Current Real Estate Market Shift

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Is the real estate market shifting? The easy answer is ALWAYS! South Florida has enjoyed a strong seller’s market for awhile, and this is expected to continue… for now. What can cause a shift?

Interest rates are expected to rise.

If interest rates are expected to rise, as they may again, buyers will be motivated to snap up their dream home soon. Once rates rise, some buyers will cool off. For perspective, the average 30 year mortgage rate is 4.3% in early March 2017, compared to 3.73% a year earlier.

New construction is picking up.

More homes is better for buyers. New homes are competition for homeowners looking to sell their home. Construction is definitely heating up all over Florida, but is nowhere near the craziness of the pre-2008 era with new developments popping up in every spare lot.

South Florida is always a hot spot for home buying.

As Baby Boomers continue to retire and crazy March snow continues to aggravate, people will keep moving to Florida and buying real estate. This means that no matter how much new construction or which way the interest rates blow, Florida homes will stay in demand. Contact Team Scherer for more info on how the neighborhood that you want to sell or buy into is doing.

Spring cleaning Florida style

Green Cleaning SuppliesWe all like to joke that Florida has no spring season, just a month of slight winter before jumping right back into a long summer. However, that doesn’t mean spring cleaning is something to skip. Folks up north use spring cleaning to air out their houses and get ready for summer. Here in South Florida, we prepare our houses to be sealed up against the heat and rain of our lengthiest season.

Luckily this year summer is starting later than usual. Get these chores done soon to enjoy your home all summer long:

  • Clean your AC. Schedule some seriously needed AC maintenance. Change out your filter (which hopefully you’ve been doing monthly). Your AC is about to start its busiest season; make sure it is up to the task!
  • Clean out your refrigerator. Perhaps you have had an influx of winter guests from up north. Now is the time to clear out old leftovers and expired items from your kitchen. Wipe down all the shelves and drawers and freshen up the old ice box to hold the fruits and drinks that will keep you refreshed all summer.
  • Tidy up the yard. Summer rains will bring phenomenal growth to the plants in your yard. Use a cooler weekend to weed out dying annual flowers and trim back the bushes and trees.
  • Put away winter clothes. Clean and stow away those sweaters and long-sleeve shirts you’ve been enjoying lately. Put them in a labeled box on a high shelf until next December. Now you have more room for the sundresses and shorts that make up a standard Florida uniform!
  • Wash the windows. Wash the outsides of windows that you can safely reach. Then you will have a clear view of the sunny days ahead!

 

 

 

When should I refinance my home?

looking for money, jobYou should refinance when it makes sense for you economically. Ask yourself these questions:

What is my goal?

The variety of reasons to re-finance a mortgage boils down to two different goals: to save money or to take money out of the principle of your house’s value.

If you are looking to lower your monthly mortgage payment or to pay off your mortgage faster, then refinance when mortgage rates are lower than your current mortgage. With a lower interest rate, you can either reduce your overall monthly payment or make the same payment with more of it going to principle and therefore paying off your home faster.

If your goal is to tap your home’s equity, a lower rate is still a good idea. But now your primary criteria is to have enough principal to withdraw. In other words, your home should be worth more than you owe. You will end up with a bigger mortgage but if it is also at a lower rate, your monthly payment may not change too much.

Call Team Scherer to get an idea of the current value of your home to see if refinancing is right for you.

Can I afford the closing costs of a refinance?

Find out the closing costs before you refinance. Examine whether with closing costs if you will be saving money with the lower interest rate. Sometimes it takes a couple years to recoup the costs of refinancing.

How is my credit score?

Refinance is easier when your credit is in good shape. Your credit score needs to be healthy enough for a bank to be willing to take a new gamble on a mortgage with you. If a bank turns you down for refinancing, ask what you can do to improve your score. Try paying bills on time and lowering debt on credit cards for half a year or so to improve your score.

What does refinancing involve?

Refinancing your home mortgage is not something to take lightly. When you refinance, you pay off your existing mortgage (or mortgages) and start a new mortgage. You are essentially buying your house again!

St. Patrick’s Day in Palm Beach County

beautiful-happy-st-patricks-day-background_X19gTM_LCelebrate St. Patrick’s Day…Palm Beach County style!  Trim yourself, from head-to-toe, in all things green and hit the town for some of the surrounding annual Irish celebrations that are sure to bring out the leprechaun in almost anyone.

Blarney Bash in Boynton Beach

This year marks the third annual Blarney Bash!  Entrance to this green themed family-fun celebration is free.  Live music by Celtic Mayhem and Clockwork Knotwork will set the tone, and festivities like balloon artist, bounce houses, a visit from a leprechaun and face painters are sure to keep the kids entertained and happy!  Aranmore Academy of Irish Dance will also be performing their Irish Folk Dance.  For the adults, there will be ample food and craft beer.  The event is located on Ocean Avenue between First Street and Seacrest at the Ocean Avenue Amphitheatre at 129 E. Ocean Avenue.  The celebration begins at 6:00 p.m. until 10:00 p.m.  For more information, visit http://catchboynton.com/whats-happening/blarney-bash.

Delray Beach St. Patrick’s Day Parade and Festival

This annual tradition dates all the way back to 1968 when a local pub owner strolled down Atlantic Avenue with a green pig and declared it a parade.  The festival begins March 10th from 5:00 p.m. to 10:00 p.m. and the parade is March 11th at noon.  There is also a Fun Run before the parade at 11:00 a.m.   Plan to arrive early for the parade.  Typically, spectators begin lining the streets by 10:00 a.m.  For more detailed information, go to http://stpatrickmarch.com/general-information/.

West Palm Beach St. Patrick’s Day on Clematis Street

On March 17th, adults only can celebrate St. Patrick’s Day with a block party on Celmatis Street beginning at 9:00 a.m. until 4:00 a.m.!  Food trucks and traditional Irish foods will be offered, and of course plenty of beer!  For more information, visit http://westpalmbeach.com/calendarofevents/.

Roxy’s St. Patrick’s Day Block Party

Another adult only party, Roxy’s Rooftop St. Patrick’s Day Party is one of the best if you’re in the mood to unwind and celebrate.  Delicious beverages, great food, and a relaxed environment will do the trick.  For more information, visit Roxy’s on Facebook at https://www.facebook.com/roxys.rooftop/.

No matter how or where you decide to celebrate St. Patrick’s, we wish you the luck of the Irish!  And, as always, we are here to help you with any of your real estate needs.  Contact the Scherer Team at 888-300-4431.