Richard Stein – Realtor®, Douglas Elliman, GREEN, SFR, CBR, eCertified®

Local Agent, Worldwide Marketing – Douglas Elliman Real Estate formerly Prudential Douglas Elliman Real Estate

Fed Says It’s Done Raising Rates for This Year

The Federal Reserve announced Wednesday after its March meeting that it will leave its short-term interest rates unchanged and also signaled that it likely will not raise rates for the remainder of the year. This marks a sudden change to what had been five consecutive quarters of rate increases. Not only that, the Fed also did not rule out the possibility of a future rate cut.

The Fed’s key benchmark rate is now in the range of 2.25 to 2.5 percent. The Fed’s rate is not directly tied to mortgage rates but often influences them. Many Fed officials at Wednesday’s meeting hinted that a single rate increase is likely for 2020 and not likely in 2021.

The economy “is in a good place,” but Fed Chairman Jerome H. Powell acknowledged that it is slowing compared to a year ago and will likely continue to slow into 2020. Powell, however, showed little concern about inflation.

Yields on the 10-year Treasury note, which often are more closely tied to long-term fixed mortgage rates, dropped significantly following the Fed’s statement. The yield on the 10-year Treasury dropped to 2.52 percent—the lowest level since January 2018.

Also at Wednesday’s meeting, the Fed announced it would likely reduce the monthly holdings of U.S. Treasury bonds from up to $30 billion to $15 billion beginning in May. That could ultimately have an impact on mortgage rates, says Mike Fratantoni, the Mortgage Bankers Association’s chief economist.

“The bigger news from this meeting was the clear signal that the Fed will stop allowing their balance sheet to shrink, and will begin to slow it to grow again starting this fall,” says Fratantoni. “Fed officials have noted that they would like to return the balance sheet to primarily Treasury assets, meaning that MBS will continue to roll off, with the proceeds being invested in Treasury securities … The Fed also noted the potential to sell ‘residual holdings’ of MBS at some point, but that they would give plenty of notice before doing so. Over time, these changes could put some upward pressure on mortgage-Treasury spreads—and ultimately—mortgage rates.”

10 Features That Can Help a Home Sell Faster

Homeowners are spending more to spruce up their homes. They spent an average of $12,361 in discretionary funds on remodeling in 2017—the highest since 2006, according to the latest report by the Harvard University’s Joint Center for Housing Studies.

But which household projects can actually better their chances of selling their home one day?

“Any time a buyer can walk into a house and see it already has the features they want, that’s a huge bonus for the seller,” Anna Maria Mannarino, who runs a design firm in Holmdel, N.J., told realtor.com®. “If buyers feel they need to add key features or designs, they’re going to calculate how much it will cost and then lower their bid.”

Realtor.com®’s research team pinpointed home features that can help sell a home in the fastest time for the best price. They analyzed more than 1 million single-family listings on realtor.com® in February and identified the home features found in homes most often with the highest list prices and that went under contract most quickly.

The 10 most profitable home features for sellers banking on quick sales, according to realtor.com®, are:

  1. Chef’s kitchen/gourmet kitchen
  2. Theater room
  3. Home gym
  4. Three-car garage
  5. Solar panels
  6. Quartz counters
  7. Exterior lighting
  8. Tennis court
  9. Home office
  10. In-ground pool

View the full list at realtor.com®.

700k Price Improvement 300+ feet of deep water canal. 80 N Compass Drive, Fort Lauderdale, FL 33308

Bay Colony

Picture 1 of 21

Link to MLS listing

Located in prestigious Bay Colony one of the most coveted 24/hour armed guarded developments in Fort Lauderdale is this five bedroom, seven and half bath home. With spectacular views and over 280′ of deep water frontage and no fixed bridges this bucolic home is a yachters dream. Sporting a new kitchen with Wolf appliances, a spacious Master suite with one of the two wood burning fireplaces, separate his and hers baths, huge built in walk in closets and private outdoor balcony. A three-car garage, sauna, office, living room, family room with fireplace and built in bar, formal dining room, laundry room, central-vac and even a yoga-ballet studio! Spacious outdoor multilayered patio with covered dining areas, a built in grill, and pool, all surrounded by mature landscaping. Or start new and

build your dream home on one of the largest lots offered in Bay Colony. Whatever you choose this property is a true gem and a great investment at a desirable price that should not be overlooked. Interior photos will soon be posted.

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