Housing Market Update: Rising Inventory and Stabilizing Interest Rates Create New Opportunities for Buyers

by Marketing | Oct 30, 2024 | Blog, Buyers, Homeowners, News, Real Estate News

Housing Market Update: Rising Inventory and Stabilizing Interest Rates Create New Opportunities for Buyers

The real estate market is evolving, with rising inventory levels and steadying interest rates bringing a favorable environment for those ready to buy. These shifts make it a great time to take a close look at your options and consider how today’s market dynamics might work to your advantage.

1. Expanded Inventory Provides Buyers with Greater Choice and Flexibility

Years of limited housing supply created high demand and intense competition. Now, with more properties on the market, buyers have a larger selection and a chance to make decisions with confidence.

More Choices and Negotiating Power: Increased listings mean a wider array of options, so buyers have a greater chance to find homes that fit their needs while negotiating terms that align with their goals.

Time to Compare Options: With a balanced market, buyers can approach decisions thoughtfully, without feeling pressured by high competition or bidding wars.

Advice for Buyers: Take advantage of this opportunity to explore the market carefully, comparing properties to find the one that meets your criteria for price, location, and features.

2. Cooling Prices Offer Improved Affordability

With home price growth slowing, the market is becoming more accessible. As wages rise faster than prices, affordability is improving for many buyers, creating openings in a market that once felt out of reach.

Strategic Approach: Now may be an excellent time to reassess your buying plans, especially if affordability has previously been a concern. Evaluate your budget against current trends to see if this new environment aligns with your goals.

3. Predictable Interest Rates Support Favorable Financing

While interest rates are higher than in recent years, they’ve begun to stabilize, offering buyers a more predictable landscape for financing. This steadiness in rates allows for clearer planning, making it easier to set a budget and explore loan options with confidence.

Financing Tips: Locking in a mortgage rate now could provide long-term savings, particularly if you find a home that meets your financial criteria. With access to a range of loan types and competitive rates, securing a mortgage has become a more transparent and manageable process.

Take Advantage of Market Shifts with Expert Guidance

This period of stability and increased choice presents an ideal time to explore your options and consider whether buying now could be right for you. With expert guidance on the evolving market, you can take advantage of these shifts and make decisions with confidence.

For more insights into the current real estate climate and how you can position yourself strategically, visit the latest updates from the National Association of REALTORS®.

Inventory Rise Means Opportunities for Buyers

by Marketing | Oct 30, 2024 | Blog, Buyers, Homeowners, Homes, Villas and Condos, Investment Property in Florida, Real Estate News

Inventory Rise Means Opportunities for Buyers

The real estate market is showing signs of promise, even amid a cautious buying environment, as reported by the National Association of REALTORS® (NAR). Inventory levels are finally rising, giving buyers more options and time to make decisions—important shifts after years of tight supply. The cooling in home price appreciation is another positive, as wages are now growing faster than home prices, signaling improved affordability for future buyers. Additionally, mortgage rates, though higher than recent years, have moderated compared to earlier in 2023, potentially setting the stage for more favorable financing conditions in the coming months.

https://www.nar.realtor/magazine/real-estate-news/despite-inventory-rise-home-buyers-remain-cautious

Understanding Buyer Broker Agreements: What You Need to Know

by Marketing | Oct 2, 2024 | Blog, Buyers, Homeowners, Real Estate News, Renters, Sellers

Understanding Buyer Broker Agreements: What You Need to Know

Understanding Buyer Broker Agreements: What You Need To Know

Buying a home is a major life decision, and at RE/MAX Heritage, we believe that you should feel supported throughout the process. One of the ways we ensure this is through a Buyer Broker Agreement (BBA). This agreement helps clarify your relationship with your agent and guarantees that you receive the best possible guidance and support.

Why a Buyer Broker Agreement Matters

A Buyer Broker Agreement (BBA) is a straightforward contract between you and your RE/MAX Heritage agent. It confirms that your agent is working exclusively for you, ensuring that they are fully committed to helping you find the right property, negotiate effectively, and navigate the buying process smoothly. Without a BBA, there’s a chance that an agent’s responsibilities might be unclear, or they could represent both the buyer and the seller, which could create conflicts of interest. By signing a BBA, you make sure that your agent is focused solely on your interests.

Why a BBA is Especially Important in Today's Market

The real estate market can be unpredictable. Prices fluctuate, there’s strong competition for properties, and legal requirements are more detailed than they used to be. A Buyer Broker Agreement ensures you’re protected in this fast-moving environment. Recent changes in the industry, such as the National Association of Realtors (NAR) settlement, have made it even more important for buyers and sellers to be clear about their rights and responsibilities. At RE/MAX Heritage, we make sure you understand exactly how your agent will work for you by having this agreement in place.

