By Lidia Dinkova
Research by Adam Farence Courtesy ofĀ TheRealDeal.comĀ
When Rasikaran and Jhansi Boaz set out to buy a condo in 2008, they chose an oceanfront Canyon Ranch-branded project in Miami Beach, partly thanks to its amenities. The complex, now called Carillon Miami Wellness Resort, has four pools, a spa and restaurant.
āWe liked that healthy living concept,ā Rasikaran Boaz said.
But their dream, and that of other buyers, of a relaxing lifestyle with regular spa visits and pool laps has turned into a nightmare.
Carillon condo owners have been locked in a yearslong lawsuit with an affiliate of Z Capital Group, which owns the hotel and amenities. At condo-hotels, such portions are collectively referred to as the commercial lot.
At issue is the degree of power Z Capital, a New York-based private equity firm led by James Zenni Jr., has at the Carillon. That includes over maintenance and assessments of amenities and common areas, such as elevators and hallways.
In January, a Miami judge sided with condo owners and wrote in his order that Z Capitalās level of control amounted to āoverreachā that reduced residents to ālong-term hotel guests.ā
The orderās ramifications are expected to resonate across the sector. If the ruling becomes precedent, it would strip condo-hotelsā commercial lot owners from a level of control they have enjoyed, and in turn, could have a chilling effect on hotel buyersā appetite to invest in projects altogether, experts say.
āThis ruling,ā said Peter Zalewski, a South Florida real estate analyst, ācould be a watershed moment.ā
Quid pro quo gone bad The Carillon isnāt the only condo-hotel where the commercial lot owner ā rather than residents ā has more authority.
Most condo-hotels vest maintenance and assessment control over nearly the entirety of the properties with the commercial lot owners. And unit buyers willingly give up autonomy in exchange for living in a complex that feels and looks like a resort.
āSince condo buyers are getting the benefit of, say, a St. Regis, St. Regis has to have the ability to dictate what the interior of those projects looks like,ā said real estate attorney Joe Hernandez. āThereās some quid pro quo there.ā
Issues arise when residents feel commercial lot owners are levying excessive assessments, but arenāt maintaining the complexes.
The 580-unit Carillon, at 6801 Collins Avenue, has had financial woes from the start. In 2008, Eric Sheppard of WSG Development completed the North and South condo towers and revamped the Central Tower, which has the hotel keys and condo units that owners can rent out through the hotel. After Sheppard lost the project to lender Lehman Brothers in 2009, Z Capital bought it out of bankruptcy in 2015.
Some residents The Real Deal spoke with recalled high assessment hikes that started before the bankruptcy sale. Most recently, they are taking issue with the condition of amenities and an April letter informing them of monthly assessments of $1,800 to $7,700 per unit this year for improvements.
Regardless of whether condo-hotels are well run and assessments are fair, declarations that give commercial lot owners āunilateralā control are illegal, said Eugene Stearns, an attorney representing Carillon condo owners.
āA good autocracy might be acceptable,ā he said. āIf the dictator is benevolent, people will accept it. Doesnāt make it lawful, but people will accept itā¦. What we have here is a non-benevolent dictator.ā
The Florida Condominium Act applies to condo-hotels, meaning that after a certain number of units are sold, residents take control of the property. āThey are a condominium,ā Stearns said. āIt looks like a duck, walks like a duck and quacks like a duck.ā
Not so fast, says Brian Dervishi, an attorney for Z Capitalās affiliate.
He said the Carillon has been well-kept, winning accolades and experiencing a nearly $500 million increase in value since Z Capital bought it. Condo owners have powers, including to inspect financials, and the governing structure is perfectly legal, Dervishi argues.
āYou take a parcel of land and you can divide it up and say, āThis half is condo subject to [the condo act], and the other half is not condo and thatās not subject toāā the act, he said. āThatās recognized, and thatās the basis of all these developments over the last 30 [to] 40 years.ā
The Carillon ruling is good news for residents at other condo-hotels who are unhappy with the commercial lot ownersā management. It gives them ammunition to file their own suits.
The order āprovides clarity in similar situations,ā said attorney Lauren Fallick. āThis ruling also will provide some guidance to drafters of master declarations ā¦ especially to avoid an outcome that might be detrimental to the developer or commercial operator looking for profit, as well as to protect the condo unit owners.ā
But if the Carillon case truly sets off a chain reaction where the balance of power at condo-hotels tips in favor of residents, then not only would investment in the commercial lots dry up, but hospitality brands such as Ritz-Carlton and St. Regis may steer clear from this market.
āIf the hotel sees its power stripped away to control the common areas, the look of the buildings, maintenance fees,ā said Zalewski, āyou would probably see these name brand hotels disappear because there wouldnāt be a financial incentive to play ball.ā
Careful what you wish for the power struggle between residents and commercial lot owners at condo-hotels goes beyond the Carillon.
A lawsuit filed by a unit owner at Icon Brickell is largely considered to have opened the door to similar litigation. The project includes a pair of condo towers and a third tower with both condos and the W Hotel in Miamiās financial district. In 2018, a resident at Tower 3 sued the association, arguing that the declaration violated the state condo act. It gives the W Hotel ownership and control of facilities such as pipes and ducts, but leaves residents with the tab for these areas, the lawsuit said. The unit owner won the case.
But the Carillon order takes things further, potentially giving residents much more power than the Icon Brickell order did.
While the court is yet to specify the portions of the Carillon that unit owners can control, the condo associations are seeking a ruling allowing them to cancel spa fees if 75 percent of unit owners agree. They are also seeking to purchase the North Towerās pools for market value, according to Stearns.
Yet Dervishi counters that taking over amenities could spell financial trouble for condo-hotels. Commercial lot owners often have mortgages on facilities such as pools and spas. If they lose those properties to the condo associations, itās not as simple as substituting the name of the borrower on loan documents.
āTo have a massive transfer of title of property not by consent or agreement, but by a court, would have a tremendous adverse impact, and the residents would also suffer,ā Dervishi said.
In the very least, it could mean residents would become business operators at condo-hotels, Zalewski said.
āI would tell the owners of the Carillon they better be careful what they wish for,ā he said, ābecause they have to figure out how the hell to manage a hotel.ā
Coexisting unit owners merely want a say over maintenance and assessments alongside Z Capital, Stearns said.
āThe critical issue in the future is changing the statute to figure out a way in which the commercial interest could have a seat at the table, reflective of their shared value of their interest, along with the owners,ā he said.
Attorney Josh Migdal doesnāt believe that condo-hotels will be able to run appropriately if the courts essentially make residents partners in management decisions.
āImagine a scenario where you are running a five-star luxury hotel, and you are redoing the tiling of the pool every few years, and you are making sure the lounge chairs have appropriate towels,ā he said. āAll of the sudden, every time you wanted to do something to the pool or to the lobby, you had to ask permission of the unit owners. And if you didnāt get the approval, you couldnāt do it.ā
For breaking news on the Miami Real Estate Market please subscribe to:
Todayās mortgage rates are top-of-mind for many homebuyers right now. As a result, if youāre thinking about buying for the first time or selling your current house to move into a home that better fits your needs, you may be asking yourself these two questions:
1. Why Are Mortgage Rates So High? 2. When Will Rates Go Back Down? Hereās the context you need to help answer those questions.
1. Why Are Mortgage Rates So High? The 30-year fixed-rate mortgage is largely influenced by the supply and demand for mortgage-backed securities (MBS). According to Investopedia:
āMortgage-backed securities (MBS) are investment products similar to bonds. Each MBS consists of a bundle of home loans and other real estate debt bought from the banks that issued them . . . The investor who buys mortgage-backed security is essentially lending money to home buyers.ā
Demand for MBS helps determine the spread between the 10-Year Treasury Yield and the 30-year fixed mortgage rate. Historically, the average spread between the two is 1.72 (see chart below):
Last Friday morning, the mortgage rate was 6.85%. That means the spread was 3.2%, which is almost 1.5% over the norm. If the spread was at its historical average, mortgage rates would be 5.37% (3.65% 10-Year Treasury Yield + 1.72 spread).
This large spread is very unusual. As George Ratiu, Chief Economist at Keeping Current Matters (KCM), explains:
āThe only times the spread approached or exceeded 300 basis points were during periods of high inflation or economic volatility, like those seen in the early 1980s or the Great Financial Crisis of 2008-09.”
The graph below uses historical data to help illustrate this point by showing the few times the spread has increased to 300 basis points or more:
The graph shows how the spread has come down after each peak. The good news is, that means thereās room for mortgage rates to improve today.
———————————————————————————————————
For breaking news on the Miami Real Estate Market please subscribe to:
So, whatās causing the larger spread and making mortgage rates so high today?The demand for MBS is heavily influenced by the risks associated with investing in them. Today, that risk is impacted by broader market conditions like inflation and fear of a potential recession, the Fedās interest rate hikes to try to bring down inflation, headlines that create unnecessarily negative narratives about home prices, and more.
Simply put: when thereās less risk, demand for MBS is high, so mortgage rates will be lower. On the other hand, if thereās more risk with MBS, demand for MBS will be low, and weāll see higher mortgage rates as a result. Currently, demand for MBS is low, so mortgage rates are high.
2. When Will Rates Go Back Down? Odeta Kushi, Deputy Chief Economist at First American, answers that question in a recent blog:
āItās reasonable to assume that the spread and, therefore, mortgage rates will retreat in the second half of the year if the Fed takes its foot off the monetary tightening pedal and provides investors with more certainty. However, itās unlikely that the spread will return to its historical average of 170 basis points, as some risks are here to stay.ā
Bottom Line The spread will shrink when the fear investors feel is eased. Thatāll mean we should see mortgage rates moderate as the year goes on. However, when it comes to forecasting mortgage rates, no one can know for sure exactly what will happen.
Like “Majic” I’ll get itĀ CLOSED!
(Maji) Maria Ramos Real Estate Advisor P.A
Certified Residential Specialist |Ā Senior Real EstateĀ Specialist
Master Broker’s Forum | NAR Green Certified |Ā CRS | e-PROĀ
You may see media coverage talking about a drop in homeowner equity. Whatās important to understand is that equity is tied closely to home values. So, when home prices appreciate, you can expect equity to grow. And when home prices decline, equity does too. Hereās how this has played out recently.
Home prices rose rapidly during the āunicornā years. That gave homeowners a considerable equity boost. But those āunicornā years couldnāt last forever. The market had to moderate at some point, and thatās what we saw last fall and winter.
As home prices dropped slightly in the back half of 2022, equity was impacted. Based on the most recent report from CoreLogic, there was a 0.7% dip in homeowner equity over the last year. However, the headlines reporting on that change arenāt painting the whole picture. The reality is, while home price depreciation during the second half of last year caused equity to drop,Ā the data shows homeowners still have near-record amounts of equity.
The graph below helps illustrate this point by looking at the total amount of tappable equity in this country going all the way back to 2005. Tappable equity is the amount of equity available for homeowners to access before hitting a maximum 80% loan-to-value ratio (LTV). As the data shows, there was a significant equity boost during the āunicornā years as home prices rapidly appreciated (see the pink in the graph below).
But hereās whatās key to realize ā even though thereās been a small dip, total homeowner equity is still much higher than it was before the āunicornā years.
Ā
And thereās more good news. Recent home price reports show the worst home price declines are behind us, and prices have started to go up again. As Selma Hepp, Chief Economist at CoreLogic, explains:
āHome equity trends closely follow home price changes. As a result, while the average amount of equity declined from a year ago,Ā it increased from the fourth quarter of 2022, as monthly home prices growth accelerated in early 2023.ā
Ā The last part of that quote is particularly important and is the piece of the puzzle the news is leaving out. To further emphasize the positive turn weāre already seeing, experts say home prices are forecast to appreciate at a more normal rate over the next year. In the same report, Hepp puts it this way:āThe average U.S. homeowner now has more than $274,000 in equity ā up significantly from $182,000 before the pandemic.Ā Also, while homeowners in some areas of the country who bought a property last spring have no equity as a result of price losses,Ā forecasted home price appreciation over the next year should help many borrowers regain some of that lost equity.ā
And even though Odeta Kushi, Deputy Chief Economist at First American, references a slightly different number, Kushi further validates the fact that homeowners have a lot of equity right now:āHomeowners today have an average of $302,000 in equity in their homes.ā
That means if youāve owned your home for a few years, you likely still have way more equity than you did before the āunicornā years. And if youāve owned your home for a year or less, the forecast for more typical price appreciation over the next year should mean your equity is already on the way back up.Bottom Line Context is everything when looking at headlines. While homeowner equity dropped some from last year, itās still near all-time highs. Letās connect so you can get the answers you deserve from an expert whoās here to help as you plan your move this year.
Ā
Like “Majic” I’ll get itĀ CLOSED!
(Maji) Maria Ramos Real Estate Advisor P.A
Certified Residential Specialist |Ā Senior Real EstateĀ Specialist
Master Broker’s Forum | NAR Green Certified |Ā CRS | e-PROĀ
Media coverage about whatās happening with home prices can be confusing. A large part of that is due to the type of data being used and what theyāre choosing to draw attention to. For home prices, there are two different methods used to compare homeĀ Ā prices over different time periods: year-over-year (Y-O-Y) and month-over-month (M-O-M). Here’s an explanation of each.
Year-over-Year (Y-O-Y):Ā This comparison measures the change in home prices from the same month or quarter in the previous year.Ā For example, if you’re comparing Y-O-Y home prices for April 2023, you would compare them to the home prices for April 2022.
Y-O-Y comparisons focus on changes over a one-year period, providing a more comprehensive view of long-term trends. They are usually useful for evaluating annual growth rates and determining if the market is generally appreciating or depreciating.
Month-over-Month (M-O-M):Ā This comparison measures the change in home prices from one month to the next.Ā For instance, if you’re comparing M-O-M home prices for April 2023, you would compare them to the home prices for March 2023.
Meanwhile, M-O-M comparisons analyze changes within a single month, giving a more immediate snapshot of short-term movements and price fluctuations. They are often used to track immediate shifts in demand and supply, seasonal trends, or the impact of specific events on the housing market.
The key difference between Y-O-Y and M-O-M comparisons lies in the time frame being assessed. Both approaches have their own merits and serve different purposes depending on the specific analysis required.
Why Is This Distinction So Important Right Now?Ā Weāre about to enter a few months when home prices could possibly be lower than they were the same month last year. April, May, and June of 2022 were three of the best months for home prices in the history of the American housing market. Those same months this year might not measure up. That means the Y-O-Y comparison will probably show values are depreciating. The numbers for April seem to suggest thatās what weāll see in the months ahead (see graph below):
Thatāll generate troubling headlines that say home values are falling. Thatāll be accurate on a Y-O-Y basis. And, those headlines will lead many consumers to believe that home values are currently cascading downward.
_________________________________
FOR ACCURATE REAL ESTATE STATS SUBSCRIBE TO MY BLOG:
However, on a closer look at M-O-M home prices, we can see prices have actually been appreciating for the last several months.Ā Those M-O-M numbers more accurately reflect whatās truly happening with home values: after several months of depreciation, it appears weāve hit bottom and is bouncing back.
Hereās an example of M-O-M home price movements for the last 16 months from theĀ CoreLogic Home Price InsightsĀ report (see graph below):
Why Does This Matter to You?Ā So, if youāre hearing negative headlines about home prices, remember they may not be painting the full picture. For the next few months, weāll be comparing prices to last yearās record peak, and that may make the Y-O-Y comparison feel more negative. But, if we look at the more immediate, M-O-M trends, we can see home prices are actually on the way back up.Thereās an advantage to buying a home now. Youāll buy at a discount from last yearās price before prices start to pick up even more momentum. Itās called ābuying at the bottom,ā and thatās a good thing.Bottom LineĀ If you have questions about whatās happening with home prices, or if youāre ready to buy before prices climb higher, letās connect.
Like “Majic” I’ll get itĀ CLOSED!Ā Ā
(Maji) Maria Ramos Real Estate Advisor P.A
Certified Residential Specialist |Ā Senior Real EstateĀ Specialist
Master Broker’s Forum | NAR Green Certified |Ā CRS | e-PROĀ
You may have seen reports in the news recently saying itās better to rent right now than it is to own your home. But before you let that impact your decisions, you should understand what these claims are based on.
A lot of the time, these reports are assuming things that arenāt realistic for the average household. For example, the methodology behind one of those reports says that renting is the smarter financial option because of the opportunity to invest money elsewhere. It assumes renters take the money theyād spend on costs tied to buying a home and put it in an investment portfolio.
