The average American homebuyer is 45 years old, married or partnered, college-educated and likely buying a home located in the South; 26% are age 30 to 39.
An interview with 1,700 RE experts found high expectations for the real estate market in 2022. Traditional spaces – homes, offices, shopping centers, etc. – have changing expectations, but 75% of investors now feel confident about their decisions. Last year, less than 50% said the same.
A Jacksonville court sentenced a 27-year old to two years in prison for lying on an aid application after Hurricane Irma; he must repay $8K to the federal government.
In two weeks, fully vaccinated Canadians can return to Fla. While the housing-market impact isn’t clear, travel agents report a “significant uptick” in reservations.
Recently aware that some communities have historically been one race or another, an increased number of buyers are adding “racially diverse neighborhood” to their list of must-haves. But that doesn’t always help lower-income neighborhoods if it causes gentrification and rising home prices.
Fla. isn’t seeing a lot of new record-high temperatures during the day, but a tracking of overnight lows in Central Florida found 807 record highs from 2015 to 2020.
Planned changes by the Fed will likely push mortgage rates higher – but refis will dry up, and lenders may still offer deals as they compete for homebuyers’ loans.
Refreshing old brick exteriors with paint gives a listing a new, clean look. But what if the current trend fades? Removing paint later is close to impossible.
While the inventory of for-sale homes is down 13% year-to-year, NAR Economist Yun credits a boost in supply for the increase, and buyers’ fears of rising interest rates.
How many new homes are being built? A study looked at building permits and year-to-year increases as of June. Out of all U.S. cities, 10 Fla. metros are in the top 20.
NAR and others held a meeting and pushed for Congress to keep housing dollars in the massive infrastructure project, saying it “must stay in the reconciliation package.”
Florida Realtors’ data: Median prices up 18.3% for single-family homes to $355,000 year-to-year; up 17.2% to $255,000 for condos. Single-family home sales down 1.3% year-over-year; condo sales up 4.9%. However, Sept. 2020 saw a huge sales surge because the pandemic shifted transactions into summer and fall, says Chief Economist O’Connor.
14% of millennials would use home equity for a vacation compared to 3% of boomers. But 64% of boomers would tap it for home improvements, compared to 49% of millennials.
The contest to recognize Realtors who serve their communities selects 5 Realtors each year. In 2021, Christina Sauger was honored for her work feeding those in need.
Rising lumber costs pushed new-home prices higher and higher. While that supply-chain problem is easing, however, other building materials are still in short supply, even as builders face a labor shortage and high buyer demand. The bottom line: New-home costs won’t plateau anytime soon.
Over the past 7 quarters, Tampa-St. Pete had the nation’s second-highest rent increases (23.7%), with Jacksonville No. 3 (up 23%) and Broward County No. 9 (19.5%).
The magazine’s 2021 list ranks Fla. metros in the top four spots– Sarasota, Naples, Daytona Beach and Melbourne – but 7 other Fla. metros also made it into the top 20.
The company that created realtor.com’s flood risk tab released a report by city and county. Fla. and Louisiana are top-risk states – but so are Kentucky and W. Virginia.
Under U.S. tax law, payers can have only one official residence, and lockdowns may have changed the state a vacation owner calls “home.” But it’s also not that simple.
An iBuyer program can help homeowners willing to take a slightly lower price in exchange for a quick and easy sale. But sellers aren’t willing to come down too much, and Zillow may not have enough resources under current market conditions to essentially be a large-scale home flipper.
United Wholesale Mortgage, the U.S.’s second-largest lender, decided it won’t be the first to accept bitcoin, citing its incremental costs and regulatory uncertainty.
Starts dropped 1.6% overall, but single-family changed little with multifamily down 5%. Year-to-date, however, single-family starts are up 20.5% compared to last year.
FHA, VA and other government-backed loans are often favored by first-time and low-income buyers. But in bidding wars, cash offers or conventional financing seem less problematic to sellers. As a result, low-income buyers face yet another hurdle if they hope to become owners.
Commercial brokers have always crunched data to make sure an investment makes financial sense. But high-tech analytics can take that analysis to a new level.
How much does student-loan debt impact buyers? A three-year NAR study calls for reform, noting that millennials are “drowning in student loan debt.”
Starting in 2022, homeowners with an affordable loan backed by Fannie Mae can fulfill the education requirement using a qualified third-party vendor.
The usual move-to-Fla. reasons – sun, beaches and no income tax – omit one item: home-heating costs. A harsh NE winter this year could push natural gas prices 50% higher.
In the U.S., closing costs, including taxes, were up 10.5% year-to-year, and almost $7K for an average price home. In Fla. it’s a bit higher: $8.5K for the average home.
A new 40-page report takes a broad view on steps being taken to mitigate risks, including possible HUD and VA buyer disclosures on flood and climate-related threats.
The U.S. will increase loan caps for multifamily housing by 11.4% next year, and 50% of the $156B total ($140B this year) must go to “mission-driven affordable housing.”
While stories about multiple offers and foregone inspections are pervasive, a study found that most buyers won by their second bid and 88% had a home inspection.
Florida Realtors economist: Real estate’s residential side has been on fire since summer 2020. How has the commercial side fared? It’s hot – and it’s not. It depends on where you look. The delta variant of COVID-19 slowed the office market even as it relit a fire under other commercial sectors.
Average mortgage rates continue to hover around 3%, but they’ve slowly ticked higher. This week, the 30-year, fixed-rate mortgage averaged 3.05%.
In response to the Surfside condo collapse, Fannie Mae says its condominium loan decisions after Jan. 1 will include a stronger look at the overall condo building. Loan decisions will consider current or planned special assessments and any deferred maintenance issues.
Officials say Canadians can start returning in early Nov. if they’re fully vaccinated. One twist: It’s unclear if that includes Canadians who got two different vaccines.
Loan limits will likely go up to $625K in 2022, but FHFA hasn’t announced it yet. Still, higher home values have convinced some lenders to boost loan limits now.
The U.S. birth rate is the lowest it’s been in more than 100 years, and pregnant homeowner couples are a top reason buyers decide to upgrade to a large house.
How can the state mitigate condo disasters following the tragedy in Surfside? A Fla. Bar task force pulled together experts and submitted its recommendations on Tues. In Sept., Realtors outlined the problems condo buyers face getting important docs, suggesting better records and tighter oversight.
The Biden Admin. wants a $500K limit for like-kind exchanges, which allow investors to defer taxes. If enacted, the change could have a big impact on commercial RE sales.
Business is good, according to NFIB’s monthly study – but it would be better for small companies if they could get more workers and not worry about inflation.
Before the Great Recession, mom-and-pop investors owned most single-family home rentals. But today, large institutional investors have turned it into a big business.
In Aug., 13% of appraisals came in below a home’s contract price. It was higher in May (19.7%), but is still up compared to sales early last year (7.3% in Jan. 2020).
After the 12-story Surfside condo complex collapsed, experts wondered if condo demand would decline – but 3Q Miami-Dade condo sales were the highest in years, with luxury units selling at a record pace. Any stigma seems isolated to older inventory and buildings close to the Surfside tragedy.
Buyers are allowed to tour vacant homes without an agent. Redfin’s app unlocks the door, and an agreement with ADT provides monitoring and security.
Survey: Remodeling skyrocketed during lockdowns with many homeowners focused on their bathrooms. The desire to “soak in a bathtub” rose 6 percentage points.
HUD says it will consider climate risk when underwriting loans (VA, Agriculture, etc.), promoting new energy-efficient housing and updating guidelines for grants.
A woman’s credit score dropped 100 points after she opened a Home Depot charge to purchase a $9 can of paint. She made a TikTok video to warn other buyers.
A proposed rule will ban evictions without giving tenants 30-days’ notice and providing info on federal emergency assistance available to them.
Systemic racism is hard to define, but a study found that many educated Black and Hispanic buyers have trouble buying a home because they owe larger student loans.
Florida Realtors economist: NAR’s latest Florida Realtors Member Profile looks beyond 2020 home sales and prices, providing a closer look at the Realtors who made it happen. It provides details such as the state’s Realtor demographics, businesses and community commitment.
Fannie Mae’s index dropped 1.2 points in Sept. More consumers (66%) thought it was a bad time to buy a home while only 28% believed it was a good time to buy.
To be successful, treat it like a business. Keep a cushion of several months’ expenses to carry the property’s costs in case of any issues like a non-paying tenant.
Such a solution is needed to “maintain stability and faith in the American economy,” said NAR Pres. Charlie Oppler, following a meeting at the White House.
A real estate leader and role model who knew how to “light up a room,” the former Florida Realtors president and NAR president died Aug. 4, shy of his 92nd birthday.
RealtyTrac: 48% of individual RE investors see the investment market as worse than a year ago; and 57% of investors cite lack of available inventory as a top concern.
Think millennials don’t care about homeownership or just want to live in the city? Those are myths. The majority of millennials buy homes in the suburbs for instance.
Mortgage rates remain historically low. However, industry observers say borrowers should not misinterpret the surge last week as being the last one in 2021.
First, plan how to best show the listing’s standout features, then write a script that matches the video images. Keep in mind equipment needs, too.
Emergency management professionals advise you to check your insurance, call your insurance company and find out what’s covered under your policy. And if your home is flooded, hire a mitigation firm to vacuum out water as soon as possible.
Emergency management professionals advise you to check your insurance, call your insurance company and find out what’s covered under your policy. And if your home is flooded, hire a mitigation firm to vacuum out water as soon as possible.
Fed Reserve of Atlanta: The median U.S. household currently would need 32.1% of its income to cover the mortgage on a median-priced home, the highest since 2008.
NAHB: Since COVID-19, more Americans want bigger homes: The share of single-family homes started with 4 or more bedrooms rose from 42.6% in 2019 to 45.2% in 2020.
Entertaining real estate memes can attract social media users like millennials, who may look at 20 to 30 memes daily, which could lead to a 60% increase in engagement.
Homeowners with a mortgage gained an average $51,500 in home equity in the second quarter – a 29.3% year-to-year increase. It’s the biggest jump since 2Q 2010.
A listing description’s first sentence should answer readers’ top question: “Why should I keep reading?” Most of the time it will note the home’s most desired feature.
When calculating affordability, low mortgage rates have offset rising home prices so far, but 75% of U.S. counties are now less affordable than their historical average.
A possible government shutdown – and potential speedbump for closings – was postponed until at least Dec. 3 after Congress voted to approve a short-term extension.
