Real Estate Market in SE Florida October 2020-What is the latest big news on the real estate market

Real Estate Market in SE Florida October 2020: What is the latest big news on the real estate market? The housing real estate market continues to be the second hottest topic after the topic of the elections discussed today. In brief, nationally, total housing inventory at the end of October totaled 1.42 million units, down 2.7% from September and down 19.8% from one year ago (1.77 million). Unsold inventory sits at an all-time low 2.5-month supply at the current sales pace, down from 2.7 months in September and down from the 3.9-month figure recorded in October 2019. Moving forward with our topic today: real estate market, October 2020 with a focus on our local real estate market in SE Florida and what is the latest big news on the housing real estate market. The big news today is that Fannie Mae and Freddie Mac conforming loan limits rise almost $38K in 2021. Maximum conforming loan limits for mortgages will go up– from this year’s $510,400 to $548,250 after Jan. 1, 2021 an increase of $37,850. For high-cost areas, the new loan limit is $822,375. UWM (United wholesale mortgage) is already advertising that they are honoring those new loan limits starting now.
➡Trend 1: Settling in vacation home destinations. People settling in vacation home destinations has become a strong trend this year and expected to continue. In the third quarter, luxury home sales jumped 41.5%, the biggest year-over-year shift since 2013, according to Redfin.
➡Trend 2: Move-up Buyers. With the “Stay at home” orders, the need for more space, interior and exterior continues to be as strong as ever. The buyers today are looking for larger homes, with a designated home office and more outdoor space.
➡Signs of low inventory are visible everywhere, showing a 7% increase in home prices across the country, which contradicts the rumors of housing market crash. Low inventory continues to fuel the hot housing market in most areas in SE Florida and strong buying trend continues even in the midst of a second COVID shutdown. In fact, there are no signs of housing market crash.
How do these trends apply to our local SE Florida real estate markets: Miami Dade, Broward and Palm Beach counties? You'll want to watch 👀 this video for comprehensive market details on SE Florida real estate housing 🏡 market 👆

Chapters
00:00 Intro-How is the real estate market in SE Florida October 2020?
01:00 What is the latest big news on the real estate market?
02:00 Housing market crash or?
02:35 What are the 2 real estate market trends today?
03:00 Miami Dade Real Estate Market October 2020
04:03 Broward County Real Estate Market October 2020
05:05 Palm Beach County Real Estate Market October 2020
06:08 Real Estate SE Florida contact kate Smith Group
06:24 Realtor Kate Smith contact information

For those of you that have real estate on your mind, and are thinking of buying a home in SE Florida or, considering of selling one I would love to have a conversation with you.
Let's talk! 📞C:786.412.8510 | 📧kate.smithfl@gmail.com | https://www.realtorkatesmith.com

Kate Smith | Kate Smith Group | EXP Realty | Hollywood FL
https://instacard.info/Kate-Smith
Check out these videos to find the answers to your home buying or home-selling questions:
👉 Why choose a second home/ vacation home? 👉 https://youtu.be/RaSybrQSRag
👉 Move-Up Home or Second Home? 👉 https://youtu.be/4HcOlrT34m4
👉 Selling A House Fix Up Your Home Or Sell As Is? 👉 https://youtu.be/tKEiN9p5BtE
👉 Selling A Home-Pricing Strategies 👉 https://youtu.be/J5RzptHGMxo
👉 Buying A Flipped House – Things You Need To Know 👉 https://youtu.be/_JhnmYcFV4A