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Davie, FL Real Estate News

By Michael Peron, Michael Peron, Dave Florida Real Estate
(South Florida Home Solutions)
Home Inspections for Sellers What You Need To KnowSome Highlights The inspection is a major part of the home selling process. Many buyers used to waive inspections to be more competitive with their offer, but recently, inspections and repairs are becoming popular again. Let’s connect so you have an expert on your side who can help you determine the repairs and updates your house needs before you sell.
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By Michael Peron, Michael Peron, Dave Florida Real Estate
(South Florida Home Solutions)
Think Twice Before Waiting for Lower Home PricesAs the housing market continues to change, you may be wondering where it’ll go from here. One factor you’re probably thinking about is home prices, which have come down a bit since they peaked last June. And you’ve likely heard something in the news or on social media about a price crash on the horizon. As a result, you may be holding off on buying a home until prices drop significantly. But that’s not the best strategy.A recent survey from Zonda shows 53% of millennials are still renting right now because they’re waiting for home prices to come down. But here’s the thing: the most recent data shows that home prices appear to have bottomed out and are now on the rise again. Selma Hepp, Chief Economist at CoreLogic, reports: “U.S. home pric...
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By Michael Peron, Michael Peron, Dave Florida Real Estate
(South Florida Home Solutions)
5 Reasons Millennials Are Buying HomesIn the United States, there are over 72 million millennials. If you’re part of that generation and have thought about buying a home, you aren’t alone. According to Zonda, 98% of millennials want to become a homeowner at some point if they aren’t already. But why? There are plenty of reasons you may choose to become a homeowner. Here’s why other millennials have made that decision (see graph below):This graph shows why millennials are buying homes according to Zonda’s 6th annual millennial survey. The top reasons include building equity, a change in life stage, wanting stability, rising home values, and wanting to make somewhere truly their own. Here’s a look at each in more detail.Building equity – Homeownership is a long-term investment that allows...
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By Michael Peron, Michael Peron, Dave Florida Real Estate
(South Florida Home Solutions)
Falling out of Love with Your House? It May Be Time To Move.Owning a home means having a place that’s solely your own and provides the space, features, and location you and your loved ones need. But what happens when your needs change? If this hits home for you, it may be time to make a move.According to the latest Home Buyers and Sellers Generational Trends Report from the National Association of Realtors (NAR), the average person has lived in their current house for ten years. If you’ve been in your home for a while, think about how much in your life has changed since you moved in. Even if you thought it would be your forever home when you bought it, it doesn’t have to be. Work with a local real estate agent to explore all your options in today’s market before settling for your curren...
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By Michael Peron, Michael Peron, Dave Florida Real Estate
(South Florida Home Solutions)
Why You May Want an Energy-Efficient HomeSome Highlights Since inflation is increasing the cost of goods and services, it may make sense to look for an energy-efficient home. Energy prices have increased over the last year, so look for energy-efficient features in your home search. If you’re looking to buy a home this year, let’s connect so you have a partner to help you consider which features are most important to you.
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By Michael Peron, Michael Peron, Dave Florida Real Estate
(South Florida Home Solutions)
The Power of Pre-ApprovalIf you’re buying a home this spring, today’s housing market can feel like a challenge. With so few homes on the market right now, plus higher mortgage rates, it’s essential to have a firm grasp on your homebuying budget. You’ll also need a sense of determination to find the right house and act quickly when you go to put in an offer. One thing you can do to help you prepare is to get pre-approved.To understand why it’s such an important step, you need to know what pre-approval is. As part of the process, a lender looks at your finances to determine what they’d be willing to loan you. From there, your lender will give you a pre-approval letter to help you understand how much money you can borrow.Freddie Mac explains it like this: “A pre-approval is an indication f...
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By Michael Peron, Michael Peron, Dave Florida Real Estate
(South Florida Home Solutions)
The Three Factors Affecting Home Affordability TodayThere’s been a lot of focus on higher mortgage rates and how they’re creating affordability challenges for today’s homebuyers. It’s true that rates climbed dramatically since the record-low we saw during the pandemic. But home affordability is based on more than just mortgage rates – it’s determined by a combination of mortgage rates, home prices, and wages.Considering how each one of these factors is changing gives you the full picture of home affordability today. Here’s the latest.1. Mortgage RatesWhile mortgage rates are higher than they were a year ago, they’ve hovered primarily between 6% and 7% for nearly eight months now (see graph below):As the graph shows, mortgage rates have experienced some volatility during that time. And e...