The Benefits of a Buyer Broker Agreement at RE/MAX Heritage

When you sign a BBA with us, you’re not just agreeing to work with an agent—you’re securing several key advantages:
1. Clear Commitment

2. With a BBA, your agent is legally required to represent your interests. This ensures
that they’re fully focused on getting the best results for you.

3. Transparency
The agreement spells out exactly how your agent will be compensated and what their
responsibilities are. This way, there are no surprises along the way.

4. Guidance Throughout the Process
The home-buying process can be complex, but your RE/MAX Heritage agent will be there to
guide you every step of the way. From finding listings to negotiating prices, you’ll have
support when it matters most.

5. Stronger Negotiation Power
Your agent, committed to your interests through the BBA, will work hard to negotiate the
best terms for you, ensuring that you’re well-positioned in the market.

What Happens Without a BBA?

Without a Buyer Broker Agreement, your agent’s role may not be as clearly defined. This could lead to misunderstandings or missed opportunities. For example, if your agent is also representing the seller, their loyalties could be divided, potentially leaving you with less effective support. At RE/MAX Heritage, we believe in keeping things clear and simple. A BBA ensures that you know your agent is working for you, reducing any risk of confusion or unexpected costs.

Why the BBA Works for You at RE/MAX Heritage

At RE/MAX Heritage, we don’t just show homes—we work closely with you to make sure the buying process goes smoothly. The Buyer Broker Agreement is part of this commitment. It helps us create a clear plan so that you can move forward with confidence, knowing that your agent is always on your side. This agreement guarantees that you’re getting professional support, honest advice, and dedicated service from the start of your search all the way to the closing of your new home.

Buyer’s Journey

Ending note:

As we approach the end of another year, we are reminded that real estate isn’t just about transactions—it’s about building a life, creating a home, and connecting with our community. The market will continue to shift and change, but what remains constant is the importance of making thoughtful decisions that reflect where you are and where you want to go.

At ReMax Heritage, Bardell Real Estate team, our goal is to support you in more than just buying or selling a property—we’re here to help you navigate life’s transitions, big or small. Whether you’re considering your next move or simply looking to strengthen your place in this community, know that we’re here for you, with guidance, understanding, and the experience to help you move forward.

Whatever the rest of 2024 holds for you, let’s make the most of it—together, with purpose.

July Real Estate Home Sales Show Positive Shift

by Marketing | Sep 2, 2024 | Blog, Homeowners, Homes, Villas and Condos, News, Real Estate Components, Real Estate News

July Real Estate Home Sales Show Positive Shift

July Real Estate Home Sales Show Positive Shift

July marked a positive turn for existing-home sales, breaking a four-month streak of declines, according to the National Association of REALTORS®. Three out of the four major U.S. regions experienced an increase in sales, while the Midwest held steady. Year-over-year, sales rose in the Northeast and West but saw declines in the Midwest and South.

Key Highlights:

Overall Sales Growth: Total existing-home sales—including single-family homes, townhomes, condominiums, and co-ops—increased by 1.3% from June, reaching a seasonally adjusted annual rate of 3.95 million in July. However, this is a 2.5% decrease compared to July 2023, when sales stood at 4.05 million.
Market Conditions: NAR Chief Economist Lawrence Yun noted, “Although the gain is modest, home sales continue to face challenges. However, buyers are seeing more options, and affordability is improving thanks to lower interest rates.”
Inventory Levels: Total housing inventory at the end of July was 1.33 million units, marking a 0.8% increase from June and a substantial 19.8% rise from a year ago (1.11 million). Unsold inventory is currently at a 4.0-month supply, down slightly from 4.1 months in June but up from 3.3 months in July 2023.
Home Prices: The median existing-home price for all housing types in July was $422,600, a 4.2% increase from one year ago ($405,600). All four U.S. regions reported price increases.

REALTORS® Confidence Index

According to the monthly REALTORS® Confidence Index:

Time on Market: Properties typically remained on the market for 24 days in July, up from 22 days in June and 20 days in July 2023.
First-Time Buyers: First-time buyers accounted for 29% of sales in July, consistent with June but slightly down from 30% in July 2023.
All-Cash Sales: All-cash sales made up 27% of transactions in July, slightly down from 28% in June but an increase from 26% a year ago.
Investor Activity: Individual investors or second-home buyers, who often make cash purchases, bought 13% of homes in July, down from 16% in both June 2024 and July 2023.
Distressed Sales: Distressed sales, including foreclosures and short sales, represented 1% of sales in July, virtually unchanged from the previous month and the prior year.

Mortgage Rates

Freddie Mac reported that the 30-year fixed-rate mortgage averaged 6.49% as of August 15, slightly up from 6.47% the previous week but down from 7.09% one year ago.

