Fed: Median-Income Buyers Can’t Afford Median-Priced Homes
Atlanta Fed: The affordability index hit 92.2 – and any number below 100 means housing is generally unaffordable. If interest rates rise, that number will probably go lower.
Atlanta Fed: The affordability index hit 92.2 – and any number below 100 means housing is generally unaffordable. If interest rates rise, that number will probably go lower.
As in firms nationwide, real estate companies vary greatly in return-to-the-office policies. A handful mandate vaccines for everyone; others say they never closed.
The economy appears balanced if mortgage rates are an accurate reflection. This week’s average 30-year, fixed-rate loan rose only slightly from last week’s 2.87%.
Buyers who close after Oct. 1 and need flood insurance should understand upcoming flood insurance changes. The new rating system is property-specific and not yet published, but 12% of Fla. homes will see at least a $120 yearly increase. Buyers may be able to assume a seller’s policy and rates, however.
Cyber insurance is tricky because it focuses on intangible data. How do you value that and then insure potential risk? But in today’s world, it’s worth considering.
While ocean-view homes seem most at-risk for rising seas, coastal metros that rely on canals and water management can find that flood waters have no place to go.
NAR is still warning Realtors about the dangers of “love letters” that some buyers write to sellers. In some cases, they create a potential fair housing violation.
More consumers are starting to think home price increases have largely topped out – and if they still hope to snag a low interest rate, it’s time to shop for a home.
Investors love foreclosures and short sales. The homes usually need work, which is ideal for flippers who fix and sell. They also tend to be less expensive – ideal for large companies that own thousands of homes to rent out. Buyers hoping for more affordable listings may be disappointed.
In Daytona Beach, home prices are up 9.07% since Dec. In Orlando, they’re up 8.15%. Relocating Northerners have increased the pressure on existing residents.