But hereās the thing āĀ most people who rent arenāt making those investments.Ā Ken Johnson, Co-Author of the BH&J National Price-to-Rent Index, explains:
āOne of the difficulties with the rent and reinvest model is many people . . . simply rent and spend the difference. . . .Ā Thatās wealth destroying.ā
The reason homeownership is one of the best investments you can make is the wealth it helps you build. Thatās why thereās a significant difference between the net worth of the average homeowner and the average renter (see graph below):
So, before you renew your rental agreement, think about the opportunity to build wealth that homeownership provides.
Bottom Line If youāre unsure whether to continue renting or to buy a home, letās connect to help you make the best decision.
Like “Majic” I’ll get itĀ CLOSED!
(Maji) Maria Ramos Real Estate Advisor P.A
Certified Residential Specialist |Ā Senior Real EstateĀ Specialist
Master Broker’s Forum | NAR Green Certified |Ā CRS | e-PROĀ
When you look at the numbers today, the one thing that stands out is the strength of this housing market. We can see this is one of the most foundationally strong housing markets of our lifetime ā if not the strongest housing market of our lifetime. Here are two fundamentals that prove this point.
1. The Current Mortgage Rate on Existing Mortgages First, letās look at the current rate on existing mortgages. According to theĀ Federal Housing Finance AgencyĀ (FHFA), as of the fourth quarter of last year, over 80% of existing mortgages have a rate below 5%. Thatās significant. And, to take that one step further, over 50% of mortgages have a rate below 4% (see graph below):
Now, thereās a lot of talk in the media about a potential foreclosure crisis or a rise of homeowners defaulting on their loans, but consider this. Homeowners with such good mortgage rates are going to work as hard as they can to keep that mortgage and stay in their homes. Thatās because they can’t go out and buy another house, or even rent an apartment, and pay what they do today. Their current mortgage payment is more affordable. Even if they downsize, with todayās higher mortgage rates, it could cost more.
Here’s why this gives the housing market such a solid foundation today. Having so many homeowners with such low mortgage rates helps us avoid a crisis with a flood of foreclosures coming to market like there was back in 2008.
2. The Amount of Homeowner Equity Second, Americans are sitting on tremendous equity right now. According to theĀ CensusĀ andĀ ATTOM, roughly two-thirds (around 68%) of homeowners have either paid off their mortgage or have at least 50% equity (see chart below):
In the industry, the term for this is equity rich. This is significant because if you think back to 2008, some people had to make the difficult decision to walk away from their homes because they owed more on the home than it was worth.
But this time, things are different because homeowners have built up so much equity over the past few years alone. And, when homeowners have that much equity, it helps us avoid another wave of distressed properties coming onto the market like we saw during the crash. It also creates an extremely strong foundation for todayās housing market.
Bottom Line We are in one of the most foundationally strong housing markets of our lifetime because homeowners are going to fight to keep their current mortgage rate and they have a tremendous amount of equity. This is yet another reason things are fundamentally different than in 2008.
Like “Majic” I’ll get itĀ CLOSED!
(Maji) Maria Ramos Real Estate Advisor P.A
Certified Residential Specialist |Ā Senior Real EstateĀ Specialist
Master Broker’s Forum | NAR Green Certified |Ā CRS | e-PROĀ
āBy avoiding deforestation, globally protected areas store roughly one yearās worth of global fossil fuel emissions, compared to otherwise unprotected areas. Thatās the conclusion of a recently published study that sought to calculate the carbon benefits of preserving forests and other landscapes.ā
(via FB/Conservation International)
Published by Maji Pace Ramos on June 10, 2023
“You can make a difference through everyday actions that help to protect the environment. Individual action is essential ā it adds up to major improvements for the planet. Together, we can change the world.
Here are some simple tips to get you started. #WorldEnvironmentDay”
(via FB/Conservation International)
Published by Maji Pace Ramos on June 9, 2023
“Manhattan and Miami have the most drastic differences in cost of living, according to the report. Costs are 138% higher than the US average in Manhattan, but only 23% higher than the average in Miami. That difference is heavily influenced by Floridaās lack of state income taxes: While people making $650,000 a year face an effective tax rate of 45% in New York, that drops to 35% in Miami.” Full article at: https://lnkd.in/eG4QCXaG
What a difference a day makes, look at this weather!Ā Two days ago it was raining with hail.
Did you know that it’s the best time to look at a propertyĀ Ā during a torrential rainstorm? This is when you can actually see flood patterns and drainage, and if you can get inside the property, you can see if there are any active leaks.
I personally love looking at properties during a rainstorm. I actually did this on Tuesday during the storm to look at a building I am considering purchasing as an investment and I wanted to see how the flood patterns were after hours of torrential rain.
In any case, that’s today’s Maji’s Market Minute.Like “Majic” I’ll get itĀ CLOSED!
(Maji) Maria Ramos Real Estate Advisor P.A
Certified Residential Specialist |Ā Senior Real EstateĀ Specialist
Master Broker’s Forum | NAR Green Certified |Ā CRS | e-PROĀ
Help Us Track Flooding On Your Street. Over the past few days, the City of Miami and Miami-Dade County have received multiple bursts of heavy rainfall and intermittent storms leaving soils highly saturated. This morning, residents across the area found their commutes disrupted from floodingāconfirmed in Downtown, Little Havana, Coconut Grove, Edgewater, and Coral Way so far.
Is your neighborhood flooding? Share any pictures, videos, impact stories, or rain gauge totals with us
https://www.iseechange.org/ on ISeeChange.
Report Flooding “Flooding again on Lucaya St. in Coconut Grove after about 10m of heavy rain.”
ā David C.
ISeeChange is proud to serve as the flood reporting tool for the City of Miami. This year, ISeeChange and Miami-Dade County have launched a new partnership to track and understand resident flood experiences. Additionally, weāre taking a closer look at urban heat, tree planting priorities, and pollution in certain areas of the County.
Help us understand how these issues are impacting your community. Every story you share counts, and helps us know where to focus efforts to make our community better.
Make sure you are logged in to the ISeeChange mobile app (and turn on push notifications!) to receive real-time flood alerts for the Miami area this season.
We’ll only send you a text if flooding is confirmed: ISC on iPhone ISC on Android
Stay safe, Miami! Facebook Twitter Instagram
If you’d like to unsubscribe and stop receiving these emails click here .
Did you know you can recycle your shoes and get $5 DSW perks?!
Full disclaimer I have not tried this yet but I did call to confirm the program is active in the Coral Way store and it is! If you have donated shoes pls share your experience.
Couple of things:
1. They give 50 dsw perk pts per donation. Once you have 100 pts you get $5 in your DSW VIP perk rewards.
2. They take shoes in any condition even if you donāt have the pair. They have a partnership w a company that repurposes shoes for donation.
Go to the checkout line in store if you want the perks. Otherwise they have a donation box at the front of the store for convenience but you will not rcve perks.
This is a great option, make some $$ and keep your old shoes out of landfills!
So great catching up with old friends and making new contacts for my real estate business and the Maji Green Initiative at The Goals Conference-Greater Miami Chamber of Commerce. Very exciting!
We are happy to announce the arrival of our 2022 Annual Report! Click the link below for a recap of last year’s patients, events, and achievements. We are so proud of what we’ve accomplished together over the years and happy to share this with YOU, our incredible donors, supporters, & friends.
In Other News…
80 Patients Released Last Month!
May was a wonderful month for 80 of our patients who were successfully released back to the wild! As of today, we still have over 130 patients in our widlife clinic. Will you help them by making a donation today?
Make a Gift
Father’s Day Jazz Cruise
Set sail with us for a sunset cruise of Biscayne Bay, complete with poured wine, light bites courtesy of The Fish House, and of course, a live jazz performance featuring vocalist Melinda Rose & Franchesca Romero on keys!
Buy Tickets
Published by Maji Pace Ramos on June 3, 2023
If youāre thinking about retirement or have already retired this year, you may be planning your next steps. One of your goals could be selling your house and finding a home that more closely fits your needs.
Fortunately, you may be in a better position to make a move than you realize. Here are a few things to think about when making that decision.
Consider How Long Youāve Been in Your Home From 1985 to 2008, the average length of time homeowners typically stayed in their homes was only six years. But according to the National Association of Realtors (NAR), that number is rising today, meaning many homeowners are living in their houses even longer (see graph below):
When you live in a home for a significant period of time, itās natural for you to experience a number of changes in your life while youāre in that house. As that life changes and milestones happen, your needs may change. And if your current home no longer meets them, you may have better options waiting for you.
Consider the Equity Youāve Gained Additionally, if youāve been in your home for more than a few years, youāve likely built up significant equity that can fuel your next move. Thatās because the longer youāve been in your home, the more likely itās grown in value due to home price appreciation. Data from the Federal Housing Finance Agency (FHFA) illustrates that point (see graph below):
While home price growth varies by state and local area, the national average shows the typical homeowner whoās been in their house for five years saw it increase in value by over 50%. And the average homeowner whoās owned their home for 30 years saw it almost triple in value over that time.
Consider Your Retirement Goals Whether youāre looking to downsize, relocate to a dream destination, or move so you live closer to loved ones, that equity can help you achieve your homeownership goals. NAR shares that for recent home sellers, the primary reason to move was to be closer to loved ones. Plus, retirement played a large role for those moving greater distances. Whatever your home goals are, a trusted real estate advisor can work with you to find the best option. Theyāll help you sell your current house and guide you as you buy the home thatās right for you and your lifestyle today.
Bottom Line Retirement can bring about major changes in your life, including what you need from your home. Letās connect to explore your opportunities in our local market.
Like āMajicā Iāll get itĀ CLOSED!
(Maji) Maria Ramos Real Estate Advisor P.A 305-519-7940 Ā | Ā maji@majisold.com Coldwell Banker Realty
ā¢ Miami Realtor since 1993 ā¢ 2nd Generation Realtor ā¢ Expert Negotiator ā¢ Market Trends Expert ā¢ Miami native ā¢ Bilingual ā English & Spanish ā¢ About me:Ā https://linktr.ee/majisold
For the latest breaking news for the Miami Real Estate Market please subscribe to my blog or YouTube channel:
Legislative Wrap-Up, very interesting session discussing current and proposed legislation affecting Miami including education, housing, condo law etc. @ the GMCC Goals Conference.
There are many people thinking about buying a home, but with everything affecting the economy, some are wondering if itās a smart decision to buy now or if it makes more sense to wait it out. As Bob Broeksmit, President and CEO of the Mortgage Bankers Association (MBA), explains:
āThe desire for homeownership is strong.Ā Many prospective buyers are waiting for the volatility in mortgage rates to subside, as well as for a clearer picture of the economic outlook.ā
If youāre in that position, remember that itās important to consider not just whatās happening today but also what benefits you may gain in the long run. Thereās a lot of information out there about how homeownership helps build a homeownerās net worth over time. But even today, many people think first about things like 401(k)s before they think of owning a home as a wealth-building tool. Itās especially important if youāre a young prospective homebuyer to understand how homeownership is another key way to invest in your future. An article from Bloomberg notes:
āMillennials have higher average 401(k) balances than Generation X did when they were the same age,Ā but they’re not any better off financially. . . . A lot of that has to do with being less likely to own a home.ā
To help you understand just how much owning a home can have a positive impact on your life over the years, take a look at what the data shows. The same Bloomberg article helps show the gap in wealth between renters and homeowners who are 65 years and older (see graph below). The difference is substantial, even when incomes are similar.
So, if you want to create wealth to help set you up for success later on, it may be time to prioritize homeownership. Thatās because, whether you decide to rent or buy a home, youāll have a monthly housing expense either way. The question is: are you going to invest in yourself and your future, or will you help someone else (your landlord) increase their wealth?
Bottom Line Before putting your homeownership plans on hold, letās connect to go over your options. That way, youāll have expert advice on how to make the best decision right now and the best investment in your future.
Like “Majic” I’ll get itĀ CLOSED!
(Maji) Maria Ramos Real Estate Advisor P.A 305-519-7940 Ā | Ā maji@majisold.com Coldwell Banker Realty
ā¢ Miami Realtor since 1993 ā¢ 2nd Generation Realtor ā¢ Expert Negotiator ā¢ Market Trends Expert ā¢ Miami native ā¢ Bilingual – English & Spanish ā¢ About me:Ā https://linktr.ee/majisold
For the latest breaking news for the Miami Real Estate Market please subscribe to my blog or YouTube channel:
Happy to have participated yesterday in Lynette Janacās Luxury Network Interactive Networking and Marketing Workshop.
I met Lynette Janac years ago when she started the South Florida Luxury Guide now the Luxury Guide & Luxury Network. When she started many thought it would never work but Lynette had a vision and here we are so many years later. Her superpower is pivoting and connecting people so you had better believe I was going to attend her first workshop in her latest endeavor Networking Reinvented!
I met many professionals including those with clean and sustainable products and services. It was an extremely productive afternoon plus we were greeted with sparkling wine and the food was delicious!
Buying and owning your home can make a big difference in your life by bringing you joy and a sense of belonging. And with June being National Homeownership Month, itās the perfect time to think about all the benefits homeownership provides.
Of course, there are financial reasons to buy a house, but itās important to consider the non-financial benefits that make a home more than just where you live.
Here are three ways owning your home can give you a sense of accomplishment, happiness, and pride.
You May Feel Happier and More Fulfilled Owning a home is associated with better mental health and well-being. Gary Acosta, CEO and Co-Founder at the National Association of Hispanic Real Estate Professionals (NAHREP), explains:
āStudies have shown the emotional and psychological benefits that homeownership has on a personās health and self-esteem . . .ā
Similarly, Habitat for Humanity says:
āResidential stability among homeowners is related to improved life satisfaction, . . .Ā along with better physical and mental health.ā
So, according to the experts, owning a home can improve your psychological wellness by making you feel happier and more accomplished.
You Can Engage in Your Neighborhood and Grow Your Sense of Community Your home connects you to your community. Homeowners tend to stay in their homes longer than renters, and that can help you feel more connected to your community because you have more time to build meaningful relationships. And, as Acosta says, when people stay in the same area for a longer period of time, it can lead to them being more involved:
āHomeowners also tend to be more active in their local communities . . .ā
After all, it makes sense that someone would want to help improve the area theyāre going to be living in for a while.You Can Customize and Improve Your Living Space Your home is a place thatās all yours. When you own it, unless there are specific homeownerās association requirements, youāre free to customize it however you see fit. Whether thatās small home improvements or full-on renovations, your house can be exactly what you want and need it to be. As your tastes and lifestyle change, so can your home. As Investopedia tells us:āOne often-cited benefit of homeownership is the knowledge that you own your little corner of the world.Ā You can customize your house, remodel, paint, and decorate without the need to get permission from a landlord.ā
Renting can limit your ability to personalize your living space, and even if you do make changes, you may have to undo them before your lease ends. The ability homeownership gives you to customize and improve where you live creates a greater sense of ownership, pride, and connection with your home.
Bottom Line Owning your home can change your life in a way that gives you greater satisfaction and happiness. Letās connect today if youāre ready to explore homeownership and all it has to offer.
Like “Majic” I’ll get itĀ CLOSED!
(Maji) Maria Ramos Real Estate Advisor P.A 305-519-7940 Ā | Ā maji@majisold.com Coldwell Banker Realty
ā¢ Miami Realtor since 1993 ā¢ 2nd Generation Realtor ā¢ Expert Negotiator ā¢ Market Trends Expert ā¢ Miami native ā¢ Bilingual – English & Spanish ā¢ About me:Ā https://linktr.ee/majisold
For the latest breaking news for the Miami Real Estate Market please subscribe to my blog or YouTube channel:
Comparing real estate metrics from one year to another can be challenging in a normal housing market. Thatās due to possible variability in the market making the comparison less meaningful or accurate. Unpredictable events can have a significant impact on the circumstances and outcomes being compared.
Comparing this yearās numbers to the two āunicornā years we just experienced is almost worthless. By āunicorn,ā this is the less common definition of the word:
āSomething that is greatly desired but difficult or impossible to find.ā
Ā The pandemic profoundly changed real estate over the last few years. The demand for a home of our own skyrocketed, and people needed a home office and big backyard.– Waves of first-time and second-home buyers entered the market. – Already low mortgage rates were driven to historic lows. – The forbearance plan all but eliminated foreclosures. – Home values reached appreciation levels never seen before.
It was a market that forever had been āgreatly desired but difficult or impossible to find.ā A āunicornā year.
