Why Can’t I Find a House?

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Going into the 2016 spring market, the biggest challenge the real estate industry has is the lack of available housing inventory for sale. Here are a few experts and their thoughts on the subject:

David Crowe, Chief Economist for the National Association 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.”

Ralph McLaughlin, Chief Economist with Trulia:

“We are in a time of short supply, which is great news for sellers because they will likely be faced with multiple offers due to the little inventory out there…Buyers will be up against a lot of other people and against a short supply of existing homes.”

Lawrence Yun, Chief Economist with NAR:

“First-time buyers in high demand areas continue to encounter instances where their offer is trumped by cash buyers and investors. Without a much-needed boost in new and existing-homes for sale in their price range, their path to homeownership will remain an uphill climb.”

Fitch Ratings:

“One important issue that has restrained sales and starts is inventory. On an absolute basis, inventory has not expanded as much as in past recoveries, leading to less selection for buyers. This is especially true for existing home sales but is evident for new home construction as well. When it comes to U.S. housing inventory, more is better.” 

Jonathan Smoke, Chief Economist for Realtor.com:

“The increase in sales is resulting in continued tighter-than-tight supply—measured by NAR to be four months in January.  For you non-economists out there, that metric measures the number of months it would take to sell the current inventory of available homes, at the current pace. Got it? Six to seven months’ worth of homes on the market is considered normal; four months is cray-cray.”

If you’ve been thinking of selling, this is an ideal time as buyers are more motivated than ever to take advantage of today’s low interest rates. Equity has increased for many homeowners and the demand to buy is prevalent, these are the common elements you need to sell at the highest possible price in the shortest amount of time giving you the opportunity to start a new chapter in your life whether you’re moving up or downsizing!

It’s truly a win-win for both sellers and buyers when you decide to list your home!

Should I Wait to Buy A Home?

As a seller, you will be most concerned about ‘short term price’ – where home values are headed over the next six months. As either a first-time or repeat buyer, you must not be concerned only about price but also about the ‘long term cost’ of the home.

Let me explain.

There are many factors that influence the ‘cost’ of a home. Two of the major ones are the home’s appreciation over time, and the interest rate at which a buyer can borrow the funds necessary to purchase their home. The rate at which these two factors can change is often referred to as “The Cost of Waiting”.

What will happen over the next 12 months?

According to CoreLogic’s latest Home Price Index, prices are expected to rise by 5.5% by this time next year.

Additionally, Freddie Mac’s most recent Economic Commentary & Projections Table predicts that the 30-year fixed mortgage rate will appreciate to 4.5% in that same time.

What Does This Mean to a Buyer?

Here is a simple demonstration of what impact these projected changes would have on the mortgage payment of a home selling for approximately $250,000 today:

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If you’d like to take advantage of today’s incredibly low interest rates, I’d be happy to help you on the right path toward owning your home!

Where should we raise our children?

Yesterday, I had the opportunity to spend some time in the playground with my kids and a wonderful mommy friend who has grown to be one of my nearest & dearest. The beauty of being a Realtor for me as a busy mother of 3 is having flexibility. I get so busy balancing helping clients, home and family obligations that I had sadly not taken the time to visit the local park (Miramar Regional Park) in a very long time.

Being a South Florida native, I’ve had the opportunity to live in different cities such as Aventura, Sunny Isles, Kendall, South Beach and where I was born, Hialeah! I must admit my husband and I enjoyed the city life before moving to the burbs. The nightlife was plentiful as well as “day life”. There was always something to do. We would frequent nearby music venues, bars, go dancing every once in a while, etc. It was fun. But then we had kids and priorities shift. We started researching neighborhoods to raise a family, where there were great schools and nice homes that were affordable.

This is when we discovered the Southwest Broward area aka. the burbs. It was marvelous. We didn’t even know this area existed. It was nicely tucked away in between Fort Lauderdale and Miami close enough to the highways making it easy to venture off to the “city” whenever we wanted to have a taste of the city life again. But, here we had everything we needed for our everyday life for the whole family…restaurants, shopping, great schools, church fairs, local hot spots for date nights, neighborhood events, the list goes on.

There were many options to live in this area too like Miramar, Pembroke Pines, Southwest Ranches (where you can find the larger lots/acres+), Weston, Davie, Cooper City, and Sunrise. We have called this area (“the burbs”) our home for over a decade and love this lifestyle because it is ideal for our family. It was a glorious day indeed…clear blue skies, cool temperatures (high 60’s – low 70’s), birds chirping (no traffic or sirens wailing) and just reflecting on a beautiful neighborhood with kids laughing and playing in a beautiful park so close to home…in the burbs!

Here’s a glimpse of the glorious day! IMG_4826

Why Peaceful Realtor?

Well, you guessed it, I am a Realtor but why “peaceful”??

First time home buyers may have a vision of buying a home as a “dream come true” and don’t get me wrong, it usually is for most homeowners and existing homeowners looking to sell may think it’s as easy as 1-2-3.

However, for those “experienced” homeowners out there, we know buying or selling a home can sometimes be a stressful experience. You may have unrealistic expectations, bad advice, poor guidance or be outbid on your “dream” home. There’s a myriad of scenarios that can turn this dream into a nightmare or two. I understand this as an experienced homeowner as well as a real estate professional that happens to be very “hippie”-like (<-I just made up that word) according to some of my closest friends and family.

Why “hippie” possibly because I tend to try to look at all angles of a scenario and keep the “peace”…not to mention other possible reasons such as having my kids naturally, breastfeeding, etc.  But I digress…I just figured I could exude a positive vibe from the get-go starting with my “brand”. I set realistic expectations from the beginning, explain the process and work with my people from beginning to close to ensure the most peaceful and enjoyable experience as I like to have fun whenever possible. That said, you can expect a lot of enthusiasm when we land the right home or offer on your house!!

**Disclosure: don’t mistaken “peaceful” as passive. I know when to use tact when necessary to negotiate the best possible deal for my clients. I just have a collaborative and competitive approach (when needed) that helps keep the peace during the process. **

It only seemed logical to add a catchy slogan when I realized my ideal brand, so remember whenever there’s a need to sell or buy, you’d want to…

“Move with Peace, Contact Jenise!”

Hope you enjoy my blog. This is my first one ever so I hope you’ll stick with me and that I’m not terribly awful. Feel free to share your comments and/or feedback. Again, please take it easy on me as I’ve just popped my “blog” cherry ;)!

 

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