17% of buyers who couldn’t qualify for a mortgage should have better luck now that Fannie Mae includes rent history in its lending decisions. Lenders consider a history of on-time rent payments a strong predictor for whether borrowers will make regular mortgage payments.
Texas single-family landlords refused an applicant who wanted to create a group home for people with mental disabilities. HUD says that’s a fair housing violation.
Nationwide credit scores fall about 20 points in the months following a home purchase, but they bounce back fully in less than one year. In four Fla. cities included in a LendingTree study, the full credit-score rebound ranged from 332 days in Miami to 387 in Jacksonville.
Help generally comes in the form of support and listening, but the right balance can be challenging. Also: What should you do if a co-worker is being sexual harassed?
“Sharing data helps all of us,” said a speaker at NAR’s recent C5 Summit. But many commercial brokers avoid technology and keep info “close to the vest.”
MIT Study: Older Americans living in areas with shorter life expectancy (bottom 10%) live 1.1 years longer if they move to a peak area (top 10%) for life expectancy.
After weeks of little movement in the 2.88% range, the average 30-year, fixed-rate mortgage rose to 3.01% this week. Economist cites “many factors” pushing the increase.
When creating a list of must-haves and would-likes, three out of four homebuyers include some consideration of disaster risk, according to a realtor.com study.
NAR Economist Yun credited “rising inventory and moderating price conditions” for bringing more buyers back to the market. A separate realtor.com survey found three Fla. metro areas to be “hottest markets,” including the areas around Orlando, Tampa and Jacksonville.
Facebook posts should be relaxed and accessible, but a handful of tools can make consistent posts easier to schedule and more appealing to readers.
What future risk does a changing climate present for a property? So far, lenders seem unprepared to even gauge that risk, much less mitigate a potential impact.
No two shutdowns are the same, but the IRS would likely stop verifying homebuyers’ Social Security numbers and income. That created backlogs in earlier shutdowns.
Starting Fri., the U.S. Postal Service will “implement new service standards for First Class Mail and Periodicals,” spokeswoman Kim Frum said in an email to USA TODAY.
Buyers who want to make their offer more appealing sometimes consider changes to the contract’s “Loan Approval Period.” Of the possible changes they can choose to make their offer more appealing, this one may carry the highest risk.
It’s important for buyers and sellers to fully read a contract and ask about any words that confuse them. In the Far/Bar AS IS contract, “deem” appears 10 times and “waive” 12 times, but some Florida Realtors Legal Hotline callers seemed confused about their definitions.
Listing brokers determine cooperating compensation, either an amount or percentage. However, the issue has been a frequent topic of discussion in today’s market of thin listings and high buyer demand.
A seller gave explicit instructions to the listing office: No showings unless the buyer supplies proof of funds first. But the buyer’s agent doesn’t want to disclose that kind of personal info just to see a home. Does he have to do it anyway?
Consumer sentiment dropped for the second month in a row, though attitudes about personal situations rose – both current outlooks and expectations for next year.
National consumer confidence fell for the third month in a row. Economist Lynn Franco says the delta variant spread dampened optimism, but inflation fears eased a bit.
Of the top 10, three are in Fla. NAR says it analyzed 390 commercial real estate markets and found a “robust recovery with positive net absorption and strengthening rents across the multifamily, industrial and retail property markets.” However, the office sector continues to struggle.
Citizens, the state-owned property insurer, is expected to have 1M policies by 2022. It’s looking at new tactics that could force covered owners to get private coverage.
It means a neighborhood is changing from low-income to trendy. It’s good for early buyers, but it’s bad for lower-income owners who can no longer afford to live there.
Homeowners have read bidding-war stories and heard about homes selling for thousands of dollars more than asking price. Now they’re becoming sellers and think they can overprice their property, but the market is seeing more price reductions – 9.4% in Aug., says Zillow, up from 8.6% in July.
If Republicans and Democrats fail to reach agreement by Sept. 30, some services – such as NFIP, IRS and more – could slowly shut down, possibly delaying transactions.
Couples may happily disagree in life, but when they have to share a home the differences can come to the forefront. The top reason for a fight? A home’s price.
U.S. Commerce: Sales of new homes last month were up 1.5%, reaching a seasonally adjusted annual rate of 740,000 – more than economists expected.
Called Argus, the risk management platform’s artificial intelligence capabilities should reduce HUD’s time spent manually monitoring program grantees by over 75%.
NAR’s Technology Board made recommendations that will go into effect if approved by a Multiple Listing Service committee and NAR’s board. Among them: Participants can’t represent that their services are free, and listing ads can’t be sorted or filtered based on the level of compensation a cooperating broker offers.
A Faberge egg on the mantle? The location of a home safe? Agents should take steps to protect their sellers’ privacy and safety when they create 3-D listing tours.
A syndicator combines money from multiple investors for a single project. Due diligence requires consideration of at least nine things – but trust tops the list.
A Freddie Mac study of 12M appraisals found that 13% of homes in Black neighborhoods were below contract price; in white tracts, it was 7.4%; in Latino it was 9.4%.
Citizens Property Insurance expects to exceed more than 1M policies sometime in 2022 – and private insurers will rack up more than 1B in losses by the end of this year.
NFIP’s Risk Rating 2.0 becomes effective on Oct. 1. Register for Florida Realtors webinar (Tue., Sept. 28) to learn the changes and best practices.
Energage sends workplace culture surveys to companies on behalf of the Orlando Sentinel, and the state Realtor association was named one of the area’s best places to work.
Florida Realtors’ data: More new listings and higher median prices – up 18% for single-family homes to $354,000; up 16.1% to $252,500 for condos – than a year ago. Single-family home sales rose just 0.2%, but condo sales were up 13.1%. Chief Economist O’Connor: Condo-townhouse market “remains the hotter market for now.”
The Biden administration doesn’t plan to stop FEMA’s “Risk Rating 2.0” from going into effect, leaving Congressional leaders to decide. NAR backs the new structure that charges by individual home rather than flood zone, but it’s facing opposition from other real estate groups.
Travelers must be fully vaccinated and have a recent negative COVID-19 test if flying to the U.S., but the change could allow more buyers to physically tour homes.
The Federal Reserve used its tools to tamp down interest rates in order to help a pandemic-harmed economy – but they’re expected to ease that support later this year.
How much will lumber cost in six months? When builders don’t know how much supplies will cost upon arrival, they grow skittish about quoting prices and gauging demand.
About 850K homeowners may have their mortgages exit forbearance between Aug.-Oct. this year – a potential for tens of thousands more homes on the market.
Experts predict that many more millennials, who already comprise the majority of the home-buying population, will become homebuyers in the coming years.
Survey: The majority of those firms also typically had 3 full-time RE licensees. Nearly 9 out of 10 firms, or 86%, were independent and non-franchised.
Realtor.com: About 44% of homeowners say they didn’t realize other costs, such as home inspection, document fees, property taxes, home insurance and title fees.
Aug. report: Rental prices hit double-digit growth for the first time in two years and grew three times faster than in March 2020, prior to the pandemic. Over half of the 50 largest metros reported rents with double-digit gains over last year, including Tampa, Miami and Orlando.
Freddie Mac: It’s down from 2.88% last week and close to the 2.87% the 30-year FRM was at this time last year. The 15-year FRM now stands at 2.11%.
NAR report: 60% of millennials who aren’t homeowners say student loan debt is delaying their ability to buy a home; 51% of all student loan holders say the same. And 36% of student loan debt holders say student loan debt delayed their decision to move out of a family member’s home.
Survey: Second homes account for 5.4M U.S. housing units. Miami ranks in the top 5 most popular big cities for second homes; Miami Beach is No. 1 for small cities.
Between now and Oct. 17, most markets across the country will have more homes for sale, lower prices and less buyer competition, according to Realtor.com data.
Experts say Ida will drive up rates for reinsurance, which is what insurance firms must buy to guarantee they can pay all claims after a disaster. That’s the pipeline that Hurricane Ida’s higher costs will travel to be passed on to Fla. insurance policyholders.
Lending Tree: 88% of 2,500 consumers polled said they’d rather own a home than rent; but 48% of renters fear they’ll never be able to buy.
NAR: Over 50% of real estate clients are interested in sustainability; one-third of agents helped a client buy or sell a property with green features this past year.
NAR ranked five Gulf and Atlantic coastal cities in Fla. as strongest in the U.S. based on all commercial market segments and a range of indicators.
Last month, one in three S. Fla. homes listed for sale on realtor.com was considered small – between 750 and 1,750 square feet – for a 9.1% year-to-year increase.
Move-up buyers have unique challenges, and more may be landing with iBuyers because they can fairly easily buy one home and sell another home on the same day.
The IRS has gotten a record level of phishing complaints about stimulus payment offers sent via enticing and believable fake emails – the hallmark of an effective scam.
Foreclosure listings will likely only come from owners in trouble before the pandemic because the amount of equity owners can access has risen 40% year-to-year. Of U.S. homeowners in forbearance, 98% have at least 10% home equity; during the Great Recession it was only 40%.
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.
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.
Florida Realtors: A new effort will offer homeownership opportunities for frontline workers and take the place of the Housing Funds for Housing ballot campaign.
Businesses can’t ignore TikTok’s rapid growth and the popularity of its 60-second videos. For agents, it’s a new way to court potential clients.
In eight S. Fla. apartment complexes, the unvaccinated need not apply – or try to renew their lease. But the rule might conflict with Fla.’s vaccine passport ban.
Frustrated homebuyers remember the last housing crisis and think it’s going to happen again as prices keep going higher and higher – but they’ll likely be disappointed.
A condo owner helped remove debris following 9/11 and needs to leave shoes outside due to a respiratory condition. HUD alleges the condo board turned down his request.
Survey: More people (60%, up from 53%) will to drive farther to work and shopping if it comes with a larger house and more distance from their neighbors.
Realtors, through RRF, help restore communities after natural disasters, such as hurricanes and wildfires. RRF celebrates 20 years this Fri. with a special livestream event.
A study found investors help local buyers by selling property if rents stagnate and home prices rise – but hurt homebuyers if rents are rising and home prices are not.
Florida Realtors and the Florida Bar work together to keep FR/Bar contracts current and useful, and the latest update has just received final approval from both groups. Members will have time to study the changes before it replaces current forms on Nov. 1. The AS IS contract, Residential contract and seven Riders were updated, and…
The newly named company says it will focus on older housing stock and use AI-powered analytics to help real estate investors make decisions.
