Rodney Cantrell’s Blog

In October 2023, the inventory of homes for sale continued to grow late into the season, with 2.0% fewer homes actively for sale on a typical day compared to the same time in 2022. The total number of unsold homes, including homes that are under contract, decreased by 3.7%, and newly listed homes were 3.2%…

Closed sales in several early reporting local housing markets in October were down compared to the previous year. The decline was smaller than in September, but seasonal adjustments are expected to result in a larger decline. The October existing home sales report is predicted to show another significant year-over-year decline. This will mark the 26th…

There are 1% down mortgages available for those with a modest income and a 620 credit score. Borrowers make a 1% down payment, and lenders provide the remaining 2% as a non-repayable grant. Pros: 1. Minimal upfront costs 2. The opportunity to use savings for other expenses Con: 1. Restricted eligibility 2. ↑ Risk of…

Some wait for lower rates; others buy now and refinance later for potential savings. The fixed purchase price and mortgage rate require careful initial decisions. Ensure a wise purchase by hiring a Buyer's Agent, paid by the seller.

Households need $111,914 yearly to avoid being "house poor" in South Florida. Median incomes in Florida fall short for comfortable living in Greater Miami. Rent prices: ↑2.83% yearly Rent growth is stabilizing, but there is a housing shortage due to high interest rates.

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In November 2023, the U.S housing market is becoming increasingly challenging for buyers due to high mortgage rates, steep home prices, and low levels of inventory. This situation is expected to remain the same in 2024, however, a drop in mortgage rates could spur the market for both buyers and sellers. Home prices, mortgage rates,…

Home price increases have slowed down compared to the peak pandemic Real Estate gold rush. The US median price has ↑ from $285,274 to $420,284 in 5-yr. Experts predict that home prices will ↓ 2% by the end of 2024.

In November 2023, South Florida apartment rents saw a slight decline in the third quarter for the first time since the pandemic began. The average monthly asking rent was $2,121, down $5 from the previous quarter. New supply hitting the market has outpaced demand, leading to a 5.4% vacancy rate, a marked increase from the…

Build-to-rent homes have become a popular solution to the housing crisis in South Florida and the Treasure Coast, with 44,700 houses currently under construction. On November 1, 2023, a ribbon-cutting ceremony was held for The Cottages, a build-to-rent complex in Port St. Lucie. Vice President of Capstone Communities Davis Maxwell said that the build-to-rent model…