Becoming a homeowner is a journey – and it may have been a long road to get to the point where you’re ready to take the plunge. If you’re seriously considering leaving behind your rental and making this commitment, you should know the emotions that come with this owning a home are powerful. You’ll be able to walk up to your front door every day and have that sense of accomplishment welcome you home.
A home is a place that reflects who you are, a safe space for the ones you love the most, and a reflection of all you’ve accomplished. Connect with me if you’re ready to break up with your rental and buy a home.
Article Source: www.keepingcurrentmatters.com
Are you feeling a bit unsure about what’s really happening with mortgage rates? That might be because you’ve heard someone say they’re coming down. But then you read somewhere else that they’re up again. And that may leave you scratching your head and wondering what’s true.
The simplest answer is: that what you read or hear will vary based on the time frame they’re looking at. Here’s some information that can help clear up the confusion.
Mortgage rates don’t move in a straight line. There are too many factors at play for that to happen. Instead, rates bounce around because they’re impacted by things like economic conditions, decisions from the Federal Reserve, and so much more. That means they might be up one day and down the next depending on what’s going on in the economy and the world as a whole.
Take a look at the graph below. It uses data from Mortgage News Daily to show the ebbs and flows in the 30-year fixed mortgage rate since last October:
If you look at the graph, you’ll see a lot of peaks and valleys – some bigger than others. And when you use data like this to explain what’s happening, the story can be different based on which two points in the graph you’re comparing.
For example, if you’re only looking at the beginning of this month through now, you may think mortgage rates are on the way back up. But, if you look at the latest data point and compare it to the peak in October, rates have trended down. So, what’s the right way to look at it?
Mortgage rates are always going to bounce around. It’s just how they work. So, you shouldn’t focus too much on the small, daily changes. Instead, to really understand the overall trend, zoom out and look at the big picture.
When you look at the highest point (October) compared to where rates are now, you can see they’ve come down compared to last year. And if you’re looking to buy a home, this is big news. Don’t let the little blips distract you. The experts agree, overall, that the larger downward trend could continue this year.
Article Source: www.keepingcurrentmatters.com
Have you been thinking about selling your house? If so, here’s some good news. While the housing market isn’t as frenzied as it was during the ‘unicorn’ years when houses were selling quicker than ever, they’re still selling faster than normal.
The graph below uses data from Realtor.com to tell the story of median days on the market for every January from 2017 all the way through the latest numbers available. For Realtor.com, days on the market means from the time a house is listed for sale until its closing date or the date it’s taken off the market. This metric can help give you an idea of just how quickly homes are selling compared to more normal years:
When you look at the most recent data (shown in green), it’s clear homes are selling faster than they usually would (shown in blue). In fact, the only years when houses sold even faster than they are right now were the abnormal ‘unicorn’ years (shown in pink). According to Realtor.com:
“Homes spent 69 days on the market, which is three days shorter than last year and more than two weeks shorter than before the COVID-19 pandemic.”
Homes are selling faster than the norm for this time of year – and your house may sell quickly too. That’s because more people are looking to buy now that mortgage rates have come down, but there still aren’t enough homes to go around. Mike Simonsen, Founder of Altos Research, says:
“. . . 2024 is starting stronger than last year. And demand is increasing each week.”
If you’re pondering whether now’s the right moment to sell your home, rest assured that the latest data indicates it is indeed an opportune time. The housing market is showing remarkable strength, even more so than usual for this time of year. To stay informed about the latest developments in your local market, connect with me, your trusted real estate agent. Let’s navigate this market together and make the most of this advantageous situation.
Article Source: www.keepingcurrentmatters.com
As you think about the year ahead, one of your big goals may be moving. But, how do you know when to make your move? While spring is usually the peak homebuying season, you don’t actually need to wait until spring to sell. Here’s why.
Last October, the 30-year fixed mortgage rates peaked at 7.79%. In January, they hit their lowest level since May. That means you may not feel as locked-in to your current mortgage rate right now. That downward trend in rates has made moving more affordable now than it was just a few months ago.
Another reason today’s rates make now a good time to sell? More buyers are jumping back into the market. Many had been waiting on the sidelines for rates to fall, but now that that’s happening, they’re eager and ready to buy. That means more demand for your house. According to Sam Khater, Chief Economist at Freddie Mac:
“Given this stabilization in rates, potential homebuyers with affordability concerns have jumped off the fence back into the market.”
Right now, there are still more people looking to buy a home than there are houses for sale, which puts you in a great position. But keep in mind, with the recent uptick in new listings, we’re seeing more sellers may already be re-entering the market.
