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Mortgage Rates fall under 7%. Is this the time to buy?

Mortgage rates dipped below 7% this week, with the average rate for a 30-year fixed home loan falling from 7.03% last week to 6.99% for the week ending June 6, according to Freddie Mac.

“Mortgage rates retreated this week given incoming data showing slower growth,” Sam Khater, Freddie Mac’s chief economist, said in a statement. “Rates are just shy of seven percent.” Mortgage rates have been struggling for almost two months, going just above and below  the 7% mark. 

There are those who say that inventory will continue to rise by 30% each year. What does that mean for buyers? Well buyers are still sitting in a tough spot. Yes, there is more inventory but with rising prices and high interest rates it’s tough to decide to buy now or wait it out.

Mortgage rates now

Last week, mortgage rates climbed back over 7% after falling to 6.94%. It’s as if it is a game for home buyers wondering if this is the time or do we wait. After all, mortgage interest rates can make or break a deal especially if it is over a 30 year payment. That can come out to thousands or even hundred of thousands of dollars depending on the price of the house. Experts say that mortgage rates should decrease to around 6.5 by the end of this year or early next year.

And as good as that sounds comparing it to the interest rates of last year that hit a high of 8.45%. But they say we may never see mortgage rates as low as in 2021 in which rates were as low as 2.65%

Housing stock is up

The number of homes that are for sale continued to grow in May, with buyers seeing 35.5% more homes for sale for the week ending June 1 than last year. That was up for the 30th straight week compared to the year before. This was because the sellers saw mortgage rates drop and thought maybe this was their time to sell. Homes are still selling more slowly; they are still selling more quickly than pre-pandemic times.

Check out Southwest Ranches

If you hear donkeys braying or roosters crowing and there isn’t a single sidewalk in sight, do you think you’re in South Florida anymore? Believe it or not, you are! Welcome to Southwest Ranches, a unique town alongside the eastern edge of the Everglades. Just 15 miles southwest of Fort Lauderdale, this charming town offers a distinct country atmosphere.

Southwest Ranches covers approximately 13 square miles in Southwest Broward County and is home to over 7,923 residents. The town boasts a rural environment filled with grazing animals, nurseries, farms, exquisite and unique scenery, and an abundance of wildlife. The zoning in the town is almost entirely rural residential and agricultural, preserving its rural lifestyle by incorporating as a separate city. They also have a growing amount of zoning for recreation and open space, ensuring land is preserved for residents’ enjoyment. The newest zoning district is for community facilities that serve the community. Southwest Ranches was formed to stop encroaching development and to “Preserve Our Rural Lifestyle.”

We love the country atmosphere in this neighborhood, which is why we specialize in selling property here. We know most of the people in the community and have even sold many of them their homes. In fact, there are several properties we’ve sold two or three times. When you come to us looking to buy your dream home, our entire team will be available to help you and make the transaction seamless.

Call us today to check out this unique town that is waiting for you, your family, and your animals to call home.

According to the websites SouthwestRanches.org and VisitFortLauderdale.com.

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April sales in Broward County

BROWARD COUNTY CLOSED 1,196 SALES IN APRIL WITH INVENTORY CONTINUING TO CLIMB

According to Realtors of Broward/ Palm Beach and St. Lucie. Just in! April 2024 reports have been released from Florida Realtors® detailing recent real estate activity in Broward County. The reports compare year-over-year data. Here are statistics on single-family homes.

As the summer season approaches and more consumers are headed to South Florida, Broward County is experiencing an increase in inventory, currently sitting at 4,146 active listings – a 52.6% increase from this time last year. The county’s months supply of inventory has also increased year-over-year, currently at 4.0 months.

“Broward County saw over $1 billion in dollar volume in April 2024 with 1,196 closed sales. We are continuing to see inventory increase with 1,767 new listings from this time last year – an 31.5% increase,” says David Serle, 2024 president of Broward, Palm Beaches & St. Lucie Realtors®. “As more people head to South Florida during moving season, it’s essential to work with a REALTOR® who treats each transaction as a unique consumer experience that we navigate with different levels of support, complexity and expertise.”