The pictures and virtual tours aren’t all that great in many listings – but that’s a benefit for those agents who take extra time to make sure their listing visuals “pop.”
Buyers who put less than 20% down often need private-mortgage insurance – but with a 20% year-to-year uptick in home values, many owners may be able to cancel it now.
38% of homeowner households and 66% of renter households have difficulty paying for usual household expenses, including food, according to NAR’s study. “Housing affordability and food sufficiency are inseparable to families’ balance sheets,” says NAR VP Jessica Lautz.
Of that money, almost $1.5M goes to four groups under HUD’s Private Enforcement Initiative to investigate and litigate complaints filed under the Fair Housing Act.
NAR’s awards highlight Realtors across the U.S. who have dedicated their time, money and passion to helping others – and one 2021 finalist hails from Fla.
Rates continue to average less than 3% as signs show the economy – at least so far – appears to be outpacing the delta variant of COVID.
NAR President Oppler says Realtors have “long advocated for many of the policies,” though the promise of 100K homes “is just a small fraction” of the 6 million needed.
Realtor.com got 18K more new listings in Aug. 2021 than it did in Aug. 2020 – and more were affordable, entry-level homes. Realtor.com’s economist says it’s still a seller’s market, but a well-priced home might get 3 bids now compared to the 10 it would have received in 2020.
U.S. financial markets keep some New Yorkers in New York, and developers think a southern hub might give fence-sitting investors another reason to relocate.
Americans felt less confident in Aug. When the pandemic resurged, the confidence index fell to its lowest level since Feb – but it’s too soon to draw long-term conclusions.
A cross section of federal agencies tinkered with policies in an effort to boost affordable housing and the middle class, according to the White House. For example, homesteading buyers will have more exclusive time (30 days) to buy foreclosed homes under FHFA.
A thousand things need doing after a hurricane or other natural disaster, but it’s hard to remember all of them. Deal with immediate needs first, then financial issues.
Americans felt less confident in Aug. When the pandemic resurged, the confidence index fell to its lowest level since Feb – but it’s too soon to draw long-term conclusions.
In today’s hot market, buyers want to make their offer more appealing, and some consider the addition of “appraisal gap” language. But that can create unexpected problems – and it’s not one of the core elements included in Florida Realtors’ contracts.
I thought MLS offers of compensation were unilateral and unconditional, but I’m seeing more conditions, such as full compensation only for full-price offers submitted within a set number of days. What does “unconditional” mean?
UF: The Aug. index gauging Floridians’ attitudes fell 4.7 points, thanks in part to COVID-19. Still, it’s less than half the 10.9-point drop in a similar national study.
The Board of Directors met on the last day of the convention and confirmed Florida Realtors’ 2022 officers. Christina Pappas is 2022 president and Mike McGraw president-elect, with Gia Arvin confirmed as vice president, Tim Weisheyer as treasurer and Chuck Bonfiglio Jr. as secretary.
Americans felt less confident in Aug. when the pandemic resurged, and the confidence index fell to its lowest level since Feb. But it’s too soon to draw conclusions.
While housing price gains may be starting to slow, Case-Shiller’s June report found a year-to-year increase of almost 20%. One Case-Shiller analyst called the past few months “extraordinary not only in the level of price gains but in the consistency of gains across the country.”
The technology to visit, bid and close on homes existed pre-pandemic, and iBuyers now rely on it for more acquisitions – but it’s unclear how successful they’ll be.
Neat Loans says COVID-19 created a new health risk for borrowers, and the credit is one way to lessen the chance that one of its loans will go into foreclosure.
Many renters didn’t take eviction seriously in the shadow of eviction-ban extensions. Some experts now expect a deluge, while others think it will be more of a trickle.
Many millennials saved a partial down payment and could visualize being a homeowner until rising rents and surging home prices kicked the ball farther away.
HUD, the Treasury and the U.S. Attorney General sent a letter to local and state governments, asking them to work with the courts and even consider a local eviction ban.
Larger condo units pay higher dues each month, but the board’s records show that one unit is bigger than it really is. How can the unit owner correct it?
Year-to-year contract signings declined 8.5%. NAR Chief Economist Lawrence Yun says the market may be cooling a bit, but there’s still not enough supply to match demand – yet “inventory is slowly increasing” and buyers should “see more options in the coming months.”
The all-time high cost of $1,700 for a thousand board feet has dropped to $500, but steel products are up 10.8% and gypsum (for drywall) is up almost 16% this year.
Neat Loans says COVID-19 created a new health risk for borrowers, and the credit is one way to lessen the chance that one of its loans will go into foreclosure.
The overheated market may be slowly cooling. Even if July numbers just reflect the usual summer slowdown, it could mean traditional patterns are starting to return.
An investigation found lenders still strongly favor white borrowers, but it raised a new question: What if a lender isn’t biased but its data, notably credit scores, is?
In late June, the U.S. Supreme Court ruled that the CDC overstepped its authority in issuing an eviction moratorium, and it reiterated that opinion yesterday, ending the current ban. Justices didn’t disagree with the ban’s intent but said Congress “failed to act in the several weeks leading up to the moratorium’s expiration.”
Barry Grooms, 2020 president, is the 2021 Realtor of the Year. All award winners were recognized Thurs. at the annual convention’s in-person Awards Luncheon.
Mortgage rates have changed little in the past few weeks – not enough to signal any kind of alarming trend. Last week, the 30-year FRM averages 2.86%
Two months after the Champlain Towers tragedy, a Boca Raton created new rules, with first inspections now due after 30 years. About 242 buildings are impacted.
Some private companies and even iBuyers have programs that allow buyers who need a mortgage to present offers that appear to be all-cash, a category that many analysts largely assume belongs to investors, second-home buyers and some retirees.
Central Fla.’s The Villages is the nation’s fastest growing metro, and a possible look at the nation’s future if more relocating Southern retirees wield their influence.
Also: A group of residents created a community social media page using the name and logo, but this unofficial site can have questionable content. Can anything be done?
The $46.5B program to help tenants pay back rent to their landlords is struggling, so the U.S. Treasury said Wed. that it eased application requirements to speed up the process. For example, it will now allow tenants to “self-assess their income and risk of becoming homeless.”
A New York apartment offering a 10-minute commute to work is now $74K less expensive than it was in 2019. But in some smaller cities, it’s more expensive.
State Realtor associations told judges the ban exceeds the CDC’s authority. The CDC said the delta variant makes this moratorium even more important than the last one.
How do you grab attention on social media – enough to entice viewers to stop and read your content? There are apps for that.
A Broward task force will likely ask the state to boost inspections and change funding of reserves. But any new rules will face regulatory and political hurdles.
Thanks to new technology, Fannie Mae lenders can check prospective borrowers’ bank statements (with permission) to verify rent-payment history starting Sept. 18. Freddie Mac plans to follow suit soon. Advocates say rent history is a better gauge of reliability than FICO scores.
Florida Realtors’ data: Median prices for single-family existing homes rose 20.3% year-over-year to $355,000; up 20.5% to $253,000 for condos/townhomes. Chief Economist O’Connor says July data shows signs Fla.’s housing market is heading on a steady path toward normalcy.
Moving “brokers” may entice relocators with low-ball estimates and promise to “handle all the details,” then subcontract the actual move to dicey third-party vendors.
A “fresh start” pushes many singles to upend their life and seek a new one. Still, almost half of relocating love-losers pick a destination for its job opportunities.
In parts of Southwest Fla., vacant residential lots are commanding record-high prices. With a shortage of homes for sale, more buyers are choosing to purchase land so they can build what they want, resulting in some eye-popping listing and sales prices.
The chair says the U.S. economy has been permanently changed by the pandemic, and the central bank must understand and adapt to those changes before making decisions.
A developer usually has the right to annex additional land to its community, with few limitations under governing docs – but check documents closely anyway.
Many smaller landlords are losing sleep, doing their own repairs, and some are even selling property, which could further dent the U.S.’s supply of affordable housing.
Red flags could include a customer’s unrealistic expectations, time-consuming and excessive demands, disrespect or even lack of proper communication.
Without more homes listed for sale, mortgage money demand has evened out, leading to little week-to-week change. Last week, the 30-year FRM averaged 2.87%.
NAR’s Clear Cooperation policy placed limits on pocket listings, leading a members-only “top agents” network for non-MLS listings to file a lawsuit. The ruling questioned some aspects of Clear Cooperation, but the judge said antitrust does not give TAN a right to “hoard listings among themselves.”
The proposed goals expand the number of Fannie and Freddie loans that would go to low- and moderate-income families, minorities, rural areas and underserved populations.
When is the lowest-cost insurer not the lowest-cost insurer? When another company actually charges less because you bundled or installed security or did something else.
Lumber costs – down 30% in July but 72% higher than in Jan. – suggest prices are going down. But they aren’t. Year-to-year steel costs are up 109% and gypsum is up 16%.
Members of House and Senate antitrust subcommittees asked the Federal Trade Commission to see if Zillow’s acquisition of ShowingTime could violate U.S. antitrust laws.
Strong housing demand will keep pushing builders to build, and the number of new permits issued – a sign of future activity – rose 2.6%. But high material costs, fewer workers and land limitations hold back growth. July home starts rose only in the South, the area that includes Fla.
Some worry that it waters down approvals and could lead to a future foreclosure crisis. Others say it will help the 17% of buyers who were already just shy of approval.
Homebuilder confidence hit its lowest level since July 2020. While labor shortages and supply challenges played a role, buyer “sticker shock” is the new concern.
The real estate ad site says it built “Realtor.com for Everyone” to provide fair housing information and “demonstrate our commitment … to housing equality.”
The Low Income Housing Coalition created ERASE to help “the most marginalized renters” apply for federal rental-reimbursement funds. So far, state and local agencies haven’t disbursed much of the total $47B authorized by Congress under two pandemic-relief bills.
The pandemic changed the way America operates and, as a result, the way commercial real estate functions. The industry seems to be thriving now – but with caveats.
Restrictions are returning to condos – largely mandatory masks in common areas – as COVID-19 cases rise. And in condo complexes, residents agreed to follow the rules.
Nationally, 43% of U.S. residents are people of color (up from 2010’s 34%) and 57% are white (down from 63%.) In Fla., Hispanics make up over 50% of the population in three counties, and between 25% and 49.9% in an additional 10 counties, all between Lake County and Miami-Dade.
People can’t follow rules they don’t know about, and speed limit signs are a relatively painless first step – but some communities do even more to cut down on speeding.
