The Florida Housing Market is Expected to Boom

High demand, low supply, and continuing record low-interest rates are expected to continue into 2022, which means the Florida real estate market is projected to remain as hot as it has been for the past year and a half. While lumber prices are coming down slightly, and more people are listing their homes than in the previous year, demand continues to outpace supply, resulting in a highly competitive market full of bidding wars and multiple offer situations. Florida continues to draw migrants for political reasons, in addition to the stable, decades-long trend of people retiring to Florida or relocating for the unparalleled sunny weather and natural beauty. Read on to see a few things to keep in mind if you’re considering purchasing a property in Florida. – This according to National Mortgage News

Affordability

Many Florida cities offer amazing affordability, with housing prices that match wages and lower cost of living overall. Some cities, especially those that draw tourists and have high-end beachfront attractions, have a much higher cost of living, as would be expected. There is a wide range of affordability in Florida, so someone looking to relocate is likely to find a city within their budget that offers the universal perks of Florida, like the sunny climate and beaches.

Job Market

Florida has a job market that is better than average compared to the US as a whole. Opportunities are plentiful in many industries, including trucking, sales, medical industry, education, mortgage lending, and real estate.

Investment

Some markets in Florida are projected to increase by nearly 30% in the next year. Keeping this in mind, time is not on your side and taking swift action will be to your benefit. Buyers can expect to be priced out of the homes they are considering today if they wait another year, so getting started with the right real estate professional quickly is your best bet. While the predictions may differ slightly, it is generally accepted that Florida will continue to see a rise in median home prices.

Even with competition and median prices higher than ever, there’s plenty of expert advice supporting the decision to get into the Florida real estate market. It’s going to cost you more now than it would have a couple of years ago, but you can reasonably expect to build equity quickly. Even if you aren’t sure if you’re ready to take the plunge, reach out to discuss your options with an experienced professional, and remember: time is of the essence in one of the hottest markets in the nation.

If you’re planning on relocating to Florida, consider the hot Parkland real estate market. With luxury homes, condos, townhouses, gated communities, 55+ and more, the possibilities and opportunities are endless!

Related: Parkland is top 10 best places to live in Florida

Contact Parkland Parrot for all Parkland area real estate today.

The post %The Florida Housing Market is Booming (And Not Slowing Down)% appeared first on %Parkland Parrot Real Estate%

With unemployment rates still higher than average, and many parts of the country still locked down, many experts were worried that renters would default on their rent, hence the eviction ban. However, following trends that things are on an upswing, nine out of ten renters will pay their rent in full by the end of this month according to Apartment List. This is a vast improvement from just the beginning of this month, where 32% of renters were late on their rent payment.

So what does this mean for you, a future or current homeowner or investor? Well, because the vast majority of tenants are paying their rent, those landlords are able to pay the mortgages on those properties. Otherwise, these landlords would have pay the mortgage out of pocket until 2021, once they’re able to evict the tenant. Now that most rents are being paid, these landlords do not have to risk foreclosing on these properties if they cannot afford to pay the mortgage out-of-pocket. As a result, property values are very unlikely to take a nosedive in the near future.

The post %Good News | Most Renters are Up-To-Date on Their Rent% appeared first on %Parkland Parrot Real Estate%

Just hours before the eviction moratorium ended, Florida governor Ron DeSantis extended the executive order until the 1st of October, 12:01 AM. However, while this protects residential evictions including tenants and foreclosure evictions, it does not ban commercial evictions. Here are the exceptions to this moratorium:

• Only the actual eviction is prohibited. In other words, an eviction claim can still be filled, but the final step of kicking the resident out cannot be done
• Commercial evictions are still allowed. As stated above, only residential evictions are prohibited. If someone faces eviction on a commercial lease, they can be evicted.
• Only prohibits eviction from those who were adversely affected under specific circumstances by COVID-19 and, as a result, stopped paying rent. Basically, you can still be evicted if your lease expired or if you violated your lease.

Furthermore, although an individual cannot be evicted for not paying their rent, the amount accrued over the period that they stopped paying their rent is not forgiven. Once the moratorium ends, the tenant or mortgagor will owe the full amount that is due. The National Association of Realtors® released a FAQs document with more in depth information.

The post %DeSantis Extends FL Eviction Ban to Oct. 1% appeared first on %Parkland Parrot Real Estate%

With everything going on in today’s world, one would expect homes to be plummeting in value. However, to the surprise of many, the exact opposite is the case. With national home inventory down 37%, and buyer demand up as a result of record low interest rates, we are seeing homes sell faster and for more money. Parkland is no exceptions as we have experienced this first hand; two homes we listed in the beginning of this month both received multiple offers and went under contract within 3 days of being listed. Compared to this time last year, homes in Parkland are selling for an average of 8% more with a median 30 days on market compared to 50 last year.

It is one of the most basic principles of economics; lower supply and higher demand drives prices up. In Parkland last year there were 337 active homes listed in August; today there are only 219 listed, a 35% decrease in inventory. Parkland home values have climbed from last year and are not showing signs of slowing down, so if you are looking to sell your Parkland home and want to get the most for your home without having it sit for months on the market, now is a great time.

The post %We Are In a Seller’s Market% appeared first on %Parkland Parrot Real Estate%

As many are already aware, we are currently witnessing record low mortgage interest rates. With rates in the low 3% range, many have refinanced their home or are seriously considering doing so. However, as with purchasing a home, there are closing costs associated with refinancing your mortgage. According to Lending Tree, the national average costs for a refinance is $5,779. The largest factor in determining how much your refinance will cost is the amount that you are refinancing, with costs ranging anywhere from 2-6% of the loan amount.

Starting on September 1st, loans that were taken over by Fannie Mae or Freddie Mac would face a 0.5% surcharge. This would mean an additional $1,500 in closing costs on a $300,000 refinance. However, thanks to pressure from the National Association of Realtors and other real estate groups, this fee has been pushed back until December 1st. Furthermore, if the amount refinanced is less than $125,000, this fee is being waved indefinitely. So if you are thinking of refinancing your home and want to keep closing costs to a minimum, doing it before December 1st is your best bet.

If you have any questions, feel free to contact us or comment below.

The post %Why You Should Refinance Before December 1st% appeared first on %Parkland Parrot Real Estate%

The post %9315 Meridian Drive W% appeared first on %Parkland Parrot Real Estate%

The post %10255 Cameilla St% appeared first on %Parkland Parrot Real Estate%

The post %8880 Watercrest Circle West% appeared first on %Parkland Parrot Real Estate%

The post %10380 NW 60th Place% appeared first on %Parkland Parrot Real Estate%

The post %10290 Cameilla St% appeared first on %Parkland Parrot Real Estate%