Pres. Biden considered homeownership an important issue during his campaign and has already instituted some changes. Congress will likely focus on housing-related pandemic aid first and, once the disease fades, turn to other issues, such as a proposed $15K new-buyer tax credit.
HUD Acting Secretary Matthew Ammon said he acted on Pres. Biden’s request, calling it “a critical first step” to ensure families “will not be forced from their homes.”
Predictions can go spectacularly wrong, but a new focus on consumers could bolster lending rules (CFPB) and perhaps turn Fannie and Freddie into a “utility” (FHFA).
U.S. buyers keep snatching up homes as soon as they hit the market. Dec. existing home sales rose 0.7%, and 2020 yearly sales were up 5.6% – the most since 2006.
Florida Realtors Dec. data: More closed sales (single-family sales up 21%, condo-townhouse sales up 27.7%), more new pending sales, higher median prices and more new listings year-over-year. Chief Economist O’Connor: Higher pending sales “strongly signal” higher closed sales in 2021.
Immigrants under the Deferred Action for Childhood Arrivals (DACA) program who are legally allowed to work in the U.S. may also now qualify for an FHA loan.
Fla. Supreme Court: State-run Citizens Property Ins. doesn’t have to compensate a Brevard County apartment owner for rental income lost after hurricane-caused damage.
The highest offer tends to win a bidding war, but frustrated buyers hoping to increase their odds have made Harry Potter videos and offered sellers Academy Award tickets.
According to top agents, 2021 stories will relate in some way to the pandemic, with the tight inventory of homes topping their list. Also: How will vaccinated sellers react? Will a lot decide to list their home this year after months of waiting? And how many homes will go into foreclosure?
Everyone benefits if brokers or team leaders encourage others to lead, and in-house events as simple as a book club can facilitate conversations and encourage growth.