Real Estate has some exciting things going on in the state of Florida! The Federal Reserve has decided to make a shocking decision to keep interest rates near 0%, despite industry and economic experts predictions that we would see a rate hike! This is a very big deal if you are planning on buying a house in the near future. While the Fed doesn’t control your mortgage rate, they do have significant effects on financial markets and the broader economy, which do influence the cost of a 30-year fixed-rate loan. That’s why so many home-buyers are laser-beam focused on what the Fed will do next. Whether or not this is a good or bad thing is the topic for another conversation. But if you’e planning on buying a house, your rates are probably going to stay relatively low, so you need to get out there and find your first, second, or next home!
Florida Realtors also just announced that the new Foreclosure numbers for the month of August are down nearly 40%! This is great news for local Real Estate markets where homeowners have been waiting for values to return to their properties. Right now, around Northwest Florida we have about 7 months of inventory, which is healthy and up from 6.65% from the month of July. Days on market average is 116 and an average sales price of $338,395 which is down from $365,521 in the previous month. I think that with this news we can expect to see sellers decide to enter the market.