U.S. Housing Supply Reaches All-Time Low

Realtor.com: Housing inventory dropped 13.6% in Jan. – the steepest year-over-year decline in over four years. The current supply of for-sale homes in the U.S. is the lowest it’s been since realtor.com began tracking it in 2012. It’s down 10%-20% in the four Fla. cities tracked.

Source: U.S. Housing Supply Reaches All-Time Low

Rate Drop: 30-year Mortgages Hit Lowest Point in 3 Years

Long-term mortgage rates fell for the third straight week, with the average 30-year fixed-rate mortgage dropping to 3.45% from last week’s 3.51%.

Source: Rate Drop: 30-year Mortgages Hit Lowest Point in 3 Years

Will the Market Get the New-Home Supply It Needs?

At the International Builders Show, economists predict greater opportunities for construction in 2020.

Source: Will the Market Get the New-Home Supply It Needs?

Fewer Single-Family Investors Need to Actually Visit

For investors, a single-family purchase has to do with profit potential. As a result, more are making online decisions without actually seeing the property in person.

Source: Fewer Single-Family Investors Need to Actually Visit

Study: It’s 16% Cheaper to Buy Now than Late 2018

Home prices are going up; mortgage rates are going down. A study by Black Knight found that the buyer savings from mortgage rate drops more than offsets the rise in home prices by about 16% (about $48,000) in just over a year’s time.

Source: Study: It’s 16% Cheaper to Buy Now than Late 2018

Real Estate Directly Responsible for 16% of Fla.’s Economy

Myth: In Fla.’s economy, citrus is second to tourism. Fact: Real estate sales and leasing are far-and-away Fla.’s No. 1 industry. It makes up 16% of the state’s economy ($173B per year), according to an analysis of North American Industry Classification System (NAICS) data.

Source: Real Estate Directly Responsible for 16% of Fla.’s Economy

Could Ditching Security Deposits Increase Rental Costs?

Nixing security deposits is a new rental trend, but some analysts think that efforts to encode it into law could wind up costing renters more money in the long run.

Source: Could Ditching Security Deposits Increase Rental Costs?

Mortgage Rates Hit Second-Lowest Level in 3 Years

This could be great news if you are considering purchasing a home.

The 30-year FRM averaged 3.51% this week in Freddie Mac’s survey, down from last week’s 3.60%. The 15-year FRM average dropped to 3.0%.

Source: Mortgage Rates Hit Second-Lowest Level in 3 Years

Big Change to Credit Scores Could Impact Homebuyers

Google “FICO score” to learn more and find your score. Some websites provide free credit reports.

Some buyers who qualified for a mortgage won’t by summer – but others who didn’t qualify might be better off after a calculation change affects about 110 million consumers. In general, older credit-score issues, such as late payments, will have less impact than recent ones.

Source: Big Change to Credit Scores Could Impact Homebuyers

Herb Stephens, Realtor®  –  Keller Williams Realty Gold                                    Herb.Stephens@KW.com – Call or Text: 941-321-9105

Single-Family Rentals Hot and Getting Hotter

This is great news if you happen to be an investor.

Rents for single-family units, including condos, rose 3% year-over-year in November 2019, according to CoreLogic – a yearly rate increase roughly unchanged since 2010.

Source: Single-Family Rentals Hot and Getting Hotter