Interest rates are down! Welcome news for many buyers. Conventional 30 year fixed rates are around 6.12%, FHA 30 year fixed rates are at 5.84%, VA 30 year fixed rates are about 5.8% and the USDA 30 year fixed rate is 5.77% according to Home Front Mortgage. The Fed is expected to lower them again in November.

The four counties of the Treasure Coast are showing a range of cash buyers between about 23% in St Lucie County to as high as 43% in Martin County. Palm Beach County cash sales are at about 40% and some of those sales will be contingent on the sale of another house. When those properties close, typically "simultaneously," the cash out of the sale of the buyers home sale is typically applied to the purchase of their new home. These are considered cash sales, just like actually paying cash.

According to the National Association of Realtors (NAR), the younger Boomers are the highest buying and selling groups with older Boomers and Gen Xers lagging behind. They will catch up over time as more Boomers retire and rely more on fixed incomes.  

 

The American Dream is alive and well in the U.S. for 22% buyers have that as the main motivation of owning a home. The second reason, at 14%, is to be closer to friends and family, with 10% of buyers wanting or needing more space. The info below also shows how inventory of homes on the market is not even measured. Investors may track this, but almost all people buy and sell for their own personal needs and emotional reasons.

 

If you know someone interested in buying or selling, or someone experiencing distress with their home based on tax increases, homeowners insurance, general inflation or life changes, I can help. Get a professional opinion, especially in today's shifting market.

Buyers working with me receive a Free Home Warranty when they purchase so no need to worry about things breaking down right after moving in. And sellers receive the Free Home Warranty to offer to potential buyers, with the best negotiations and a smooth transaction based on the seller's needs and current market conditions.

For specific insights and a free custom consultation, call 772-530-6131 or visit  monaleonard.com.

 

Enjoy this great weather!

Mona