Parkland Real Estate BlogRecently posted or modified blog posts in the category - Real Estate Newshttps://www.parklandparrot.com/blog/Copyright ParklandParrot.com2023-10-05T08:27:14-07:00tag:parklandparrot.com,2012-09-20:39545Why Are Homes Expiring In 2023
Welcome to this week's real estate update for Parkland, Florida! I'm Michael Citron, the leader of the top-selling real estate team in Parkland. Our team consists of the top-selling agents in the South Florida market, and we're here to provide you with valuable insights into the local real estate scene. If you find this information useful, please show your support by hitting the like button and subscribing to our channel. If you're interested in discussing the market with me or one of our team members, you can easily book a call using the link in the description below.
Expired Listings in Parkland: One of the key topics we'll explore today is the number of homes in Parkland that expired and didn't sell year-to-date. In 2022, there were 31 homes that failed to sell initially. However, in 2023, this number increased significantly to 57 expired listings, marking a 46% year-to-date increase. This change signals a shift in the local real estate market dynamics.
Changing Market Dynamics: To understand why this shift is happening, we need to examine factors such as price, product, and promotion—the three P's of selling homes. In the past, some sellers followed a passive approach, listing their homes and hoping they would sell. However, this approach isn't as effective in the current market.
Today, the Parkland market is vastly different from what it was just a year ago. Interest rates are rising, and competition among buyers is fierce. In our city of Parkland, which has under 100 homes for sale, there can be 20 to 30 open houses on any given weekend. This increased inventory and competition are changing the game.
The Importance of Urgency: The urgency to sell homes has become paramount. Homes that linger on the market for 30 days or more are selling for significantly less than their original list price—sometimes as much as $100,000 to $125,000 less. Sellers need to adjust their expectations and adapt to the current market conditions.
The Shift to Rentals: Another notable trend is that many homes that didn't sell initially are being rented out instead of sold. As a result, the rental inventory has grown, and rental prices have increased by 5% year over year. This shift in rental market dynamics is partly due to the low inventory of homes for sale and the rising interest rates.
Current Market Snapshot: As of today, Parkland has 96 single-family homes for sale, with 38% of them having experienced price reductions. The average time on market for these homes is 71 days. The median sales price year-to-date is $1,170,000.
If You'd Like To Follow Our Channel & Watch This Vlog On Yout Click Here -<a href="https://www.youtube.com/watch?v=bYlEsQDHpaw">Why Are Homes Expiring in 2023? </a><br /><br />In terms of rentals, there are 36 single-family homes available for rent, with an average time on the market of 43 days. The median rental price has increased to $5,975, marking a 5% rise compared to last year.
Conclusion: The Parkland real estate market is evolving rapidly, with a shift in dynamics favoring buyers. Sellers need to adapt to these changes by pricing their homes realistically and creating a sense of urgency. The rental market is also experiencing growth, with higher prices and increased demand.
If you're looking to buy or sell a home in Parkland, it's crucial to stay informed about these market trends and work with experienced real estate professionals who can help you navigate this evolving landscape. Thank you for joining us today, and please like, comment, and subscribe to support our channel and stay updated on the latest real estate insights in Parkland, Florida.
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The opinions expressed herein are solely those of Michael Citron and/or Parrot Realty, LLC, and should not be misconstrued as advice. Please consult your professional advisor prior to taking action on any decisions relating to the matters discussed in these videos. This communication is not intended to cause or induce a breach of an existing agency agreement. This is not financial advice.
2023-10-05T07:54:53-07:002023-10-05T08:27:14-07:00Michael Citrontag:parklandparrot.com,2012-09-20:36767The Latest Development Proposals for Heron Bay<img src="https://assets.site-static.com/userfiles/3912/image/The_Latest_Development_Proposals_for_Heron_Bay.jpg" width="400" height="600" alt="The Latest Development Proposals for Heron Bay" title="The Latest Development Proposals for Heron Bay" style="float: right; margin: 11px;" />In September of last year, the Parkland city commission held a vote and agreed to purchase 65 acres of the former Heron Bay Golf Course. This was a highly attended meeting by several community members of Parkland anxious to know who would take possession of the <a href="https://nsidfl.gov" target="_blank">land from the North Springs Improvement District.</a> Many of those in attendance at the meeting for the decision to purchase the land were supportive of the idea.
