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Market Updates • August 29, 2020

Mortgage Refinancing Will Be More Expensive as Fannie Mae & Freddie Mac Raise Fees

by Anthony Scaramouche

In an article posted in August, CNBC reported that Fannie Mae and Freddie Mac will be raising fees. Here are the key points the article highlights:

  • “Mortgage giants Fannie Mae and Freddie Mac just announced that they are raising fees for lenders on all mortgage refinances. The change is designed to shield the two from the additional risk brought on by the coronavirus pandemic.
  • The price adjustment adds 0.5% of the loan amount to the consumer’s cost. That amounts to $1,400 on the average mortgage originated today.
  • It will begin in September, which means it will basically apply to all refinances that aren’t already in process.”

“Consumers will have to pay more to refinance their mortgages after Fannie Mae and Freddie Mac announced that they are raising fees for lenders on the loans.” To get more details and read the entire article, CLICK HERE.

Need help figuring out what this news means for you? I am happy to discuss all your home ownership options and find what’s best for you! Please feel free to reach out if you are thinking about refinancing or selling, I work with incredible lenders and am always up to date on what is happening in the market and how it affects my customers. I look forward to working with you!

Market Updates • August 28, 2020

Brevard County Real Estate Recap Q2, 2020

by Anthony Scaramouche
A quick recap of the Brevard County Single Family Homes for Q2 2020:

  • Closed Sales are down -16.1% for Q2 2020 in which the number of units closed was 2,533 compared to 3,018 in Q2 2019, with a decrease in cash sales of -35.0% compared to Q2 2019.
  • New Pending Sales are up +2.5% and New Listings are down -6.0%.
  • The Median Sales Price for Brevard Single Family homes is up +5.7% to $255,000 compared to a year ago, which was $241,250.
  • Months Supply of Inventory is down -27.6% to 2.1 months, a decrease from 2.9 months in Q2 2019.
  • Traditional Sales are down -15.4%, with a median sales price of $256,690.
  • Foreclosure/REO Sales are down -41.8%, with 39 sales and a median sales price of $159,950.
  • Short Sale Closings are down -37.5% with 5 closed sale, and a median sales price of $158,000.
A quick recap of the Brevard County Townhouses/Condos for Q2 2020:

  • Closed Sales are down -26.3% for Q2 2020 in which the number of units closed was 584 compared to 792 in Q2 2019, with a decrease in cash sales of -27.2% compared to Q2 2019.
  • New Pending Sales are down -10.6% and New Listings are down -21.7%.
  • Median Sales Price for Townhomes/Condos is up +7.3% to $203,000 compared to a year ago, which was $189,125.
  • Months Supply of Inventory is down -20.5% to 3.1 months in Q2 2020 from 3.9 months in Q2 2019.
  • Traditional Sales are down -26.0%, with a median sales price of $205,000.
  • Foreclosure/REO Sales are down -40.0%, with 6 closed sales and a median sales price of $105,000.
  • Short Sale Closings are down -100.0% with 0 closed sales in Q2 2020 compared to 1 closed sale in Q2 2020.
For Buyers & Sellers • August 28, 2020

9 Steps to Home Ownership

by Anthony Scaramouche

For Buyers & Sellers • August 28, 2020

VIDEO: Guided Tour of Brevard County

by Anthony Scaramouche

Community News • August 23, 2020

Space Florida Invests in New Home of Aerion Supersonic

by Anthony Scaramouche

“Space Florida announced a multimillion-dollar investment in Aerion Supersonic to provide financing, structure and development assistance to build Aerion’s new global headquarters, ‘Aerion Park’.” This will bring not only almost 700 jobs but $300 million in private investment with construction expected to start before the end of the calendar year. To find out more details and read the entire article CLICK HERE.

The Space Coast is booming with more jobs and businesses are flocking to this area, it is such an exiting time to be on our coast and in our community. If you would like to discuss more market and economic trends, reach out to me directly!

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