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While Real Estate Sales are slipping nationwide, South Florida stays strong

Despite the COVID-19 breakout, Real Estate sales have seen a noticeable increase throughout 2020, compared to 2019. A continuously growing number of people are in the hunt for properties, especially among the younger generations. This is remarkably true in the state of Florida, which has seen record-breaking numbers in the final quarter of the year. […]

January 14, 2021/0 Comments/by support_8dba

Homebuying Demand Reaches Record-Breaking Numbers, Especially Amongst Youth

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While historically the homebuying season reaches a peak towards the last quarter of the year, 2020 has proven to be a remarkable exception. A continuously growing number of people are in search of acquiring a home, and the spike has not shown signs of withering down. And amongst the seeking homebuyers, experts have observed a […]

December 2, 2020/0 Comments/by support_8dba

While Real Estate Sales are slipping nationwide, South Florida stays strong

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January 14, 2021/0 Comments/by support_8dba

Homebuying Demand Reaches Record-Breaking Numbers, Especially Amongst Youth

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December 2, 2020/0 Comments/by support_8dba

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While Real Estate Sales are slipping nationwide, South Florida stays strong

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The National Association of Realtors stated that pending home sales fell in October 2020, in their recent Pending Home Sales Index. This index forecasts home sales using the number of contract signings as a basis. The report showcased that contract signings fell 1.1% (to 128.9) in October, which would be the second continuous month that reported a decline in the index.

Sharing his insight, Lawrence Yun, chief economist for The National Association of Realtors said, “Pending home transactions saw a small drop off from the prior month but still easily outperformed last year’s numbers for October. The housing market is still hot, but we may be starting to see rising home prices hurting affordability.”

Yun also mentioned that the inventory of homes for sale, along with mortgage rates are at all-time lows.

“The combination of these factors – scarce housing and low rates – plus very strong demand has pushed home prices to levels that are making it difficult to save for a down payment, particularly among first-time buyers, who don’t have the luxury of using housing equity from a sale to use as a down payment,” said Yun. “Work-from-home flexibility has also increased the demand for both primary and secondary homes.”

However, while nationwide real estate sales are beginning to slip, Florida reports a non-stopping growth in residential real estate sales. Ever since August, Florida-based realtors have observed an outstanding increase of signed contracts, especially in South Florida.

The increase in sales is most remarkable in Broward County, where the number of newly signed contracts for condos rose 85.9% in October 2020 compared to October 2019. This report was based on the number of contracts on condos and houses listed on the Multiple Listing Service.

People from different states within the US represent a great number of recent Florida homebuyers, mainly coming from Boston, California, and New York. International buyers are also in search of properties, most coming from Canada and Mexico.

A few factors contributing to this recent surge in home sales in Florida are:

Work From Home Capabilities: With more companies and jobs enabling their workers to work from home due to the Coronavirus, people are able to move to Florida while keeping their salaries from their respective states. And since California and New York salaries, for example, are usually greater than Florida salaries, moving to the Sunshine State becomes an interesting option to consider for many people.
Desirable Location: Warm weather and beaches make Florida attractive for potential homebuyers
No State Income Taxes: Florida is one of the 7 states in the US that does not impose an income tax, making it a major advantage for many – especially to those in high-income households.

Real Estate sales seem to be reaching a peak nationwide. In great part due to the increase in housing prices, as a consequence of low housing inventory. However, Florida sales continue to skyrocket and show no sign of slowing down.

We, at Title Partners of Florida, write and support the real estate transaction closing, including the issuance of title insurance policies through Attorneys’ Title Insurance Fund. We also coordinate searches, title products, and a variety of other services for our clients. Contact us with any questions about our real estate closing services by phone at (844) 321-6168 or by email at titleinfo@titlepartnersfl.com.

January 14, 2021/0 Comments/by support_8dba

Homebuying Demand Reaches Record-Breaking Numbers, Especially Amongst Youth

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The National Association of Home Builders (NAHB) revealed in their latest Housing Trends Report that the share of Gen Z’s and Millennials searching for homes has increased in comparison to the third quarter of 2019.

They stated that “Between the third quarters of 2019 and 2020, the share of Gen Z adults planning a home purchase rose three points to 14%. Millennials, however, are the generation most likely to be considering buying a home (22%).”

The NAHB also observed that over 80% of Gen Z potential homebuyers are first-timers, compared to 64% of Millennials.

Offering an explanation for the recent increase in home buying activity in the younger generations, Chief Economist for First American, Mark Fleming, explains that they are growing into their prime “home-buying years”

Mark stated that “Record low mortgage rates and millennials continuing to age into their prime home-buying years has boosted demand…”

Record low mortgage rates also play a fundamental role in the increase in homebuyers in general as it allows for more purchasing power in the community.

Chief Economist for the National Association of Realtors (NAR), Lawrence Yun, provides insight into this circumstance.

“Home sales traditionally taper off toward the end of the year, but in September they surged beyond what we normally see during this season…I would attribute this jump to record-low interest rates and an abundance of buyers in the marketplace, including buyers of vacation homes given the greater flexibility to work from home.”

However, as more buyers enter the market, competition in acquiring homes also increases. This in addition to a noticeable lack of housing supply may cause aspiring homebuyers difficulties in finding a suitable property for their needs.

As Mark Fleming says “a lack of housing supply remains a challenge.” And Lawrence Yun adds “There is no shortage of hopeful, potential buyers, but inventory is historically low.”

Due to the decrease in mortgage rates, now is an ideal time for homebuyers to acquire a property, especially amongst the younger generations. Likewise, it is also an ideal time for realtors, as buyers and sellers are continuously seeking the guidance and assistance of trusted professionals in their pursuit to buy or sell a home.

December 2, 2020/0 Comments/by support_8dba

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While Real Estate Sales are slipping nationwide, South Florida stays strong

Homebuying Demand Reaches Record-Breaking Numbers, Especially Amongst Youth

While Real Estate Sales are slipping nationwide, South Florida stays strong

Homebuying Demand Reaches Record-Breaking Numbers, Especially Amongst Youth

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While Real Estate Sales are slipping nationwide, South Florida stays strong

Homebuying Demand Reaches Record-Breaking Numbers, Especially Amongst Youth

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