Now, things are getting back to normal. The āunicornsā have galloped off.
Comparing todayās market to those years makes no sense. Here are three examples:
Buyer Demand If you look at the headlines, youād think there arenāt any buyers out there. We still sell over 10,000 houses a day in the United States. Of course, buyer demand is down from the two āunicornā years. But, according to ShowingTime, if we compare it to normal years (2017-2019), we can see that buyer activity is still strong (see graph below):
Home Prices We canāt compare todayās home price increases to the last couple of years. According to Freddie Mac, 2020 and 2021, each had historic appreciation numbers. Hereās a graph also showing the more normal years (2017-2019):
We can see that weāre returning to more normal home value increases. There were several months of minimal depreciation in the second half of 2022. However, according to Fannie Mae, the market has returned to more normal appreciation in the first quarter of this year.
Foreclosures There have already been some startling headlines about the percentage increases in foreclosure filings. Of course, the percentages will be up. They are increases over historically low foreclosure rates. Hereās a graph with information from ATTOM, a property data provider:
There will be an increase over the numbers of the last three years now that the moratorium on foreclosures has ended. There are homeowners who lose their homes to foreclosure every year, and itās heartbreaking for those families. But, if we put the current numbers into perspective, weāll realize that weāre actually going back to the normal filings from 2017-2019.
Bottom Line There will be very unsettling headlines around the housing market this year. Most will come from inappropriate comparisons to the āunicornā years. Letās connect so you have an expert on your side to help you keep everything in proper perspective.
Like “Majic” I’ll get itĀ CLOSED!
(Maji) Maria Ramos Real Estate Advisor P.A 305-519-7940 Ā | Ā maji@majisold.com Coldwell Banker Realty
ā¢ Miami Realtor since 1993 ā¢ 2nd Generation Realtor ā¢ Expert Negotiator ā¢ Market Trends Expert ā¢ Miami native ā¢ Bilingual – English & Spanish ā¢ About me:Ā https://linktr.ee/majisold
For the latest breaking news for the Miami Real Estate Market please subscribe to my blog or YouTube channel:
We have owned a vacation home for over 15 years and it is the place we truly relax. We call it “Fake Retirement” which isn’t even accurate as I work a lot from there but it’s still vaca..Ā Ā For many of us visiting the same vacation spot every year is a summer tradition thatās fun, relaxing, and restful. Just the thought of not having to pack as much puts a smile on my face.Ā Ā Nothing beats the feeling of turning on the road for our vacation home.Ā
If that sounds like you, nowās the time to think about your plans and determine if buying a vacation home this year makes more sense than renting one again. According to Forbes:
ā. . . if the idea of vacationing at the same place every year makes you feel instantaneously relaxed,Ā buying a vacation home might be a wise move.āĀ Ā
To help you decide if making a move like this is right for you, letās explore why you may want to consider purchasing a vacation home today.
Benefits of Owning Your Vacation Home You donāt have to worry about finding a place to stay.Ā It can be a challenge to find a rental where you want when you want. Some summer vacation destinations are more popular than others, meaning your favorite place may be booked up in advance. Bankrate explains why owning your vacation home means you donāt have to worry about that sort of inconvenience:
ā. . . a second home can offer a place to have quality time with your family andĀ ensures that you always have a vacation destination.ā Ā
Itās an investment.Ā Home values typically appreciate over the long haul. That holds true for your vacation home as well, especially if itās in an area with growing market demand. This can help grow your net worth with time. Ā
Vacation homes may provide tax benefits.Ā If you own a vacation home, you may be eligible for tax deductions based on where it is. However, before buying, youāll want to consult with a tax professional to discuss first as taxes can vary by location.
It could potentially turn into a retirement location.Ā If you love the location of your vacation home, you could potentially sell your primary residence and retire there in the future.
How a Pro Can Help You Find Your Perfect Match As youāre preparing for summer vacation, remember, you could potentially visit your second home instead of another rental unit or hotel. If that sounds appealing to you, a local real estate agent is your best resource. They have the knowledge and resources to help you understand the area and what vacation homes are available in your budget. Plus, these agents can explain the perks of how owning a second home can benefit you.
There are very different considerations when purchasing a second home, especially one you intend on working from as well. Ideally, you should work with an agent that owns one. As a second homeowner for 17 years, I know what to look for. If it isnāt in my market donāt fret, I have taken years cultivating my real estate agent sphere. I know and refer to realtors around the world.
Bottom Line If any of these reasons for owning a vacation home resonate with you, letās connect. You still have time to enjoy spending the summer in your vacation home.
Like “Majic” I’ll get itĀ CLOSED!
(Maji) Maria Ramos Real Estate Advisor P.A 305-519-7940 Ā | Ā maji@majisold.com Coldwell Banker Realty
ā¢ Miami Realtor since 1993 ā¢ 2nd Generation Realtor ā¢ Expert Negotiator ā¢ Market Trends Expert ā¢ Miami native ā¢ Bilingual – English & Spanish ā¢ About me:Ā https://linktr.ee/majisold
For the latest breaking news for the Miami Real Estate Market please subscribe to my blog or YouTube channel:
Something to consider on Memorial Day Weekend before setting off fireworks. š§
Fireworks are beautiful š but for our Veterans sufferings from PTSD itās can be a terrifying trigger. Imagine being in a war zone and the struggle of coming back to civilian life and compound that with our love of fireworks as a form of celebration. It is difficult for the brain to differentiate between the sound of gunfire and fireworks especially w PTSD.
I was a USAA certified agent and worked with military families for years and have always thought that fireworks on Memorial Day was so very odd.
Memorial Day is a holiday that honors our Veterans and those that have given the ultimate sacrifice. Lets not make this day more difficult for the very people we are honoring.
If youāre trying to decide if nowās the time to sell your house, hereās what you should know. The limited number of homes available right now gives you a big advantage. Thatās because there are more buyers out there than there are homes for sale. And, with so few homes on the market, buyers will have fewer options, so you set yourself up to get the most eyes possible on your house.
Hereās what industry experts are saying about why selling now has its benefits:
Lawrence Yun, Chief Economist at theĀ National Association of RealtorsĀ (NAR):
āInventory levels are still at historic lows.Ā Consequently, multiple offers are returning on a good number of properties.ā
Selma Hepp, Chief Economist at CoreLogic:
āWe have not seen the traditional uptick in new listings from existing homeowners, soĀ undersupply of housing will continue to heighten market competition and put pressure on prices in most regions.Ā Some markets are already heating up considerably, but price premiums that we saw last spring and summer are unlikely.ā
āWell-priced, move-in ready homes with curb appeal in desirable areas are still receiving multiple offers and selling for over the asking priceĀ in many parts of the country . . .ā
Jeff Tucker, Senior Economist atĀ Zillow:ā
. . . sellers who price and market their home competitivelyĀ shouldnāt have a problem finding a buyer.ā
Bottom Line If youāre thinking about selling your house, letās connect so you have the expert insights you need to make the best possible move today.
Like “Majic” I’ll get itĀ CLOSED!
(Maji) Maria Ramos Real Estate Advisor P.A 305-519-7940 Ā | Ā maji@majisold.com Coldwell Banker Realtyā¢ Miami Realtor since 1993 ā¢ 2nd Generation Realtor ā¢ Expert Negotiator ā¢ Market Trends Expert ā¢ Miami native ā¢ Bilingual – English & Spanish ā¢ About me:Ā https://linktr.ee/majisoldFor the latest breaking news for the Miami Real Estate Market please subscribe to my blog or YouTube channel:~ Ā Majiās Market Minute Blog on MiamiHomeTrends.comĀ http://bit.ly/majismarketminute-blog ~ Ā YouTube channel:Ā https://bit.ly/MajisMarketMinute#majiramosrealestateadvisorpa #miami_home_trends #majismarketminute #majisold #majipaceramos #miamirealtor #miamirealestate #miamirealestategent #majiramos #Miamirealetstatemarket #homesellinginmiami #miamilistingagent Ā #miamihomesforsale #miamicondosforsale #priceyourhouseright #homevaluation #zillow #zestimate #homecalculator #whatsmyhomeworth #hasmyhomegonedowninvalue Ā #miamihometrends #movingtomiami #miamineighborhoods #googlemaji
Published by Maji Pace Ramos on May 24, 2023
Highlights of the Morningside Home Tour Volunteer Brunch
Youāre probably feeling the impact of high inflation every day as prices have gone up on groceries, gas, and more. If youāre a renter, youāre likely experiencing it a lot as your rent continues to rise. Between all of those elevated costs and uncertainty about a potential recession, you may be wondering if it still makes sense to buy a home today. The short answer is ā it does. Hereās why.
Homeownership actually shields you from the rising costs inflation brings.
Freddie MacĀ explains how:
āNot only will buying today help you begin to build equity,Ā a fixed-rate mortgage can stabilize your monthly housing costs for the long-term even while other life expenses continue to riseĀ ā as has been the case the past few years.ā
Unlike rents, which tend to rise with time, a fixed-rate mortgage payment is predictable over the life of the mortgage (typically 15 to 30 years). And, when the cost of most everything else is rising, keeping your housing payment stable is especially important.The alternative to homeownership is renting ā and rents tend to move alongside inflation. That means as inflation goes up, your monthly rent payments tend to go up, too (see graph below):A fixed-rate mortgage allows you to protect yourself from future rent hikes. With inflation still high, when your rental agreement comes up for renewal, your property manager may decide to increase your payments to offset the impact of inflation. Maybe thatās why, according to a recent survey,Ā 73% of property managers plan to raise rents over the next two years.Having your largest monthly expense remain stable in a time of economic uncertainty is a major perk of homeownership. If you continue to rent, you donāt have that same benefit and arenāt as protected from rising costs.Bottom Line A stable housing payment is especially important in times of high inflation. Letās connect so you can learn more and start your journey to homeownership today.Like “Majic” I’ll get itĀ CLOSED!(Maji) Maria Ramos Real Estate Advisor P.A 305-519-7940 Ā | Ā maji@majisold.com Coldwell Banker Realtyā¢ Miami Realtor since 1993 ā¢ 2nd Generation Realtor ā¢ Expert Negotiator ā¢ Market Trends Expert ā¢ Miami native ā¢ Bilingual – English & Spanish ā¢ About me:Ā https://linktr.ee/majisoldFor the latest breaking news for the Miami Real Estate Market please subscribe to my blog or YouTube channel:~ Ā Majiās Market Minute Blog on MiamiHomeTrends.comĀ http://bit.ly/majismarketminute-blog ~ Ā YouTube channel:Ā https://bit.ly/MajisMarketMinute#majiramosrealestateadvisorpa #miami_home_trends #majismarketminute #majisold #majipaceramos #miamirealtor #miamirealestate #miamirealestategent #majiramos #Miamirealetstatemarket #homesellinginmiami #miamilistingagent Ā #miamihomesforsale #miamicondosforsale #priceyourhouseright #homevaluation #zillow #zestimate #homecalculator #whatsmyhomeworth #hasmyhomegonedowninvalue Ā #miamihometrends #movingtomiami #miamineighborhoods #googlemaji #tipsforbuyers #inflation #homeownership
Ā
Published by Maji Pace Ramos on May 22, 2023
The process of buying a home can feel a bit intimidating, even under normal circumstances. But today’s market is still anything but normal. There continues to be a very limited number of homes for sale, and thatās creating bidding wars and driving home prices back up as buyers compete over the available homes.
Navigating all of this can be daunting if youāre trying to do it alone. Thatās why having a skilled expert to guide you through the homebuying process is essential, especially today. Bankrate shares this perspective:
“Advice and guidance from a professional real estate agent can be invaluable, particularly amid a hot or unpredictable housing market.”
Here are just a few of the ways a real estate expert makes a big difference:
Ā ExperienceĀ ā Real estate professionals know the ins and outs of whatās happening today, how it impacts buyers, and how to navigate any hurdles that may pop up.
EducationĀ ā Knowledge is power when it comes to buying a home. Your advisor will simply and effectively explain market conditions and translate what they mean for you so you can feel confident in your decision.
Ā NegotiationsĀ ā Your real estate advisor advocates for your best interests. Having an expert on your side provides assistance with the purchase agreement. An agent can also help you negotiate potential seller concessions if the inspection reveals issues with the home. Ā
ContractsĀ ā Real estate advisors guide you through the disclosures and contracts necessary in todayās heavily regulated environment.
Ā PricingĀ ā Making an offer and negotiating with a seller can be one of the most difficult and stressful parts of the homebuying process. A skilled agent will help you understand what similar homes are selling for so you have the full picture of what you may want to offer.
All of these reasons combined may be why 86% of recent buyers used an agent according to the latestĀ Home Buyers and Sellers Generational Trends ReportĀ from the National Association of Realtors (NAR). NAR also has this to say about why an agent is so essential today:āA great real estate agent will guide you through the home search with an unbiased eye, helping you meet your buying objectives while staying within your budget. Agents are also a great source when you have questions about local amenities, utilities, zoning rules, contractors, and more.ā
Whatās the Key To Choosing the Right Expert? It starts with trust. Youāll want to know you can trust the advice theyāre giving you, so you need to make sure youāre connected with a true professional. No one can provide perfect advice because itās impossible to know exactly whatās going to happen at every turn ā especially in todayās market. But a true professional can give you the best possible advice based on the information and situation at hand.
Theyāll help advocate for you throughout the process and coach you on the essential knowledge you need to make confident decisions.Ā Thatās exactly what you want and deserve.
Bottom Line Itās critical to have an expert on your side who is skilled in navigating todayās housing market. If youāre planning to buy a home this year, letās connect so you have a real estate advisor on your side to give you the best advice and guide you along the way.
Like “Majic” I’ll get itĀ CLOSED!
(Maji) Maria Ramos Real Estate Advisor P.A 305-519-7940 Ā | Ā maji@majisold.com Coldwell Banker Realty
ā¢ Miami Realtor since 1993 ā¢ 2nd Generation Realtor ā¢ Expert Negotiator ā¢ Market Trends Expert ā¢ Miami native ā¢ Bilingual – English & Spanish ā¢ About me:Ā https://linktr.ee/majisold
For the latest breaking news for the Miami Real Estate Market please subscribe to my blog or YouTube channel:
If youāre thinking about buying a home, you want to know the decision will be a good one. And for many, that means thinking about what home prices are projected to do in the coming years and how that could impact your investment.
This year, we arenāt seeing home prices fall dramatically. As the year goes on, however, some markets may go up in value while others may lose value. Thatās why itās helpful to keep the long-term view in mind. Experts project a return to a steadier rate of price appreciation in the years that follow.
Home Price Appreciation in the Years Ahead Over 100 economists, investment strategists, and housing market analysts were polled by Pulsenomics in their latest quarterlyĀ Home Price Expectation SurveyĀ (HPES). The report indicates what they believe will happen with home prices over the next five years. As the graph below shows, after mild depreciation this year, these experts forecast home prices will return to more normal levels of appreciation through 2027.
The big takeaway is experts arenāt forecasting a drastic fall in home prices nationally, even though some markets will see home price appreciation while others may depreciate. And when they look further out, they see steady price appreciation in the long run. Thatās a great example of why homeownership wins over time.
What Does This Mean for You? Once you buy a home, price appreciation raises your homeās value, and that grows your household wealth. Hereās how a typical homeās value could change over the next few years using the expert price appreciation projections from the survey mentioned above (see graph below):
In this example, if you bought a $400,000 home at the beginning of this year and factor in the forecast from the HPES, you could accumulate over $54,000 in household wealth over the next five years. So, if youāre wondering if buying a home is a sound decision, keep in mind what a strong wealth-building tool it is long term.
Bottom Line According to the experts, while we may see slight depreciation this year, home prices are expected to grow over the next five years. If youāre ready to become a homeowner, know that buying today can set you up for long-term success as home values (and your own net worth) are projected to grow. Letās connect to begin the homebuying process today.
Like “Majic” I’ll get itĀ CLOSED!
(Maji) Maria Ramos Real Estate Advisor P.A 305-519-7940 Ā | Ā maji@majisold.com Coldwell Banker Realty
ā¢ Miami Realtor since 1993 ā¢ 2nd Generation Realtor ā¢ Expert Negotiator ā¢ Market Trends Expert ā¢ Miami native ā¢ Bilingual – English & Spanish ā¢ About me:Ā https://linktr.ee/majisold
For the latest breaking news for the Miami Real Estate Market please subscribe to my blog or YouTube channel:
I stand corrected, our Rookery is one of two active nesting rookeries in Northern Biscayne Bay.