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By Michael Peron, Michael Peron, Dave Florida Real Estate
(South Florida Home Solutions)
Why Today's Foreclosure Numbers Are Nothing Like 2008You’ve likely seen headlines about the number of foreclosures climbing in today’s housing market. That may leave you with a few questions, especially if you’re thinking about buying a house. Understanding what they really mean is mission-critical if you want to know the truth about what’s happening today.According to a recent report from ATTOM, a property data provider, foreclosure filings are up 6% compared to the previous quarter and 22% since one year ago. As media headlines call attention to this increase, reporting on just the number could actually generate worry and may even make you think twice about buying a home for fear that prices could crash. The reality is, while increasing, the data shows a foreclosure crisis is not wher...
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By Michael Peron, Michael Peron, Dave Florida Real Estate
(South Florida Home Solutions)
What Are the Experts Saying About the Spring Housing Market?The housing market’s been going through a lot of change lately, and there’s been uncertainty surrounding what will happen this spring. You may be wondering if more homes will go on the market, what’s next with home prices and mortgage rates, or what the best advice is for someone in your position right now.Here’s what industry experts are saying right now about the spring housing market and what it means for you: Selma Hepp, Chief Economist, CoreLogic: “We see more competition among buyers . . . Housing supply also tends to grow during the spring months. And this is also the time of year when relatively more migration happens, as people graduate and move elsewhere looking for jobs.” Greg McBride, Chief Financial Analyst, Bankra...
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By Michael Peron, Michael Peron, Dave Florida Real Estate
(South Florida Home Solutions)
What’s the Difference Between a Home Inspection and an Appraisal?If you’re planning to buy a home, an inspection is an important step in the process. It assesses the condition of the home before you finalize the transaction. It’s also a different step in the process from an appraisal, which is a professional evaluation of the market value of the home you’d like to buy. In most cases, an appraisal is ordered by the lender to confirm or verify the value of the home prior to lending a buyer money for the purchase. Here’s the breakdown of each one and why they’re both important when buying a home.Home InspectionHere’s the key difference between an inspection and an appraisal. Bankrate says: “In short, while an appraisal helps you understand a home’s value, inspections help you understand a ...
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By Michael Peron, Michael Peron, Dave Florida Real Estate
(South Florida Home Solutions)
Want To Sell Your House This Spring? Price It Right.Over the last year, the housing market’s gone through significant change. While it’s still a sellers’ market, homes that are priced right are selling, and they get the most attention from buyers right now. If you’re thinking of selling your house this spring, it’s important to lean on your expert real estate advisor when it comes to setting a list price. As Realtor.com explains: “Move-in-ready homes with curb appeal and in desirable areas—and that are priced to sell—are especially likely to move quickly this spring.” In today’s market, how you price your house will not only make a big difference to your bottom line, but to how quickly your house will sell.Why Pricing Your House Right MattersYour asking price sends a message to potentia...
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By Michael Peron, Michael Peron, Dave Florida Real Estate
(South Florida Home Solutions)
The Big Advantage If You Sell This SpringThinking about selling your house? If you’ve been waiting for the right time, it could be now while the supply of homes for sale is so low. HousingWire shares: “. . . the big question is whether we are finally starting to see the seasonal spring increase in inventory. The answer is no, because active listings fell to a new low last week for 2023 . . .”The National Association of Realtors (NAR) confirms today’s housing inventory is low by looking at the months’ supply of homes on the market. In a balanced market, about a six-month supply is needed. Anything lower is a sellers’ market. And today, the number is much lower:  “Total housing inventory registered at the end of February was 980,000 units, identical to January and up 15.3% from one year a...
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By Michael Peron, Michael Peron, Dave Florida Real Estate
(South Florida Home Solutions)
Homebuyer Activity Shows Signs of Warming Up for SpringThe spring season appears to be warming up in housing as more and more buyers enter the market. And after rising mortgage rates sidelined so many buyers last year, that’s a good sign for sellers. Realtor.com has the latest: “Spring is officially here, and like green shoots emerging from the bleak winter, new data suggests that more buyers are back in the market, although more subdued compared to a year ago.” We know buyer activity is trending up because of mortgage purchase application data. According to Investopedia:“A mortgage application is a document submitted to a lender when you apply for a mortgage to purchase real estate.” That means the number of mortgage applications shows how many buyers are applying for mortgages. Put an...