Single-Family and Condo/Co-op Sales

Single-Family Homes: Sales rose by 1.4% to a seasonally adjusted annual rate of 3.57 million in July, a 1.4% decrease from the previous year. The median existing single-family home price was $428,500 in July, up 4.2% from July 2023.
Condominiums and Co-ops: Sales remained steady from June at a seasonally adjusted annual rate of 380,000 units, but this represents an 11.6% decline from a year ago (430,000 units). The median existing condo price was $367,500 in July, up 2.7% from the prior year ($357,900).

Yun commented, “The median home price for condominiums is lower, but the condominium market continues to underperform compared to the single-family market. Rising maintenance and insurance costs have diminished the appeal of condominiums.”

Regional Breakdown

Northeast: Existing-home sales increased by 4.3% from June to an annual rate of 490,000 in July, a 2.1% rise from July 2023. The median price in the Northeast was $505,100, an 8.3% increase from last year.
Midwest: Existing-home sales remained unchanged in July at an annual rate of 920,000, though this represents a 5.2% decline from the previous year. The median price in the Midwest was $321,300, up 4.5% from July 2023.
South: Existing-home sales grew by 1.1% from June to an annual rate of 1.79 million in July, but this is a 3.8% decrease from one year ago. The median price in the South was $372,500, a 2.3% increase from the previous year.
West: The West saw existing-home sales rise by 1.4% in July, reaching an annual rate of 750,000, which is also a 1.4% increase from a year ago. The median price in the West was $629,500, a 3.4% increase from July 2023.

Why Choose RE/MAX Heritage – A Bardell Real Estate Company

At RE/MAX Heritage, we are Florida Property Specialists, offering unparalleled expertise in new and resale vacation homes, investment properties, retirement homes, residential properties, and long-term property management/leasing services. Serving the Orlando area, we are your gateway to buying and selling real estate with confidence.

Legacy of Excellence
Established as Bardell Real Estate in 1989, we have been a trusted name in Central Florida for over 30 years. Our decision to join the RE/MAX family in December 2021 enhances our ability to deliver top-tier service by combining our deep-rooted values of honesty, integrity, and respect with RE/MAX’s global resources.

Full-Service Real Estate Expertise
As a full-service real estate office, RE/MAX Heritage is committed to meeting all your real estate needs—whether you’re buying, selling, or seeking long-term leasing services. We operate in full compliance with the Fair Housing Act, the Fair Credit Reporting Act, and all relevant laws to ensure the highest standards of service.

Our Commitment
Our product is service, and our tools are people and property. We are dedicated to delivering a warm, friendly experience focused on helping you achieve your real estate goals, coupled with the highest level of professionalism to solve your needs better than anyone else.

Motto: “WHEN ONLY A PROFESSIONAL WILL DO.”

Choose RE/MAX Heritage to experience a perfect blend of heritage, expertise, and global reach, ensuring your real estate journey is nothing short of exceptional.

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 Sales Report May 2024

by Elsa Soto | Jul 10, 2024 | Blog, Buyers, Homeowners, News, Real Estate News, Renters, Sellers

Real Estate Sales Report May 2024

Existing-home sales slightly declined in May while the median sales price reached a record high, as reported by the National Association of REALTORS® (NAR). Sales fell month-over-month in the South but remained stable in the Northeast, Midwest, and West. Year-over-year, the Midwest saw a rise in sales, whereas the Northeast, South, and West experienced declines.

Total existing-home sales, encompassing single-family homes, townhomes, condominiums, and co-ops, decreased by 0.7% from April, reaching a seasonally adjusted annual rate of 4.11 million in May. Compared to last year, sales dropped by 2.8% from 4.23 million in May 2023.

The NAR Chief Economist, Lawrence Yun, stated that more inventory will eventually help boost home sales and tame home price gains in the upcoming months. Increased housing supply is expected to benefit consumers who want to see more properties before making purchasing decisions.

Total housing inventory at the end of May was 1.28 million units, marking a 6.7% increase from April and an 18.5% increase from one year ago (1.08 million). The unsold inventory is at a 3.7-month supply at the current sales pace, up from 3.5 months in April and 3.1 months in May 2023.

The median existing-home price for all housing types in May was $419,300, the highest ever recorded, up 5.8% from one year ago ($396,500). All four U.S. regions registered price gains.

Yun noted that home prices reaching new highs are creating a wider divide between those owning properties and those who wish to be first-time buyers. The mortgage payment for a typical home today is more than double that of homes purchased before 2020. Despite this, first-time buyers in the market understand the long-term benefits of owning.

