http://seckert.realestatefloridakeys.com/blog/sort_entrydatetime-desc/ "After crossing the 7% mark last week, the 30-year fixed-rate mortgage saw its first decline in six weeks," said Sam Khater, Freddie Mac's Chief Economist. "While affordability challenges remain, this is welcome news for potential homebuyers, as reflected in a corresponding uptick in purchase applications," added Sam Khater, Freddie Mac.Those words from Freddie Mac near the end of January were positive for the mortgage market as home borrowing costs have inched lower but are still well above the near 6% seen in September 2024 for the 30-year fixed rate. In January, rates were relatively steady compared to the significant increases seen in 2022 and 2023. There are still some concerns that inflation is sticky and that borrowing costs could remain elevated or fluctuate slightly. However, there is some hope that inflation will moderate in the second half of this year, which would bring further relief for rates.Across the nation, there has been some cooling in home prices in certain regions after the big gains seen since 2020. But in many areas, prices are still above pre-pandemic levels. With still tight housing inventory, the environment remains competitive in the home-buying arena.Refinancing has slowed as homeowners hold onto their low rates that they may have secured when rates were ultra-low, near 3% for the 30-year fixed, in late 2020 and early 2021. When rates decline significantly, refinancing heats up, but for now, most are holding off on any refinancing plans.On the banking side, some smaller regional lenders have seen revenues decline due in part to low refinancing and the pinch on margins from higher rates. Larger banks and mortgage lenders are still solid, but they may be slightly tightening lending standards.FHA, VA, and USDA loans are still seeing hefty demand, fueled by first-time buyers and those with less-than-stellar credit. Some state programs are geared towards helping with down payments or offering lower interest rates.Bottom line: In 2025, we could see some easing regulations for the housing sector, which could provide more starter homes for first-time homebuyers or those renting and thinking of homeownership. If you're secure in your job, the path to a purchase becomes significantly easier.Source: Mortgage Market Guide http://seckert.realestatefloridakeys.com/blog/687/interest-rates-see-first-decline-after-crossing-7%/ Thu, 06 Feb 2025 11:22:33 -0500 Are you interested in obtaining grant funds to elevate, demolish/reconstruct, or sell your home that is below base flood elevation, at risk of flooding, or has flooded before with a National Flood Insurance Program (NFIP) flood insurance claim?If so, Monroe County is participating in a national grant program known as Flood Mitigation Assistance (FMA) to help with the costs of elevating or demolishing and reconstructing your home. Buying out your home is also an eligible grant activity. The program is available to all Monroe County homeowners. The program cannot buy any properties that are condominiums or cooperatives or have common area maintenance requirements. Mobile homes also do not qualify for the elevation program.Monroe County is accepting applications for the fiscal year 2024 FMA grant program. The deadline to apply through the Monroe County application process will close Jan. 31, 2025.This is a federal program administered by the State of Florida in pertnership with Monroe County; therefore, it can be a timely process with slow turnaround times to move forward with projects.If you have any questions, contact program administrator Mike Lalbachan at 305-453-8796 or visit the program website at www.monroecounty-fl.gov/fma.Source: Key West Chamber of Commerce http://seckert.realestatefloridakeys.com/blog/686/flood-mitigation-grant-deadline-approaching/ Tue, 14 Jan 2025 10:51:25 -0500 Come end the year with us on 12/30, WE'VE GOT FIREWORKS! The Keys Collection and @sunsetgreenkeywest (between The Gates Hotel and 24 North Hotel) have teamed up with Mike Stack, and Bud Light is the main sponsor. This show is FREE and FAMILY FRIENDLY! Featuring Mike Stack, other amazing local artists and special guests!Mark your calendars and come hangout on December 30th for the New Years Eve Eve Celebration. This show going to be different http://seckert.realestatefloridakeys.com/blog/684/mike-stack-and-friends-new-years-eve-celebration/ Wed, 04 Dec 2024 03:51:30 -0500 Join the Key West Art & Historical Society for the seventh annual Holiday Concert and & Bazaar on Friday, December 13, 2024, from 5 pm to 9 pm, located on the sweeping historic porch and street in front of the Key West Museum of Art & History.The immensely popular celebration will feature some of the Key West’s finest artisans, musicians and choirs, food and libations, and a holiday light show designed by Key West High School’s Conch 5 Studios, which is projected on the face of the Custom House. There will be plenty of food and festive libations at this event that is free and open to the public. http://seckert.realestatefloridakeys.com/blog/683/custom-house-holiday-concert-&-bazaar/ Wed, 04 Dec 2024 03:45:11 -0500 The Key West Artisan Market and the luxurious Southernmost Beach Resort are partnering to present a holiday extravaganza. On Sunday, December 8, from 10 a.m. to 3 p.m., locals and visitors alike are invited to experience the magic of the season at the "Merry Marketplace", a festive event combining the best of Key West’s vibrant artisan community, family fun, and breathtaking oceanfront views.Nestled along the sparkling waters of the Atlantic Ocean, the Southernmost Beach Resort is the perfect venue to host this joyous celebration. Renowned for its chic accommodations, tropical elegance, and unparalleled hospitality, the resort provides an idyllic backdrop for the marketplace. Guests will enjoy strolling through a curated selection of local artisans offering unique, handcrafted treasures perfect for holiday gifting.This family-friendly event is brimming with activities to delight all ages. Children can partake in a whimsical sand "snowman" building contest starting at noon along with a slime making station, while adults indulge in great food, sweet treats, and festive cocktails. The event promises live music throughout the day to keep the holiday spirit alive. And don’t miss the chance to meet Santa Claus himself, making a special appearance to spread cheer, also starting at noon.Shopping at the Merry Marketplace not only guarantees one-of-a-kind gifts but also supports local artists and small businesses, reinforcing the spirit of community that makes Key West so special. From vibrant art and jewelry to home goods and holiday decorations, there’s something for everyone on your list.“Key West is known for its unique culture and creativity, and the Merry Marketplace is a celebration of just that,” said Laurayne Croke, Complex Director of Sales and Marketing. “It’s a chance to embrace the holiday season in a way only Key West can – with sun, sand, and plenty of cheer.”Visitors are encouraged to make a day of it, with beach chairs and umbrellas available for rent, allowing families to soak up the island’s laid-back vibe. Whether you’re a local looking to revel in community festivities or a visitor seeking the perfect way to spend a tropical holiday weekend, the Merry Marketplace promises to deliver unforgettable memories.This event is free to the public and will take place at the Southernmost Beach Resort, 508 South Street, Key West, FL. Mark your calendars and bring the whole family for a day of holiday magic by the sea! http://seckert.realestatefloridakeys.com/blog/682/artisan-market-at-southernmost-beach-resort/ Wed, 04 Dec 2024 03:12:48 -0500