Florida Realtors provided us with this nice infographic explaining the Florida Hometown Heroes Housing Program. This is a great benefit for some of our heroes.
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Hometown Heroes
Tag: Lakewood Ranch
Mortgage interest rates have risen sharply again over the last 30 days. The recent change will cost new borrowers over $59 per month for every $100,000 borrowed. Average U.S. interest rates for 30-year fixed rate mortgages were at 6.92% as of this week. Last month at this time, they were sitting at 6.02%.
In the short-term, history tells us we will likely see some level of reduced demand in our area due to Ian. That said, given how we avoided the worst of the storm when compared to our neighbors to the south, I expect that the hurricane reduction to be less than what we experienced post-Irma in 2017.
While the number of new listings slowed down somewhat in August, inventory levels continued to rise. We are still moving towards a more balanced market, where sellers are no longer holding all the cards. Rising interest rates have yet to really have a material impact on pricing, but it sure feels like the meteoric rise we saw over the last 18 months is a thing of the past. With our peak transaction season rapidly approaching, market direction remains uncertain.
As the Pandemic housing boom fizzled out across the country this summer, we saw inventory jump. In bubbly markets, like Austin and Boise, that inventory jump was greater than 300% between March and August. However, that inventory spike is already fizzling out.