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By Michael Peron, Michael Peron, Dave Florida Real Estate
(South Florida Home Solutions)
The Spring Housing Market Could Be a Sweet Spot for Sellers  Some Highlights  The biggest challenge in the housing market is how few houses there are for sale compared to the number of people who want to buy. The number of homes for sale is up from last year but below pre-pandemic numbers, and that means we’re still in a sellers’ market. The housing market needs more homes for sale to meet the demand of today’s buyers. If you’ve thought about selling, let’s connect today.
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By Michael Peron, Michael Peron, Dave Florida Real Estate
(South Florida Home Solutions)
Should You Consider Buying a Newly Built Home?If you’re thinking about buying a home, you might be focusing on previously owned ones. But with so few houses for sale today, it makes sense to consider all your options, and that includes a home that’s newly built. The Number of Newly Built Homes Is on the Rise While there are more houses for sale right now than there were at this time last year, there’s still a historically low number of homes available on the market. One reason for that is years of underbuilding—meaning there haven’t been enough new homes built to keep up with demand.  The graph above shows how low the production of newly constructed homes has been over the past 14 years. But it also shows another important trend: the number of new homes being built each year is on the r...
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By Michael Peron, Michael Peron, Dave Florida Real Estate
(South Florida Home Solutions)
Should You Rent Your House or Sell It?If you’re a homeowner ready to make a move, you may be thinking about using your current house as a short-term rental property instead of selling it. A short-term rental (STR) is typically offered as an alternative to a hotel, and they’re an investment that’s gained popularity in recent years. According to a Harris Poll survey, 28% of homeowners have considered using a rental service to temporarily rent out their home for additional income. Owning a short-term rental can be a tempting idea, but you may find the reality of being responsible for one difficult to take on. Here are some of the challenges you could face if you rent out your house instead of selling it. A Short-Term Rental Comes with Responsibilities Successfully owning and renting a hous...
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By Michael Peron, Michael Peron, Dave Florida Real Estate
(South Florida Home Solutions)
Lower Mortgage Rates Are Bringing Buyers Back to the MarketAs mortgage rates rose last year, activity in the housing market slowed down. And as a result, homes started seeing fewer offers and stayed on the market longer. That meant some homeowners decided to press pause on selling. Now, however, rates are beginning to come down—and buyers are starting to reenter the market. In fact, the latest data from the Mortgage Bankers Association (MBA) shows mortgage applications increased last week by 7% compared to the week before. So, if you’ve been planning to sell your house but you’re unsure if there will be anyone to buy it, this shift in the market could be your chance. Here’s what experts are saying about buyers returning to the market as we approach spring.  Mike Fratantoni, SVP and Chie...
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By Michael Peron, Michael Peron, Dave Florida Real Estate
(South Florida Home Solutions)
Where Will You Go If You Sell? You Have Options.There are plenty of good reasons you might be ready to move. No matter what your motivations, before you list your current house, you need to consider where you’ll go next. In today’s market, it makes sense to explore all your options. That includes both homes that have been lived in before as well as newly built ones. To help you decide which is right for you, let’s compare the benefits of each. Regardless of which option you choose to explore, working with a trusted real estate professional throughout the process is essential. The Benefits of Newly Built Homes First, let’s look at the benefits of purchasing a newly constructed home. With a brand-new house, you’ll be able to: 1. Build your dream home If you build a home from the ground up...
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By Michael Peron, Michael Peron, Dave Florida Real Estate
(South Florida Home Solutions)
Homeownership Builds Your Wealth over Time  Some Highlights  If you’re thinking of buying a home this year, be sure to factor in the long-term benefits of homeownership. On average, nationwide, home prices appreciated by 288.7% over the last 32 years. That means homeowners grow their net worth significantly in the long term. Homeownership wins over time. Let’s connect so you can start your homebuying journey today.
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By Michael Peron, Michael Peron, Dave Florida Real Estate
(South Florida Home Solutions)
Why It Makes Sense To Move Before SpringSpring is usually the busiest season in the housing market. Many buyers wait until then to make their move, believing it’s the best time to find a home. However, that isn’t always the case when you factor in the competition you could face with other buyers at that time of year. If you’re ready to buy a home, here’s why it makes sense to move before the spring market picks up. Spring Should Bring a Wave of Buyers to the Market In most years, the housing market goes through predictable seasonal trends in activity. Winter is typically a quiet point in the year, while spring sees a surge of buyers begin their search. And experts project that this year will be no exception. Right now, buyer demand is low due to a combination of normal seasonal trends a...
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