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Hey! Are you feeling Fantastic, Incredible, Amazing, and Wonderful?
The real estate market is making up for a lost time, but things might change soon.
1. A surge in sales and record prices
This spring, home sales slowed to a crawl due to the coronavirus pandemic.
However, this summer, the market has come roaring back.
Sales of existing homes surged 24.7% in July compared to June (the last months for which we have full data). That's the biggest gain in sales since the National Association of Realtors started tracking these numbers in 1968.
Home prices are also rising. The median home price reached a record high this July, both in absolute terms and also when adjusted for inflation. When adjusted for inflation, current median home prices are 3.4% higher than the previous record set during the housing bubble in 2006.
2. Never-before-seen mortgage rates
One thing that's contributing to both sales and price growth are record-low mortgage rates.
The average 30-year mortgage rate dropped to 2.88% a few weeks ago. That's a number that would have been unimaginable just a year ago, but these days, rates as low as 1.99% have been spotted in the wild.
This is making homes more affordable to buyers, and it’s increasing demand even more than the lockdown may have. However, things might be changing.
3. Clouds on the horizon
This August, nearly a third of renters were unable to pay rent. Likewise, a growing number of homeowners are falling behind on mortgage payments.
These are lingering effects of the economic lockdown surfacing now because unemployment benefits and various mortgage forbearance programs are coming to an end.
That's why experts predict a rise in defaults and evictions, which is likely to wash over the entire market in the coming weeks and months.
What does this mean for you?
Well, if you have been thinking of selling, now might be a golden moment. (Free Guide)
A severe lack of homes for sale means you could sell in record time, and since low mortgage rates are making homes more affordable, you could get top dollar for your home.
However, the dark clouds we mentioned above could change things quickly.
We could see an influx of new homes for sale on the market, which would drive down prices and put us into a buyer’s market, with many homes sitting for months while buyers pick and choose among them.
That's why it makes sense to act now if you've been thinking of selling.
If you'd like to get started, you can get an idea of what your home is currently worth with this home value calculator, which is based on recent Florida Keys sales:
Enter your address here to find out what your home is currently worth
If you are ready to get the process rolling, give either of us a call at:
Lela: 305-395-0814 | Natalie: 305-481-3317
We've helped several sellers over the past month, and we've sold quickly and at top price.
So if you have questions, give us a call and we will answer them, so you can make the best choice for your circumstances.
Have a great day,
Lela Ashkarian & Natalie Ardis |
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When a listing becomes canceled or expired, it can tarnish the property, but with the right plan moving forward, it doesn't have to. By FOCUSING on what prevented the sale, we can build a strategy that will revitalize the listing. Our approach has been proven time and time again to successfully sell canceled and expired listings, and we can do the same for you. Don't let your prior experiences deter you from getting your property SOLD. It only takes one buyer to make a deal happen. We know how to find that buyer and get the deal that you deserve. Call us today!
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Now really Do you want to Find and Move in Florida Keys?
Remember ---what you think about, you talk about, you bring about. Don't! keep me a secret..Right Now, take out your cell phone, look up my number ![]()
305-395-0814 and give me a call, Have the best day of your life
Lela Ashkarian, PA, CRS, GRI, e-PRO
Coldwell Banker Schmitt Real Estate
International President's Circle
11050 Overseas Highway
Marathon, Fl 33050
305-395-0814
lela@coldwellbanker.com
P.S.My Purpose is for you to be so outrageously happy with the help I provide you that you'll gladly introduce me to at least two people you really care about before I even sell your home/help you buy a new home. Not because you feel obligated, but because you truly believe they will benefit.
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