In some areas, landlords faced with multiple rental applications are seeing some offer more rent or a higher deposit in hopes of upping the chance they’ll get the unit.
HUD and FHFA (Fannie Mae, Freddie Mac) signed a memorandum of understanding (MOU) to work together. The change allows HUD to more aggressively check for Fair Housing Act violations by giving it easier access to deals funded with conventional mortgage loans.
A judge that ruled against an earlier eviction ban version said an appellate ruling keeps her from doing so this time. An appeal is likely, possibly to the Supreme Court.
D.R. Horton CEO Auld calls it “foreign to us,” but his company is turning away qualified buyers due to construction supply shortages and a thin labor force.
Florida Realtors’ data: Sales, new listings and median prices are up (24.3% for single-family homes, 20.8% for condos) from a year ago. Chief Economist O’Connor: Mortgage rates, while low, are no longer falling, which will gradually reduce competition until price growth falls back to a more normal pace.
Year-to-year, the median sale price of an existing U.S. home rose 22.9% in the second quarter – to $357,900. Prices were up in 99% of markets and up double-digits in 94%.
Gulfstream Property & Casualty Insurance went into liquidation on July 28, saddling the state with an estimated $60-$65 million in unpaid claims and premium refunds.
Some frustrated and discouraged buyers dropped out of the market, but many may jump back in as inventory grows, properties linger on the market and bidding wars ease.
FEMA’s three “funding opportunities” give money to state and local governments that apply. The “pre-disaster funding” generally goes to disaster mitigation efforts.
The 14.4M Americans suffering from identity theft usually discover it happened when they apply for credit, including first-time buyers trying to secure a mortgage.
At the Fla. Real Estate Commission’s July 22 meeting, commissioners discussed some possible changes to 61J-10.025 and plan to follow-up at a meeting on Sept. 22.
Renters with thin credit histories may still qualify for a home loan under a Fannie Mae program that allows lenders to consider consistent, on-time rental payments when making lending decisions. Neither buyers nor lenders pay extra to use the new tool.
Inflation in airline fares, car production and lumber prices should flatten soon. Inflation’s highest long-term risk comes from escalating home prices and rental rates.
3D builders see Fla. as a prime market, and a home is currently under construction in Tallahassee. But the state’s building code doesn’t include 3D techniques yet.
The judge who first ruled against CDC eviction bans said the latest order is “almost identical” to earlier bans ruled unconstitutional by the U.S. Supreme Court.
These markets aren’t new, but there’s increased demand and a change in buyer preferences. As a result, investor competition for space is “fierce and getting fiercer.”
You can’t put a price on personal safety – but if you could, it would be free for Florida Realtors’ members. SafeShowings, a phone app and member benefit, discourages problems because it logs client photos and automatically calls for help if you don’t respond within 45 minutes.
What updates will make buyers swoon and perhaps offer more money? What updates waste money because buyers don’t really care? Sellers view Realtors as the experts.
CoreLogic: Where did pandemic-burdened Americans move? Many to Fla. The data firm found 7 Fla. metros at the top – 3 on the Atlantic, 3 on the Gulf and 1 in the middle.
There’s a lot of anger and confusion over the latest eviction ban. Judges don’t know whether the latest moratorium from the CDC is legal while it faces challenges in federal court. Until there’s a ruling, each judge will apply his or her own reasoning when deciding eviction cases.
Realtors, their families and association employees can use the discount for themselves or their clients through NAR’s newest partner, 1-800-GOT-JUNK?
Historically, first-time buyers got a 1,400-square foot starter home and traded up later. But builders offered 418K of those yearly in the 1970s – only 55K in the 2010s.
Seattle-based Redfin has made vaccines mandatory for all personnel as it reopens offices, though non-vaccinated workers will continue to have a work-from-home option.
The mortgage giant says “CHOICEReno eXPress” helps buyers and owners reduce costs compared to using credit cards or unsecured financing for small-scale projects.
Moody’s Analytics REIS: The national average effective rent, a key industry measure, rose 0.6% in 2Q 2021, lifting the average U.S. effective rent to $1,394.79.
Some parents home-schooled their kids even before the pandemic. But after the recent lockdowns, more buyers with kids see it as a golden amenity.
NOAA: 7-10 hurricanes will still form out of 15-21 named storms (includes tropical storms). If true, 2021 will be a record sixth straight year of above-normal activity.
The pandemic’s border closures and lockdowns dinged the international buyer market over the past year, but signs point to a resurgence among new buyers and those who postponed a purchase. Economists say today’s buyers should expect to face even more competition.
What threat do heat, flood, drought and fire pose to a house as the earth warms? Redfin says it’s adding ClimateCheck, scaled 1-100, to each listing on its website.
The Supreme Court agreed the original eviction ban was unconstitutional in a suit filed by two Realtor associations. On Wed., they asked a District Court to rule against the latest ban, even as a push is on to get more money to landlords. In Fla., only 2% of $870M the state received so far has…
It depends, but you don’t need to be ‘rich’ to invest in real estate. You just need to be smart with your money and willing to invest it in an appreciating asset.
Think of Google My Business as your resume. You provide info to Google – emphasizing unique elements – and Google shows your business to more web surfers.
$10 billion worth of federal aid can be used by homeowners with all types of mortgages, including mobile home loans and even seniors with reverse mortgages.
A $2K home repair in 2019 might cost $4K today, as homeowners struggle to find money-saving alternatives. Supply prices should eventually go down – but not right away.
Listing agents prioritize descriptions that appeal to the most sellers, and a new analysis found bathrooms (privacy), garages and big closets (space) top today’s lists.
Fla. doesn’t have a boilerplate construction contract, and HOAs can assume that a contract written by the outside contractor likely favors the firm over the HOA.
The 2021 Technology Survey listed drones (37%) and cybersecurity (34%) as top trends, with 5G connections (31%) and virtual reality (30%) close behind. Top current tech tools include eSignature (78%), MLS apps (54%), social media (53%), lockboxes (48%) and video conferencing (39%).
At least one large brokerage has joined other big groups, such as Disney and the federal government, in making COVID vaccines a requirement for employment.
The Biden Administration announced a 60-day eviction ban extension. The new order is more limited than the old ban – it covers COVID hot spots only – but that still includes an estimated 90% of U.S. renters and seemingly all of Fla., which has seen rising numbers of cases in the past few weeks.
The eviction ban ended last weekend, but S. Fla. courts saw less movement on Monday than they expected. Lawyers think some landlords might be holding off to make sure there isn’t another extension, and federal stimulus payments and rent aid have helped some at-risk families.
In 2Q 2021, home sellers’ average profit was up over the previous two quarters, but the profit margin (return on investment compared to original purchase) dropped a bit.
Security cameras are cheap, easy to install and almost everywhere. The top reason sellers monitor home shoppers? To find out what they don’t like about their house.
Overall, the iBuyer segment has returned to its pre-pandemic levels. However, the instant home-sale numbers are still less than 2% even in Fla.’s biggest iBuyer markets.
A new, fast-moving variant jolted the steady pandemic recovery, leading some business leaders to rethink their timelines for workers’ return to the office.
Insurance reform president say insurers aren’t worried about old roofs leaking – they think they’re most likely to be targeted by shady contractors drumming up business.
While sellers’ ultimate goal might be presenting a home that looks like new, a study found that even small improvements can translate into higher resale values.
Few ideal homes, rising prices and lost bidding wars add up. Buyers aren’t going away, but many are deciding to hold off purchasing for maybe six months or a year.
Most experts agree that there’s a “foreclosure threat,” but it’s uncharted territory – any uptick in foreclosure listings is hard to predict. With prices rising, lenders are under less pressure to list homes for sale. And even if they’re ready now, homes likely won’t be listed until at least Sept.
It appears the pandemic is over, at least for commercial real estate. But the rebound isn’t even, with city-to-city and commercial segment-to-segment differences.
NAR is ready to oppose any “unreasonable effort by Congress to extend the (eviction) ban without assistance for small housing providers,” says Chief Advocacy Officer McGahn.
Realtor.com: Prices and demand for homes in the suburbs continue to rise; homes sold below asking price tend to be in larger cities or suburbs just outside city limits.
Part 1 of a 3-part series: Buyer’s offers. In today’s competitive market, buyers scramble to make their offer the most appealing one in the seller’s pile. But sometimes they may agree to concessions that do them more harm than good.
An associate filed an ethics complaint and feels certain she did so within 180 days. However, over a year has passed since filing, and the hearing is just now coming up. Something must be wrong – right?
The ban’s end allows tenants to once again be evicted. However, rules must be followed to legally complete the task. For example, a property manager must have written permission from the landlord to do so.
The Federal Reserve didn’t change interest rates, largely downplayed inflation fears, and said each successive wave of pandemic resurgence has had less economic impact.
Boating’s appeal skyrocketed during pandemic-era social distancing, and the water-lovers who pushed boat sales 12% higher now need a place to park it.
Small businesses that borrowed $150K or less can soon apply for loan forgiveness directly through the Small Business Administration rather than their lender.
The number of homes that went under contract “has seesawed since Jan.,” says NAR Chief Economist Lawrence Yun, but higher home prices have taken a toll. In areas where housing is more affordable, local pending sales rose because buyer demand remains strong.
Single-family investing is a profitable niche. Big companies continue to expand their inventory, but it’s unclear how much they can grow before there’s a public backlash.
It isn’t hard to find buyers right now, but sellers need you to fill out contracts, negotiate multiple-bid offers and screen buyers to verify that they’re qualified.
NAR and the Good Neighbor Society named the five volunteers who will receive seed money and mentoring – a list that includes Realtors from Seminole and Jacksonville.
While OurFlorida.com is the state’s go-to website for past-due rental assistance, some local programs also offer help, and CFPB compiled that info on a single webpage.
A common misconception: 1031 exchanges are a tax loophole. A study on 1.6 million properties concluded that 80% of 1031s were ultimately sold via a taxable sale rather than a subsequent exchange. And a 1031 repeal would shrink U.S. GDP by $9.3M.
While it may be a random event, the owner owes a “duty of care” – he’s supposed to make sure there are no dangerous conditions that could injure someone on his property.
The ban ends July 31, and over 1.5M homeowners remain delinquent on their mortgage. But the Consumer Financial Protection Bureau offers info about possible relief options.
NAR: It’s the lowest level in a decade. Foreign buyers purchased 107K properties, down 31% from the prior year, as the COVID-19 pandemic led to a strong global economic slowdown. For the 13th straight year, Fla. remained the top destination for foreign buyers, with 21% of all international purchases.
