Market Update ... Last 7 Days in Pinellas County!

Whether you live here or you are just visiting, Kayaking in Weeki Wachee Springs is a must-do! Located about an hour and a half north of St Pete/Clearwater Beach, you will be delighted by the sparkling crystal-clear water that is a refreshing 72° year round! 

Much of the river bottom is white sand, which makes the water a beautiful aquamarine color perfect for spotting fish, crabs, and if you are lucky a manatee! 

There are two ways to launch a kayak to travel the springs. One is from Weeki Wachee State Park and the other is from one of the many kayak companies that launch from Rogers Park, which is located at the base of the Spring.

Launching from Rogers Park, it is roughly 5 miles to get to the State Park. You are able to take your time, go at your own pace and turn around when you want! I love kayaking along the springs so much that I love paddling the whole way and floating back to Rogers Park.

We like to get there early (around 10-10:30am) and we come prepared with our “Pub” Subs, water and snacks to help sustain us for the day of paddling. It typically takes us 6 hours to go upstream to the State Park and back, but it is well worth the trip.

Every time I have kayaked the Springs, we have spotted a Manatee! These gentle giants are amazing to see and each time I am entranced as they swim on by! The water is always refreshing when you need to jump in and cool off! There are some great shallow areas to stop and take a break as well as deeper areas to snorkel and enjoy the clear water.

Weeki Wachee State Park is more than just a launching point for kayaks… They are home to Buccaneer Bay Waterpark, with waterslides, lazy river and a kiddie pool and the home of the world-famous Mermaids of Weeki Wachee Springs, who perform underwater feats of delight along with the story of the Little Mermaid! Get there early, as the park usually has a line and sells out for the day!

Click below for more info!

https://weekiwachee.com/ - State Park Website

https://weekiwacheekayaking.com/ - Kayak Rentals

https://weekiwacheekayakrental.com/- Kayak Rentals

https://www.weekiwacheemarina.com/rentals - Kayak Rental  

The same MBA report mentioned above estimates there are approximately 525,000 homeowners who remain in forbearance today. Thankfully, those people still have the chance to work out a suitable repayment plan with the servicing company that represents their lender.

2. Most Homeowners Have Enough Equity To Sell Their Homes

For those who are exiting the forbearance program without a plan in place, many will have enough equity to sell their homes instead of facing foreclosures. Due to rapidly rising home prices over the last two years, the average homeowner has gained record amounts of equity in their home.

Marina Walsh, CMB, Vice President of Industry Analysis at MBA, says:

“Given the nation’s limited housing inventory and the variety of home retention and foreclosure alternatives on the table across various loan types, . . . Borrowers have more choices today to either stay in their homes or sell without resorting to a foreclosure.”

3. There Have Been Fewer Foreclosures over the Last Two Years

One of the seldom-reported benefits of the forbearance program was it gave homeowners facing difficulties an extra two years to get their finances in order and work out a plan with their lender. That helped prevent the foreclosures that normally would have come to the market had the new forbearance program not been available.

Even as people leave the forbearance program, there are still fewer foreclosures happening today than before the pandemic. That means, while there are more foreclosures now compared to last year (when foreclosures were paused), the number is still well below what the housing market has seen in a more typical year, like 2017-2019 (see graph below):

4. The Current Market Can Easily Absorb New Listings

When the foreclosures in 2008 hit the market, they added to the oversupply of houses that were already for sale. It’s exactly the opposite today. The latest Existing Home Sales Report from the National Association of Realtors (NAR) reveals:

“Total housing inventory at the end of March totaled 950,000 units, up 11.8% from February and down 9.5% from one year ago (1.05 million). Unsold inventory sits at a 2.0-month supply at the present sales pace, up from 1.7 months in February and down from 2.1 months in March 2021.”

A balanced market would have approximately a six-month supply of inventory. At 2.0 months, today’s housing market is severely understocked. Even if one million homes enter the market, there still won’t be enough inventory to meet the current demand.

Bottom Line

If you see headlines about the increasing number of foreclosures today, remember context is important. While it’s true the number of foreclosures is higher now than it was last year, foreclosures are still well below pre-pandemic years.

If you have questions, reach out to our team, we can help explain the latest market conditions and what they mean for you.

*Source - Keeping Current Matters