Hello Clients, Family & Friends,

We're excited to share our latest eNewsletter with you! Our goal remains to keep you informed and ahead of the market because being in the know is always #goodtoknow. As we transition into February, our commitment remains steadfast in showcasing the finest Florida Keys real estate. If you have any real estate goals or questions, please don't hesitate to reach out; we are here to assist you.

Highlighted this month:

• Precise and up-to-date market statistics categorized by Neighborhood
• Our Featured Listing of the Month
• #Goodtoknow Real Estate insights
• Local News & Events

Our team studies the market closely to keep you ahead of the market and be in the know.  Over the past several months we have continued to see the same trend- Economics 101- Low Supply and Strong Demand, leading to upward pressure on real estate prices.  Although we are selling fewer properties in the Keys, demand remains strong and prices continue to increase. 

Click on the "Deep Dive Into" photo for a dive into market trends for all the Florida Keys and then broken down by regions.  Key West to Shark Key, North of Shark Key to Big Pine Key, the Middle Keys including Marathon and Key Colony Beach, and then the Upper Keys.  Interest rates and inventory continue to push the residential real estate market forward. 

As always for the most accurate and updated data trends on your island or for your property, reach out to me, your #foreveragent today at www.keysrealestate.com

Are you in search of the ideal Truman Annex residence offering privacy, parking, and recently refreshed interiors and exteriors? Look no further than this stunning 4-bedroom home on Admirals Lane, seamlessly nestled among other opulent residences. This charming two-story luxury residence boasts a secluded location at the end of a private cul-de-sac. A picturesque French door gate house marks the entrance at the end of a brick drive. Stepping inside, you'll discover a stunning heated pool with a waterfall, surrounded by lush tropical greenery. The property features wrap-around porches, spacious balconies, and numerous doors and windows that seamlessly merge the indoor and outdoor spaces, creating an ideal island ambiance. The grand 4-bedroom home offers a blend of comfort and elegance, showcasing designer interior finishes, crown moldings, hardwood floors, high ceilings, and a gourmet kitchen. With ample space for entertainment or relaxation, this turnkey property is currently utilized as a vacation rental, with existing bookings in place.

While many potential homebuyers have been knocked out of the market by higher mortgage interest rates and home prices, there’s hope on the horizon that they’ll have better luck in 2024.

Banks are tightening their lending standards due to increases in credit card and car loan delinquencies, according to Freddie Mac. This is also impacting mortgage applications, credit lines and refinance activity - loan originations were down approximately 30% in October 2023 from the previous year. The good news is that mortgage delinquencies are low compared to other loan types. Inflation is waning, but still remains above the Federal Reserve’s target of 2%. Consumer spending will decelerate due to slower economic and weaker employment growth which will cause rates to come down in 2024. Continuing homebuyer demand will keep home prices elevating 2.6% in 2024, but with rates dipping as low as 6%, housing will be a little more affordable.

If you’re planning to buy a home in 2024, Lending Tree recommends that you have at least a 3% down payment for a conventional loan –a loan that’s “originated, backed and serviced by private mortgage lenders like banks, credit unions and other financial institutions.” If you have less than 20% down, expect to pay for private mortgage insurance (PMI) between 0.14% and 2.33% of your loan amount in annual PMI premiums. To get the best interest rate and lower PMI premiums, your credit score must be at least 780 or higher, or you’ll pay a higher interest rate.

When you sell your home, things can go smoothly or go wrong, and which way it goes depends largely on how well you prepare for the transaction and respond to glitches that may occur along the way.

Your Berkshire Hathaway HomeServices network professional can help you determine the right asking price to sell your home the fastest and for the most money. If you list your home too high, you’ll find that homebuyers become more critical and demanding. If your homebuyer feels good about the purchase, they’re more likely to be reasonable with you.

Some homebuyers may not be well prepared enough to buy a home, so it’s prudent for you to insist that only homebuyers who’re pre-approved by a lender or can prove cash assets be allowed inside your home. Ask to see the lender’s letter of pre-approval before you sign a contract.

During the home inspection, homebuyers may fear that the home needs too much work. If there are repairs or replacements to be done, offer to take care of them immediately or be willing to negotiate on price.

Your agent will monitor each step in the transaction to make sure all parties perform their roles, from good faith deposits, to appraisals, to title searches, on time and in a professional manner.

If you’ve put your home in pristine condition and listed it at fair market value, you’ll prevent many problems from occurring. A reasonable homebuyer won’t walk away from a well-kept home at the right price.

"Join us for a night of enchantment and goodwill at the 42nd Wesley House Family Services Valentine's Gala at the prestigious Custom House Museum on February 14, 2024. In this celebration of love and unity, attendees can look forward to an evening that promises to be both festive and purposeful.

Tickets are $150 per person and include a welcome champagne cocktail, heavy hors d’oeuvres, and table wine while supplies last. Reserved seating is available for sponsors and table hosts. Attire is Valentine’s, reds and pinks are encouraged!

The highlight of the gala is the extensive silent auction, where attendees can engage in friendly bidding wars for an array of coveted items generously donated by local businesses and supporters. From hotel stays, restaurant gift certificates, and unique art pieces, the silent auction provides an opportunity for guests to not only acquire treasures but also contribute to the Wesley House Family Services mission of creating positive change in the lives of families in need.

A carefully selected DJ will set the tone for the evening, providing a musical backdrop that seamlessly blends romance and celebration.

Throughout the evening, the spirit of giving will be palpable, as Wesley House Family Services representatives take the stage to share the organization's vision and impact. Attendees will be reminded that their presence and contributions are integral to the success of the gala and, more importantly, to the well-being of families facing adversity.

The 42nd Wesley House Family Services Valentine's Gala isn't just an event; it's a testament to the community's collective commitment to building a brighter future."

January 31st - Feb 3rd:

• Key Western Fest

February 3rd - 4th:

• Key West Island Market

February 9th-11th:

• Wind Games 2024

February 11th:

• 2024 Annual Southermost Conch Republic Polar Plunge

• Super Bowl LVIII

February 12th:

• Willie Nelson @ Coffee Butler Amphitheater

February 14th:

• Wesley House Family Services 42nd Valentine’s Gala
• Happy Valentine's Day!

February 15th-19th:

• Presidential Families Weekend
• February 17th:
• 8th Annual Run w/ Deer 5k

February 17th & 18th:

• BHHS Parade of Homes

February 18th:

• South FL Symphony: Masterworks II

February 24th:

• 17th Annual Sombrero Beach Run

February 24th & 25th:

• Key West Art & Craft Festival
• Gigantic Nautical Market - Islamorada

February 1st, 8th, 15th, 22nd. 29th: Truman Waterfront Farmers Market

January 11th & 25th: Sheriff’s Animal Farm Open House