Listing your house now helps you beat your competition and makes sure your house will stand out. And if you work with an agent to price it right, it could sell fast and get multiple offers. U.S. News explains:
“When there is low housing inventory, sellers could get top dollar for their homes.”
Experts forecast home prices will keep going up this year. What does that mean for you? If you’re ready to sell your current house and plan to buy another one, it may be a good idea to think about moving now before prices go up more. That would give you the chance to buy your next home before it gets more expensive.
Homeowners today have tremendous amounts of equity. In fact, a recent report from CoreLogic says the average homeowner with a mortgage has more than $300,000 in equity.
If you’ve been waiting to sell because you were worried about home affordability, know your equity can really help with your next move. It might even cover a big part, or maybe all, of the down payment for your next home.
If you’re considering selling your house and making a move, let’s connect! I’m here to guide you through the process and help you get a head start on the competition. Reach out to me, and let’s turn your real estate goals into a reality.
Article Source: www.keepingcurrentmatters.com
As Valentine’s Day approaches, love is in the air in the charming city of Venice, Florida. This picturesque coastal town offers a perfect setting for a romantic celebration with your special someone. From unique gift shops to delectable dining options, Venice has everything you need to make this Valentine’s Day truly unforgettable.
Venice Avenue Creamery:
Start your Valentine’s Day journey by exploring Venice Avenue, where you’ll find the Venice Avenue Creamery. Treat your sweetheart to handcrafted chocolates, gourmet truffles, and delightful ice cream creations. This sweet spot is perfect for satisfying your loved one’s sweet tooth.
Venice Olive Oil Company:
For a unique and thoughtful gift, head to the Venice Olive Oil Company on Miami Avenue. Choose from a variety of premium olive oils, balsamic vinegars, and gourmet goodies. Create a customized gift basket with your partner’s favorite flavors for a truly personalized touch.
Downtown Venice Antiques:
If your significant other appreciates vintage treasures, explore the Downtown Venice Antiques shops. Discover timeless pieces that symbolize your enduring love. Whether it’s a classic piece of jewelry or a retro trinket, you’re sure to find something special.
Cassariano Italian Eatery:
Nestled in the heart of Venice, Cassariano Italian Eatery sets the stage for a romantic dinner. Indulge in authentic Italian cuisine in a cozy, intimate atmosphere. With a special Valentine’s Day menu, featuring delectable dishes and fine wines, Cassariano is a top choice for a romantic evening.
Cafe Venice Restaurant & Wine Bar:
Enjoy a romantic waterfront dining experience at Cafe Venice Restaurant & Wine Bar. Their diverse menu, featuring fresh seafood and premium steaks, paired with an extensive wine selection, guarantees a delightful evening. The outdoor patio provides a scenic backdrop for a romantic dinner under the stars.
Gold Rush BBQ:
For a more casual yet equally delightful dining experience, consider Gold Rush BBQ. Known for their mouthwatering barbecue dishes, this venue offers a relaxed atmosphere and delicious comfort food. Share a platter of ribs or savor their famous pulled pork together.
In addition to the enchanting gifts and romantic dining options, Venice, Florida, offers a lineup of special events to make this Valentine’s Day truly memorable. Whether you’re a local or a visitor, these events provide unique opportunities to celebrate love in the charming atmosphere of Venice.
Venice Mercato on the Island Valentine’s Sip N Shop
Location: 200 Base Avenue East, Venice, FL
Date: February 8
Details: Embrace the Valentine’s spirit at the Venice Mercato on the Island’s Sip N Shop event. Enjoy live music, exquisite wines, and light bites as you explore vintage treasures. It’s the perfect opportunity to find a one-of-a-kind gift for your special someone while sipping on delightful wines and enjoying the ambiance.
Galentine’s Day Brunch
Location: 367 Jacaranda Blvd, Venice, FL, United States, Florida 34292
Date: February 10
Details: Celebrate the love of friendship at The British Open Pub’s Annual Galentine’s Day Brunch. Gather your favorite gal pals for a delightful brunch experience filled with laughter, good food, and cherished moments. This event is a perfect way to show appreciation for the wonderful friendships in your life.
These events add a delightful touch to your Valentine’s Day celebrations, offering unique and enjoyable experiences to share with your loved one or close friends. Take advantage of the opportunity to immerse yourself in the love-filled atmosphere of Venice, Florida, and make this Valentine’s Day a truly special occasion. Whether you’re exploring vintage finds, sipping on wine, or brunching with your gal pals, Venice has something for everyone to enjoy on this day dedicated to love.
Welcome to the enchanting waterfront city of Venice, Florida – where sunshine meets sophistication, and coastal living takes center stage. Nestled along the Gulf of Mexico, this picturesque destination seamlessly blends Old Florida charm with modern amenities, making it an ideal haven for those seeking a vibrant lifestyle. Join us on a journey through the highlights of this captivating locale, where the allure of Venice is unveiled.
