Jax Beach Update Year-To-Date

Jax Beach Data Update August 2024

Beaches Market Trends Update

Zip Code Info

Updated Home Data Jax Beach

 

Beaches Area Stats || Spoiler Alert: Prices are up Year Over Year

 

Interest Rates Continue to Rise!

From Freddie Mac 04/17/2024 Mortgage Rates Exceed 7 Percent for the First Time this Year MCLEAN, Va., April 18, 2024 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing the 30-year fixed-rate mortgage (FRM) averaged 7.10 percent. “The 30-year fixed-rate mortgage surpassed 7 percent for the first time this year, jumping from 6.88 percent to 7.10 percent this week,” said Sam Khater, Freddie Mac’s Chief Economist. “As rates trend higher, potential homebuyers are deciding whether to buy before rates rise even more or hold off in hopes of decreases later in the year. Last week, purchase applications rose modestly, but it remains unclear how many homebuyers can withstand increasing rates in the future.” News Facts The 30-year FRM averaged 7.10 percent as of April 18, 2024, up from last week when it averaged 6.88 percent. A year ago at this time, the 30-year FRM averaged 6.39 percent. The 15-year FRM averaged 6.39 percent, up from last week when it averaged 6.16 percent. A year ago at this time, the 15-year FRM averaged 5.76 percent. The PMMS® is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit. For more information, view our Frequently Asked Questions. Freddie Mac’s mission is to make home possible for families across the nation. We promote liquidity, stability, affordability and equity in the housing market throughout all economic cycles. Since 1970, we have helped tens of millions of families buy, rent or keep their home.

Jacksonville Beach market is a-okay

The market in Jax Beach is robust. See details here.

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Feb 2024 Market Stats

 

No Sign of a Market Crash in Housing

Here is a condensed-quickie take on today's market vs 2008 and why I don't think the market is going to crash. Lending standards are very strict now. In 2008 if you had a pulse, you could get a loan. Wanted to buy 2 or 3 homes?? Let's check that pulse... APPROVED. 

Our inventory remains extremely low. We only have a 3 months supply of homes for sale (6 months is considered a healthy market).

 In 2008 we had a 10 months supply, driving the prices down. There were SO many foreclosures flooding the market, prices had no where to go but down. 

 People aren't using their homes as ATM's. In 2008 people tapped their home equity for cars, boats and vacations. You know, the "essentials". 

The available equity (before hitting 80% of loan to value) is at an all-time high. Only 1.1% of homeowners are underwater (owe more than their house is worth). People with equity have options to avoid foreclosure.

Without all of the foreclosures of 2008 prices will continue to go up in 2024. Slower than 2023, but still UP.

There ya go. Now you know why I think the real estate market isn't going to crash in 2024.

Home Prices Expected to Rise in 2024

According to Real Estate gurus at KCM (Keeping Current Matters): Prices aren’t likely to depreciate in 2024 because inventory is still tight and lower mortgage rates are leading to strong buyer demand. Those two factors will keep pushing prices up as the year goes on. As Selma Hepp, Chief Economist at CoreLogic, explains: “With mortgage rates dropping, demand for homes in early 2024 is likely to be strong and will again put pressure on prices, similar to trends observed in early 2023 . . . Most markets will continue to reach new home price highs over the course of 2024.” What Does This Mean for You? Experts are saying home prices will go up this year, and that’s good news if you’re thinking about buying a home. When you become a homeowner, you want the value of your house to go up. That appreciation is what builds equity and makes homeownership such a good investment over time. Beyond that, expected home price appreciation also means if you’re ready, willing, and able to buy, waiting just means it will cost more later.

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