So it’s more about fame than anything else. When people from other states talk about south Florida, they talk about Miami and South Beach and all the tourist destinations. Because they’re able to sell their homes and it’s more expensive there, many of them are coming with cash. The exodus from the north will eventually stop, but people are coming in by the thousands every month, especially from New York and New Jersey right now. The price range where there is always more action is middle-priced homes between $300,000 and $500,000. If a house in a good area goes to market, then the listing agent will have 10 or 15 offers easy. Buyers are putting in offers of $5,000 to $10,000 over appraisal value. Buyer demand is very, very high - especially for houses. Malo has served the Miami market for seven years.Īs long as interest rates are low, I think the demand is going to stay.
Local lender: Jorge Malo, broker and owner of My Florida Mortgages. Because it’s so big, you can go 40 minutes around Houston and buy seven, 20 or 120 acres. What also I'm seeing is way more land and crop acreage buying, especially since COVID started. I think some people like our conservatism and are moving to the state for that reason. The weather has something to do with it, too. We have no state income taxes, only property taxes - which are high. We've stayed pretty steady, just slowly increasing. Our market didn't go crazy so we never had the big fall. We haven't had the downturn that other parts of the country have had. Cash or conventional is going to win that house. If you don't have cash or put a whole lot down, you're going to be out of luck. There's going to be six to 12 offers on any property under $250,000. I looked at a listing the other day that was $549,000 in a neighborhood where nothing’s ever sold for over like $365,000 - and it sold in just a few days. Most people are lead generating with Facebook and saying what it’s like to live in Houston. We’re seeing quite a bit of out-of-staters. I usually do slow down in January, but not even a blip. Last year was one of my best and it just hasn’t stopped at all. What’s the activity like now and what do you anticipate for 2021?
Kenny has served the Houston market for 18 years. Local lender: Lisa Kenny, loan originator at DMR Mortgage. "Accordingly, home value appreciation rates within coastal cities such as New York, San Francisco, and Los Angeles are projected to see a downshift from last year's remarkable levels." housing landscape, certain densely populated markets with high-priced real estate face prevailing headwinds," Terry Loebs, founder of Pulsenomics, said in the report. "While sustained tailwinds are forecasted this year across most of the shifting U.S. Metro areas offering a mix of amenities, relative affordability and a slew of new jobs should expect booms in 2021, according to Zillow’s Hottest Housing Market report. With home price growth expected to taper after surging in 2020, some markets will stand out above the rest. These conditions created rampant bidding wars and soaring profits for sellers in the past year, while the shift to working remotely caused buyers to flood markets where they could get more space for their money. With the combination of extremely low inventory and interest rates holding near historic lows, forecasts show 2021 shaping up to be a strong year of originations with increased emphasis on buying.
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