Venice boasts a unique allure with its expansive waterfront properties that offer breathtaking views of the Gulf and Intracoastal Waterway. Whether you’re considering a stylish condominium overlooking the azure waters or a luxurious waterfront estate with a private dock, Venice presents an array of real estate options for discerning buyers. The Venice Island and the Golden Beach area are particularly renowned for their prime waterfront properties.
Immerse yourself in the rich history of Venice by taking a leisurely walk through the Venice Historic District. The city’s Italian-inspired architecture, charming boutiques, and art galleries transport visitors to another era. Discover the iconic Venice Train Depot and marvel at the historic Venice Theatre, where cultural events and performances take center stage.
Venice Beach and Caspersen Beach beckon with their sugar-white sands and sparkling waters. Ideal for beachcombing, sunbathing, or simply enjoying a serene sunset, these beaches are the epitome of tranquility. The nearby Venice Fishing Pier provides a perfect spot for fishing enthusiasts and panoramic views of the coastline.
Venice celebrates its artistic spirit with a thriving cultural scene. The Venice Art Center showcases a diverse range of exhibitions, while the Venice Performing Arts Center hosts world-class performances. For a taste of local talent, the Venice Theatre and Venice Symphony are must-visit destinations.
Embark on a culinary journey through Venice’s eclectic dining scene. Savor the freshest seafood at ‘The Crow’s Nest,’ an iconic waterfront restaurant offering stunning views and a menu featuring delectable dishes like Grouper Piccata. For an authentic Italian experience, ‘Cassariano Italian Eatery’ in downtown Venice serves up homemade pasta and classic Italian favorites in a cozy setting. ‘Fins at Sharky’s,’ located on the Venice Fishing Pier, is a local favorite for its seafood-focused menu and breathtaking Gulf views.
Local Hotspots: A Taste of Venice Life
Venice is home to an array of parks and outdoor spaces, perfect for recreational activities. The Legacy Trail offers a scenic route for biking and jogging enthusiasts, while the Venetian Waterway Park provides a picturesque trail along the Intracoastal Waterway. Enjoy kayaking, paddleboarding, or bird watching in the lush Jelks Preserve.
Venice’s vibrant community spirit shines through a calendar filled with events and festivals. From the Venice Italian Feast and Shark’s Tooth Festival to the Holiday Parade, residents and visitors alike can partake in festivities that celebrate the city’s diverse culture and community bonds.
As you contemplate making Venice, Florida, your home or vacation destination, the city’s undeniable charm and myriad offerings stand testament to its appeal. Venice awaits, offering a lifestyle that seamlessly blends the tranquility of coastal living with the cultural richness of a historic town. Explore the real estate possibilities, and let the allure of Venice capture your heart.
Have you ever heard the term “Silver Tsunami” and wondered what it’s all about? If so, that might be because there’s been lot of talk about it online recently. Let’s dive into what it is and why it won’t drastically impact the housing market.
A recent article from HousingWire calls it:
“. . . a colloquialism referring to aging Americans changing their housing arrangements to accommodate aging . . .”
The thought is that as baby boomers grow older, a significant number will start downsizing their homes. Considering how large that generation is, if these moves happened in a big wave, it would affect the housing market by causing a significant uptick in the number of larger homes for sale. That influx of homes coming onto the market would impact the balance of supply and demand and more.
The concept makes sense in theory, but will it happen? And if so, when?
Experts say, so far, a silver tsunami hasn’t happened – and it probably won’t anytime soon. According to that same article from HousingWire:
“. . . the silver tsunami’s transformative potential for the U.S. housing market has not yet materialized in any meaningful way, and few expect it to anytime soon.”
Here’s just one reason why. Many baby boomers don’t want to move. Data from the AARP shows over half of the surveyed adults ages 65 and up plan to stay put and age in place in their current home rather than move (see chart below):
Clearly, not every baby boomer is planning to sell or move – and even those who do won’t do it all at once. Instead, it will be more gradual, happening slowly over time. As Mark Fleming, Chief Economist at First American, says:
“Demographics are never a tsunami. The baby boomer generation is almost two decades of births. That means they’re going to take about two decades to work their way through.”
If you’re worried about a Silver Tsunami shaking up the housing market, don’t be. Any impact from baby boomers moving will be gradual over many years. Fleming sums it up best:
“Demographic trends, they don’t tsunami. They trickle.”
Connect with me to discuss how these trends may affect your specific situation and explore strategies for a stable future.
Article Source: www.keepingcurrentmatters.com
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