ShowingTime: Those 5 days are “hyperactive with double-digit showings and offers submitted quickly”– 64 markets averaged double-digit showings per listing during June.
NAR says it faces “steep resistance” but will keep advocating for a Realtor exemption to proposals: “Congress must recognize real estate’s unique place in the economy.”
Cloudstar, a cloud service used by many title companies, shut down after a ransomware attack last week. As a result, some brokers now can’t register transactions or closings. “We are still very much in the containment and remediation phase,” the company says.
Pandemic numbers are rising again. That’s shaken investors and pushed 30-year mortgage rates lower again this week, though adjustable rates moved a little higher.
Nationally, cash buyers made up about 1/3 of all 2021 home sales so far, but that percentage rises to 52.6% in West Palm Beach – the top metro for cash sales in the U.S.
Florida Realtors’ data: More closed sales, more new listings and higher median prices (up 24.5% for single-family homes, 22.4% for condos) than a year ago. Chief Economist O’Connor: The ratio of buyers to sellers may be easing; as a result, home price growth could begin to cool down in the future.
On July 22, 2021, Florida Realtors released a new addendum for use with Florida Realtors contracts, the Escalation Addendum to Contract, available through Form Simplicity and other licensed vendors. FAQs and how-to-complete info is available on the association’s website.
Not only “smart buildings” face danger since most systems – HVAC, security access, etc. – now connect to the internet. In one case, a parking system sent a bomb threat.
In light of the building disaster in Surfside, a Fla. Bar-affiliated group is analyzing the possible need to change state standards regarding engineer inspections.
Another major Fla. newspaper backed the goal of Florida Realtors’ amendment petition drive to keep “Housing Funds for Housing.” Editors said it’s “nonsensical” to remove “hundreds of millions in designated housing money during an unprecedented affordable housing crisis.”
In May, the year-to-year median home price was up almost 24%. The inventory shortage played a role, says NAR’s Yun, but affordability is squeezing some buyers out too.
Mortgage bankers say that many homeowners are coming out of forbearance, with only 7.4%, so far, either selling the home, doing a refi or otherwise paying off the mortgage. 1 in 4 (23.2%) never stopped making monthly payments; another 1 in 4 (28%) ended up having their loans deferred.
The stock market plunged as biz leaders worried about the Delta variant and any possible impact on closures, federal bans and even a renewed hesitancy among home sellers.
In S. Fla., two Calif. men pleaded guilty for their role in a $1.3 billion real estate fraud scheme that stole money from thousands of investors across the U.S.
Realtor.com rental listing costs were up 8.1% year-to-year in June, and two Fla. metros ranked in the top 10 for increases: Tampa-St. Pete, up 21.2% and Jacksonville, up 14.4%. Overall, two-bedroom units saw the largest increase, 10.2%, as demand for a larger living space continues.
Housing providers and tenants financially impacted by the pandemic need to look into the OUR Florida program for potential relief.
Over two days of Congressional testimony, Fed Chair Powell held to his belief that inflation is a temporary concern: Over time, it will fade and perhaps even reverse.
Americans need homes – what can be done? NAR, HUD and others say it took over a decade of underbuilding to get here, and fixing it requires a major national commitment.
A survey of Redfin agents found a slow but steady drop in the percentage of listings engaged in a bidding war. In April, 74.1% of sellers entertained multiple bids; in May it dropped to 72.1%; and in June, it fell to 65%. But Sarasota tops the list of U.S. bidding-war cities at 87%.
Florida Realtors chief economist: More homes are being listed than you think. Despite record-low inventory levels, the reason for current buyer frustrations isn’t so much “not enough sellers listing homes,” as it is strong buyer demand – so strong that listings don’t stay active very long.
It’s too soon to call it a trend, but the pandemic-driven push for vacation homes appears to be slowing as an increasing number of buyers search for year-round homes.
More homeowners have started paying their mortgage: Only 4.9% were behind in April 2021. Early-stage delinquencies dropped to 1%, but serious delinquencies rose to 3.3%.
What happens to credit scores after you get married? They don’t merge, but joint purchases, such as a house, can help or harm one spouse. After a divorce? That’s tricky.
A law passed this year attempts to ease Fla.’s rising property insurance premiums by limiting roofing companies’ abilities to help homeowners get a “free” insurance-paid roof replacement. But a judge issued an injunction and said the Constitution protects roofers’ free speech rights.
To help residents apply for federal past-due rent money, Seminole County opened a computer lab. It offers needed tech equipment and helps with applications.
Florida Realtors economist: In today’s market, prepare buyers to consider paying at least asking price – over half of successful Fla. transactions do. But it’s not a simple question, and the pressure varies by property type and asking price.
Also: A new condo treasurer says that they use paper checks for all expenses, even small ones. Is it OK to get an association debit card to minimize paperwork?
They’re back: Individuals are launching subscription-based newsletters to share their expertise and some companies are substituting them for websites or social media.
Saturday Night Live did a sketch on about non-homebuyers who habitually checking online listings. What’s their attraction to so-called “Zillow porn”?
Some foreclosures were postponed due the pandemic, but for some homeowners, COVID-19 forced them into foreclosure. In either case, a courthouse backlog is likely starting Aug. 1, though most at-risk homes will be listed for sale before any foreclosure can be finalized.
It’s the first statewide ban for letters written by buyers as a tool to coerce sellers into accepting their offer. The problem: It’s easy to violate fair housing laws.
A new law bans roofers from soliciting business, an alleged reason for rising insurance costs. But a roofer claims that it violates constitutional free speech rights.
It’s complicated. A condo dweller could be covered by three separate types of policies. Who pays – and how much – may take time to sort out.
As Fla. mourns the Surfside disaster, state and local lawmakers are asking, “What can we do to prevent other tragedies?” A lot of talk involves stricter inspection rules.
A single S. Fla. mother lost half of her $63K down payment to wire fraud criminals and thought she lost her dream house – one that she worked multiple jobs for many years to afford. But after a TV news story, RE industry pros and strangers stepped in to help.
Since 2017, many people moved to warmer climates. While Las Vegas ranked No. 1, Jacksonville, Tampa and Orlando made up half of the top six destinations.
Multifamily Council: If a hurricane threatens Fla., property managers have extra steps to take, including a focus on resident safety before and after the storm hits.
Only 30% of sellers are OK with a VA or FHA loan because buyers can’t easily forego things like inspections to compete – plus the home appraisals often come in low.
Mortgage bankers say most (77%) homeowners in forbearance already have a payment plan in place – and many who don’t will likely sell rather than go through foreclosure. For most sellers, high home prices will allow them to pay off the mortgage and not even ding their credit scores.
Florida Realtors economist: Need to find an untapped source for new clients? Look past your own turf to the largest source of movers coming from a different county or state. If 10% of your new residents come from Any County, N.Y., spend some marketing dollars in Any County.
The groundwork for today’s inventory shortage was created during the 2008-2009 Great Recession. The pandemic merely made existing problems worse.
Owners dazzled by their home’s equity sometimes keep more than they should in a cash-out refinance – but that can lead to foreclosure if home prices drop even a bit.
The city put a QR Code on the front of every vacant house. Realtors, neighbors and curious onlookers can quickly find out who owns the property via their cellphone.
The line between “a condo owner’s obligation to fix” and “the association must fix” isn’t always clear, especially if a number of people contributed to the problem.
When the Fed moves to slow inflation and moderate the economy, Boston Fed Pres. Eric Rosengren thinks housing should be targeted first to avoid any “boom and bust.”
$250K homes are out there, but finding one largely depends on where a buyer chooses to live. South Floridians have sometimes moved about 80 miles north to find lower housing prices, but each area of the state has a few areas – typically smaller towns – with a few $250K homes.
Also: Can a treasurer, on her own, give cash gifts to outgoing board members? And does a law require owner notification before sending assessment issues to an attorney?
3 Fed banks looked at home refis in the first 9 months of 2020. They found that 6% of Black borrowers switched to a lower rate compared to 12% of white borrowers.
Few online advertiser provide access to more people than Facebook, and they offer a range of ad types. The simplest: Post something on your page and pay to “boost” it.
Transaction reminder: If a hurricane threatens Fla., property insurers won’t issue new policies, so lenders won’t issue new loans. But the rules vary by insurer.
Shaken by the recent disaster in Surfside, many condo owners wonder what they don’t know but should. A Q&A with specialists and attorneys provides some answers.
Ginnie Mae – the funding arm behind FHA and VA loans – created a new “pool type” to secure “modified loans with terms up to 40 years.” It’s essentially the funding groundwork to release a new type of 40-year loan that Ginnie Mae expects to start offering in October.
Some homeowners have no choice, but others can choose Citizens. In many cases, Citizens will save them money – but it comes with important caveats about claims.
Many people look forward to traveling, beaches and fireworks this July 4th – but remind Fla. homeowners to take steps to help make their homes safer over the holiday.
A scam reported out of Pa. specifically targets real estate licensees. The caller says the agent missed jury duty and, unless they pay a fine, may lose their license.
More at-risk homeowners with a loan-to-value ratio less than 80% can now qualify for a lower-interest-rate refinance if Fannie Mae or Freddie Mac own their loan.
If disaster destroys a home, the owner’s “replacement coverage” should cover the cost of rebuilding – but maybe not if current building costs have outpaced policy limits.
ORLANDO, Fla. – Articles in Florida Realtors’ Legal Newsletter in the past addressed the time for acceptance provisions that exist in all the Florida Realtors contracts. However, this article specifically addresses this provision in the context of today’s hot market. Let’s walk through the language regarding the time for acceptance, what it means and the…
RE Q&A: A condo board denied a tenant’s dog that was 30 pounds above their weight limit, but she later got documentation showing it’s an emotional support animal. Can she do that? Also: Condos, HOAs, noise and pickleball.
Fla. property can easily transfer after an owner’s death if they set up a lady bird deed. It’s similar to a trust fund set up for finances but applies to a property asset.
Pending sales rose 8% month-to-month in May and 13.1% year-to-year – the highest May reading (114.7) since 2005. NAR’s economist calls it a surprise following April’s decline and less affordability; but higher wealth and “rising prices evidently provided funds for purchases.”
Using a new credit card could boost credit scores and help move to homeownership, though it would take 10 years to accumulate $6,000 if paying $1,500 per month.
However, the CDC previously said a July 31 extension would be the last, and the court will keep the ban in place for the “orderly distribution of … rental assistance funds.”
