Still want to buy a home? It'll now cost you over $1,000 a month more than renting!

Hi everybody, Joe Hillner with Your Home Sold Guaranteed Realty, where we guarantee the sale of your home or I'll buy it!

I share market data weekly to keep you informed about the local real estate market.

Here is this week’s Boca Market Watch.
 

Single Family Homes

This past week, 80 new listings, that's up big time, and ranging in price from $450K to $8.97M! 6 homes back on the market, while 50 homes listed took a price decrease, and 2 sellers raised their asking price. And another down week, with 39 different properties under contract, and 24 going pending. 22 homes were unsuccessful in selling and were taken off the market or the listing expired outright. And a little worse week with 54 homes sold, ranging from $440K to $8M!

Condos and Townhomes

74 new listings, pretty decent, and ranging from $105 Grand to $6.3 Million! 17 units came back on the market, 63 properties with a price decrease, and 3 sellers with an increase. And a terrible week with only 26 different properties under contract, and 37 going pending! Just 10 condos or townhomes were unsuccessful in selling and were taken off the market or the listing expired. 76 closed sales this week, up from last week, and ranging in price from $87K to $5.1M.

Here's what's making news right now

The cost of buying a home has been on the rise in recent years, and it is now more expensive to buy a typical home than to rent one. This is due to a number of factors, including rising mortgage rates, low inventory, and high demand.

According to new research from John Burns Real Estate Consulting, it now costs an average of $1,030 more each month to buy a home than to rent one. This is up 17% from a year ago.

The increase in the cost of buying a home is being driven by a number of factors, including:

Rising mortgage rates: As you know, mortgage rates have been rising steadily since the beginning of the year, and they are now at their highest level in over a decade. This obviously makes it more expensive to borrow money to buy a home.
Low inventory: The number of homes for sale is still near a record low, which is driving up prices. In some markets, like ours, there are more buyers than there are homes for sale, which is creating a bidding war and driving prices even higher.
High demand: The demand for homes is still very strong, even with the rising prices. This is because there are a lot of people who want to buy homes, but there are not enough homes for sale.
The rising cost of buying a home is making it especially more difficult for first-time homebuyers, who may not have a lot of savings saved up for a down payment.

If you are considering buying a home, it is important to factor in the rising cost of ownership. In addition to the monthly mortgage payment, you will also need to pay for property taxes, homeowners insurance, association dues and maintenance and repairs.

If you are not sure if you can afford to buy a home, it is a good idea to speak with a financial advisor. They can help you assess your finances and determine if buying a home is right for you.

So what does this mean for renters?
The rising cost of buying a home is also having an impact on renters. As more people are priced out of the housing market, they are turning to renting as an alternative. This is putting upward pressure on rents, which are already at record highs in many markets.

If you are a renter, it is important to be prepared for the possibility of rent increases in the future. You may want to consider signing a longer-term lease, which can lock in your rent rate for a set period of time.

You may also want to consider saving up for a down payment on a home. Even if you are not ready to buy a home right now, having a down payment saved up will make it easier to qualify for a mortgage in the future.

The rising cost of housing is a challenge for both buyers and renters. However, there are steps you can take to protect yourself from the rising costs. Pay your bills on time - safeguard and build your credit. Even if you have to move to another rental, they're gonna run your credit, so make sure it's clean. SAVE - build a nest egg of at least 6 months of expenses. It's great protection in case something happens, and its probably enough to serve as a down payment on a purchase. And if you're self employed and have a great CPA, like me, bite the bullet and declare more income and pay taxes on it. By being prepared and taking action now, you can ensure that you have a safe and affordable place to live.