I'm here to bring you your May, 2024 South Florida Housing Market Update.

As always, for the purposes of these videos, we're going to be talking about single family homes only in Boca, Parkland and Coral Springs. That's where our team does the predominant amount of our business.

So we're talking single family only no condos, no townhouses. Those are definitely different markets. And we're not talking about anything

When we give you these stats, we're trying to give you the leading indicator showing you what happened last month in the market. So you know where the market is headed. Not where it's been.

A lot of times when you hear these stats from the media, they're talking about closed sales price, which is really indicative of what…

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Where Does Zillow Say South Florida Home Prices Will Go In 2024?

Zillow's latest forecast anticipates an average of 1.9% growth in home values across the USA throughout 2024. While this rate is slower than historical averages, it signals a welcome slowdown for first-time buyers compared to the rapid appreciation witnessed during the pandemic. Zillow's prediction has increased from the previous month which projected a growth of only 0.9%. The modest upward revision primarily stems from a slowdown in the growth of new listings for sale, with interest rates remaining relatively high.

Despite a significant 21% increase in new listings in February, the year-over-year growth eased to just 4% in March, highlighting the continued tightness of the housing…

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The South Florida real estate market is still super competitive in 2024 for good properties, and when your up against multiple offers you will want to pull out all of the stops. While it’s tempting to think that all a seller cares about is the highest price…this just often is not the case. Many sellers have an emotional attachment to their home and really care about who will take over making memories in their beloved castle.

For that reason, we at The Mandel Team have found great success in attaching “love letters” to our offers. These are simple, one-page letters explaining who you are and why this home is the perfect fit for you. Here are the ingredients required for the perfect Real Estate Love Letter.

A photo of you

The cuter the better.…

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Maybe you've heard a headline or read an article about upcoming changes to how the real estate business is going to change starting in July 2024 - specifically how real estate agent commissions are going to be paid in the future. There are a lot of misleading headlines and talking points out there, so I want to share what this new change means.

This change stems from a lawsuit that was filed back in 2019 from home Sellers that were suing alleging that real estate agents were colluding and keeping commissions high by requiring Sellers to pay for the commission of an agent that represents a buyer. The fact is that real estate agent commissions have always been negotiable.

Nobody ever forced anyone to use a real estate agent - there is always someone…

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Hey, it's Andy with the Mandel Team and I'm here to bring you your March 2024 South Florida Housing Market Update.

As always, for the purposes of these videos, we're going to be talking about single family homes only in Boca Raton, Parkland, and Coral Springs. Those are the areas where our team does the predominant amount of our business. And when we talk about single family homes, we're talking about all ages, no country clubs. So no townhouses, no condos, no 55 and over communities, and no country clubs.

It's been a little bit since we've done one of these videos, so I just wanted to recap what happened in 2023 and where we think the market's going to go in 2024.

In 2023 prices were up 5%, on average, compared to 2022. That is a major…

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A recent Redfin report throws the spotlight on Florida's condo market, revealing some interesting shifts that are reshaping the landscape for owners and buyers alike. Data from real estate brokerage Redfin shows a whopping 28.2% jump in the number of condos for sale in January, which is a stark contrast to the 11.1% increase nationwide. The culprits? Soaring insurance and homeowner association (HOA) fees.

Because of rising Association fees and increasingly-common special assessments, condos are taking much longer to sell. 

While Florida's median sales prices for condos nudged up by 2.4%, thats less than the 8.4% growth for condos nationwide. Median prices for condos fell 6.5% in Jacksonville, by 4.8% in Orlando, 2.5% in Miami and by 1% in Tampa.

…

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For those who have been waiting for the fed to drop interest rates, you may be waiting longer than you anticipated. On Tuesday, February 13, the latest inflation report came out showing that inflation was still higher than expected. This followed very strong jobs report showing that way more jobs were created in January and December than expected or previously reported.

Many people don’t necessarily feel like the economy is doing well because prices for almost everything are much higher than they used to be and they’re not expected to go down. But the underlying fundamentals of how we usually grade an economy, such as unemployment and GDP growth, have been very strong. There's a very big disconnect from the statistics of the economy and labor market…

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In the challenging South Florida real estate market, there's a new silver lining for homebuyers. Interest rates have recently dropped from their highs down to roughly 6.7%. This is a huge increase in purchasing power for everyone. If you were looking to keep your budget under $3,000 per month, this means you can now aim for homes valued around $453,000. This is a notable increase in purchasing power – nearly $40,000 more compared to October 2023, when the same budget could afford a home worth $416,000 at an average rate of 7.8%.

How much home can you afford as mortgage rates change?

The median priced home in South Florida is currently around $615,000, meaning it would cost roughly $3,572 at a 6.7% rate for Principal & Interest (not including…

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Mortgage Applications Skyrocketing!

The Mortgage Bankers Association (MBA) has this cool thing called the Market Composite Index. It's basically a fancy way of tracking how many mortgage loan applications they're getting. And guess what? There's been a whopping 10.4 percent increase on a seasonally adjusted basis from the previous week. This is hot on the heels of a 10 percent jump at the start of the year. Even without seasonal adjustments, we're talking a 26 percent rise!

We've been saying that once rates come down the market is going to become much more competitive with buyers jumping back in the market and we're starting to see the beginning of this. Don't say we didn't warn you.

Refinancing

Refinancing is getting hotter, too. Refis are up…

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In sunny and vibrant Florida, a surprising trend is emerging - especially among retirees: many people are choosing to relocate due to the escalating cost of living. This shift is driven by several factors that are making it increasingly challenging for retirees and working people alike to maintain their lifestyle in the Sunshine State. Here's a closer look at the seven key expenses that are influencing this trend:

Rising Housing Costs

It's pretty wild what's happening in Florida's housing market. Redfin's data shows that home values have shot up by a whopping 80% in just five years. Even with mortgage rates climbing, people are still buying – home sales went up by 5% in September 2023 compared to the year before. This boom isn't just about more…

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