The city commission purchasing the land means that the city is able to keep Parkland a park-like atmosphere with a controlling stake in the future development of Heron Bay. The city of Parkland purchased the land for $25,410,000. This saves land from being sold off to multiple different developers.
Development of Heron Bay is now moving forward
The city has received several different development proposals for what is known as the dogleg part of the former golf course. They had a meeting on Wednesday, May 17 at 4 PM to receive proposals and discuss or vote on what they feel is the best plan for development moving forward.
This portion of the former golf course is on the eastern side of the development and contains around 21 acres running parallel to Nob Hill Rd. right before the westward turn on Heron Bay Drive. Eleven proposals were received from real estate developers by the city's real estate representation. The selection has been narrowed down to four proposals from developers Ascend Mizner, DR Horton, Kenco communities, and Toll Brothers.
Each proposal comes with its own development plans. The top four current proposals being looked over include between 42 and 63 single-family homes at a range of different purchasing prices. All plans do offer access to new residential properties from Heron Run Drive. Each member of the commission was given a vote for their favorite proposal for development but no final course of action has been decided upon.
What Each of the four proposals is offering
The proposal from Ascend Properties and Mizner Development
Ascend-Mizner is proposing the development of 60 custom estate homes on lots measuring 75' x 140'. Actual homes will range in size from 3800 ft.² to 5500 ft.². All homes will include private swimming pools with one and two-story floorplans in classic coastal modern architecture
D.R. Horton Proposal
This large nationwide real estate developer is proposing the development of 63 homes with little information about the attributes of individual homes and lot sizes as of yet.
Kenco Properties Proposal
<a href="https://www.gokenco.com/ken-endelson/" target="_blank">Kenco is proposing the build</a> of 42 custom modern boutique-style homes in sizes from 3500 ft.² to over 5000 ft.². Individual lot sizes will measure 80' x 130'. Plans show upscale the landscaping and buffers at the entry to the community with additional community park space. Kenco would also like to collaborate further with the Heron Bay HOA and the city on further design plans.
Toll Brothers Proposal
<a href="https://www.tollbrothers.com" target="_blank">Toll Brothers has submitted</a> a plan for 52 individual homes ranging in size from 3200 ft.² to 5500 ft.² with lot sizes around 76' x 130'. They are proposing home prices to be around $1.7 million with a plan to submit a site plan for zoning by May 2024 and two begin actual development by June 2024.
For more details about the purchase prices for the land and inspection processes, etc. you can look at the <a href="https://parklandtalk.com/heron-bay-residential-development-proposals-45065" target="_blank">proposal information reported through the Parkland Talk news website.</a>
For more information about what is going on in Parkland including <a href="https://www.parklandparrot.com" target="_blank">available Parkland homes for sale </a>please contact us anytime.2023-06-02T15:19:00-07:002023-06-02T21:05:12-07:00Michael Citrontag:parklandparrot.com,2012-09-20:35729What a Parkland Home Appraisal is Used For and How to Prepare for It<img src="https://assets.site-static.com/userfiles/3912/image/Parkland.jpg" width="400" height="594" alt="What a Parkland Home Appraisal is Used For and How to Prepare for It" title="What a Parkland Home Appraisal is Used For and How to Prepare for It" style="float: right; margin: 11px;" />A home appraisal on a Parkland home is by no means a little-known process or a brand-new one. There are many different reasons why a Parkland homeowner or homebuyer may need a home appraisal.
For a Parkland homeowner, you may decide that you would like to refinance your mortgage to try and obtain a lower rate or a lower payoff. <a href="https://www.parklandparrot.com/buyers/">Potential Parkland homebuyers may be in the middle of a purchase</a> process and the bank has required a professional appraisal to ensure that they are not loaning out more money than the property is worth. <a href="https://www.parklandparrot.com/sellers/pricing-your-home/">Some Parkland home sellers might decide</a> that they want a professional opinion on how much their home is worth to help them arrive at the best asking price.
Explanation of a Home Appraisal
The purpose of a <a href="https://www.appraisalinstitute.org/licensed-residential/" target="_blank">home appraisal is to have a licensed professional</a> look over the property and determine its current value. The appraisal process comes to the valuation through a list of information including looking over the details of the home itself in person by a licensed appraiser. The appraiser will also take into account recent real estate trends in the area where the property is located and how much homes have sold for in that area recently.