I strive to share accurate info and appreciate corrections. I was told by a reliable source it was the last one but this is in writing from Pelican Harbor and makes more sense. See pic attached.
Cool about the bats. Had no idea.
āāāāoriginal postāāāāā
Did you know that Bird Island off the Morningside Park Shoreline is the LAST Rookery left in Biscayne Bay? I’ve often seen the birds flying back and forth and dusk and dawn. It is such a beautiful sight. š¦āā¬
It is currently nesting and migratory season. šŖ½We need to be extra careful right now and preserve this very special island which makes our neighbourhood so magical.
I realize that the thought of climate change and what we can do about it is overwhelming and my goal was to simplify it. My FB page Maji Green Initiative is a no shame zone.
This is a place to share tips on what we can each do.
This is why I founded the Maji Green Initiative. This is a passion project for me. It’s grass roots and not monetized. I am just sharing and would love for others to share what they do as well. My ultimate goal is to find solutions to combat climate change for historic and existing homes in coastal communities.
My hope is that we all do ONE thing every day.
Be well & stay green
Maji Ramos
305-519-7940 | majir0214@gmail.com
Please join the Maji Green Initiative Facebook page to share ideas, tips, news and interviews for all things green.
If youāre thinking about selling this spring, itās time to get moving ā the best week to list your house is fast approaching.
Experts atĀ realtor.comĀ looked at seasonal trends from recent years (excluding 2020 as an uncharacteristic year due to the onset of the pandemic) and determined the ideal week to list a house this year:
āHome sellers on the fence waiting for that perfect moment to sell should start preparations, because the best time to list a home in 2023 is approaching quickly.Ā The week of April 16-22 is expected to have the ideal balance of housing market conditions that favor home sellers, more so than any other week in the year.ā
If youāve been waiting for the best time to sell, this is your chance. But remember, before you put your house on the market, youāve got to get it ready. And if you havenāt started that process yet, youāll need to move quickly. Hereās what you should keep in mind.Work with an Agent To Determine Which Updates To Make Start by prioritizing which updates youāll make. In February,Ā realtor.comĀ asked more than 1,200 recent or potential home sellers what updates they ended up making to their house before listing it (see graph below): Ā As you can see, the most common answers included landscaping and painting. Work with a trusted real estate agent to determine what projects make the most sense for your goals and local market.If Possible, Plan To Have Your House Staged Once youāve made any necessary repairs and updates to your house, consider having it staged. According to the National Association of Realtors (NAR), 82% of buyersā agents said staging a home made it easier for a buyer to visualize the property as a future home. Additionally, almost half of buyersā agents said home staging had an effect on most buyersā view of the home in general. Homes that are staged typically sell faster and for a higher price because they help potential buyers more easily picture their new life in the house.Bottom Line Are you ready to sell this spring? Letās connect to plan your next steps. You can start by making a checklist of what you think your house needs to get ready. Then, we can work together to prioritize your list and move forward together.
Like “Majic” I’ll get itĀ CLOSED!
(Maji) Maria Ramos Real Estate Advisor P.A 305-519-7940 Ā | Ā maji@majisold.com Coldwell Banker Realty
ā¢ Miami Realtor since 1993 ā¢ 2nd Generation Realtor ā¢ Expert Negotiator ā¢ Market Trends Expert ā¢ Miami native ā¢ Bilingual – English & Spanish ā¢ About me:Ā https://linktr.ee/majisold
For the latest breaking news for the Miami Real Estate Market please subscribe to my blog or YouTube channel:
Walk through earlier today in North Miami. They closed 90 days ago but the seller had a post occupancy agreement which was one of the reasons their offer was selected out of 20 plus offers. This was one of the most complicated transactions I have had since 1993! So excited for these two! ļæ¼
If youāre reading headlines about inflation or mortgage rates, you may see something about the recent decision from the Federal Reserve (the Fed). But what does it mean for you, the housing market, and your plans to buy a home? Hereās what you need to know.
Inflation and the Housing Market While the Fedās working hard to lower inflation, the latest data shows that, while the number has improved some, the inflation rate is still higher than the target (2%). That played a role in the Fed’s decision to raise the Federal Funds Rate last week. As Bankrate explains:
āKeeping its inflation-fighting streak alive, the Federal Reserve has raised interest rates for the 10th time in 10 meetings . . .Ā The hikes aimed to cool an economy that was on fire after rebounding from the coronavirus recession of 2020.ā While the Fedās actions donāt directly dictate what happens with mortgage rates, their decisions do have an impact and contributed to the intentional cooldown in the housing market last year.
How This Impacts You During times of high inflation, your everyday expenses go up. That means youāve likely felt the pinch at the gas pump and in the grocery store. By raising the Federal Funds Rate, the Fed is actively trying to lower inflation. If the Fed is successful, it could also ultimately lead to lower mortgage rates and better homebuying affordability for you. Thatās because when inflation is high, mortgage rates tend to be high. But, as inflation cools, experts say mortgage rates will likely fall.
Where Experts Think Mortgage Rates and Inflation Will Go from Here Moving forward, both inflation and mortgage rates will continue to impact the housing market. And as Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), says:
āMortgage rates are likely to descend lower later in the yearĀ as the consumer price inflation calms down . . .ā
Ā Mike Fratantoni, Chief Economist at the Mortgage Bankers Association (MBA), explains:āWe continue toĀ expect that mortgage rates will drift down over the course of the yearĀ as the economy slows . . .ā
While thereās no way to say with certainty where mortgage rates will go from here, the experts think mortgage rates will trend down this year if inflation comes down too. To stay informed on the latest insights, connect with a trusted real estate advisor. They keep their pulse on whatās happening today and help you understand what the experts are projecting and how it could impact your homeownership plans.Bottom Line Donāt let headlines about the latest decision from the Fed confuse you. Where mortgage rates go from here depends on what happens with inflation. If inflation cools, mortgage rates should tick down as a result. Letās connect so you have expert insights on housing market changes and what they mean for you.
Like “Majic” I’ll get itĀ CLOSED!
(Maji) Maria Ramos Real Estate Advisor P.A 305-519-7940 Ā | Ā maji@majisold.com Coldwell Banker Realty
ā¢ Miami Realtor since 1993 ā¢ 2nd Generation Realtor ā¢ Expert Negotiator ā¢ Market Trends Expert ā¢ Miami native ā¢ Bilingual – English & Spanish ā¢ About me:Ā https://linktr.ee/majisold
For the latest breaking news for the Miami Real Estate Market please subscribe to my blog or YouTube channel:
Mother’s Day can be a painful time, especially for people living with loss. Author Rebecca Soffer shares ideas for how to care for yourself or loved ones on a tough day.
Published by Maji Pace Ramos on May 14, 2023
You would have been so proud Helen! Apostoli dedicated this song to you. I know you were there taking it all in. He is so talented!
Happy Motherās Day mom! You are one of the most resilient woman I know and always know how to truly enjoy life! Love you lots! ššŗššøššŖ»š¹
Published by Maji Pace Ramos on May 14, 2023
Happy Motherās Day!
Published by Maji Pace Ramos on May 12, 2023
Have you been thinking about selling your house? If so, good news ā there are a lot of buyers actively looking today and theyāre having to compete with each other over the limited number of homes available for sale. That means now is a great time to take advantage of a large pool of buyers by putting your house on the market. Letās work together to sell your house today.
Hey, there. This is Maji Ramos coming to you from Morningside.
Morningside is a Bayfront historic community. We are actually the first historically designated community in Miami and we are having our historic home tour this month on the 21st in conjunction with our 100-year anniversary party.
This will be a very special event and will attract many people. We have not had a tour since 2019!
In addition to the historic home and garden tour, we are going to have a vendor showcase, food trucks, and a VIP experience. This is all new this year.
There are some sponsorship opportunities starting at $500. Anything from print ads to vendor tables.
My grandfather had ac in Cuba in the 1950ās but then again he was brilliant. He designed and built it for his home. Well at least the primary bdrm and his office.
(via FB/Ron Richter/FLASHBACK South Florida – Memories and Memorabilia)
Published by Maji Pace Ramos on May 9, 2023
So this is whatās being built at the old Planetarium. Looking forward to seeing what Viscaya does with it.
(via FB/Larry Shane/FLASHBACK South Florida – Memories and Memorabilia)
Published by Maji Pace Ramos on May 9, 2023
Who remembers the Pink Floyd Laser Light shows? They were so awesome! These pics bring me back. Good times. Sad that itās now gone.
(via FB/Larry Shane/FLASHBACK South Florida – Memories and Memorabilia)
Published by Maji Pace Ramos on May 9, 2023
Why Todayās Housing Market Is Not About To Crash
Thereās been some concern lately that the housing market is headed for a crash. And given some of the affordability challenges in the housing market, along with a lot of recession talk in the media, itās easy enough to understand why that worry has come up.
But the data clearly shows todayās market is very different than it was before the housing crash in 2008. Rest assured, this isnāt a repeat of what happened back then. Hereās why.
Itās Harder To Get a Loan Now It was much easier to get a home loan during the lead-up to the 2008 housing crisis than it is today. Back then, banks had different lending standards, making it easy for just about anyone to qualify for a home loan or refinance an existing one. As a result, lending institutions took on much greater risk in both the person and the mortgage products offered. That led to mass defaults, foreclosures, and falling prices.
Things are different today as purchasers face increasingly higher standards from mortgage companies. The graph below uses data from the Mortgage Bankers Association (MBA) to show this difference. The lower the number, the harder it is to get a mortgage. The higher the number, the easier it is.
Unemployment Recovered Faster This Time While the pandemic caused unemployment to spike over the last couple of years, the jobless rate has already recovered back to pre-pandemic levels (see the blue line in the graph below). Things were different during the Great Recession as a large number of people stayed unemployed for a much longer period of time (see the red in the graph below):
Hereās how the quick job recovery this time helps the housing market. Because so many people are employed today, thereās less risk of homeowners facing hardship and defaulting on their loans. This helps put todayās housing market on stronger footing and reduces the risk of more foreclosures coming onto the market.
There Are Far Fewer Homes for Sale Today There were also too many homes for sale during the housing crisis (many of which were short sales and foreclosures), and that caused prices to fall dramatically. Today, thereās a shortage of inventory available overall, primarily due to years of underbuilding homes.
The graph below uses data from the National Association of Realtors (NAR) and the Federal Reserve to show how the monthsā supply of homes available now compares to the crash. Today, unsold inventory sits at just a 2.6-monthsā supply. There just isnāt enough inventory on the market for home prices to come crashing down like they did in 2008.
Equity Levels Are Near Record Highs That low inventory of homes for sale helped keep upward pressure on home prices over the course of the pandemic. As a result, homeowners today have near-record amounts of equity (see graph below):
And, that equity puts them in a much stronger position compared to the Great Recession. Molly Boesel, Principal Economist atĀ CoreLogic, explains:
āMost homeowners are well positioned to weather a shallow recession.Ā More than a decade of home price increases has given homeowners record amounts of equity, which protects them from foreclosure should they fall behind on their mortgage payments.ā
Bottom Line The graphs above should ease any fears you may have that todayās housing market is headed for a crash. The most current data clearly shows that todayās market is nothing like it was last time
Like “Majic” I’ll get itĀ CLOSED!
(Maji) Maria Ramos Real Estate Advisor P.A 305-519-7940 Ā | Ā maji@majisold.com Coldwell Banker Realty
ā¢ Miami Realtor since 1993 ā¢ 2nd Generation Realtor ā¢ Expert Negotiator ā¢ Market Trends Expert ā¢ Miami native ā¢ Bilingual – English & Spanish ā¢ About me:Ā https://linktr.ee/majisold
For the latest breaking news for the Miami Real Estate Market please subscribe to my blog or YouTube channel:
Happy Birthday Sir David Attenborough! You have always been an inspiration to me and have taught us all so much regarding the beauty of our world, the wildlife we share our planet with, the effects of climate change and why it is so important to protect it.
When people ask who would you like to have a conversation with you are at the top of my list. I would love to know in your opinion how I can make a difference with the resources I have and give me some direction with my initiative.
Wondering if you should continue renting or if you should buy a home this year? If so, consider this. Rental affordability is still a challenge and has been for years. Thatās because, historically, rents trend up over time. Data from the Census shows rents have been climbing pretty steadily since 1988.
And, data from the latest rental report from Realtor.com shows rents continue to grow today, even though itās at a slower pace than we saw at the height of the pandemic:
āIn March 2023,Ā the U.S. rental market experienced single-digit growth for the eighth month in a rowĀ . . . The median asking rent was $1,732, up by $15 from last month and down by $32 from the peak but isĀ still $354 (25.7%) higher than the same time in 2019 (pre-pandemic).ā
With rents much higher now than they were in more normal, pre-pandemic years, owning your home may be a better option, especially if the long-term trend of rents increasing each year continues. In contrast, homeowners with a fixed-rate mortgage can lock in a monthly mortgage payment for the duration of their loan (typically 15-30 years).Owning a Home Could Be More Affordable if You Need More Space The graph below uses national data on the median rental payment from Realtor.com and median mortgage payment from the National Association of Realtors (NAR) to compare the two options. As the graph shows, depending on how much space you need, itās typically more affordable to own than to rent if you need two or more bedrooms:So, if youāre looking to live somewhere where you have two or more bedrooms to accommodate your household, give you more breathing room to spread out your belongings, or dedicate the extra space to practice your hobbies, it might make sense to consider homeownership.Homeownership Allows You To Start Building Equity In addition to shielding you from rising rents and being more affordable when you need more space, owning your home also allows you to start building your own equity, which in turn grows your net worth.And, as home values typically rise over time and you pay off your mortgage, you build equity. That equity can set you up for success later on because you can use it to help fuel a move to an even bigger space down the line. Thatās why, according to Zonda, the top reason millennial homeowners bought their home over the past year was to build their own equity instead of someone elseās.Bottom Line If youāre trying to decide whether to buy a home or continue renting, letās connect to explore your options. With rents rising, it may make more sense to pursue your dream of homeownership.Ā Ā
BNI National Convention 2023. Iāve been a BNI member off and on for 25 years and this was a full-circle moment with Ivan Misner, the myth, the legend.. the founder of BNI.
Today, foreclosure numbers are nothing like they were in 2008. Letās connect if you have questions about what you see in the news about todayās housing market.
Ā
Like “Majic” I’ll get itĀ CLOSED!
(Maji) Maria Ramos Real Estate Advisor P.A 305-519-7940 Ā | Ā maji@majisold.com Coldwell Banker Realty
ā¢ Miami Realtor since 1993 ā¢ 2nd Generation Realtor ā¢ Expert Negotiator ā¢ Market Trends Expert ā¢ Miami native ā¢ Bilingual – English & Spanish ā¢ About me:Ā https://linktr.ee/majisold
For the latest breaking news for the Miami Real Estate Market please subscribe to my blog or YouTube channel:
Downsizing has long been a popular option when homeowners reach retirement age. But there are plenty of other life changes that could make downsizing worthwhile. Homeowners who have experienced a change in their lives or no longer feel like their house fits their needs may benefit from downsizing too. U.S. News explains:
āDownsizing is somewhat common among older people and retirees who no longer have children living at home. But these days,Ā younger people are also looking to downsize to save money on housing . . .ā
And when inflation has made most things significantly more expensive, saving money where you can has a lot of appeal. So, if youāre thinking about ways to budget differently, it could be worthwhile to take your home into consideration.When you think about cutting down on your spending, odds are you think of frequent purchases, like groceries and other goods. But when you downsize your house, you often end up downsizing the bills that come with it, like your mortgage payment, energy costs, and maintenance requirements. Realtor.com shares:
āA smaller home typically means lower bills and less upkeep. Then thereās the potential windfall that comes from selling your larger home and buying something smaller.ā
That windfall is thanks to your home equity. If youāve been in your house for a while, odds are youāve developed a considerable amount of equity. Your home equity is an asset you can use to help you buy a home that better suits your needs today.And when youāre ready to make a move, your team of real estate experts will be your guides through every step of the process. That includes setting the right price for your house when you sell, finding the best location and size for your next home, and understanding what you can afford at todayās mortgage rate.
What This Means for You If youāre thinking about downsizing, ask yourself these questions:
Do the original reasons I bought my current house still stand, or have my needs changed since then?
Do I really need and want the space I have right now, or could somewhere smaller be a better fit?
What are my housing expenses right now, and how much do I want to try to save by downsizing?
Once you know the answers to these questions, meet with a real estate advisor to get an answer to this one: What are my options in the market right now? A local housing market professional can walk you through how much equity you have in your house and how it positions you to win when you downsize.
