Ponte Vedra Real Estate Blog

The consensus outlook for the U.S. economy continues to be optimistic for the remainder of 2018 and full year 2019.  Real GDP is projected to grow 2.9% and 3.1%, respectively, for the 4th Quarter 2018 and all of 2019—this compares favorably to 2.2% in 2017.  Unemployment is forecasted to remain below 4% through 2019. Existing home sales, while lower than the past two quarters, are thought to improve to $5.4 million in FY 2019.  The housing market will face some headwind from rising mortgage rates and existing home sales prices.

It's that time again! This Saturday, December 1st, is North Florida's favorite holiday tradition, a lighted waterfront spectacle covering over 7 miles of Palm Valley's Intracoastal Waterway.

Most home sales in Ponte Vedra Beach make use of a conventional or jumbo mortgage. We asked our favorite loan officer for insight into what to expect next year for mortgage rates. Here's what he had to say:

Forecasts for mortgage interest rates for 2019 and beyond are all over the map. Ranging from an expectation of between 5.3% and 6% by year end 2019 all the charts agree on one thing - mortgage rates will continue to rise through the next two years! At this time last year, the professional forecasters were predicting that rates would be between 4.375% and 4.75% by year end 2018; however most lenders actually tipped over the 5% rate this past week for the traditional 30 year mortgage.

So, from a recent historical perspective, rates at year end last year were in the 3.75% to 4% range, the first time 4% was achieved consistently in several years. This year was the first time in many, many years that 5% was reached.

Let’s examine what best case and worst case projected increases for 2019 mean for your potential 30 year mortgage if you wait another year to make a home purchase in Ponte Vedra:

Tankless water heaters are growing in popularity for many reasons, including space-saving benefits and better energy efficiency. Since we often do not have basements in the Ponte Vedra Beach area, storing a traditional water tank can be a nuisance. The tankless systems are more flexible since they take up less of a footprint and can be placed inside or out, including in the attic.

Join us in Atlantic/Neptune Beach this weekend as we support the Beaches Town Center Agency and the local community by participating in the 3rd Annual Beaches Tour of Homes.