The in-person appraisal process can take anywhere from 1 to 3 hours depending upon the size and attributes of the property itself. The licensed professional will have a form with them to collect and write down information about the property including measurements and amenities of the home. They will also write information about the condition and how the home compares to other properties in the surrounding area.
Often an appraiser will take photos of the property to help them back up their notes. It can also help them add more thoughts while they are <a href="https://singlefamily.fanniemae.com/media/4106/display" target="_blank">compiling the final appraisal report </a>back at their office. They will look into any upgrades that have been made to the home and will also check into whether the work was permitted and the quality of the work. All of these factors go into the actual value of the home.
What Parkland homeowners can do to prepare for an appraisal
If you are a Parkland homeowner and need to have an appraisal performed on your property for the purpose of refinancing a home loan or selling your home there are some steps you can take to help the process go more smoothly by preparing your property.
Put together any information about work you have done
If you have made any changes to your home including just cosmetic upgrades it is a good idea to get all the information together about the work you have performed on your Parkland home. Try to sit down and make a list of all the upgrades that have been done and completed on your home since you took ownership. After making this list it is a good idea to attach any corresponding permits as well as receipts that would detail how much money you put into the project.
Check everything around the house to see if any minor repairs are needed
Take a detailed walk-through of your home and scrutinize it as if you were purchasing it brand new and expect it to be in perfect condition. Find any minor cosmetic details that might need some quick attention. This can include cracks in paint or a loose piece of a stair rail. Test all of your light fixtures to make sure they are working properly. Make sure security systems are running their best. Run your appliances to ensure that no problems will be found when the professional appraiser does it.
Declutter and clean
Once you have looked over important details that could use a quick fix and could help the property to retain a higher value it is time to get prepared for the actual walk-through. Make sure to present your home in its best way for getting rid of clutter and deep cleaning. Make sure to pay special attention to the exterior of the home and have the landscaping cleaned up to add to the curb appeal of the home.
Make everything easy and accessible for a walk-through
If you have pets in your home it is a good idea to plan to have them stay in a designated area of the property and clearly communicate to the appraiser that the animals will be in that one area. You could also have them take a short adventure with you or ask a friend or family member if they would mind keeping your pets during the appraisal. This will help the appraiser to have easy and uninhibited access to the entire property.
Additionally, it is good to make sure that anything you keep under lock and key is also open and ready to access. This could be areas like the attic or the storage shed in the backyard. You want to make sure that every part of the property is available for the appraiser to look over.
An appraisal on a Parkland home is a key part of important processes like buying or selling and refinancing. Knowing what to expect and how to prepare for it can help the process go smoothly and may even help you to have the best price possible documented on your appraisal.
For more information on <a href="https://www.parklandparrot.com">buying or selling homes in Parkland </a>please contact us anytime.
2023-04-13T11:02:36-07:002023-04-16T11:53:59-07:00Michael Citrontag:parklandparrot.com,2012-09-20:32015What is on the Horizon for Home Prices?<img src="https://assets.site-static.com/userfiles/3912/image/What_is_on_the_Horizon_for_Home_Prices.jpg" width="400" height="400" alt="What is on the Horizon for Home Prices" title="What is on the Horizon for Home Prices" style="float: right; margin: 11px;" />As competition in the housing market has cooled in response to a large and quick increase in mortgage interest rates price appreciation has cooled off as well. If you have been reading any of the real estate news headlines you may be seeing contradicting opinions on where the housing market is headed especially when it comes to the current value of homes. But how do you know what you can trust? Which opinion should you consider? Where are home prices most likely headed in the near future?
As there are several different opinions depending on who you ask, the most- likely outcome is that reality may settle somewhere in the middle of these expert opinions. Across the country, we could probably see a combination of both slight appreciation and maybe some slight depreciation when it comes to home values.
What real estate market analysts are saying about home prices over the next year
Most up-to-date projections by real estate market experts are showing that projections are heading for continued home price appreciation. This appreciation is not expected to see giant increases from the last couple of years rather it is expected to be more moderate and at what is considered a more normal rate of increase. There are a few experts that say home prices will see a depreciation in value but there are fewer experts that agree with this projection. And those that believe we will see home prices take a dip believe that it will not be a huge decrease.
Taking an average of both of these opinions, where you use the actual projected numerical rate of increase put out by experts the most likely outcome is that home price appreciation will be at almost 0% over the next year.
What can you take away from differing opinions?