Bottom Line If youāre looking to save money, downsizing your home could be a great help toward your goal. Letās connect to talk about your goals in the housing market this year.
Like “Majic” I’ll get itĀ CLOSED!
(Maji) Maria Ramos Real Estate Advisor P.A 305-519-7940 Ā | Ā maji@majisold.com Coldwell Banker Realty
ā¢ Miami Realtor since 1993 ā¢ 2nd Generation Realtor ā¢ Expert Negotiator ā¢ Market Trends Expert ā¢ Miami native ā¢ Bilingual – English & Spanish ā¢ About me:Ā https://linktr.ee/majisold
For the latest breaking news for the Miami Real Estate Market please subscribe to my blog or YouTube channel:
It is so good to be back in Miami, in the land of humidity, believe it or not.Ā Ā Never thought I would say that, but we just came back from hiking in New Mexico and Arizona, and Colorado. High elevation, desert and trust meā¦ humidity is a good thing.
Okay, so whatās going on in our market? Every time I travel, it’s like everything explodes. I had a new listing that went online right before I left town that went under contract while I was out of town. I was negotiating that and the inspections.Ā I had another property that wasn’t even on the market that we’re negotiating a contract on right now and a buyer that presented an offer on a short sale. All of this happened while I was out of town so I was negotiating remotely and my team was handling anything that required a physical presence.
So what am I seeing? I’m seeing properties that are still going above list price with no contingencies, all cash, and no inspection contingencies.
It’s still a pretty crazy market.
Of course, the values have gone down a little bit, not every property is seeing that type of activity. And it also depends on the market and the area.
If you are interested in buying or selling, contact me.
Like “Majic” I’ll get itĀ CLOSED!
(Maji) Maria Ramos Real Estate Advisor P.A 305-519-7940 Ā | Ā maji@majisold.com Coldwell Banker Realty
ā¢ Miami Realtor since 1993 ā¢ 2nd Generation Realtor ā¢ Expert Negotiator ā¢ Market Trends Expert ā¢ Miami native ā¢ Bilingual – English & Spanish ā¢ About me:Ā https://linktr.ee/majisold
For the latest news on the Miami Real Estate Market please subscribe to my blog or YouTube channel:
9 hr travel day btwn driving, sitting at airports, 2 flights and a sprint thru Dallas to catch our connecting flight. Loved New Mexico, Az and Co but it is so dry, New Mexico has crazy weather and itās high elevation not to mention 2 diff time zones. Takes more than a minute to get used to. (We hiked almost every day.)
Itās good to be home! Never thought I would miss being at sea level and humidity so much!
Published by Maji Pace Ramos on May 2, 2023
Petrified Forest, AZ was so cool! Crazy to think we were walking in these ancient forests where dinosaurs roamed.
We must do something! Most of the homes and bldgs are at risk!
They need to work on solutions to protect existing homes from climate change. I attended a meeting that featured an engineer presenting an extensive report on what we can do to protect our homes.
Btw this could also affect market values.
There are solutions! Just look at the Netherlands.
Published by Maji Pace Ramos on May 1, 2023
This is so important! So many historic bldgs and homes will be at risk! This could also affect property values!
The weather and terrain is so extreme here. I thought Miami had crazy weather.
On our way from Taos to Santa Fe we drove through torrential walls of rain, full sun, high winds (80+ mph), sand storm, snow storm (homes buried up to their windows snow), sleet then back to sun in a span of about 5 hrs! It was nuts!
Yesterday morning everything was covered in several inches of snow then 3.5 hrs later it was gone! We had to scrape snow off the windsheild.
We drove through desert, valleys and mountains and very cool historic pueblos. We stopped at a gas station and the front door was locked due to high wind!
It was quite the adventure.
Published by Maji Pace Ramos on April 29, 2023
Current situation in Santa Fe, NM. Sunny and warm. Snow all melted. It was snowing 3.5 hrs ago.
Since inflation is increasing the cost of goods and services, it may make sense to look for an energy-efficient home to help combat rising costs. DM me to learn about the options in our local market that could be what youāre looking for.
Youāve likely seen headlines about the number of foreclosures climbing in todayās housing market. That may leave you with a few questions, especially if youāre thinking about buying a house. Understanding what they really mean is mission-critical if you want to know the truth about whatās 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 where the market is headed.
Letās look at the latest information with context so we can see how this compares to previous years.
It Isnāt the Dramatic Increase Headlines Would Have You Believe In recent years, the number of foreclosures has been down to record lows. Thatās because, in 2020 and 2021, the forbearance program and other relief options for homeowners helped millions of homeowners stay in their homes, allowing them to get back on their feet during a very challenging period. And with home values rising at the same time, many homeowners who may have found themselves facing foreclosure under other circumstances were able to leverage their equity and sell their houses rather than face foreclosure. Moving forward, equity will continue to be a factor that can help keep people from going into foreclosure.
As the governmentās moratorium came to an end, there was an expected rise in foreclosures. But just because foreclosures are up doesnāt mean the housing market is in trouble. As Clare Trapasso, Executive News Editor at Realtor.com, says:
āThereās no reason to panic, at least not yet. Foreclosure filings began ticking up . . . after the federal foreclosure moratorium ended. The moratorium was enacted in the early days of COVID-19, when millions of Americans lost their jobs, to prevent a tsunami of homeowners losing their properties. So some of these proceedings would have taken place during the pandemic but got delayed due to the moratorium. This is a bit of a catch-up.ā Basically, thereās not a sudden flood of foreclosures coming. Instead, some of the increase is due to the delayed activity explained above while more is from economic conditions. As Rob Barber, CEO of ATTOM, explains: Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā
āThis unfortunate trend can be attributed to a variety of factors, such as rising unemployment rates, foreclosure filings making their way through the pipeline after two years of government intervention, and other ongoing economic challenges. However, with many homeowners still having significant home equity, that may help in keeping increased levels of foreclosure activity at bay.ā To further paint the picture of just how different the situation is now compared to the housing crash, take a look at the graph below. It shows foreclosure activity has been lower since the crash by looking at properties with a foreclosure filing going all the way back to 2005.
While foreclosures are climbing, itās clear foreclosure activity now is nothing like it was during the housing crisis. In addition to all of the factors mentioned above, thatās also largely because buyers today are more qualified and less likely to default on their loans.
Today, foreclosures are far below the record-high number that was reported when the housing market crashed.
Bottom Line Right now, putting the data into context is more important than ever. While the housing market is experiencing an expected rise in foreclosures, itās nowhere near the crisis levels seen when the housing bubble burst and that wonāt lead to a crash in home prices.
Like “Majic” I’ll get itĀ CLOSED!
(Maji) Maria Ramos Real Estate Advisor P.A 305-519-7940 Ā | Ā maji@majisold.com Coldwell Banker Realty
ā¢ Miami Realtor since 1993 ā¢ 2nd Generation Realtor ā¢ Expert Negotiator ā¢ Market Trends Expert ā¢ Miami native ā¢ Bilingual – English & Spanish ā¢ About me:Ā https://linktr.ee/majisold
For the latest breaking news for the Miami Real Estate Market please subscribe to my blog or YouTube channel:
Thereās been a lot of focus on higher mortgage rates and how theyāre creating affordability challenges for todayās homebuyers. Itās 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 ā itās 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. Hereās the latest.
1. Mortgage Rates While mortgage rates are higher than they were a year ago, theyāve 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 even a small change in mortgage rates impacts your purchasing power. Thatās why itās so important to lean on your team of real estate professionals for expert advice to stay up to date on whatās happening in the market. While itās hard to project where mortgage rates will go from here, many experts agree theyāll likely continue to remain around 6%-7% in the immediate future.
2. Home Prices Over the past few years, home prices appreciated rapidly as the record-low mortgage rates we saw during the pandemic led to a surge in buyer demand. The heightened buyer demand happened while the supply of homes for sale was at record lows, and that imbalance put upward pressure on home prices. However, todayās higher mortgage rates have slowed down price appreciation.
And, the truth is, home price appreciation varies by market. Some areas are seeing slight declines while others have prices that are climbing. As Selma Hepp, Chief Economist at CoreLogic, explains:
āThe divergence in home price changes across the U.S. reflects a tale of two housing markets. Declines in the West are due to the tech industry slowdown and a severe lack of affordability after decades of undersupply. The consistent gains in the Southeast and South reflect strong job markets, in-migration patterns, and relative affordability due to new home construction.ā To find out whatās happening with prices in your local market, reach out to a trusted real estate agent.
3. Wages The most positive factor in affordability right now is rising income. The graph below uses data from the Bureau of Labor Statistics (BLS) to show how wages have grown over time:
Higher wages improve affordability because they reduce the percentage of your income it takes to pay your mortgage since you donāt have to put as much of your paycheck toward your monthly housing cost.
Home affordability comes down to a combination of rates, prices, and wages. If you have questions or want to learn more, reach out to a real estate professional who can explain whatās happening locally and how these factors work together.
Bottom Line If youāre planning to buy a home, knowing the key factors that impact affordability is important so you can make an informed decision. To stay up to date on the latest on each, letās connect today.
Like “Majic” I’ll get itĀ CLOSED!
(Maji) Maria Ramos Real Estate Advisor P.A 305-519-7940 Ā | Ā maji@majisold.com Coldwell Banker Realty
ā¢ Miami Realtor since 1993 ā¢ 2nd Generation Realtor ā¢ Expert Negotiator ā¢ Market Trends Expert ā¢ Miami native ā¢ Bilingual – English & Spanish ā¢ About me:Ā https://linktr.ee/majisold
For the latest breaking news for the Miami Real Estate Market please subscribe to my blog or YouTube channel:
Monument Valley, AZ at 7 am. The morning light with shades of gold and copper. We had the valley to ourselves! It opens to the public at 8. This is sacred ground, you can feel it.
Published by Maji Pace Ramos on April 25, 2023
The housing marketās been going through a lot of change lately, and thereās been uncertainty surrounding what will happen this spring. You may be wondering if more homes will go on the market, whatās next with home prices and mortgage rates, or what the best advice is for someone in your position right now.
Hereās what industry experts are saying right now about the spring housing market and what it means for you:
Selma Hepp, Chief Economist,Ā CoreLogic: āWe 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.ā
Greg McBride, Chief Financial Analyst,Ā Bankrate: āI donāt expect big moves in prices in the span of a month, but like the flower buds of spring, the housing market is showing signs of improvement. A pick up in activity with inventory still low does bode well for home prices.ā
Rick Sharga, Founder and CEO,Ā CJ Patrick Company: āIf you can find a home you love and can afford at todayās prices, donāt wait. Home prices in most of the country are unlikely to crash, and mortgage rates will only come down very gradually if they decline at all this year.ā
Jeff Tucker, Senior Economist,Ā Zillow: āThe market is still much friendlier this spring for buyers who can overcome affordability hurdles, but buyers are going to see more competition than they might expect because there are not many homes on the market to go around. New listings are increasing, which they almost always do this time of year, but not nearly as quickly as usual.ā
Bottom Line
If youāre thinking about selling your house, this springās a great time to do so while inventory is still so low. And if youāre in a good position to buy, lean on your team of expert advisors for the best advice. Whatever your plans, letās connect to make sure youāre able to navigate the spring housing market with confidence.Ā
Ā
Like “Majic” I’ll get itĀ CLOSED!
(Maji) Maria Ramos Real Estate Advisor P.A 305-519-7940 Ā | Ā maji@majisold.com Coldwell Banker Realty
ā¢ Miami Realtor since 1993 ā¢ 2nd Generation Realtor ā¢ Expert Negotiator ā¢ Market Trends Expert ā¢ Miami native ā¢ Bilingual – English & Spanish ā¢ About me:Ā https://linktr.ee/majisold
For the latest breaking news for the Miami Real Estate Market please subscribe to my blog or YouTube channel:
The Power of Pre-Approval If youāre buying a home this spring, todayās housing market can feel like a challenge. With so few homes on the market right now, plus higher mortgage rates, itās essential to have a firm grasp on your homebuying budget. Youāll 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 itās 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 theyād 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:
āA pre-approval is an indication from your lender that they are willing to lend you a certain amount of money to buy your future home. . . . Keep in mind that the loan amount in the pre-approval letter is the lenderās maximum offer. Ultimately, you should only borrow an amount you are comfortable repaying.ā
Basically, pre-approval gives you critical information about the home-buying process thatāll help you understand how much you may be able to borrow so you have a stronger grasp of your options. And with higher mortgage rates impacting affordability for many buyers today, a solid understanding of your numbers is even more important.
Pre-Approval Helps Show Youāre a Serious Buyer Thatās not the only thing pre-approval can do. Another added benefit is it can help a seller feel more confident in your offer because it shows youāre serious about buying their house. And, with sellers seeing a slight increase in the number of offers again this spring, making a strong offer when you find the perfect house is key.
As a recent article from the Wall Street Journal (WSJ) says:
āIf you plan to use a mortgage for your home purchase, preapproval should be among the first steps in your search process. Not only can getting preapproved help you zero in on the right price range, but it can give you a leg up on other buyers, too.ā
Bottom Line Getting pre-approved is an important first step when youāre buying a home. It lets you know what you can borrow for your loan and shows sellers youāre serious. Connect with a local real estate professional and a trusted lender so you have the tools you need to purchase a home in todayās market.
Like “Majic” I’ll get it CLOSED!
(Maji) Maria Ramos Real Estate Advisor P.A 305-519-7940 | maji@majisold.com Coldwell Banker Realty
ā¢ Miami Realtor since 1993 ā¢ 2nd Generation Realtor ā¢ Expert Negotiator ā¢ Market Trends Expert ā¢ Miami native ā¢ Bilingual – English & Spanish ā¢ About me: https://linktr.ee/majisold
For the latest breaking news for the Miami Real Estate Market please subscribe to my blog or YouTube channel:
Falling out of Love with Your House? It May Be Time To Move.
Owning a home means having a place thatās 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),Ā the average person has lived in their current house for ten years.Ā If youāve 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 doesnāt have to be. Work with a local real estate agent to explore all your options in todayās market before settling for your current home.
Thatās actually what a lot of homeowners are doing right now. A recent survey from Realtor.com finds that, of people who are considering selling in 2023,Ā one in three are thinking about moving because their home no longer meets their needs. And according to the same report from NAR, thatās consistent with this yearās top reasons for selling, which include:
Want to move closer to friends or family Moving due to retirement Home is too small or too large Change in family situation Job relocation
If things in your life have changed, it may be time to make a move. And thereās good news: itās still a great time to sell. Hereās why.
Weāre in a strong sellersā market.Ā That means homes listed at market value and in good condition are getting attention from buyers and selling quickly. Lean on your expert real estate advisor for the best advice on getting your house ready to sell.
Your equity can power your next move.Ā Thereās a good chance you have a significant amount of equity right now thanks to record levels of price appreciation in recent years. When you sell, you can use that equity to help afford your next home. In fact, NARās report from above shows 38% of recent buyers used the money from the sale of their previous home to cover the down payment on their next one. Work with a local real estate agent to learn how much equity you have and what you can do with it in todayās housing market.
Bottom Line If your home no longer meets your needs, consider selling it so you can find your dream home. Letās connect so you can learn about your options.
Like “Majic” I’ll get itĀ CLOSED!
(Maji) Maria Ramos Real Estate Advisor P.A 305-519-7940 Ā | Ā maji@majisold.com Coldwell Banker Realty
ā¢ Miami Realtor since 1993 ā¢ 2nd Generation Realtor ā¢ Expert Negotiator ā¢ Market Trends Expert ā¢ Miami native ā¢ Bilingual – English & Spanish ā¢ About me:Ā https://linktr.ee/majisold
For the latest breaking news for the Miami Real Estate Market please subscribe to my blog or YouTube channel:
In the United States, there are over 72 million millennials. If youāre part of that generation and have thought about buying a home, you arenāt alone. According to Zonda, 98% of millennials want to become a homeowner at some point if they arenāt already. But why? There are plenty of reasons you may choose to become a homeowner. Hereās why other millennials have made that decision (see graph below):
This graph shows why millennials are buying homes according to Zondaās 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. Hereās a look at each in more detail.
Building equity ā Homeownership is a long-term investment that allows you to build wealth, increase your net worth, and become more financially stable. Beyond that, the alternative to owning a home is typically renting. With the way rents have risen so dramatically over time, it may make sense to build your own equity instead of the equity of the person youāre renting from.