During the Great Recession, some owners treated their home like a piggy bank, later finding themselves underwater. Don’t make that mistake again, Fannie’s chair says.
The tight listing inventory has led to an uptick in phone calls asking homeowners if they’re interested in selling – but occasionally U.S. and state do-not-call laws are ignored. The Fla. Dept. of Agriculture says complaints are up 41% this year, and it wants all violations reported.
During the Great Recession, some owners treated their home like a piggy bank, later finding themselves underwater. Don’t make that mistake again, Fannie’s chair says.
The UF gauge of Florida consumer outlooks fell in May but rose 1.5 points to 82.7 in June. Economist expects confidence to “keep recovering slowly in the months ahead.”
The April Case-Shiller home price report found prices rising at their highest pace since 2005, and the forces pushing prices higher offer “little evidence of abating.”
Cities drew from various federal pots to fund hotel rooms for the homeless during the pandemic – but now officials expect thousands will be back on the street.
The Realtors Relief Foundation formed during the aftermath of 9-11. In the past 20 years, it’s helped over 17,000 families and distributed $33M in housing-related aid.
What’s the future for office space? Employees are being called back to the office, but the new office-home balance likely won’t be clear until the end of the summer.
In addition to a foreclosure extension, owners with an FHA home loan now have forbearance extension options and can find help via FHA’s new outreach program.
The consumer bureau’s acting director, Dave Uejio, says the foreclosure-ban end will “drain billions of dollars in wealth from the Black and Hispanic communities.” The rules require lenders to assertively help homeowners stay in their homes and understand their options.
Before contacting a Realtor, homeowners may tell a few people that they’re planning to sell. How can you find these people and talk to them first?
Should doc stamp money collected for housing be spent only on housing? Florida Realtors members think so, and the association throws its full support behind a drive to amend Florida’s constitution. But that petition drive needs almost 1M signatures – including yours.
The nation’s highest-profile builder of affordable housing says rising supply costs and a drop in volunteers has made the program unsustainable, at least for now.
“When it comes to (Florida’s) affordable-housing needs, we need all the help we can get,” editors write. The state’s “housing funds help people who are first responders, our teachers, our paramedics with down-payment assistance,” says Florida Realtors President-Elect Christina Pappas.
An existing Realtor scam asks members to help pay for a sick son’s surgery, but it now appears as if the request for help was sent by your local association.
HUD Secretary Fudge wrote a letter making it clear that ex-prisoners qualify for emergency vouchers – and to avoid “overbroad denial … on the basis of criminal records.”
The CDC extended the federal eviction moratorium for another month, from June 30 to July 31, further frustrating landlords. However, CDC also said it’s likely that this new deadline will be the last one. FHFA also announced that its foreclosure moratorium was extended to July 31.
When a show takes place in a real town, viewers often want to visit and sightsee oft-used spots – so St. Petersburg-Clearwater created their own Amazon TV show.
Is the current inflation rate temporary or long-term? The answer has political overtones, but in testimony before Congress, Fed Chair Powell kept his “temporary” stance.
May new-home sales dropped to the lowest pace in a year, with prices up 18%. Part of the reason: 20% of builders limited sales activity to manage supply chain problems.
Mortgage insurers’ 2021 survey finds 69% say affordable housing is a top concern, and 57% said the low housing supply. This year’s survey also looked specifically at race and found that Black (74%) and Hispanic (65%) respondents included an inability to save for a down payment.
The high court ruled that Federal Housing Finance Agency (FHFA) oversight of Fannie Mae and Freddie Mac violates the U.S. Constitution’s separation of powers.
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.
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?
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.
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.”
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.
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.”
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.
The pandemic boosted consumer demand, but supply chains can’t keep up, causing inflation. But after this temporary condition ends, what’s next? Economists can’t agree.
REIT magazine interviews: Five economists generally agree that commercial real estate is recovering from pandemic shutdowns, though that will vary by sector and geography. Still, there’s a light at the end of the tunnel, and the U.S. will recover faster than the rest of the world.
Airbnb wants to “send a strong message” that helps keep people in homes and won’t accept new short-term rentals if told a tenant was evicted for nonpayment of rent.
A divorce decree that awards the house to one spouse is akin to a set of instructions – and difficult situations can arise if those steps aren’t completed.
If a home in a 100-year flood zone was submerged five years ago, it’s not necessarily safe for 95 years. Each year it has a 1% chance of flooding, regardless of history.
Inflation hasn’t pushed mortgage rates higher because the market believes it’s only temporary, says Freddie Mac chief economist.
Calling the current housing shortage “dire, with a chronic shortage of affordable” homes, NAR suggests steps to take but warns it requires a “major national commitment.”
On the one hand, it shows a home is pet friendly and great for families. It also draws in more homebuyers. On the other hand, it could suggest pet odor problems.
CoreLogic: The cost to rent a single-family home rose 5.31% year-to-year in April, up from 2.4% one year earlier. Detached homes rose 7.9%; attached homes rose 2.2%.
May survey: In Cape Coral, 75% of sellers had a bidding war, as did over 50% of sellers in other big Fla. metros. Only Jacksonville, at 34%, had more non-bidding sales.
Lee County tops NAR’s list of U.S. counties for the highest increase in vacation home sales, with Collier County also making the top 10 list. In 2020, vacation home sales were 5.5% of total existing-home sales; in 2019, they were 5%. Vacation home median prices were up 14.2%.
Several companies say meeting participants can be 3-D holograms of remote workers, a close replication of in-person meetings – but no one-on-ones by the water cooler.
A bubble, by definition, pops and prices plummet. Look at buyer demand. Look at homeowner equity. Prices could stop going up for a bit – but it’s not a bubble.
Doc stamp money in Fla.’s affordable housing trust funds should be used for affordable housing, but the Florida Legislature often “sweeps” it into general revenue. A constitutional amendment proposed by Florida Realtors would change that and secure ongoing support for housing in Fla.
When will interest rates go up? The Federal Reserve might weigh in, but it still says that inflation is a temporary problem caused by supply-chain bottlenecks.
In addition to a wave of new Fla. residents, many buyers find themselves “forced to rent,” many month-to-month, because they haven’t successfully found a home to buy.
626 public housing authorities across the U.S. will soon receive 70,000 emergency housing vouchers to help Americans dealing with homelessness.
The national eviction ban could have a long-term impact on mom-and-pop investors. If the financial hit from non-paying tenants forces them to sell their investment homes, it could boost the size of institutional investors who generally have deeper pockets to weather financial losses.
A condo complex that offers electronic voting systems generally has more participation – but Fla. law includes rules for boards that want to set up an e-voting system.
FHA expanded its loan program to DACA (Deferred Action for Childhood Arrivals) residents, people with refugee or asylum status and citizens of Freely Associated States.
Within the social media world, Pinterest may be best suited for real estate pros. It has over 450M users and is ideal for directing traffic to your website.
The rule suggests it’s not enough for communities to simply avoid blatant discrimination – they should also take affirmative action to further Fair Housing Act goals. The interim rule, effective July 31, reinstates fair housing goals first established in 2015.
The 12 groups – which includes NAR, bankers and landlords – applauded pandemic efforts but said it’s time for the eviction ban to end as scheduled on June 30, 2021.
New-business formation jumped 24% higher in 2020. The pandemic increased the use of digital tools and forced many biz owners to improve their internal systems.
The study looked at net gain – people moving in vs. people moving out – and Fort Myers moved to No. 1 in the first quarter from No. 8 one year earlier.
A good social media manager will not only do time-consuming tasks, such as videos and responding to comments – but better since they’re experts in the field.
The 30-year, fixed-rate mortgage averaged 2.96% this week, down marginally from last week’s 2.99% as it remains in under-3% territory.
Some experts say affordable housing’s future will come from gigantic 3-D printers, and the nation’s best-known house-building charity just built its first one in Arizona.
The annual report compares LGBTQ buyers and sellers to the overall market. It found that LGBTQ buyers buy smaller and older homes, but they plan to move out five years earlier than other buyers. As a group, they tend to identify as male more than female, and be single and unmarried.
A bill that may increase rates for some owners with state-owned Citizens Property Ins. will likely be signed into law. DeSantis says it will “stem some of the problems.”
While renters may falsely claim a pet is an emotional support animal, evidence has emerged showing a big benefit for people actually struggling with chronic mental illness.
Study: Home prices are rising rapidly, but two-thirds of city sellers who moved to a smaller metro traded up without spending more money.
Renters are traditionally told that it makes sense to buy if they’ll live in a home at least three years. But people who bought in 2017 are now sitting on a nest egg.
Buyers care about a home’s flood risk more than they once did, but it doesn’t override the appeal of a beachfront or lakefront view. According to a study, high flood-risk homes sold for a record 13.6% premium in 2021’s first quarter, up from 1Q 2020’s 10.1% and 1Q 2019’s 7.2%.
The question is simple – the answer not so much. CFPB (Consumer Financial Protection Bureau) wants to wait until 2022. A request for rule comments, however, received a range of suggestions. And as a practical matter, can lenders handle thousands of foreclosures all at once?
Many owners would love to get top dollar for their home, but they weigh that perk against the downside – buying another home – and fears outweigh their desire to list.
Summer remodelers and builders face another supply-line caused problem this summer: A paint shortage. Paint firms expect a temporary 6%-40% price increase.
A tech-challenged criminal can now buy software that shuts down any business’ operating system. Imagine the impact – then take concrete steps to keep your data safe.
The real estate market is cyclical, but the next slowdown might take longer than you think. Most experts predict “boiling” well into 2022 or even 2023.
One judge ruled to end the eviction moratorium, but an appeals court refused to make any changes right away. Landlords now want the U.S. Supreme Court to weigh in.
Stressed buyers and renters desperate for a home can make rash decisions – and scammers know that. Escrow wire-fraud scams can destroy a buyer’s dreams only moments before a closing, but Fla. A.G. Moody also focuses on rental, loan-flipping and foreclosure relief scams.
Tiny Newby can advertise her listings by showing off their kitchens, and she does that by actually cooking in them with the videos posted on her Facebook channel.
The association representing private mortgage insurers (PMI) says the average Fla. buyer has a credit score of 739, a $58K annual income and buys a median $310K home. In 2020, 55% of Fla. first-time buyers relied on PMI to make down payments of less than 20%.
As the office market decides how and when employees will return, the employees themselves may pose an unexpected challenge: 39% say they’ll quit if forced back full-time.
