Say No to the Snow with 72F!

It’s a chilly (perfect) 72 degrees here in Palm Coast, Florida today, meanwhile up north it’s a bit cooler… MeanwhileinBuffalo

Tomorrow it’s only supposed to get up to 78…  Say No to the Snow!

Say NO to the SNOW!

Boston Weather 1/3/2014
Blowing Snow

Blowing Snow Mist

Overcast13 °F
Clear-4 °F
Palm Coast Weather 1/3/2014
Scattered Clouds
Scattered Clouds
41.5 °F
Overcast48 °F
Overcast66 | 57 °F

Florida’s on the Way to becoming the 3rd most Populous State!

Census figures announced this week show that in the coming weeks Florida will have more residents than New York, which means Florida will become the nation’s 3rd most populous state behind only California and Texas.   What’s interesting about this development is that it’s not only retirees driving Florida’s population growth, but it appears people of all ages are moving into Florida. Regardless of the age range, most new residents point to the same main factors of why they picked Florida,  1) No Income Tax, 2)   The Weather, and 3) The availability of jobs.  #1 & #2 have always been Florida’s strong suit, but #3 is interesting in that it represents a shift over the past few years as Florida emerges from the recession.

Of course the question always is, what does this mean for Real Estate?  A continued influx of buyers is always good for Real Estate prices and especially good for Palm Coast, Flagler Beach, and Flagler County.  Even at the height of the real estate bubble in 2005/6, Palm Coast and Flagler County represented the most affordable housing options on the Atlantic coast, and that remains true today. There is nowhere else in the country, east coast or west coast for that matter, that is more affordable than Palm Coast in terms of being within 10 minutes of the beach.  This bodes well long term for Palm Coast and Flagler County. Prices have increased steadily over the past 12-18 months and rents are up as well, this points to a strengthening Real Estate market.

As always, if you have any questions about our Real Estate market, Call or E-mail Charles Duffy at anytime at 386.986.8965 or  And remember, Real Estate markets are ALWAYS local!


Where are Mortgage Rates Heading in 2014?


Mortgage rates will likely rise above 5 percent in 2014 and average 5.3 percent by the end of 2015, according to the Mortgage Bankers Association’s forecast.

That would mark a big jump over where mortgage rates stand now. The MBA reported this week that the 30-year fixed-rate mortgage averaged 4.33 percent, the lowest average since June.

The MBA expects that the Federal Reserve will decide to taper its $85-billion per month bond-purchasing program in early 2014 and end it altogether in September 2014. The Fed’s bond buying program has been keeping mortgage rates low. The Fed has hinted in recent months that it will soon be winding down the program.

“As a result, mortgage refinancing will continue to drop, and borrowers seeking to tap the equity in their homes will be more likely to rely on home equity seconds rather than cash-out refinances,” says Jay Brinkmann, the MBA’s chief economist.

The MBA said in its forecast that it expects home purchase applications for mortgages to rise 9 percent next year, following expected continued home sales and price increases.

However, the MBA projects that overall mortgage originations will drop 32 percent in 2014, as the number of refinancing applications post a large drop in the new year due to expected rising interest rates.

While refinancings make up the bulk of home applications today, that trend is expected to reverse next year. Purchase loans are expected to make up 60 percent of originations next year compared to about 38 percent this year.

“We are projecting home purchase originations will increase in 2014 due largely to gains in home sales and home prices,” says Brinkmann. “We expect to see a decline in the share of sales paid for with cash, and higher average LTVs on purchase mortgages, due to the rise in home prices.”

Source: “U.S. Mortgage Applications Increase as Rates Edge Down,” Reuters (Oct. 30 2013) and “Purchase Loans Expected to Buck Rising Mortgage Rates Next Year,” Inman News (Oct. 29, 2013)