Experts are divided on what is truly ahead for home prices over the next year it is likely that some markets might see a slight decrease and some markets may see a steady rate of continued increase. But in a majority, most markets may see that home prices remain fairly steady. True projections are better looked at for local markets where you can analyze more specific conditions. So to get a true and clear picture of where home prices are headed in the area where you live if you were hoping to sell a home or in the area where you hope to purchase it is always worth talking over with an expert local real estate agent in that area.
For more information on <a href="https://www.parklandparrot.com">real estate in Parkland Florida</a> and surrounding areas please contact us anytime.
2022-10-25T09:07:08-07:002022-10-26T11:02:56-07:00Michael Citrontag:parklandparrot.com,2012-09-20:31107Home Buyers Are Now Taking More Time to Buy, What Does This Mean for Sellers?<img src="https://assets.site-static.com/userfiles/3912/image/Home_Buyers_Are_Now_Taking_More_Time_to_Buy_What_Does_This_Mean_for_Sellers.jpg" width="400" height="600" alt="Home Buyers Are Now Taking More Time to Buy, What Does This Mean for Sellers?" title="Home Buyers Are Now Taking More Time to Buy, What Does This Mean for Sellers?" style="float: right; margin: 11px;" />Selling a home used to seem like a breeze just a year ago. There were so many people interested in buying and interest rates were lower than we ever thought we would see them. This brought buyers out of the woodwork and homes saw several offers into the double digits. But since then the buyer craze has cooled down.
Some real estate experts are liking the current real estate market to that of the summer of 2019 before all of the craziness hit. There's still a low amount of inventory or homes for sale and the market is very active but the competition is not as intense as it was throughout the course of the pandemic. Buyers do not seem to be carrying underlying tones of intense desperation to get into a home.
Last year the best advice to sellers was how to pick the best offer among many but since then the atmosphere has changed and buyers need to turn to a new strategy for accepting an offer on their home or marketing it for that matter.
The current real estate market has brought fewer buyers into the market. While it is still technically a seller's market in which there are more buyers interested in homes than there are sellers to sell them it isn't quite as unbalanced in a seller's favor as it was just a short time ago. Much of this is due to an increase in mortgage rates and the overall affordability of a home shifting.
Homes are Taking a Little Longer to Sell
Homes are currently taking a bit longer to sell. According to the real estate brokerage firm Redfin, their data shows that 61.2% of homes for sale in July had been on the market for at least 30 days as compared to 54.4% in July 2021.
There are fewer offers on the table
Anyone selling a home in 2021 could feel confident that they would receive multiple offers if their home was in decent condition and in a good location. In fact, those in desirable areas could feel confident that these offers would start pouring in in a matter of days or even just hours from officially listing the property. But currently, sellers are receiving fewer offers than the average in 2021. Homes for sale in June 2022 received an average of 3.4 offers which was down from 4.4 offers a year before. This is data from the <a href="https://www.nar.realtor/research-and-statistics/research-reports/realtors-confidence-index" target="_blank">National Association of Realtors Monthly Confidence Index.</a>
The current market means that pricing strategy is still crucial
In any market pricing, your home at the right list price has always shown to get it sold more successfully and for more money. Now more than ever it is crucial that sellers are listing their homes at a fair market value. Buyers are becoming savvier and less hurried in their purchasing. This means that they have time to make sure they are purchasing a home for a smart price.
Research has always shown that homes that are priced above the market value sit on the market for longer periods of time. Currently, with the new mortgage rate increases, a home priced above its market value is even more concerning.. Even in a hot seller's market, a home listed too high is likely to sit longer but now even more so.
Don't expect an automatic bidding war
When mortgage prices were unbelievably low and homes seemed to be so much more affordable it was almost a given that a home in great condition and in a desirable neighborhood would be part of a bidding war. Today bidding wars are not quite as common as they were when everyone was looking to take advantage of mortgage rates.
The good news is that a successful sale of a home does not rely on a bidding war. All it takes is one good and acceptable offer to sell a home. Though the market has changed houses are still being sold and with the right professional real estate help, yours can too.
For more information on buying or selling a <a href="https://www.parklandparrot.com">home in Parkland Florida</a> please contact us anytime.
2022-08-31T17:04:00-07:002022-09-01T19:42:32-07:00Michael Citrontag:parklandparrot.com,2012-09-20:31095Mortgage Rate Trends and EffectsMortgage rates have been on a rocky road over the past two months, seesawing between just under 5% and 5.50%. That volatility is in stark contrast to the rapidly—and continuously—rising rates of the first six months of 2022. Rates on other loan categories are mixed this week. The average rate on a 15-year fixed-rate mortgage increased to 4.85%, while the rate on a 5/1 adjustable-rate mortgage decreased to 4.36%.