Some agents avoid rentals because they pay less than home sales., but, beyond steady income, landlords and renters can become leads when they’re ready to buy.
More owners install solar panels as costs drop, and in Calif., they’re mandatory for new construction. One day, buyers will probably expect every listing to have them.
Listing shortages lead to some disconcerting behavior. Sellers have tremendous leverage in this intense seller’s market, but the Code of Ethics applies during all types of markets. Still, a handful of listing agents take advantage, simply because they think they can get away with it.
Business days, calendar days, holidays? Deposits, inspections, repairs and automatic closing extensions? Contract timelines can still confuse members. Here are some of the top questions posed to Florida Realtors Legal Hotline.
Your exhausted seller received five offers in one day. Four are over asking price, but the last one offers $50,000 less, possibly making it a waste of time for an already exhausted seller. Must you still present it? Perhaps not – but only under very specific conditions.
The owners of multifamily properties who postponed mortgage payments – in exchange for not evicting residents – may be able to extend forbearance until fall.
“Every day, Realtors promote housing opportunities and help people realize their dreams of homeownership,” says 2021 Pres. Cheryl Lambert.
19 out of 20 builders face an appliance shortage, with 57% calling it a “serious shortage.” Lumber products hold the 2, 3 and 4 spots, with windows and doors at No. 5.
Florida Realtors economists: Where do most buyers come from? It’s no secret: Lots of people are on the move, and if you know they’re relocating locally or coming from afar, you can adjust your approach to client prospecting. To help, Florida Realtors’ research team studied moving patterns.
The president is launching a first-ever interagency effort to address “home appraisal inequities” and recommend rules to “aggressively combat housing discrimination.”
What could go wrong? Buyers skittish about climate change or economic upheavals can buy new off-the-grid homes that would be self-sustainable after a disaster.
NAHB says Pres. Biden is uneasy about the rising cost of lumber and homebuyer problems. Builders proposed a summit that includes the lumber industry and Dept. of Commerce.
The residential component proved strongest with a 1% month-to-month gain and a 29.7% year-to-year gain, while non-residential fell 0.5% by month and 4.8% by year.
UF: Consumer confidence in Fla. dropped 1.4 points in May, because a small uptick in current attitudes wasn’t enough to counter a slight downturn in future expectations.
Bank of America says it will resume foreclosures in July, though “the amount … is way down, and most of the clients have become current,” and JP Morgan Chase says 90% of customers have left forbearance. But Wells Fargo plans to wait until 2022 to resume foreclosures.
If a retirement community’s residents don’t work, who does? Big ones, such as The Villages, can’t attract enough working-age adults, and labor costs keep going up.
While a homeowner on the 40th floor of a Fla. high-rise has little to fear from storm surge, wind strength increases with elevation. Advised to evacuate? Best to do it.
Year-to-year, however, pending sales skyrocketed 51.7% since April 2020 was the start of nationwide lockdowns to fight a spreading pandemic. NAR Economist Yun says contract signings now are near pre-pandemic levels after the big surge during COVID-19 lockdowns.
Despite a cutthroat market with multiple bids and successive failures to secure a home, 71% of successful pandemic-era buyers say their new home meets their needs, 75% say it was a good decision, and 45% wish they moved sooner. Only 19% say they should have waited.
Not just any subject line will do, according to a recent consumer survey. “Just sold in your area” and “real estate market snapshot” topped the list of winners.
The 1-time donation will help RRF develop a sustainable reserve fund. Pres. Lambert: “I’m always so proud of how Realtors respond when someone needs a helping hand.”
Americans feel a lot better about their current situation and less excited about the future. However, global consumer confidence indexes soared higher.
Florida Realtors economist: Whatever the price point, buyers have fewer options this year than they did last year. But the affordable home supply suffered the most. The amount of single-family homes with a value of $300K or less declined over 60%.
S&P Case-Shiller: An army of buyers competing for fewer homes pushed prices up 13.3% in March, for the biggest year-to-year home price gain since December 2013.
Rising home prices, material costs and a labor shortage have taken their toll, builders say, and more potential new-home buyers have been priced out of the market.
When private insurers cancel a policy, homeowners should find replacement coverage ASAP to avoid forced insurance that can cost up to 10 times as much.
A rising cost for lumber has added thousands to the price of a new home, and an ongoing U.S.-Canada dispute could make things worse. Pres. Trump raised tariffs to 20% in 2018 and later lowered them to 9%. The Biden Admin. now proposes an 18.32% tariff.
As more urban dwellers moved to small towns with affordable home values, investors moved with them. In many smaller towns, more first-timers are losing bids to cash investors.
Agencies can’t ding credit scores of owners skipping monthly payments via forbearance. As a result, their scores are up 14 points; non-forbearance owners are up only 7.
An Arizona agent with 427K TikTok followers says a lot of her leads come from parents who say their child saw one of her educational posts and told them about it.
Consumers won’t pay sales tax for many disaster supplies starting Friday, a back-to-school holiday is in Aug., and a new July holiday nixes sales taxes on leisure events.
As businesses struggle to make websites accessible for disabled users, technology continues to help on the other end, creating new tools those users can tap for help.
An Indiana woman in a largely Black neighborhood says comp selections affected her appraised value. As a result, advocates say blind testing will be done more often.
Florida Realtors’ data: April had more closed sales, more new pending sales and higher median prices (up 22.4% for single-family homes, 19.6% for condos) than a year ago. Pres. Lambert says, “keep in mind the comparison data comes from April 2020 when Fla. was experiencing the full impact of the pandemic.”
Fla. real estate’s top source for international business faces visiting restrictions for at least another month. Until then, only trade and essential travel is allowed.
NAR had 1.48M Realtor members at the end of 2020, up from 1.4M one year earlier, and 4 out of 5 (79%) plan to stay in the profession at least two more years. Realtors with 16 years-plus experience made $75K, down from 2019’s $86.5K – but 1 in 4 members made $100K or more.
Overall, rising home prices lifted all boats. Homes in Opportunity Zones had first quarter price increases pretty much matched by homes in more affluent areas.
If stressed buyers somehow manage to land the home of their dreams, they may find it will take an additional nine months to secure the refrigerator of their dreams.
About 2M Americans have postponed mortgage payments, but their grace period is about to end. And for the 1.7M with a Sept. deadline, it’s time to start planning.
Faced with a dearth of affordable existing homes, single-family investors say they’ll spend big money creating new rental-home developments in Fla. and other states.
Most sellers list for personal reasons, but a survey found that 1 in 4 (24%) who plan to list within the next 12 months are doing it because of the profit potential, with 53% expecting to get their asking price and 24% anticipating more. And 25% expect to have an offer within one week.
State-owned Citizens Property Ins. is growing rapidly, and Fla. insurance regulators recently authorized “extraordinary” terminations for thousands of homeowners insured by Universal Insurance of North America, Gulfstream Property & Casualty and Southern Fidelity.
New-home starts fell a surprising 9.5% in April. Builders say buyers are dropping out of the market because a rising cost for raw materials keeps pushing prices higher.
Some homeowners associations think they have more power than they do, and they can dictate paint colors only if empowered to do so in the declaration of covenants.
Condo associations became COVID-19 cops during the pandemic, and their powers, so far, aren’t diminished much even if the CDC and Fla. say it’s OK to go without masks.
Investors save money during boom times to buy distressed property when things slow, but what’s a post-pandemic bargain? Should they buy offices or retail? It’s not clear.
Rising costs motivate some movers, but a lot of South Floridians are maximizing profits by selling their home now and moving to an area where their housing dollar buys more real estate. Moves to Tampa, Orlando, Fort Myers, St. Lucie County and more are up 108% this quarter.
In the wake of recent complaints, AG Ashley Moody warned movers about tricks some companies use, including a refusal to unload a truck until buyers pay more money.
Thanks in part to working from home, people want blazing fast internet access, and 5G, once widely installed, could be up to 100 times faster than current 4G connections.
The housing industry had an artificial pause button pushed during the pandemic, thanks to eviction moratoriums, forbearance programs, etc. As those draw to a close, CFPB proposed rules to maintain stability, and NAR commented with a suggestion that short sales might be the way to go.
After July 31, Quicken will retire its name and start using Rocket Mortgage, a subsidiary it formed in 2015 in order to completely automate the lending process.
After the quickest recovery in the nation’s history, consumers with pandemic savings will “do more shopping, restaurant dining, traveling and in-person house hunting.”
Realtor.com study: The median asking price for a Fla. home in April was $367,450; the asking price for the most expensive listing was $95M – a 25,754% difference.
Underwater homeowners – they owe more on their mortgage than their home’s value – are more likely to end up in foreclosure. But today, 1 in 3 owners with a mortgage (32%) have at least 50% equity, and only 1 in 21 (4.7%) owes 25% or more than their home’s current market value.
Except for sky-high material prices, it’s a good time to be in the home construction industry. Of homes available to buyers today, one in four (25.7%) is brand new.
Also: Should a condo board send warning letters before issuing fines? A board does so, but some members now wonder whether that’s a good idea.
Some agents say “elevation, elevation, elevation” is replacing “location, location, location” in S. Fla. But it still doesn’t top most buyers’ lists as a must-have.
Two-thirds of homeowners in forbearance have already started making monthly payments – and March had the best single-month improvement in delinquencies in 11 years.
The index offers insight into local transportation, health services and social life. AARP also hopes it gets younger buyers to consider a home’s longer-term benefits.
The lending giants keep mortgage originations humming but failed during the Great Recession and the feds took over. They must now create a Plan B in case it happens again.
Pandemic-era buyers moved farther out and to new cities, assuming they’d never have to return to the office. Now, if forced to choose, 25% would pick home over their job.
A $1T investor in real estate, stocks and other assets says concern about racism and climate change isn’t just altruism. Many companies see it impact their bottom line.
Florida Realtors economist: Florida’s population benefited from residents leaving New York City, but other states experienced gains too – some with triple-digit increases. With Fla. migration, residents of NYC’s Manhattan flocked in the highest numbers.
About 1 out of 10 metros had double-digit home price gains. NAR economist: They’re happening in all markets, big and small, even metros long considered off-the-radar.
Justin Stamper says he’s digging through court cases to find flippable homes, but even those owners say, “‘Get off my phone! You’re the 26th person to call me today!’”
Florida Realtors’ data: Single-family home sales up 19.4% year-over-year, median sales price up 17.6% to $317.5K; condo sales up 37%, median price up 14.8% to $235.4K.
