🍁 🍂 Big News and Quick Real Estate Market Update 🍂 🍁
Fall colors aren’t the only bright spots this week! I have Big News to announce for the Finch Team – but you will have to watch through to the end of this week’s Quick Real Estate Market Update to hear it!
And even though our temperatures are finally beginning to cool off and feel like fall, the real estate market is getting HOTTER!🔥 The number of homes for sale (inventory) continues to shrink month over month. Check out the numbers to see how many single family homes we have listed for sale in Orange and Seminole counties and what percentage we are down from last year.
Also, the National Association of Realtors posted new mortgage numbers this past week.
“Mortgage rates sharply fell this week reaching a new record low. Following the trend of the 10-year Treasury yield, the 30-year fixed-rate mortgage dropped to average 2.81% this week from 2.87% the prior week.
During the pandemic, many Gen Zers and Millennials move back to their parents from large metro areas. In their effort to reduce the number of times being close to other people, these young adults move out of their apartments. With one out of two young renters (18-34 years old) spending above 30% of their income for housing, these young adults can save more than $1,000 on average every month. In the meantime, the median down payment for first-time homebuyers was 6%, according to the 2019 Profile of Home Buyers and Sellers. This translates to a down payment of $14,800 for the typical starter home. With mortgage rates to remain near 3% for the next couple of years, many of these young adults will be able to purchase a home. That being said, home buying activity is expected to continue to stay strong for several more years.” (NAR, 10/15/20. https://www.nar.realtor/)
So, if you or someone you know would like to discuss options, I would love to be the realtor to help make it happen. Feel free to reach out to me at your convenience.
Talk soon and stay safe,
Your friend and Realtor,