The current average rate for the benchmark 30-year fixed mortgage is 5.92%, rising 32 basis points compared to this time last week. If you're planning to refinance, today's national 30-year fixed refinance rate is 5.85%, up 26 basis points compared to this time last week. Meanwhile, the average 15-year fixed refinance rate is 5.11%, up 19 basis points over the last week.
Borrowing costs have surged over the past several months, impacting the bottom lines of homeowners and borrowers alike. Mortgage rates are more than two percentage points higher than at the start of the year, after registering the biggest quarterly climb in 28 years in the first quarter. That means anyone hoping for rates to fall may be waiting for a while. Rising inflation is one reason rates are expected to climb.
No single element determines the mortgage rate you receive. A combination of factors will ultimately influence how lenders determine your interest rate, some of which you can influence and others you cannot. For example, if you have a good credit score or choose a shorter-term loan, you can probably get a lower mortgage rate. Meanwhile, economic trends like inflation are out of your hands. That’s why understanding mortgage rates and what causes them to fluctuate are key to saving you money on your home loan. Generally speaking, the more you put down, the lower your mortgage rate will be because a bigger upfront payment reduces the lender’s risk. A down payment of 20% (or more) means other benefits, including eliminating the need for private mortgage insurance. If you can put down at least 20% without busting your budget, it could lower your monthly payments.
What does this mean for mortgage rates?
Mortgage rates are based on the Mortgage-backed Securities (MBS) market which is independent of the Treasury bond as well as the stock market. MBS typically reacts within certain tolerances of those financial markets. The impact on mortgage rates is unknown right now. Rates could go higher if the stock market rallies and causes long-term rates such as mortgages to increase. If the stock market plunges further, mortgage rates could drop. And keep in mind, that this can change hour by hour.
What are other factors that impact your interest rate?
On any given day, there are a variety of factors that can impact your interest rate such as:
Home price and the loan amount- Your home price minus your down payment will determine how much you’ll borrow which helps determine how much the interest rate will be.
Down payment-Generally, a higher percentage down payment equals a lower interest rate. The more money you put down, the more stake you have in the property.
Loan term-Shorter terms (like a 15-year or a 20-year) generally have smaller interest rates than a 30-year term.
Interest rate type-Interest rates come in two basic types: fixed and adjustable. Fixed rates do not change over time. Adjustable rates, on the other hand, have an initial fixed period and then go up or down based on the market. For example, a 5-year ARM loan will have a fixed rate for the first 5 years and then the rate will fluctuate from the 6th year onward.
Loan type- Different categories of loans (like conventional, fixed-rate, FHA, etc.) have different rates.
Credit score-Primarily based on credit report information usually sourced from credit bureaus. Typically, this is called your FICO score and is based on your credit history.
Mortgage rates and effects are heavily reliant on many factors and it is based mostly on the economy. Pay attention to what is happening economically and get your information from reliable and reputable sources as you are looking to get a mortgage for your home-buying experience.
For more information on <a style="margin: 0px; padding: 0px; border: 0px; outline: 0px; color: #4c8690; text-decoration-line: none;" href="https://www.parklandparrot.com/heron-bay/">Heron Bay real estate</a> or all <a style="margin: 0px; padding: 0px; border: 0px; outline: 0px; color: #4c8690; text-decoration-line: none;" href="https://www.parklandparrot.com/parkland/">Parkland Florida homes for sale</a>, contact <a style="margin: 0px; padding: 0px; border: 0px; outline: 0px; color: #4c8690; text-decoration-line: none;" href="https://www.parklandparrot.com/about/">Parkland Parrot</a> at any time.
Browse the latest listings below2022-08-31T06:42:00-07:002022-09-14T10:14:17-07:00Michael Citrontag:parklandparrot.com,2012-09-20:30570Where Market Experts See Real Estate in the Last Half of 2022<img src="https://assets.site-static.com/userfiles/3912/image/Untitled_design.jpg" width="440" height="369" alt="Where Market Experts See Real Estate in the Last Half of 2022" title="Where Market Experts See Real Estate in the Last Half of 2022" style="float: right; margin: 11px;" />The housing market is taking a bit of a turn and if you are considering purchasing or selling a home you might be wondering if it is a good time to do so. To help you answer all of the questions you may be wondering about real estate and how you should make your next move it's a good idea to turn to expert projections especially if you plan to <a href="https://www.parklandparrot.com/buyers/">purchase a home</a> in the latter half of 2022.