A change in life stage ā As a millennial, youāre reaching your prime homebuying years. That means you may be at the point where you need more space or a different location.
Stability or settling down ā This could mean establishing your career or just generally deciding more concretely what you want your life to look and feel like. As that idea becomes clearer, you may want to establish that lifestyle in a particular place and put down roots.
Rising home values ā By purchasing a home, you own an asset that traditionally increases in value over time. That can mean your home will have a higher resale value if you decide to move again.
Wanting to make somewhere āmineā ā Owning a home gives a sense of freedom because you can customize it however you want, make updates as you see fit, and be yourself in a place thatās solely your own.
Bottom Line There are plenty of great reasons why millennials are buying homes today. If youāve thought about becoming a homeowner and any of these reasons resonate with you too, letās connect to explore your options.
Like “Majic” I’ll get it CLOSED!
(Maji) Maria Ramos Real Estate Advisor P.A 305-519-7940 | maji@majisold.com Coldwell Banker Realty
ā¢ Miami Realtor since 1993 ā¢ 2nd Generation Realtor ā¢ Expert Negotiator ā¢ Market Trends Expert ā¢ Miami native ā¢ Bilingual – English & Spanish ā¢ About me: https://linktr.ee/majisold
For the latest breaking news for the Miami Real Estate Market please subscribe to my blog or YouTube channel:
As the housing market continues to change, you may be wondering where itāll go from here. One factor youāre probably thinking about is home prices, which have come down a bit since they peaked last June. And youāve 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 thatās not the best strategy.
A recent survey from Zonda showsĀ 53% of millennials are still renting right now because theyāre waiting for home prices to come down. But hereās 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:
āU.S. home prices rose by 0.8% in February . . . indicating thatĀ prices in most markets have already bottomed out.ā
And the latest data from Black Knight shows the same shift. The graph below compares home price trends in November to those in February: Ā So, should you keep waiting to buy a home until prices come down? If you factor in what the experts are saying, you probably shouldnāt. The data shows prices are increasing in much of the country, not decreasing. And the latest data from the Home Price Expectation Survey indicates that experts project home prices will rise steadily and return to more normal levels of appreciation after 2023. The best way to understand what home values are doing in your area is to work with a local real estate professional who can give you the latest insights and expert advice.
Bottom Line If youāre waiting to buy a home until prices come down, you may want to reconsider. Letās connect to make sure you understand whatās happening in our local housing market.
Like “Majic” I’ll get itĀ CLOSED!
(Maji) Maria Ramos Real Estate Advisor P.A 305-519-7940 Ā | Ā maji@majisold.com Coldwell Banker Realty
ā¢ Miami Realtor since 1993 ā¢ 2nd Generation Realtor ā¢ Expert Negotiator ā¢ Market Trends Expert ā¢ Miami native ā¢ Bilingual – English & Spanish ā¢ About me:Ā https://linktr.ee/majisold
For the latest breaking news for the Miami Real Estate Market please subscribe to my blog or YouTube channel:
How you price your house will make a big difference to not only your bottom line but to how quickly it could sell. Letās connect to figure out the ideal priceĀ forĀ yourĀ house.
Ā
For the latest breaking news for the Miami Real Estate Market please subscribe to my blog or YouTube channel:
If you donāt like the weather wait five minutes. lol. After several days of torrential rain I thought this was curious. Taken this morning from the Rusty Pelican.
No flooding even after a half day of torrential rain! š§
Pro Tip: This is the best time to see a home or a street. Obviously with a lot of caution. I actually just had this conversation with a client.
For breaking news about the Miami Real Estate Market please subscribe to my blog or YouTube channel: ~ Majiās Market Minute Blog on MiamiHomeTrends.com ~ YouTube channel: http://bit.ly/majismarketminute-blog
Maji Ramos Real Estate Advisor P.A. 305-519-7940 | maji@majisold.com MiamiHomeTrends.com
I am beyond thrilled this pup was rescued! I saw him when I was driving on S Miami Ave 2 days ago but couldnāt stop safely and I had to get to an appt. I was so concerned about this little guy!
Vote for Andy for Miami Shores Village Council! I have known Andy for many years and he is one of the most ethical and honest people that I know. He is extremely fair and tolerant, listens to all and methodically makes decisions. He will make an excellent leader! Go Andy!
In today’s Maji’s Market Minute, we are going to discuss what is going on with housing pricing.
We all know that interest rates have gone up substantially and very quickly.
We are in major inflation. Ā Soooooo… Ā Why haven’t home prices come down? Ā
Well…that comes down to one simple fact: Ā Supply and Demand
We do not have enough inventory. Ā This is not just a localized issue, this is a nationwide issue and I don’t see this changing anytime soon.
If you are looking for a home and you happen to find something, I would jump on it.
Even if predictions are that rates may go down a little bit and maybe pricing will go down a little bit, what good is that if there’s no inventory?
If you are a seller that is thinking about selling and you need to buy, I would seriously get in that game right now.
If you are a buyer looking for a primary residence, I would start looking now because inventory is not going to change anytime soon.
Like “Majic”, I’ll get it closed. Ā For the latest on the Miami Real Estate market subscribe to my blog: Majiās Market Minute Blog on MiamiHomeTrends.com http://bit.ly/majismarketminute-blog
I saw this on the news last Wednesday. I find it very curious this is not more prevalentĀ in our South Florida news.Ā It is in Central and Northern Florida.Ā
For up-to-date info on the Miami Real Estate Market please subscribe to my blog or Youtube channel.Ā
Meet our new pet. I think I will call him George. š¦ George is very determined and visits every day. Wonder what our cat pride of 3 think of George? š¼Ā #miamiwildlife
DEA National RX Take Back – April 22, 2023 – 10:00 am to 2:00 pm
DEA National RX Take Back – April 22, 2023 – 10:00 am to 2:00 pm
US Department of Justice Drug Enforcement Administration Diversion Control Division
DEA RX Take – Saturday, April 22, 2023
DEA National RX Take Back Day
Drug Take Back
Saturday, April 22, 2023, from 10:00am to 2:00pm
DEA would like to ask your assistance in letting your patients know about the opportunity to dispose of unwanted, unused medications on Saturday, April 22, 2023, from 10am-2pm, and they can go to https://www.dea.gov/takebackday#collection-locator to find a location near their home.
*Please note that that National Take Back Day disposal is for end user medication, not for practitioner inventory*
The DEA thanks you for your support!
Published by Maji Pace Ramos on March 29, 2023
ok this looks so cool!
Augmented reality art show featuring Salvadore Dali bringing his work to life! Dali is one of our favorite artists and.. well I just love cool tech.
I’m Maji Pace Ramos, and I’ve been a Miami realtor since 1993. 2nd Generation Realtor and a Miami Native.Ā
Real Estate is in my blood. I’ve been studying this market most of my life. I’m obsessed with it. I know it’s a little weird. Have been since I was in high school.Ā
If you want to keep your pulse on this crazy rollercoasterĀ Ā of a market, follow my blog.
Koko ran out of the house yesterday morning at 6 am. Martin woke me up out of a deep sleep bc he needed my help as he had to get to work. So not only did he let our monster escape, he left me to deal with finding him. š¬
I could hear him meowing under the deck but he would not come out. I had to break out the big guns so I got his favorite treat (churo) Still nothing. š I was getting concerned. He is a very timid and gentle cat despite his size (17.5 lbs). He would not have been ok outside. Ginger yes but not Kokes. Even his younger sister would fare better. Our gentle giant has no street smarts.
I had to go under the deck š³ to get him. Anyone that know me knows I would never ever do this bc Iām a germ phobe but there was no choice. I bruised my chest and knee, this was not fun. I finally grabbed him and brought him in. He then got bathed twice bc ewwww.. and slept for 1.5 days.
Now when we open the door he takes off. Donāt think heāll do that again. š
Oh yeah and my nephew slept through the entire ordeal! I mean it was loud, lights were turned on by his window, there was cursing..a lot of cursing. š¤¬Good think heās a sound sleeper bc heās a professional athlete and needed his rest.
Family fun continues with our nephew Avery. Dinner at Stiltsville on Sobe. Love this place! Itās an off-the-beaten-path, locals place. The vibe is chill, the food is excellent and the service is outstanding.
Yes, you heard me right. Outstanding service on South Beach!!!!!!! What?!?!?!
andā¦.does this place look familiar? Who remembers Purdy Lounge? That was my absolute favorite bar on Sobe in the early 2000s! Now the addresses are different but this so looks and feels like the old Purdy Lounge.
Productive and fun meeting with Javier Adj Perez at his family-owned jewelry store, Gabriel Edward Jewelers in the Dupont bldg in the jewelry district in downtown.
Fine jewelry at very good pricing! They also repair jewelry.
The Maji Sold Team participated in the sale. We brought the buyer.
There were over 15 offers! We went in over ask with a post occupancy for the seller. The contract was not contingent on financing and this was one of the most complicated transactions I have had in 29 years!Ā
Many issues arose due to the very recent changes in the financing guidelines for older condos which affected this transaction even though it was a condo/townhouse. The property did not appraise either. We had issues with the property management company as well.Ā It was a mess!
I was able to dispute the appraisal successfully. This is extremely difficult to do and I have only done this 3 times in my career!Ā
We received a seller credit and we CLOSED!!Ā
This is when experience and masterful negotiation skills matter most.Ā
Today is clearly nephews day. Dinner tonight with our nephew Avery Drost from Cali at Uchi in Wynwood.
Meal did not disappoint. Now that is some seriously good sushi! š£ The flavors were so layered and precise. Omg the edimame was smoked!
Every piece of sushi was unique and distinct. Can not recommend Uchi enough. It is phenomenal! And the company was awesome too. š So great to spend time with family.š
Published by Maji Pace Ramos on March 16, 2023
Adventures in Little Havana with my mom and nephew Matthew Grant whoās home for spring break.
Ate at Lung Yai Thai Tapas. Cute small restaurant with good food. We got there at 12 and did not have to wait. By 12:30 it was packed and a line was forming. They donāt take reservations and if you go, be prepared to order all your food at one time.
The Chef is from Bangkok and itās been featured in Conde Nast and in the Michelin Guide. Overall I thought it was very good with a creative menu. The curry was very tasty but the pad thai was the star.
I have to say that my fave is still Ricky Thai Bistro in North Miami. The owners are from Thailand and bring back spices when they go.
But itās not in Little Havana which is an experience in and of itself plus where else can you get passionfruit sake?!
The new Pinecrest Bakery on Red Road in South Miami is excellent! The croquetas de bacalao were freshly made and the pastelito de queso was flaky and warmā¦soooo good! The cafe con leche was ok, nothing spectacular and the empanada de espinaca was meh. But those croquetas though!! Reminded me of Madrid!
Condos What questions to ask before buying or renting
This is today’s Maji’s Market Minute. Today we’re going to discuss condos and what to look for.
First and foremost, you have to ask if there is a structural inspection report or if there’s one coming. This is very important right now, in lieu of what happened with Champlain Towers in Surfside, and with all the recent changes with the insurance guidelines, lending guidelines, and building guidelines.
So this is very, very important, especially now.
How do you get this information?
Well, you need to talk to the property management company or the condo association via the condo board. You need to know what questions to ask to get the answers you need.Ā
I know condos. I was a past President of a SouthĀ FL Condo Board. So if you have any questions or you want some representation when you’re looking to buy a condo, contact me.Ā
Like “Majic” I’ll get it closed.
Maji Ramos Real Estate Advisor P.A.
Founder of the Maji Sold Team and Maji Green Sustainable Solutions
Feeling pumped after the Tom Ferry Roadmap Tour. At events like this, I think of my dad. My mom and him loved Mike Ferry (Tom Ferryās dad) as well as many of the other Real Estate legends.
We used to talk for hours after events about everything we learned and strategize. Personally, I think Tomās take is brilliant and resonates with me which is why Iām a coaching client.
Trust me Iāve heard many over the years and have been coached by a few. Tom is the best by far.
He took a bit from all the top speakers/ coaches and put his spin on it, incorporating the latest tech and marketing. Missing my dad so much today. He would have enjoyed this.
This is Maji Pace Ramos with today’s edition of Maji’s Market Minute, on a very, very sunny day in Miami.Ā
Today we are going to discuss what’s going on with the headlines and the market.
Basically, we have to be really careful with the teaser headlines. They are effective for getting you to open the link but how accurate are they really?
Don’t chase the headlines, just follow the stats. That’s the moral of the story.
The headlines are saying that foreclosures have doubled but what they’re not saying is from what? What’s the reference here? We had historically low foreclosure rates, so doubling is actually still low. That’s the funny thing.
The real issue is inventory.Ā
We are at a seven-year, all-time low of inventory in January, which is historically the strongest listing month of the year, that’s the problem.
If you are thinking about selling, this would be a great time to sell. Based on most of my resources, we should be looking at more homes for sale later this year. Then of course the market could shift.
Like “Majic” I’ll get it closed.
Maji Ramos Real Estate Advisor, P.A 305-519-7940 |Ā maji@majisold.com
Investors expect the Fed to raise interest rates soon, and this weekās increase in the 30-year, fixed-rate mortgage reflects that. Last week it was 6.5%.
I’m Maji Pace Ramos, and in today’s Maji’s Market Minute, we’re going to discuss what I consider to be one of the biggest issues in our current real estate marketā¦ the insurance crisis.
I mentioned this during a presentation I gave last week that will be on my blog probably next week. Basically the insurance crisis is a very big issue.
Two days after that presentation, Coldwell Banker, the largest real estate company in the world, changed our addendums with changes referencing these issues. The Florida Association of Realtors, which prepares our legal contracts, will be changing the standard contracts probably in the next month or two.
Lenders are changing their guidelines, and insurance companies are as well. This is a big issue.
What does this mean? If you are thinking about selling, get in the game. This is a super complicated market, and I know it well.
If you need any assistance or have any questions on this topic, please reach out.
The people that are working in our home wanted the dresser then realized itās too heavy for them to move without a 3rd person. Unfortunately, they realized this after they took it out and it is currently sitting outside on our walkway.
We have a delicate coral rock walkway and it needs to be carried and canāt be dragged.
If you want the dresser pls let me know asap.
Its very good quality plus it looks like the Beauty and the Beast dresser.
Maji | 305-519-7940
Published by Maji Pace Ramos on January 10, 2023
Beautiful walk in the park. The moon was hiding behind a cloud.
Published by Maji Pace Ramos on January 10, 2023
This came up in my feed yesterday. Still funny and def Max. but get this,
the grandmother of the family that picked up my dresser last night works at Yaoās Animal Hospital.
She remembered me and crazy Max from 2014! Even remembered that his chart said AGGRESSIVE in red!
We also worked together on a Morningside Halloween costume contest for pets and they provided the prize.
That was a fun event. We had contest for kids and pets.
Miami is so small if youāve been here long enough!
Hope you all had a peaceful and wonderful holiday season.
I’ve been very, very busy. On my way to the Christmas Eve celebration with the family, I was negotiating a seller credit for my buyer, actually, right up until I got to my cousin’s house. I was a little bit late to the party. š A couple of days later I had inspections on another property and I’m now strategizing for the negotiation on that, for the appraisal and the inspections. It’s a very busy market. This is a very good time for buyers to be on the market. Itās the best market we’ve had for buyers in the last few years.
If you are a buyer and you’re interested in buying a property, get in the game.
If you want to close, CALL ME. and hopefullyā¦
I will have time to take down my Christmas tree and decor this weekend. š
Iām Maji Pace Ramos and I wanted to wish you all aHAPPY HOLIDAY SEASON!š„āļøš„³ššš¾šš
I had two deals š” go under contract 1 1/2 weeks ago and yes, we are in the middle of the holidays and the real estate market is still going. šš„ It is a little unusual for this time of the year, but it’s definitely a really good time for buyers to present offers because it is a little bit slower. Having said that, both of these contracts had multiple offers.
Soā¦ why did mine get selected? I think one of my superpowers is knowing how to read people. š¦øš»āāļø I’m very good at it. I’ve been doing this for a very long time and I know how to tell what sellers want and the listing agents are looking for. So if you want your offers accepted, contact me.
Is it a good time to buy? š” Boy, is that a question I get every day. š
Short answer, it really depends on what news you listen to and what you believe.
1. What do you think is going to happen with the mortgage rates?
2. What do you think is going to happen with inventory?
In my opinion, inventory is the real issue. But what do YOU think? Based on those two answers, that will determine whether you think it’s a good time to buy. Now, if you’re asking me as a professional, is it a good time to buy?
