The Roselli Team - Your Real Estate Experts

One of the hottest topics of conversation in today’s real estate market is the   shortage of available homes .   Simply put, there are many more potential buyers than there are homes for sale.   As a seller, you’ve likely heard that low supply is good news for you. It means your house will get more attention, and likely, more offers. But as life begins to return to normal, you may be wondering if that’s something that will change. While it may be tempting to blame the pandemic for the current inventory shortage, the pandemic can’t take all the credit. While it did make some sellers hold off on listing their houses over the past year, the truth is the low supply of homes was years in the making. Let’s take a look at the root cause and what the future holds to uncover why now is still a great time to sell. Where Did the Shortage Come From? It’s not just today’s high buyer demand. Our low supply goes hand-in-hand with the number of new homes built over the past decades. Acco...

With forbearance plans about to come to an end, many are concerned the housing market will experience a wave of foreclosures like what happened after the housing bubble 15 years ago. Here are four reasons why that won’t happen. 1. There are fewer homeowners in trouble this time After the last housing crash, about   9.3 million   households lost their home to a foreclosure, short sale, or because they simply gave it back to the bank. As stay-at-home orders were issued early last year, the overwhelming fear was the pandemic would decimate the housing industry in a similar way. Many experts projected   30% of all mortgage holders   would enter the forbearance program. Only 8.5% actually did, and that number is now   down to 3.5% . As of last Friday, the total number of mortgages still in forbearance stood at   1,863,000 . That’s definitely a large number, but nowhere near 9.3 million. 2. Most of the 1.86M in forbearance have enough equity to sell their home Of...

  By Ron Hurtibise   Many Fla. homeowners could soon find it difficult to get private market insurance coverage on their homes, as a result of big losses insurers say are partially due to skyrocketing claims and lawsuits over roof replacements. To stay insured, owners may have to replace their roofs, regardless of whether or not those roofs are failing. FORT LAUDERDALE, Fla. – Tony Lilly can’t find a private market insurance company willing to insure the house he bought last August because, he was told, at 16 years, the structure’s cement tile roof is too old. It’s a problem millions of Florida homeowners could soon face, thanks to insurance companies’ efforts to avoid paying for skyrocketing numbers of roof replacements. Homeowners will have to shell out tens of thousands of dollars to replace their roofs – regardless of whether or not those roofs are failing – if they want to remain insured. For many, that will be a financi...

Over the past year, many homeowners realized what they need in a home is changing, especially with the rise in remote work. If you’re longing for a dedicated home office or a change in scenery, now may be the   time   to find the home that addresses your   evolving needs . Working from Home Isn’t a Passing Fad Before the pandemic, only 21% of individuals worked from home. However, if you’ve recently discovered remote work is your new normal, you’re not alone. A   survey   of hiring managers conducted by   Statista   and   Upwork   projects   37.5% of U.S. workers will work remotely in some capacity over the next 5 years   ( see chart below ): Working from Home Gives You More Flexibility and More Options If you fall in that category, working from home may provide you with opportunities you didn’t realize you had. The ongoing rise in remote work means a portion of the workforce no longer needs to be tied to a specific area for their j...

With home prices continuing to deliver double-digit increases, some are concerned we’re in a housing bubble like the one in 2006. However, a closer look at the market data indicates this is nothing like 2006 for three major reasons. 1. The housing market isn’t driven by risky mortgage loans. Back in 2006, nearly everyone could qualify for a loan. The   Mortgage Credit Availability Index   (MCAI) from the   Mortgage Bankers’ Association   is an indicator of the availability of mortgage money. The higher the index, the easier it is to obtain a mortgage. The MCAI more than doubled from 2004 (378) to 2006 (869). Today, the index stands at 130. As an example of the difference between today and 2006, let’s look at the   volume of mortgages   that originated when a buyer had less than a 620 credit score. Dr. Frank Nothaft, Chief Economist for   CoreLogic , reiterates this   point : “There are marked differences in today’s run up in prices compared to 200...

In today’s real estate market, mortgage interest rates are near record lows. If you’ve been in your current home for several years and haven’t refinanced lately,   there’s a good chance you have a mortgage with an interest rate higher than today’s average.   Here are some options you should consider if you want to take advantage of today’s current low rates before they rise. Sell and Move Up (or Downsize) Many of today’s homeowners are rethinking what they need in a home and redefining what their   dream home   means. For some, continued remote work is bringing about the need for additional space. For others, moving to a lower cost-of-living area or downsizing may be great options. If you’re considering either of these, there may not be a better time to move. Here’s why. The chart below shows average   mortgage rates   by decade compared to where they are today: Today’s rates are below 3%,   but   experts forecast   rates to rise over the nex...

Last week,   Fannie Mae   released their   Home Purchase Sentiment Index   (HPSI). Though the survey showed 77% of respondents believe it’s a “good time to sell,” it also confirms what many are sensing: an increasing number of Americans believe it’s a “bad time to buy” a home. The percentage of those surveyed saying it’s a “bad time to buy” hit 64%, up from 56% last month and 38% last July. The latest HPSI explains: “Consumers also continued to cite high home prices as the predominant reason for their ongoing and significant divergence in sentiment toward homebuying and home-selling conditions.   While all surveyed segments have expressed greater negativity toward homebuying over the last few months, renters who say they are planning to buy a home in the next few years have demonstrated an even steeper decline in homebuying sentiment than homeowners. It’s likely that affordability concerns are more greatly affecting those who aspire to be first-time homeowners t...