It is expected that mortgage rates will stay tied closely to inflation
One of the biggest things that a majority of buyers are currently wondering is: where are mortgage rates headed? While there is no one way to predict exactly what will happen there are some market factors that can help point towards a pretty steady prediction. One thing is for certain the mortgage rates we saw during the pandemic were very rare and it is unlikely for a healthy market to see this again.
In 2022 mortgage rates have climbed over two full percentages which is quite significant in the mortgage world. Much of this has to do with the federal reserve's response to rising inflation. As inflation continues to rise it is highly likely that mortgage rates will follow suit. It is expected by many real estate market professionals that mortgage rates will not peak until inflation does.
The <a href="https://www.mortgagedaily.com/mortgage-rates/" target="_blank">current going average mortgage rate</a> is an important factor for both buyers and sellers to consider. As mortgage rates rise it impacts home affordability and purchasing power. It is always very important to work with expert real estate professionals to help you know the current factors of your local market and help you make the best-informed decision about real estate sales and purchases.
Home inventory is expected to increase
One of the largest driving factors behind home price values over the last few years has been a very low inventory of homes. There are now more homes for sale than there have been in the previous months of this year but we have still yet to get back to pre-pandemic supply numbers.
Home inventory is on the rise and it is helping to ease the competition in buying a home but the increase in home inventory is still expected to take a slow increase. The increase is supposed to be a significant jump as compared to the beginning of the year though. It is expected that inventory will increase by 15% by the end of 2022.
Home prices will continue to rise
Even as inventory is increasing and the number of buyers is slightly decreasing home prices will still continue to appreciate. This is still mostly due to a limited supply of homes for sale. But there is good news for the last half of 2022 and that is that home prices will not increase at the double-digit rates we saw over the last few years. They will gain at a slower pace.
It is always good to know the current state of the market and where it is headed over the next few months especially when you are planning to purchase or sell a home. For the most up-to-date insight, it is always good to check in with a trusted real estate professional.
For more information on selling or <a href="https://www.parklandparrot.com" target="_blank">purchasing a home in Parkland Florida</a> please contact us anytime.2022-08-02T11:10:00-07:002022-08-03T15:41:21-07:00Michael Citrontag:parklandparrot.com,2012-09-20:28809The Florida Housing Market is Booming (And Not Slowing Down)<img src="https://assets.site-static.com/userfiles/3912/image/FL_housing.jpg" width="400" height="600" alt="The Florida Housing Market is Booming (And Not Slowing Down)" title="The Florida Housing Market is Booming (And Not Slowing Down)" style="float: right; margin: 11px;" />High demand, low supply, and continuing record low-interest rates are expected to continue into 2022, which means the Florida real estate market is projected to remain as hot as it has been for the past year and a half. While lumber prices are coming down slightly, and more people are listing their homes than in the previous year, demand continues to outpace supply, resulting in a highly competitive market full of bidding wars and multiple offer situations. Florida continues to draw migrants for political reasons, in addition to the stable, decades-long trend of people retiring to Florida or relocating for the unparalleled sunny weather and natural beauty. Read on to see a few things to keep in mind if you’re considering purchasing a property in Florida. – This according to<a href="https://www.nationalmortgagenews.com/list/the-12-hottest-u-s-housing-markets-in-2021" target="_blank" rel="noopener noreferrer"> National Mortgage News</a>
Affordability
Many Florida cities offer amazing affordability, with housing prices that match wages and lower cost of living overall. Some cities, especially those that draw tourists and have high-end beachfront attractions, have a much higher cost of living, as would be expected. There is a wide range of affordability in Florida, so someone looking to relocate is likely to find a city within their budget that offers the universal perks of Florida, like the sunny climate and beaches.
Job Market
Florida has a job market that is better than average compared to the US as a whole. Opportunities are plentiful in many industries, including trucking, sales, medical industry, education, mortgage lending, and real estate.
Investment
Some markets in Florida are projected to increase by nearly 30% in the next year. Keeping this in mind, time is not on your side and taking swift action will be to your benefit. Buyers can expect to be priced out of the homes they are considering today if they wait another year, so getting started with the right real estate professional quickly is your best bet. While the predictions may differ slightly, it is generally accepted that Florida will continue to see a rise in median home prices.
