why home buyers did not buy

Top 3 Reasons Why Buyers Did Not Purchase

A recent survey revealed the top three reasons why buyers decided against purchasing a home. The findings indicate that 72.1% of buyers cited mortgage rates as a key factor, followed by inventory at 34.4% and affordability/home prices at 17.4%. These concerns highlight challenges in the current housing market, primarily driven by high mortgage rates, limited inventory, and affordability issues.

#1 Mortgage Rates (72.1%)

High mortgage rates impact purchasing power. And right now high mortgage rates are the biggest factor in why Buyers have not bought.

You would think it would be the current high prices. But people are dialing down to their mortgage payment not the price of their home…

371 Views, 0 Comments

Read Full Post

2025 real estate market

In 2025, the U.S. real estate market is poised for growth, driven by a strong economy and evolving conditions.


  • Home sales are projected to increase by 10%, mainly due to existing properties.
  • Mortgage rates are expected to drop to around 6% by early 2025, despite recent hikes. Updated November statistics now show forecast of 6.3%-6.4%
  • Home price appreciation is predicted to slow, with an estimated growth of 2.6% by year's end.
  • High mortgage rates are causing current homeowners to hesitate in selling, leading to low inventory and elevated prices.

Source: November, 2024 forecasts by Fannie Mae and the Mortgage Bankers Association.



November Update from NAR Chief Economist:

  • Higher home sales: “After…

578 Views, 0 Comments

Read Full Post

Should I sell my house during this pandemic and recession?

should i sell my home now during covid-19

Absolutely Yes. If you need to sell your house then you should sell it and you can sell it. The process might be a little different but the end result will be the same.

Why? Because it will take 1-2 years to get past this to a more normalized market. So there is no use in waiting if you have to sell. Click here to learn about the covid-19 corona virus effects on the real estate market and what is predicted to happen to the real estate market.

What are your neighbors doing? They are preparing to sell

Pros to Selling Your Home During The Covid-19 Pandemic

  • The good news is homes are still selling and there is less competition on the market right now.
  • Additional good news…

2944 Views, 0 Comments

Read Full Post

Have you been wondering if you can still buy a home in this Corona Virus | Covid-19 environment?

Well the answer is yes. But you are right to wonder. Things are not the same. And they do keep changing.

Ok. I call my Realtor to see a home. What's Different?

calling your realtor

 Let's face facts. Physically looking at a home can put your health, the Realtor's health and Seller's health at risk. Anyone can be contagious but not showing symptoms.

The Realtor will request verbal or written Confirmation you are not sick and have not traveled recently.

So many seller's are requiring information confirming you are a serious buyer and are not contagious. This can include signing an affidavit stating you are not currently sick and haven't recently traveled. This…

2349 Views, 0 Comments

Read Full Post

What is happening in the real estate market right now?

  • The market is still moving with Buyers buying and Homes selling
  • There are less Buyers and Sellers in the market resulting in a net lower sales volume
  • Before the change in the market there were less Sellers than Buyers. This is still the case for now. This has led to prices not being dropped on listings yet, even though there is less Buyer activity.
  • Chief Economist of NAR still forecast a rise in price
  • Don't expect a foreclosure wave due to unemployment with the government's $2 trillion relief package allowed all homeowners with federally backed mortgages to be eligible for up to one year of forbearance (not making a mortgage payment).
  • We expect lending to take longer while the…

4145 Views, 0 Comments

Read Full Post

20140822-corelogic-foreclosure-infographic_2000

National Foreclosure Statistics Summary

Inventory is down 35% from June 2013. That is 32 consecutive months with year over year decline in foreclosure inventory. Florida is still ranked as #2 State with the Most Foreclosures.

Northeast Florida Distressed Property Summary

There are currently 681 distressed properties on the market in Northeast Florida. The average list price is $152,424. Banks are looking to move these properties fast. So we have seen a good number of these properties with a price reduction in the last 30 days. The average price reduction was 5.41% which is pretty hefty.

Luxury Distressed Property in Northeast Florida

Distressed properties do not mean non-luxury properties. The highest prices distressed home is on the…

2404 Views, 0 Comments

Read Full Post

june2013-42_400Not only do you get a loan with just 3.5% down but you will also be able to save around $10,000 over the life of the loan if you attend classes from the Homeowners Armed with Knowledge (HAWK) program before shopping for your home.

But that is not all!

2 years with no deliquent payments means another 15 basis-point reduction.

 

 

How does this work?

Home Buyers must take the class before signing a purchase contract for real estate. Additional classes will be needed before completing the sale. The actual savings will be in "50 basis-point reduction in upfront mortgage insurance and a 10 basis-point reduction in the annual premium cost. Upfront mortgage insurance premiums are 1.75% of the total loan amount, while annual monthly premium…

2967 Views, 0 Comments

Read Full Post

reverse_mortgage_avoid_foreclosure_jacksonville_fl

In the past if the surviving spouse was not on the mortgage then they could face foreclosure in the event of a reverse mortgage. Effective Aug 4th that will no longer happen as long as the surviving spouse continue payments of taxes and insurance. This is a result of the AARP lawsuite versus HUD.

A reverse mortgage is for 62 years old+ homeowners who have significant equity in their home who wish to take that equity out without being responsible for monthly mortgage payments.

Learn more about the decision here.

So if you are considering a 55+ community or retirement home in our area then things just got better for you. Please contact us to help in your home search.

2714 Views, 0 Comments

Read Full Post

baby_boomers_april2014-23_400

The Jacksonville Business Journal reports AV Homes has just bought 80 acres near the St. Johns Center. AV Homes is a developer of 55+ communities in the Orlando and Port St Lucie area. They are expecting to have this community up and going by 1st Quarter of 2015.

The reason for the purchase? The Florida division president, David Smith is quoted saying "The move is congruent with the city's stead popluation growth and strong home sales."

Jacksonville has always had a limited number of 55+ Communities for those wanting to own and not rent.

  • Sweetwater by Delwebb (Duval County)
  • Riverwood by Delwebb (St. Johns County)
  • Cascades (St. Johns County)

So I am sure the Jacksonville population will be happy to have another…

1913 Views, 0 Comments

Read Full Post

UPDATE: The Phyllis Frankel Realty Group Inc will now credit you the buyer $1,000 at closing of any home purchased over $250,000 when Phyllis Frankel Realty Group Inc is the selling agent. You must mention this blog post and coupon code: 1KCF

Home Search Links to get started:

New Construction Search

Property Search

Condo Search

 

hggf_400

This special is only available through the Phyllis Frankel Realty Group Inc. Phyllis Frankel Realty Group must be the selling agent on contract in order to earn the $1,000.


This incentive is only available on certain quick delivery homes from Mattamy Homes.

A selection of the available homes include the following:

A 3,288sf home on lot 163 in Rivertown. Known as the "The Zinnia C" floorplan. $329,900.
A…

1485 Views, 0 Comments

Read Full Post