The Roselli Team - Your Real Estate Experts Pembroke Pines, Miramar, Weston, SW Ranches & Doral

There are many headlines out there that claim we’re reverting to a more normal real estate market. That would indicate the housing market is returning to the pre-pandemic numbers we saw from 2015-2019. But that’s not happening. The market is still extremely vibrant as demand is still strong even while housing supply is slowly returning. Here’s the   definition of normal   from the   Merriam-Webster Dictionary : “conforming to a type, standard, or regular pattern: characterized by that which is considered   usual, typical, or routine. ” Using this definition, here are five housing industry metrics that prove we’re nowhere near normal. 1. Mortgage Rates If we look at the   30-year mortgage rate   chronicled by   Freddie Mac , we can see the average rates by decade: 1970s: 8.86% 1980s: 12.7% 1990s: 8.12% 2000s: 6.29% 2010s: 4.09% Today, the average mortgage rate stands at 2.87%, which is very close to the historic low. Currently, mortgage rates are anythi...

Becoming financially secure is an important goal for many people today, but some don’t realize just how much   homeownership   can help them achieve that dream. A recent report,   The Journey Toward Financial Freedom ,   surveys Americans about their perspective on financial wellness and their goals. It shows there may be a significant misconception about the role owning a home plays in building wealth: “Home ownership is one of the indicators Americans say is   least connected to financial health ." Two major personal wealth goals – homeownership and net worth – work hand-in-hand. Below are just a few reasons why, if you’re looking for financial security, homeownership should be a top priority. Homeownership Is an Important Cornerstone of Building Wealth Every three years, the   Federal Reserve   releases the   Survey of Consumer Finances   which highlights the difference in wealth between homeowners and renters. The graph below shows the fi...

  As summer comes to a close, is it time to think about selling your vacation home? Based on recent data and expert opinions, it’s something you may want to consider. According to   research   from the   National Association of Realtors   (NAR),   vacation home sales are up 57.2% year-over-year for January-April 2021. If you’ve taken your last vacation this summer, here are reasons you should consider selling your vacation home this year. 1. Remote work continues to drive demand for vacation homes. As the report from NAR says, based on continuously evolving work needs, there could be more interest in your   second home   than you think: “In 2020, across all nine divisions, the fraction of the workforce that work from home is   typically higher in the vacation home counties than in the non-vacation home counties … The opportunity to work from home could   further raise the demand for vacation homes in future years. Recent data shows we’ll...

One of the major questions real estate experts are asking today is whether prospective homebuyers still believe purchasing a home makes sense. Some claim rapidly rising home prices are impacting demand and, by extension, leading to the recent slowdown in sales activity. However, demand isn’t the real issue. Instead, it’s the lack of supply (homes available for sale). An article from the   Wall Street Journal   shows this is true for new home construction: “ Home builders have sold more homes than they can build . Now they are limiting their sales in an effort to catch up.” The article quotes David Auld, CEO of   D.R. Horton Inc.   (the largest homebuilder by volume in the United States since 2002), explaining how they don’t have enough homes for the number of buyers coming into their models: “Through our history, to have somebody walk into our models and to tell them,   ‘We don’t have a house for you to buy today’,   is something that is foreign to us.” Dan...

There’s a common misconception that younger generations aren’t interested in homeownership. Many people point to the fact that millennials put off purchasing their first home as a reason for this belief. Odeta Kushi, Deputy Chief Economist for   First American ,   explains   why millennials have put off certain milestones linked to homeownership. Those delays led to their homeownership rates trailing slightly behind older generations: “ Historically, millennials have delayed the critical lifestyle choices often   linked to buying a first home,   including getting married and having children, in order to further their education . This is clear in cross-generational comparisons of homeownership rates which show millennials lagging their generational predecessors.” So, it’s partially true that   some millennials   have waited   on   homeownership   to focus on other things in their lives   – and that’s impacting certain housing market ...

It’s no secret that one of the top stories in today’s real estate market is low housing supply and high buyer demand. If you’re a   first-time buyer   looking for a starter home or are someone who’s interested in downsizing, it may be worth considering a condominium (condo) as a worthwhile option. In fact, trends indicate condos are gaining popularity among buyers. In the latest   Existing Homes Sales Report   from the   National Association of Realtors   (NAR), the data shows   condo sales   rising throughout the first half of this year ( see graph below ): There are a few reasons more and more people are opting to buy condos – the benefits of condo life can be quite compelling. Let’s explore the main perks to find out if a condo is a good fit for you. Affordability According to the   NAR report , the median sales price of a condo is roughly $59,000 less than the median price of a single-family detached home ( see graph below ). This makes c...

According to recent data from   realtor.com , median   rental prices have reached their highest point ever recorded   in many areas across the country. The   report   found rents rose by   8.1%   from the same time last year. As it notes: “ Beyond simply recovering to pre-pandemic levels, rents across the country are surging.   Typically, rents fluctuate less than 1% from month to month. In May and June, rents increased by 3.0% and 3.2% from each month to the next.” If you’re a renter concerned about rising prices,   now may be the time to consider purchasing a home . Monthly Rents Are Higher Than Monthly Mortgage Payments When you weigh your options of whether to buy a home or continue renting, how much you’ll pay each month is likely top of mind. According to the   National Association of Realtors   (NAR) ,   monthly   mortgage payments   are rising,   but they’re still significantly lower than the typical rent...