Rates Update:
Interest rates remain unchanged after the November 1st meeting of the Federal Open Market Committee. Mortgage rates are steadily around 7.8% but will continue to go up into the mid 8% range. Keep in mind, a mortgage rate of 7.8% is for borrowers with a perfect credit score of 760 or higher and a low debt to income ratio under 40%. Check out our blog post here for more information on how to calculate a debt to income ratio. Investment loans are currently in the high 10% range. There are no signs of rates coming down anytime soon.
National Market:
A recent lawsuit between the real estate industry and consumer advocates resulted in an incredible $1.8 billion settlement. The settlement was awarded to the sellers of more than 260,000 homes in Missouri, Illinois, and Kansas between 2015 and 2022. The winning argument was that agents are being overpaid due to lack of transparency in the way that commissions are handled. It’s important to realize that the verdict in this lawsuit could change the way real estate professionals are paid going forward. An article by the Business Insider quotes Stephen Brobeck, senior fellow at the Consumer Federation of America. “For nearly a century, the industry has been able to maintain high and uniform commission rates. This decision indicates that it’s going to be much more difficult for them to do that in the future.”
Local Market:
As we enter the holiday season, it is a reliably slow season for residential real estate in Jacksonville Beach. During November, our collective focus turns to hosting friends and family, cooking turkey and baking pumpkin pies. Contrarily, a major corporate project was recently approved– the redevelopment of the iconic Ponte Vedra Inn & Club and Lodge & Club. These beautiful beach resorts were first introduced in 1928 and 1989, respectively. Read more in the Jacksonville Business article on the subject.
For more detailed information on market statistics in our area, check out The Northeast Florida Association of Realtors monthly market statistics update.
Fluid Realty:
The Fluid Realty Team is Jacksonville’s top real estate group and local boutique brokerage. We provide a full-service experience with the best realtors in the area. Our expertise includes luxury beach real estate within the four Beaches of Jacksonville, FL: Atlantic Beach, Neptune Beach, Jacksonville Beach, and Ponte Vedra Beach. Reach out to us today.