I would say yes, it’s a very good time to buy. Right now, interest rates came down a bit. š We are in the middle of the holiday season, which means fewer buyers. ššš š»People are distracted, not as much competition. However, having said that, there’s still some competition, and all you need is one other offer to blow your game. It is still a competitive market, it’s just not as competitive. So if you’re interested in buying, please give me a call.
Like “Majic” I’ll get it closed. šļø
Maji Ramos Real Estate Advisor, P.A 305-519-7940 | maji@majisold.com ā¢ Miami Realtor since 1993 ā¢ 2nd Generation Realtor ā¢ Negotiation Specialist ā¢ Real Estate Market Trends Expert ā¢ Miami native
My design background came in handy today as well as my experience with over 12 renovations, advising good friends/buyers how they could attach a carport to the rest of the house and how to move laundry room from the carport to inside the home.
Also trying to determine which parts of the house were an addition so we can check permitting. All in a day’s work. It is very convenient having an Interior Design degree and experience as an Interior Designer. .
Like “Majic” I can help buyers envision potential of a home and assist sellers in staging, presenting homes in the best possible light to get the highest possible price in the shortest amount of time.
Maji Ramos Real Estate Advisor, P.A 305-519-7940 | maji@majisold.com
Aqua Art Miami was so good! I prefer the Art Miami off shoot exhibits in the historic hotels or containers.
This is where you find emerging artists. Plus some of these rooms reminded me of my 1st apartment on Sobe in the 90ās. Loved that apartment. Trip down memory lane. The 90ās were the golden age of Sobe. Soooo much FUN!!!
Ink Miami at the Dorchester, Sobe.
Woodstock poster.
Perihelion Collage. The irridescent circles are basically earth in relation to the sun.
This piece was one of my faves.
Published by Maji Pace Ramos on December 4, 2022
Design Miami 2022.
Design Miami 2022
Design Miami 2022.
Market still moving at a fast pace.
Highlights:
With supply still limited relative to demand, the market is still moving at a fast pace, and 24% of homes sold above list price, down from 28% a month ago and 42% a year ago. 64% of respondents reported properties sold in less than one month. This is down from 70% a month ago and 82% in October 2021.
First-time buyers represented 28% of buyers, virtually unchanged from one month and one year ago.
26% of buyers were all-cash sales, up slightly from 22% last month and 24% in October 2021. 85% of buyers purchased in a suburb, small town, rural, or resort area.
Note: the REALTORĀ® Confidence Index is provided by NAR solely for use as a reference.
Resale of any part of this data is prohibited without NAR’s prior written consent.
Published by Maji Pace Ramos on December 3, 2022
Going today with one of my bffās! Canāt wait!
Published by Maji Pace Ramos on December 1, 2022
Published by Maji Pace Ramos on November 30, 2022
So what does this mean? Lower rates which btw have gone down.
Remember.. INVENTORY is the āMajicā sauce not interest rates.
The maximum size of home-mortgage loans eligible for backing by Fannie Mae and Freddie Mac will rise to $1,089,300 next year in a few expensive markets, from $970,800 this year, the Federal Housing Finance Agency said Tuesday.
Todayās mortgage rates are top-of-mind for many homebuyers right now. As a result, if youāre thinking about buying for the first time or selling your current house to move into a home that better fits your needs, you may be asking yourself these two questions:
1. Why Are Mortgage Rates So High? 2. When Will Rates Go Back Down? Hereās the context you need to help answer those questions.
1. Why Are Mortgage Rates So High? The 30-year fixed-rate mortgage is largely influenced by the supply and demand for mortgage-backed securities (MBS). According to Investopedia:
āMortgage-backed securities (MBS) are investment products similar to bonds. Each MBS consists of a bundle of home loans and other real estate debt bought from the banks that issued them . . . The investor who buys mortgage-backed security is essentially lending money to home buyers.ā
Demand for MBS helps determine the spread between the 10-Year Treasury Yield and the 30-year fixed mortgage rate. Historically, the average spread between the two is 1.72 (see chart below):
Last Friday morning, the mortgage rate was 6.85%. That means the spread was 3.2%, which is almost 1.5% over the norm. If the spread was at its historical average, mortgage rates would be 5.37% (3.65% 10-Year Treasury Yield + 1.72 spread).
This large spread is very unusual. As George Ratiu, Chief Economist at Keeping Current Matters (KCM), explains:
āThe only times the spread approached or exceeded 300 basis points were during periods of high inflation or economic volatility, like those seen in the early 1980s or the Great Financial Crisis of 2008-09.”
The graph below uses historical data to help illustrate this point by showing the few times the spread has increased to 300 basis points or more:
The graph shows how the spread has come down after each peak. The good news is, that means thereās room for mortgage rates to improve today.
———————————————————————————————————
For breaking news on the Miami Real Estate Market please subscribe to:
So, whatās causing the larger spread and making mortgage rates so high today?The demand for MBS is heavily influenced by the risks associated with investing in them. Today, that risk is impacted by broader market conditions like inflation and fear of a potential recession, the Fedās interest rate hikes to try to bring down inflation, headlines that create unnecessarily negative narratives about home prices, and more.
Simply put: when thereās less risk, demand for MBS is high, so mortgage rates will be lower. On the other hand, if thereās more risk with MBS, demand for MBS will be low, and weāll see higher mortgage rates as a result. Currently, demand for MBS is low, so mortgage rates are high.
2. When Will Rates Go Back Down? Odeta Kushi, Deputy Chief Economist at First American, answers that question in a recent blog:
āItās reasonable to assume that the spread and, therefore, mortgage rates will retreat in the second half of the year if the Fed takes its foot off the monetary tightening pedal and provides investors with more certainty. However, itās unlikely that the spread will return to its historical average of 170 basis points, as some risks are here to stay.ā
Bottom Line The spread will shrink when the fear investors feel is eased. Thatāll mean we should see mortgage rates moderate as the year goes on. However, when it comes to forecasting mortgage rates, no one can know for sure exactly what will happen.
Like “Majic” I’ll get itĀ CLOSED!
(Maji) Maria Ramos Real Estate Advisor P.A
Certified Residential Specialist |Ā Senior Real EstateĀ Specialist
Master Broker’s Forum | NAR Green Certified |Ā CRS | e-PROĀ
You may see media coverage talking about a drop in homeowner equity. Whatās important to understand is that equity is tied closely to home values. So, when home prices appreciate, you can expect equity to grow. And when home prices decline, equity does too. Hereās how this has played out recently.
Home prices rose rapidly during the āunicornā years. That gave homeowners a considerable equity boost. But those āunicornā years couldnāt last forever. The market had to moderate at some point, and thatās what we saw last fall and winter.
As home prices dropped slightly in the back half of 2022, equity was impacted. Based on the most recent report from CoreLogic, there was a 0.7% dip in homeowner equity over the last year. However, the headlines reporting on that change arenāt painting the whole picture. The reality is, while home price depreciation during the second half of last year caused equity to drop,Ā the data shows homeowners still have near-record amounts of equity.
The graph below helps illustrate this point by looking at the total amount of tappable equity in this country going all the way back to 2005. Tappable equity is the amount of equity available for homeowners to access before hitting a maximum 80% loan-to-value ratio (LTV). As the data shows, there was a significant equity boost during the āunicornā years as home prices rapidly appreciated (see the pink in the graph below).
But hereās whatās key to realize ā even though thereās been a small dip, total homeowner equity is still much higher than it was before the āunicornā years.
Ā
And thereās more good news. Recent home price reports show the worst home price declines are behind us, and prices have started to go up again. As Selma Hepp, Chief Economist at CoreLogic, explains:
āHome equity trends closely follow home price changes. As a result, while the average amount of equity declined from a year ago,Ā it increased from the fourth quarter of 2022, as monthly home prices growth accelerated in early 2023.ā
Ā The last part of that quote is particularly important and is the piece of the puzzle the news is leaving out. To further emphasize the positive turn weāre already seeing, experts say home prices are forecast to appreciate at a more normal rate over the next year. In the same report, Hepp puts it this way:āThe average U.S. homeowner now has more than $274,000 in equity ā up significantly from $182,000 before the pandemic.Ā Also, while homeowners in some areas of the country who bought a property last spring have no equity as a result of price losses,Ā forecasted home price appreciation over the next year should help many borrowers regain some of that lost equity.ā
And even though Odeta Kushi, Deputy Chief Economist at First American, references a slightly different number, Kushi further validates the fact that homeowners have a lot of equity right now:āHomeowners today have an average of $302,000 in equity in their homes.ā
That means if youāve owned your home for a few years, you likely still have way more equity than you did before the āunicornā years. And if youāve owned your home for a year or less, the forecast for more typical price appreciation over the next year should mean your equity is already on the way back up.Bottom Line Context is everything when looking at headlines. While homeowner equity dropped some from last year, itās still near all-time highs. Letās connect so you can get the answers you deserve from an expert whoās here to help as you plan your move this year.
Ā
Like “Majic” I’ll get itĀ CLOSED!
(Maji) Maria Ramos Real Estate Advisor P.A
Certified Residential Specialist |Ā Senior Real EstateĀ Specialist
Master Broker’s Forum | NAR Green Certified |Ā CRS | e-PROĀ
I’ve been a Miami realtor since 1993. I’m a second-generation Realtor and a Miami native.Ā I’ve been following the real estate market most of my life.Ā
Did you know that July was the lowĀ Ā ofĀ the real estate market in the country? And it has slowly been coming up. You’re not going to hear this in the news because, frankly, it doesn’t sell media.Ā
Historically, real estate statistics have been year-over-year.Ā We cannot really do that, especially after the last three years when we’ve had too many factors affect the market.Ā
For an accurate picture of what’s going on in the market, you need to do study it month-over-month. The market has been going up since July steadily.
I’ve gone into detail in todayās blog postĀ Ā onĀ Maji’s Market Minute, and also I have a page on my website for just market statistics month-over-month.Ā
If you really want to know what’s going on in the market and what to really believe, you want real numbers? Subscribe to my blog, Maji’s Market Minute.
Media coverage about whatās happening with home prices can be confusing. A large part of that is due to the type of data being used and what theyāre choosing to draw attention to. For home prices, there are two different methods used to compare homeĀ Ā prices over different time periods: year-over-year (Y-O-Y) and month-over-month (M-O-M). Here’s an explanation of each.
Year-over-Year (Y-O-Y):Ā This comparison measures the change in home prices from the same month or quarter in the previous year.Ā For example, if you’re comparing Y-O-Y home prices for April 2023, you would compare them to the home prices for April 2022.
Y-O-Y comparisons focus on changes over a one-year period, providing a more comprehensive view of long-term trends. They are usually useful for evaluating annual growth rates and determining if the market is generally appreciating or depreciating.
Month-over-Month (M-O-M):Ā This comparison measures the change in home prices from one month to the next.Ā For instance, if you’re comparing M-O-M home prices for April 2023, you would compare them to the home prices for March 2023.
Meanwhile, M-O-M comparisons analyze changes within a single month, giving a more immediate snapshot of short-term movements and price fluctuations. They are often used to track immediate shifts in demand and supply, seasonal trends, or the impact of specific events on the housing market.
The key difference between Y-O-Y and M-O-M comparisons lies in the time frame being assessed. Both approaches have their own merits and serve different purposes depending on the specific analysis required.Why Is This Distinction So Important Right Now?Ā Weāre about to enter a few months when home prices could possibly be lower than they were the same month last year. April, May, and June of 2022 were three of the best months for home prices in the history of the American housing market. Those same months this year might not measure up. That means the Y-O-Y comparison will probably show values are depreciating. The numbers for April seem to suggest thatās what weāll see in the months ahead (see graph below):
Thatāll generate troubling headlines that say home values are falling. Thatāll be accurate on a Y-O-Y basis. And, those headlines will lead many consumers to believe that home values are currently cascading downward.
__________________________________
FOR ACCURATE REAL ESTATE STATS SUBSCRIBE TO MY BLOG:
However, on a closer look at M-O-M home prices, we can see prices have actually been appreciating for the last several months.Ā Those M-O-M numbers more accurately reflect whatās truly happening with home values: after several months of depreciation, it appears weāve hit bottom and is bouncing back.
Hereās an example of M-O-M home price movements for the last 16 months from theĀ CoreLogic Home Price InsightsĀ report (see graph below):
Why Does This Matter to You?Ā So, if youāre hearing negative headlines about home prices, remember they may not be painting the full picture. For the next few months, weāll be comparing prices to last yearās record peak, and that may make the Y-O-Y comparison feel more negative. But, if we look at the more immediate, M-O-M trends, we can see home prices are actually on the way back up.Thereās an advantage to buying a home now. Youāll buy at a discount from last yearās price before prices start to pick up even more momentum. Itās called ābuying at the bottom,ā and thatās a good thing.
Bottom LineĀ If you have questions about whatās happening with home prices, or if youāre ready to buy before prices climb higher, letās connect.
Like “Majic” I’ll get itĀ CLOSED!Ā Ā
(Maji) Maria Ramos Real Estate Advisor P.A
Certified Residential Specialist |Ā Senior Real EstateĀ Specialist
Master Broker’s Forum | NAR Green Certified |Ā CRS | e-PROĀ
You may have seen reports in the news recently saying itās better to rent right now than it is to own your home. But before you let that impact your decisions, you should understand what these claims are based on.
A lot of the time, these reports are assuming things that arenāt realistic for the average household. For example, the methodology behind one of those reports says that renting is the smarter financial option because of the opportunity to invest money elsewhere. It assumes renters take the money theyād spend on costs tied to buying a home and put it in an investment portfolio.
But hereās the thing āĀ most people who rent arenāt making those investments.Ā Ken Johnson, Co-Author of the BH&J National Price-to-Rent Index, explains:
āOne of the difficulties with the rent and reinvest model is many people . . . simply rent and spend the difference. . . .Ā Thatās wealth destroying.ā
The reason homeownership is one of the best investments you can make is the wealth it helps you build. Thatās why thereās a significant difference between the net worth of the average homeowner and the average renter (see graph below):
So, before you renew your rental agreement, think about the opportunity to build wealth that homeownership provides.
Bottom Line If youāre unsure whether to continue renting or to buy a home, letās connect to help you make the best decision.
Like “Majic” I’ll get itĀ CLOSED!
(Maji) Maria Ramos Real Estate Advisor P.A
Certified Residential Specialist |Ā Senior Real EstateĀ Specialist
Master Broker’s Forum | NAR Green Certified |Ā CRS | e-PROĀ
When you look at the numbers today, the one thing that stands out is the strength of this housing market. We can see this is one of the most foundationally strong housing markets of our lifetime ā if not the strongest housing market of our lifetime. Here are two fundamentals that prove this point.
1. The Current Mortgage Rate on Existing Mortgages First, letās look at the current rate on existing mortgages. According to theĀ Federal Housing Finance AgencyĀ (FHFA), as of the fourth quarter of last year, over 80% of existing mortgages have a rate below 5%. Thatās significant. And, to take that one step further, over 50% of mortgages have a rate below 4% (see graph below):
Now, thereās a lot of talk in the media about a potential foreclosure crisis or a rise of homeowners defaulting on their loans, but consider this. Homeowners with such good mortgage rates are going to work as hard as they can to keep that mortgage and stay in their homes. Thatās because they can’t go out and buy another house, or even rent an apartment, and pay what they do today. Their current mortgage payment is more affordable. Even if they downsize, with todayās higher mortgage rates, it could cost more.
Here’s why this gives the housing market such a solid foundation today. Having so many homeowners with such low mortgage rates helps us avoid a crisis with a flood of foreclosures coming to market like there was back in 2008.
2. The Amount of Homeowner Equity Second, Americans are sitting on tremendous equity right now. According to theĀ CensusĀ andĀ ATTOM, roughly two-thirds (around 68%) of homeowners have either paid off their mortgage or have at least 50% equity (see chart below):
In the industry, the term for this is equity rich. This is significant because if you think back to 2008, some people had to make the difficult decision to walk away from their homes because they owed more on the home than it was worth.
But this time, things are different because homeowners have built up so much equity over the past few years alone. And, when homeowners have that much equity, it helps us avoid another wave of distressed properties coming onto the market like we saw during the crash. It also creates an extremely strong foundation for todayās housing market.
Bottom Line We are in one of the most foundationally strong housing markets of our lifetime because homeowners are going to fight to keep their current mortgage rate and they have a tremendous amount of equity. This is yet another reason things are fundamentally different than in 2008.
Like “Majic” I’ll get itĀ CLOSED!