Even with competition and median prices higher than ever, there’s plenty of expert advice supporting the decision to get into the Florida real estate market. It’s going to cost you more now than it would have a couple of years ago, but you can reasonably expect to build equity quickly. Even if you aren’t sure if you’re ready to take the plunge, reach out to discuss your options with an experienced professional, and remember: time is of the essence in one of the hottest markets in the nation.
If you’re planning on relocating to Florida, consider the hot <a href="https://parklandparrot.com/" target="_blank" rel="noopener noreferrer">Parkland real estate</a> market. With luxury homes, condos, townhouses, gated communities, <a href="https://parklandparrot.com/55-total-parkland-florida-single-family-home-sales-for-june-2014/">55+</a> and more, the possibilities and opportunities are endless!
Related: <a href="https://parklandparrot.com/city-of-parkland-is-one-of-top-10-places-to-live-in-florida/">Parkland is top 10 best places to live in Florida</a>
Contact Parkland Parrot for all Parkland area real estate today.2021-11-10T10:34:00-07:002022-05-03T12:35:42-07:00Michael Citrontag:parklandparrot.com,2012-09-20:28810Good News | Most Renters are Up-To-Date on Their Rent<img src="https://assets.site-static.com/userfiles/3912/image/forrent.png" width="1120" height="630" alt="Good News | Most Renters are Up-To-Date on Their Rent" title="Good News | Most Renters are Up-To-Date on Their Rent" />
With unemployment rates still higher than average, and many parts of the country still locked down, many experts were worried that renters would default on their rent, hence the eviction ban. However, following trends that things are on an upswing, nine out of ten renters will pay their rent in full by the end of this month according to <a href="https://rworld.com/blog/renters" target="_blank" rel="noopener">Apartment List</a>. This is a vast improvement from just the beginning of this month, where 32% of renters were late on their rent payment.
So what does this mean for you, a future or current homeowner or investor? Well, because the vast majority of tenants are paying their rent, those landlords are able to pay the mortgages on those properties. Otherwise, these landlords would have pay the mortgage out of pocket until <a href="https://www.floridarealtors.org/news-media/news-articles/2020/09/pres-trump-executive-order-halts-evictions-until-2021" target="_blank" rel="noopener">2021</a>, once they’re able to evict the tenant. Now that most rents are being paid, these landlords do not have to risk foreclosing on these properties if they cannot afford to pay the mortgage out-of-pocket. As a result, property values are very unlikely to take a nosedive in the near future.2020-09-14T09:36:00-07:002022-05-03T12:38:56-07:00Michael Citrontag:parklandparrot.com,2012-09-20:28811DeSantis Extends FL Eviction Ban to Oct. 1<img src="https://assets.site-static.com/userfiles/3912/image/eviction.png" width="1120" height="630" alt="DeSantis Extends FL Eviction Ban to Oct. 1" title="DeSantis Extends FL Eviction Ban to Oct. 1" />
Just hours before the eviction moratorium ended, Florida governor Ron DeSantis extended the <a href="https://www.flgov.com/2020-executive-orders/" target="_blank" rel="noopener noreferrer">executive order</a> until the 1st of October, 12:01 AM. However, while this protects residential evictions including tenants and foreclosure evictions, it does not ban commercial evictions. Here are the exceptions to this moratorium:
Only the actual eviction is prohibited. In other words, an eviction claim can still be filled, but the final step of kicking the resident out cannot be done
Commercial evictions are still allowed. As stated above, only residential evictions are prohibited. If someone faces eviction on a commercial lease, they can be evicted.
Only prohibits eviction from those who were adversely affected under specific circumstances by COVID-19 and, as a result, stopped paying rent. Basically, you can still be evicted if your lease expired or if you violated your lease.
Furthermore, although an individual cannot be evicted for not paying their rent, the amount accrued over the period that they stopped paying their rent is not forgiven. Once the moratorium ends, the tenant or mortgagor will owe the full amount that is due. The National Association of Realtors® released a <a href="https://narfocus.com/billdatabase/clientfiles/172/26/4033.pdf" target="_blank" rel="noopener noreferrer">FAQs</a> document with more in depth information.2020-09-02T09:39:00-07:002022-05-03T12:41:25-07:00Michael Citron