REALTORS® Confidence Index According to the monthly REALTORS® Confidence Index, properties typically remained on the market for 24 days in May, down from 26 days in April but up from 18 days in May 2023.

First-time buyers accounted for 31% of sales in May, down from 33% in April but up from 28% in May 2023. NAR’s 2023 Profile of Home Buyers and Sellers, released in November 2023, indicated that the annual share of first-time buyers was 32%.

All-cash sales made up 28% of transactions in May, unchanged from April but up from 25% a year ago. Individual investors or second-home buyers, who comprise many cash sales, purchased 16% of homes in May, the same as in April and up from 15% in May 2023. Distressed sales – foreclosures and short sales – represented 2% of sales in May, unchanged from both last month and the previous year.

Mortgage Rates According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.87% as of June 20, down from 6.95% the previous week but up from 6.67% a year ago.

Single-family and Condo/Co-op Sales Single-family home sales declined to a seasonally adjusted annual rate of 3.71 million in May, down 0.8% from 3.74 million in April and 2.1% from the previous year. The median existing single-family home price was $424,500 in May, up 5.7% from May 2023. Existing condominium and co-op sales were unchanged from April, at a seasonally adjusted annual rate of 400,000 units in May, but down 9.1% from one year ago (440,000 units). The median existing condo price was $371,300 in May, up 5.1% from the previous year ($353,300).

Regional Breakdown

Northeast: Existing-home sales were unchanged from April at an annual rate of 480,000, a 4% decline from May 2023. The median price was $479,200, up 9.2% from the previous year.
Midwest: Existing-home sales remained steady from April at an annual rate of 1 million, a 1% increase from a year ago. The median price was $317,100, up 6.4% from May 2023.
South: Sales fell 1.6% from April to an annual rate of 1.87 million in May, down 5.1% from the previous year. The median price was $374,300, up 3.6% from last year.
West: Sales in May were unchanged from April at an annual rate of 760,000, a 1.3% decrease from one year earlier. The median price was $632,900, up 5.5% from May 2023.

About the National Association of REALTORS® The National Association of REALTORS® is the largest trade association in America, representing 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 identifying a real estate professional who is a member of the National Association of REALTORS® and subscribes to its strict Code of Ethics.

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.

When to List Your Long-Term Rental with RE/MAX Heritage for the Best Results

by Elsa Soto | Jun 27, 2024 | Blog, Homeowners, Long Term Rental, News, Property Management, Real Estate Components, Real Estate News, Renters, Sellers

When to List Your Long-Term Rental with RE/MAX Heritage for the Best Results

Located in the vibrant Four Corners area near Orlando, REMAX Heritage understands that advice on the best times to buy or sell property is readily available. But what if your goal isn’t to sell? What if you’re looking to rent out your single-family home or an apartment within your complex? Knowing the optimal time to list your rental property can significantly enhance your chances of finding tenants.

Why Spring Is the Optimal Time to List Your Rental

Spring emerges as the prime season to market your rental property for several compelling reasons, paralleling some of the logic behind property sales:

1) Aligning with the School Calendar: Families prefer moving during the summer to avoid disrupting the school year. Listing in spring caters to these potential tenants, helping them plan their relocation right after the school term ends.

2) Advantageous Weather: Generally, more people are inclined to move during spring and summer, favored by milder weather. This makes not only property viewing but also the physical move smoother and more pleasant.

3) Enhanced Property Aesthetics: Properties tend to showcase their best look in spring, with blooming flowers, lush greenery, and vibrant landscapes. Enhancing your property’s curb appeal with fresh landscaping or colorful planters can make a significant difference.

4) Financial Boost from Tax Refunds: The influx of tax refunds during spring provides many renters with extra funds, which they might use for moving expenses, making it a financially opportune time to seek new living arrangements.

While spring stands out as the ideal time to list, REMAX Heritage offers strategies to effectively market your rental during other seasons:

Seasonal Rental Listing Tips

Summer: Highlight features like pools, air conditioning, and proximity to outdoor activities. Be ready to inform about local school timelines, reassuring families they can settle before the academic year starts.
Fall: Utilize autumnal decor to create a cozy, inviting atmosphere. Emphasize the natural scenery and plant seasonal blooms like chrysanthemums to maintain an appealing exterior.
Winter: Ensure your property feels warm and welcoming. Preheat the space before showings, utilize seasonal scents, and maximize natural lighting to counteract the shorter days.

By adapting your strategy to each season, you can attract tenants year-round, maintaining a successful rental venture even during traditionally slower months.

Exploring Opportunities in the Off-Season

What strategies do you consider effective for listing your rental property outside the peak season? At REMAX Heritage, we’re always looking for innovative ideas to serve our clients better and keep occupancy rates high throughout the year.

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.

[formlift id=”36911″]