(Maji) Maria Ramos Real Estate Advisor P.A
Certified Residential Specialist |Ā Senior Real EstateĀ Specialist
Master Broker’s Forum | NAR Green Certified |Ā CRS | e-PROĀ
What a difference a day makes, look at this weather!Ā Two days ago it was raining with hail.
Did you know that it’s the best time to look at a propertyĀ Ā during a torrential rainstorm? This is when you can actually see flood patterns and drainage, and if you can get inside the property, you can see if there are any active leaks.
I personally love looking at properties during a rainstorm. I actually did this on Tuesday during the storm to look at a building I am considering purchasing as an investment and I wanted to see how the flood patterns were after hours of torrential rain.
In any case, that’s today’s Maji’s Market Minute.Like “Majic” I’ll get itĀ CLOSED!
(Maji) Maria Ramos Real Estate Advisor P.A
Certified Residential Specialist |Ā Senior Real EstateĀ Specialist
Master Broker’s Forum | NAR Green Certified |Ā CRS | e-PROĀ
If youāre thinking about retirement or have already retired this year, you may be planning your next steps. One of your goals could be selling your house and finding a home that more closely fits your needs.
Fortunately, you may be in a better position to make a move than you realize. Here are a few things to think about when making that decision.
Consider How Long Youāve Been in Your Home From 1985 to 2008, the average length of time homeowners typically stayed in their homes was only six years. But according to the National Association of Realtors (NAR), that number is rising today, meaning many homeowners are living in their houses even longer (see graph below):
When you live in a home for a significant period of time, itās natural for you to experience a number of changes in your life while youāre in that house. As that life changes and milestones happen, your needs may change. And if your current home no longer meets them, you may have better options waiting for you.
Consider the Equity Youāve Gained Additionally, if youāve been in your home for more than a few years, youāve likely built up significant equity that can fuel your next move. Thatās because the longer youāve been in your home, the more likely itās grown in value due to home price appreciation. Data from the Federal Housing Finance Agency (FHFA) illustrates that point (see graph below):
While home price growth varies by state and local area, the national average shows the typical homeowner whoās been in their house for five years saw it increase in value by over 50%. And the average homeowner whoās owned their home for 30 years saw it almost triple in value over that time.
Consider Your Retirement Goals Whether youāre looking to downsize, relocate to a dream destination, or move so you live closer to loved ones, that equity can help you achieve your homeownership goals. NAR shares that for recent home sellers, the primary reason to move was to be closer to loved ones. Plus, retirement played a large role for those moving greater distances. Whatever your home goals are, a trusted real estate advisor can work with you to find the best option. Theyāll help you sell your current house and guide you as you buy the home thatās right for you and your lifestyle today.
Bottom Line Retirement can bring about major changes in your life, including what you need from your home. Letās connect to explore your opportunities in our local market.
Like “Majic” I’ll get itĀ CLOSED!
(Maji) Maria Ramos Real Estate Advisor P.A 305-519-7940 Ā | Ā maji@majisold.com Coldwell Banker Realty
ā¢ Miami Realtor since 1993 ā¢ 2nd Generation Realtor ā¢ Expert Negotiator ā¢ Market Trends Expert ā¢ Miami native ā¢ Bilingual – English & Spanish ā¢ About me:Ā https://linktr.ee/majisold
For the latest breaking news for the Miami Real Estate Market please subscribe to my blog or YouTube channel:
There are many people thinking about buying a home, but with everything affecting the economy, some are wondering if itās a smart decision to buy now or if it makes more sense to wait it out. As Bob Broeksmit, President and CEO of the Mortgage Bankers Association (MBA), explains:
āThe desire for homeownership is strong.Ā Many prospective buyers are waiting for the volatility in mortgage rates to subside, as well as for a clearer picture of the economic outlook.ā
If youāre in that position, remember that itās important to consider not just whatās happening today but also what benefits you may gain in the long run. Thereās a lot of information out there about how homeownership helps build a homeownerās net worth over time. But even today, many people think first about things like 401(k)s before they think of owning a home as a wealth-building tool. Itās especially important if youāre a young prospective homebuyer to understand how homeownership is another key way to invest in your future. An article from Bloomberg notes:
āMillennials have higher average 401(k) balances than Generation X did when they were the same age,Ā but they’re not any better off financially. . . . A lot of that has to do with being less likely to own a home.ā
To help you understand just how much owning a home can have a positive impact on your life over the years, take a look at what the data shows. The same Bloomberg article helps show the gap in wealth between renters and homeowners who are 65 years and older (see graph below). The difference is substantial, even when incomes are similar.
So, if you want to create wealth to help set you up for success later on, it may be time to prioritize homeownership. Thatās because, whether you decide to rent or buy a home, youāll have a monthly housing expense either way. The question is: are you going to invest in yourself and your future, or will you help someone else (your landlord) increase their wealth?
Bottom Line Before putting your homeownership plans on hold, letās connect to go over your options. That way, youāll have expert advice on how to make the best decision right now and the best investment in your future.
Like “Majic” I’ll get itĀ CLOSED!
(Maji) Maria Ramos Real Estate Advisor P.A 305-519-7940 Ā | Ā maji@majisold.com Coldwell Banker Realty
ā¢ Miami Realtor since 1993 ā¢ 2nd Generation Realtor ā¢ Expert Negotiator ā¢ Market Trends Expert ā¢ Miami native ā¢ Bilingual – English & Spanish ā¢ About me:Ā https://linktr.ee/majisold
For the latest breaking news for the Miami Real Estate Market please subscribe to my blog or YouTube channel:
Buying and owning your home can make a big difference in your life by bringing you joy and a sense of belonging. And with June being National Homeownership Month, itās the perfect time to think about all the benefits homeownership provides.
Of course, there are financial reasons to buy a house, but itās important to consider the non-financial benefits that make a home more than just where you live.
Here are three ways owning your home can give you a sense of accomplishment, happiness, and pride.
You May Feel Happier and More Fulfilled Owning a home is associated with better mental health and well-being. Gary Acosta, CEO and Co-Founder at the National Association of Hispanic Real Estate Professionals (NAHREP), explains:
āStudies have shown the emotional and psychological benefits that homeownership has on a personās health and self-esteem . . .ā
Similarly, Habitat for Humanity says:āResidential stability among homeowners is related to improved life satisfaction, . . .Ā along with better physical and mental health.ā
So, according to the experts, owning a home can improve your psychological wellness by making you feel happier and more accomplished.You Can Engage in Your Neighborhood and Grow Your Sense of Community Your home connects you to your community. Homeowners tend to stay in their homes longer than renters, and that can help you feel more connected to your community because you have more time to build meaningful relationships. And, as Acosta says, when people stay in the same area for a longer period of time, it can lead to them being more involved:
āHomeowners also tend to be more active in their local communities . . .ā
After all, it makes sense that someone would want to help improve the area theyāre going to be living in for a while.
You Can Customize and Improve Your Living Space Your home is a place thatās all yours. When you own it, unless there are specific homeownerās association requirements, youāre free to customize it however you see fit. Whether thatās small home improvements or full-on renovations, your house can be exactly what you want and need it to be. As your tastes and lifestyle change, so can your home. As Investopedia tells us:
āOne often-cited benefit of homeownership is the knowledge that you own your little corner of the world.Ā You can customize your house, remodel, paint, and decorate without the need to get permission from a landlord.ā
Renting can limit your ability to personalize your living space, and even if you do make changes, you may have to undo them before your lease ends. The ability homeownership gives you to customize and improve where you live creates a greater sense of ownership, pride, and connection with your home.Bottom Line Owning your home can change your life in a way that gives you greater satisfaction and happiness. Letās connect today if youāre ready to explore homeownership and all it has to offer.
Like “Majic” I’ll get itĀ CLOSED!
(Maji) Maria Ramos Real Estate Advisor P.A 305-519-7940 Ā | Ā maji@majisold.com Coldwell Banker Realty
ā¢ Miami Realtor since 1993 ā¢ 2nd Generation Realtor ā¢ Expert Negotiator ā¢ Market Trends Expert ā¢ Miami native ā¢ Bilingual – English & Spanish ā¢ About me:Ā https://linktr.ee/majisold
For the latest breaking news for the Miami Real Estate Market please subscribe to my blog or YouTube channel:
Comparing real estate metrics from one year to another can be challenging in a normal housing market. Thatās due to possible variability in the market making the comparison less meaningful or accurate. Unpredictable events can have a significant impact on the circumstances and outcomes being compared.
Comparing this yearās numbers to the two āunicornā years we just experienced is almost worthless. By āunicorn,ā this is the less common definition of the word:
āSomething that is greatly desired but difficult or impossible to find.ā
Ā The pandemic profoundly changed real estate over the last few years. The demand for a home of our own skyrocketed, and people needed a home office and big backyard.– Waves of first-time and second-home buyers entered the market. – Already low mortgage rates were driven to historic lows. – The forbearance plan all but eliminated foreclosures. – Home values reached appreciation levels never seen before.
It was a market that forever had been āgreatly desired but difficult or impossible to find.ā A āunicornā year.
Now, things are getting back to normal. The āunicornsā have galloped off.
Comparing todayās market to those years makes no sense. Here are three examples:
Buyer Demand If you look at the headlines, youād think there arenāt any buyers out there. We still sell over 10,000 houses a day in the United States. Of course, buyer demand is down from the two āunicornā years. But, according to ShowingTime, if we compare it to normal years (2017-2019), we can see that buyer activity is still strong (see graph below):
Home Prices We canāt compare todayās home price increases to the last couple of years. According to Freddie Mac, 2020 and 2021, each had historic appreciation numbers. Hereās a graph also showing the more normal years (2017-2019):
We can see that weāre returning to more normal home value increases. There were several months of minimal depreciation in the second half of 2022. However, according to Fannie Mae, the market has returned to more normal appreciation in the first quarter of this year.
Foreclosures There have already been some startling headlines about the percentage increases in foreclosure filings. Of course, the percentages will be up. They are increases over historically low foreclosure rates. Hereās a graph with information from ATTOM, a property data provider:
There will be an increase over the numbers of the last three years now that the moratorium on foreclosures has ended. There are homeowners who lose their homes to foreclosure every year, and itās heartbreaking for those families. But, if we put the current numbers into perspective, weāll realize that weāre actually going back to the normal filings from 2017-2019.
Bottom Line There will be very unsettling headlines around the housing market this year. Most will come from inappropriate comparisons to the āunicornā years. Letās connect so you have an expert on your side to help you keep everything in proper perspective.
Like “Majic” I’ll get itĀ CLOSED!
(Maji) Maria Ramos Real Estate Advisor P.A 305-519-7940 Ā | Ā maji@majisold.com Coldwell Banker Realty
ā¢ Miami Realtor since 1993 ā¢ 2nd Generation Realtor ā¢ Expert Negotiator ā¢ Market Trends Expert ā¢ Miami native ā¢ Bilingual – English & Spanish ā¢ About me:Ā https://linktr.ee/majisold
For the latest breaking news for the Miami Real Estate Market please subscribe to my blog or YouTube channel:
We have owned a vacation home for over 15 years and it is the place we truly relax. We call it “Fake Retirement” which isn’t even accurate as I work a lot from there but it’s still vaca..Ā Ā For many of us visiting the same vacation spot every year is a summer tradition thatās fun, relaxing, and restful. Just the thought of not having to pack as much puts a smile on my face.Ā Ā Nothing beats the feeling of turning on the road for our vacation home.Ā
If that sounds like you, nowās the time to think about your plans and determine if buying a vacation home this year makes more sense than renting one again. According to Forbes:
ā. . . if the idea of vacationing at the same place every year makes you feel instantaneously relaxed,Ā buying a vacation home might be a wise move.āĀ Ā
To help you decide if making a move like this is right for you, letās explore why you may want to consider purchasing a vacation home today.
Benefits of Owning Your Vacation Home You donāt have to worry about finding a place to stay.Ā It can be a challenge to find a rental where you want when you want. Some summer vacation destinations are more popular than others, meaning your favorite place may be booked up in advance. Bankrate explains why owning your vacation home means you donāt have to worry about that sort of inconvenience:
ā. . . a second home can offer a place to have quality time with your family andĀ ensures that you always have a vacation destination.ā Ā
Itās an investment.Ā Home values typically appreciate over the long haul. That holds true for your vacation home as well, especially if itās in an area with growing market demand. This can help grow your net worth with time. Ā
Vacation homes may provide tax benefits.Ā If you own a vacation home, you may be eligible for tax deductions based on where it is. However, before buying, youāll want to consult with a tax professional to discuss first as taxes can vary by location.
It could potentially turn into a retirement location.Ā If you love the location of your vacation home, you could potentially sell your primary residence and retire there in the future.
How a Pro Can Help You Find Your Perfect Match As youāre preparing for summer vacation, remember, you could potentially visit your second home instead of another rental unit or hotel. If that sounds appealing to you, a local real estate agent is your best resource. They have the knowledge and resources to help you understand the area and what vacation homes are available in your budget. Plus, these agents can explain the perks of how owning a second home can benefit you.
There are very different considerations when purchasing a second home, especially one you intend on working from as well. Ideally, you should work with an agent that owns one. As a second homeowner for 17 years, I know what to look for. If it isnāt in my market donāt fret, I have taken years cultivating my real estate agent sphere. I know and refer to realtors around the world.
Bottom Line If any of these reasons for owning a vacation home resonate with you, letās connect. You still have time to enjoy spending the summer in your vacation home.
Like “Majic” I’ll get itĀ CLOSED!
(Maji) Maria Ramos Real Estate Advisor P.A 305-519-7940 Ā | Ā maji@majisold.com Coldwell Banker Realty
ā¢ Miami Realtor since 1993 ā¢ 2nd Generation Realtor ā¢ Expert Negotiator ā¢ Market Trends Expert ā¢ Miami native ā¢ Bilingual – English & Spanish ā¢ About me:Ā https://linktr.ee/majisold
For the latest breaking news for the Miami Real Estate Market please subscribe to my blog or YouTube channel:
If youāre trying to decide if nowās the time to sell your house, hereās what you should know. The limited number of homes available right now gives you a big advantage. Thatās because there are more buyers out there than there are homes for sale. And, with so few homes on the market, buyers will have fewer options, so you set yourself up to get the most eyes possible on your house.
Hereās what industry experts are saying about why selling now has its benefits:
Lawrence Yun, Chief Economist at theĀ National Association of RealtorsĀ (NAR):
āInventory levels are still at historic lows.Ā Consequently, multiple offers are returning on a good number of properties.ā
Selma Hepp, Chief Economist at CoreLogic:āWe have not seen the traditional uptick in new listings from existing homeowners, soĀ undersupply of housing will continue to heighten market competition and put pressure on prices in most regions.Ā Some markets are already heating up considerably, but price premiums that we saw last spring and summer are unlikely.ā
Clare Trapasso, Executive News Editor atĀ Realtor.com:āWell-priced, move-in ready homes with curb appeal in desirable areas are still receiving multiple offers and selling for over the asking priceĀ in many parts of the country . . .ā
Jeff Tucker, Senior Economist atĀ Zillow:ā. . . sellers who price and market their home competitivelyĀ shouldnāt have a problem finding a buyer.ā
Bottom Line If youāre thinking about selling your house, letās connect so you have the expert insights you need to make the best possible move today.Like “Majic” I’ll get itĀ CLOSED!(Maji) Maria Ramos Real Estate Advisor P.A 305-519-7940 Ā | Ā maji@majisold.com Coldwell Banker Realty
ā¢ Miami Realtor since 1993 ā¢ 2nd Generation Realtor ā¢ Expert Negotiator ā¢ Market Trends Expert ā¢ Miami native ā¢ Bilingual – English & Spanish ā¢ About me:Ā https://linktr.ee/majisold
For the latest breaking news for the Miami Real Estate Market please subscribe to my blog or YouTube channel:
Facebook
X
Pinterest
Copy Link
Ā prices over different time periods: year-over-year (Y-O-Y) and month-over-month (M-O-M). Here’s an explanation of each.
Ā For many of us visiting the same vacation spot every year is a summer tradition thatās fun, relaxing, and restful. Just the thought of not having to pack as much puts a smile on my face.Ā 
Ā Nothing beats the feeling of turning on the road for our vacation home.Ā 
Ā Never thought I would say that, but we just came back from hiking in New Mexico and Arizona, and Colorado. High elevation, desert and trust meā¦ humidity is a good thing.
Ā 
Ā of a market, follow my blog.
Ā Ā Ā 
