Don’t Need 20% to Get a Mortgage – but Maybe to Buy a Home
In April, half of mortgage homebuyers put down 20%; 25% of all buyers paid with cash. While buyers have low-down mortgage options, it’s not helping much these days.
Condo Q&A: Is One General Vote OK for a Multifaceted Upgrade?
A condo complex’s major renovation includes flooring, paint, furniture and art. Is a single resident vote OK for the entire project, or does each facet require approval?
How to Talk to Luxury Sellers? Don’t Use a Script
Luxury sellers want a human approach. Improvise conversations, and talk about the client 95% of the time and yourself 5% – and be frugal with the 5%.
Fla. Introduces First ‘Freedom Week’ No-Sales-Tax Event
From July 1 to July 7, 2021, Fla. consumers can skip sales taxes on fun-time items, such as entertainment admissions, sporting equipment and camping supplies.
Fla.’s May Housing Market Strong, Shows 2020 COVID-19 Impact
Florida Realtors’ data: May had more closed sales, more new listings and higher median prices (up 27.7% for single-family homes, 24.1% for condos) than a year ago. Pres. Lambert notes one factor behind rising prices is that Fla. “is experiencing a greater share of luxury sales in 2021 compared to a year ago.”
NAR: Existing-Home Sales Down Almost 1% in May
May’s 0.9% drop is the fourth month-to-month decline in a row. Part of the reason? The median price had a record 23.6% year-to-year increase – and 17 days to contract.
Elderly Scams Are Up – Including Property Fraud
A Coconut Grove empty-lot owner tried to pay property taxes, only to be told the lot had been sold – but it was actually stolen by professionals and resold.
Fannie Mae ‘Meaningfully Downgrades’ 2021 Home Sales Forecast
Citing new-home supply problems and tight inventory, Fannie’s latest forecast calls for a 4.2% uptick in 2021 home sales – a cut from 6.3% predicted a month ago.
FHA Makes It Easier for Student-Loan Buyers to Get a Mortgage
People with student-loan debt should find it easier to buy a home with an FHA loan. The agency updated its calculations to “remove barriers and provide more access.”
Homeownership Coalition Wants 3M More Black Homeowners
NAR is working with a 100-organization group to boost Black homeownership – 3M more by 2030. The coalition’s “3by30 initiative” includes a 7-point plan. NAR VP Bryan Greene says Realtors will keep working to improve federal and local policies that help raise ownership levels.