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  • Wealth | Palm Beach County Real Estate Blog

    Wednesday, May 23, 2018   /   by Carl Gentile

    Why Have Interest Rates Jumped to a 7-Year High?

    Interest rates for a 30-year fixed rate mortgage have climbed from 3.95% in the first week of January up to 4.61% last week, which marks a 7-year high according to Freddie Mac. The current pace of acceleration has been fueled by many factors.
    Sam Khater, Freddie Mac’s Chief Economist, had this to say:

    “Healthy consumer spending and higher commodity prices spooked bond markets and led to higher mortgage rates over the past week.
    Not only are buyers facing higher borrowing costs, gas prices are currently at four-year highs just as we enter the important peak home sales season.”

    But what do gas prices have to do with interest rates?
    Investopedia explains the relationship like this:

    “The price of oil and inflation are often seen as being connected in a cause-and-effect relationship. As oil prices move up or down, inflation follows in the same direction.”

    You may have noticed that f ...

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      palm beach county, market updates, jupiter florida, homeowners, palm beach county real estate, real estate, wealth, mortgage

    Monday, May 14, 2018   /   by Carl Gentile

    What If I Wait Until Next Year To Buy A Home

    What If I Wait Until Next Year To Buy a Home?
    We recently shared that national home prices have increased by 6.7% year-over-year. Over that same time period, interest rates have remained historically low which has allowed many buyers to enter the market.
    As a seller, you will likely be most concerned about ‘short-term price’ – where home values are headed over the next six months. As a buyer, however, you must not be concerned about price, but instead about the ‘long-term cost’ of the home.
    The Mortgage Bankers Association (MBA), Freddie Mac, and Fannie Mae all project that mortgage interest rates will increase by this time next year. According to CoreLogic’s most recent Home Price Index Report, home prices will appreciate by 5.2% over the next 12 months.
    What Does This Mean as a Buyer?
    If home prices appreciate by 5.2% over the next twelve months as predic ...

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      palm beach county, market updates, jupiter florida, homeowners, palm beach county real estate, real estate, wealth

    Friday, April 20, 2018   /   by Carl Gentile

    Rising Prices Help You Build Your Family's Wealth

    Rising Prices Help You Build Your Family's Wealth
    Over the next five years, home prices are expected to appreciate, on average, by 3.6% per year and to grow by 18.2% cumulatively, according to Pulsenomics’ most recent Home Price Expectation Survey.
    So, what does this mean for homeowners and their equity position?
    As an example, let’s assume a young couple purchased and closed on a $250,000 home this January. If we only look at the projected increase in the price of that home, how much equity will they earn over the next 5 years?

    Since the experts predict that home prices will increase by 5.0% in 2018, the young homeowners will have gained $12,500 in equity in just one year.
    Over a five-year period, their equity will increase by over $48,000! This figure does not even take into account their monthly principal mortgage payments. In many cases, home equity is one of the largest portions of a family’s overall net worth.
    Bottom Li ...

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      palm beach county, market updates, jupiter florida, homeowners, palm beach county real estate, real estate, wealth, first time buyers, sell your home, wealth preservation

    Monday, March 19, 2018   /   by Carl Gentile

    Dreaming of a Luxury Home? Now's the Time!

    Dreaming of a Luxury Home? Now's the Time
    If your house no longer fits your needs and you are planning on buying a luxury home, now is a great time to do so! Recently, the Institute for Luxury Home Marketing released its Luxury Market Report which showed that in today’s premium home market, buyers are in control.
    The inventory of homes for sale in the luxury market far exceeds the number of people searching to purchase these properties in many areas of the country. This means that homes are often staying on the market longer or can be found at a discount.
    Those who have a starter or trade-up home to sell will find buyers competing, and often entering bidding wars, to be able to call their house their new home.
    The sale of your starter or trade-up house will help you come up with a larger down payment for your new luxury home. Even a 5% down payment on a million-dollar home is $50,000.
    But not all who are buying luxury properties have a home to sell ...

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      palm beach county, market updates, jupiter florida, homeowners, palm beach county real estate, real estate, wealth, luxury real estate, luxury homes, waterfront

    Friday, March 2, 2018   /   by Carl Gentile

    Are Palm Beach County Home Values Really Over Inflated?

    Are Home Values Really Over Inflated?
    Time and time again we hear "we want to wait until next year when home prices drop" - who said home prices are dropping in the Palm Beach County real estate market? Last week, the National Association of Realtors (NAR) released their most recent Existing Home Sales Report. According to the report:

    “The median existing-home price for all housing types in January was $240,500, up 5.8 percent from January 2017 ($227,300). January’s price increase marks the 71st straight month of year-over-year gains.”

    Seventy-one consecutive months of price increases may have some concerned that current home values may be overinflated.
    However, at the same time, Zillow issued a press release which revealed:

    “If the housing bubble and bust had not happened, and home values had instead appreciated at a steady pace, the median home value would be higher than its current value.&rdquo ...

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      palm beach county, market updates, jupiter florida, homeowners, palm beach county real estate, real estate, carl gentile, wealth, sell your home, wealth preservation