NAR’s board of directors will consider a motion submitted by the MLS committee last week: That all MLS listings must include a street address or other legal description.
REX’s lawsuit against Zillow alleges that separating MLS listings from other listings gives the MLS listings an unfair advantage. Zillow says MLS rules leave it no choice.
Landlords can now apply for money to recoup lost rent. DCF debuted a website, OurFlorida.com, last week and started offering applications Monday. Landlords receive payments directly, but both landlords and tenants can apply for help.
Reach out if a friend or relative acts differently – some healthy adults are having unhealthy reactions to the pandemic. Suicide prevention: (800) 273-TALK, day or night.
Economists predicted commercial real estate’s future at NAR meeting. The office market still has a wild card, but they’re generally bullish about the overall industry.
If a development has a large number of short-term rentals – individually owned units or single-family homes rented out similar to a hotel’s operations (condotel) – what unique lending standards for home sales should apply? FHFA opened a comment period that runs through July 5.
After forbearance, owners can pick up where they left off, but the return process can be complicated. Both South and Central Fla. have a large number of these owners.
Under Pres. Biden’s proposal, 1031 like-kind exchanges only defer $500K from taxation. NAR says not to panic, though. There’s time before any decisions are made.
After two appraisals, a Black owner removed ethnic art, asked a white male to act as her rep, and added $100K to her appraisal. “Comps” choices may have played a role.
Rising home prices and recession memories have convinced some buyers that a bubble will pop and prices will drop. But it’s just too much demand and too little supply.
In 2001, 10% of Realtors were nonwhite; in 2020, that number rose to 24%, according to a study on career choice released by NAR. However, whites had the highest median number of transactions (7) compared to Blacks and Asians (2), Hispanics (3) and LGBTQ+ members (5).
DCF, the Fla. department charged with distributing $850M of federal funds to assist with rental assistance, introduced a dedicated website to get funds to landlords and utility companies. Applications should be available soon, and payments can be direct-deposited into business accounts.
In July, Realtors across Fla. will clean the state’s beaches, rivers and waterways – a hands-on approach that complements legislative efforts to protect the environment.
Hackers breaking into your account – or a broker’s account via the agent with the weakest password – start with “12345” and “password,” the most common in the industry.
Overall sentiments among Floridians remain 19.3 points below pre-pandemic, but month-to-month consumers’ attitudes rose 1.7 points as the state slowly bounces back.
New rule: Debt collectors must give tenants written notice about their rights under the CDC moratorium – and they can’t misrepresent a tenant’s eligibility for protection. To spread the message, the consumer bureau directly contacted landlords who represent about 2 million units.
An influencer has a social media channel with a lot of viewers, and some agents have given them luxury home tours to be filmed and promoted to users.
Orange County’s Rights of Nature law will be tested in court for the first time. The bodies of water claim it’s wrong to develop 115 acres of wetlands near Lake Nona.
Organizations can apply for funds from HUD. $7.2M will be allocated for education, $2.25M for fair housing groups, and $10.7M for investigations and enforcement.
The Executive Order doesn’t block individual businesses from requiring masks or social distancing, but it limits the authority of cities and counties to mandate them.
To protect residents, some boards have suggested a policy that would allow only vaccinated residents and guests, not unvaccinated ones, to access common elements.
In Dec., 63% of homebuyers made an offer on a house they didn’t visit, up from 45% five months earlier. Pandemic travel fears and today’s tech are part of the reason.
By the time negotiations ended and bills were passed, no interested party got everything they wanted under bills passed by the Florida Legislature, including the state’s attorneys, insurers or homeowners. But changes should help maintain a viable private insurance market in the state.
The rising cost of lumber shows the importance of supply chains. In 1925, a sunken ship blocked Miami’s port, leading to the end of a heated market that couldn’t keep up.
In the backyard, a fire pit/bench ranked first followed by upgraded lighting. In the kitchen, a bar area with seating led the list followed by a place “for gathering.”
The pandemic lockdown boosted the value of good neighbors and communities. Buyers today want a great house, but they also want it located in a great neighborhood.
In addition to hurricane and school sales tax holidays, lawmakers added an entertainment one. Businesses can also get a tax credit up to $5M for some charity donations.
Where do I go if I can work anywhere? Jacksonville. A report found it a top destination, notably for young workers who love the outdoors and a reasonable cost of living.
The economy grew 6.4% in 2021’s first quarter, and experts predict greater strength in the second quarter. A projected growth of 7% this year hasn’t been seen since 1984.
Total existing U.S. home sales were up 12.3% year-over-year while median price was up 17.2%. However, existing home sales fell (-3.7%) in March compared to Feb.
The 30-year rate was 2.97% this week, down from 3.04% last week. Despite these low rates, many buyers are unable to purchase a home due to the shortage of inventory.
Total existing U.S. home sales were up 12.3% year-over-year while median price was up 17.2%. However, existing home sales fell (-3.7%) in March compared to Feb.
An HOA can’t stop residents from flying the American flag and certain other flags – but there are some restrictions to those protections, such as maximum size limits.
Florida Realtors’ data: Single-family home sales rose 23.3% year-over-year, median sales price up 18.9%; condo sales up 52.6%, median price up 15.2%. The coronavirus was first detected in Fla. on March 1, 2020; therefore, last March’s data was the first to reflect the pandemic’s impact.
A recent broker survey found 41% of real estate pros used direct mail to generate listings and 24% used technology to find which sellers were most likely to sell.
Some of the steps to a real estate career may include: Write a business plan, get your license, create a strong brand identity and build your online presence.
Called the Down Payment Toward Equity Act of 2021, the draft legislation is directed at creating equity in the housing market. Eligible home buyers must be the first generation in their family to own a home; first-time buyers could receive as much as $25K under this proposal.
Of U.S. lawsuits filed over property insurance payments in 2019, Fla. had 76%, according to a state report – but it only had 8% of all property insurance claims.
Florida Realtors economist: Cocktail parties – remember those? Once someone finds out you’re a Realtor, the conversation often turns to the current market. Here are suggested responses to a common question you’ll likely be asked at your next cocktail – or Zoom – party.
A multifaceted bill will net Fla. $1B from internet sales and eventually lower the business rent tax from 5.5% to 2% – a major Florida Realtors legislative priority.
New home buyers and remodelers sometimes find an expensive problem as they start to dig in: Old and faulty wiring that needs fixed or even completely replaced.
Anxious buyers who hope some homes in forbearance would be soon listed for sale may be disappointed as more owners start making their mortgage payments again.
The bureau’s final rule says “debt collectors” must give written notice to tenants before an eviction, with prosecution and private lawsuits possible if they don’t.
Affordability is calculated using a state’s median home price and median income. In the last decade, Fla. home prices went up 99.3%, but income only increased 20.8%.
States with marijuana legalization laws have seen increased demand for warehouse space, and about half with pre-2016 legalization laws are seeing addendums added to leases that restrict on-site growing. One recent change: More properties are being bought rather than leased.
Gov. DeSantis says the money from HUD will go to large-scale infrastructure projects that can make Fla. communities more resilient to future disasters.
Boards have a few options for necessary quick repairs. Also: Can a board charge an owner $10K for violating the governing documents?
An HOA rule mandated that only tenants – no guests – could use the pool, and it shut down the entire pool for a day after someone broke that rule. Is that legal?
The short answer seems to be yes – but without clear expectations for the commercial industry’s post-pandemic rebound, few investors are willing to commit yet.
Some large, international commercial buyers have started to invest in single-family suburban homes, viewing them as less expensive than apartment building investments.
Realtors “can be a force for good and bringing people together,” NAR President Pres. Charlie Oppler said during a special program that honors Fair Housing Month.
Why is the inventory of for-sale homes so tight? A new analysis by Freddie Mac found that supply will meet demand only if the U.S. adds 3.8M new homes. The housing need now is 52% greater than it was in 2018, just three years earlier – and it’s even worse for entry-level homes.
After two months of rising mortgage rates, they dropped lower for the second week in a row, with the average 30-year, fixed loan down to 3.04% from last week’s 3.13%.
A proposed infrastructure plan would reward cities that change their zoning laws to allow more apartments and garage conversions in areas zoned for single-family homes.
Should an agency that controls money policy worry about climate change? 12 senators said no, but the Fed chair says its concern is limited to potential financial impacts.
Study: April is the best month to sell a home – more buyer interest, less competition, higher list prices and faster sales – and given market conditions right now that strongly favor sellers, there may never be a better time for homeowners to post a for-sale sign in their yard.
“Investor” covers many types of buyers, but their ability to offer cash helps them gain a foothold in a type of investment largely unaffected by the pandemic.
A new real estate investment option in Denver may appeal to investors who don’t want to pay capital gains on a sale, but who are also tired of working as a landlord.
Teachers, firefighters, EMTs and police can buy HUD homes at half price within seven days of posting. Few exist now, but the number will likely grow post-foreclosure ban.
Fla. has the most types of termites in the continental U.S. – 21 established species and some invasive ones spreading, a “new norm in terms of potential termite damage.”
Many buyers consider size an important element when shopping for a home, but it’s not an exact science – another reason to have an inspection when under contract.
Every correctly priced listing today will likely attract offers, but a mid-week listing may give buyers the optimal amount of time they need to visit and make an offer.
It’s not always easy to pick and move to a new location, and many boomers relocating to Fla. convince their Northern friends to join them.
The Home Sentiment Index rose 5.2 points to 81.7 this month, “nearly reaching pre-pandemic levels,” finding that more owners consider it a good time to sell. However, even the number of optimistic buyers rose a bit: Attitudes about mortgage rates were the only notable decline.
The fiscal year 2022 “Discretionary Funding Request” is a wish list, but it indicates priorities. The latest requests $68.7B for HUD, an increase of $9B over last year.
A good renter got a dog during the term of his lease even though dogs aren’t allowed. What landlords can do is sometimes different than what they choose to do.
Realtors can call or text a marketing message from their cellphone, providing it doesn’t have the ability to store or dial numbers automatically using a number generator.
The Legislature passed and Gov. DeSantis signed a new law that raises the bar for consumers who allege they got infected by COVID-19 at a Fla. business. And businesses have new protections if they’ve made a good-faith effort to comply with government guidelines.
Realtor membership fluctuates year-to-year and even week-to-week, but NAR’s membership report on March 31 finds 5,118 more Realtors in Fla. than in No. 2 Calif.
Of the Fla. cities and counties allocated funds for fighting homelessness, Miami-Dade County tops the list with $17.6M, followed by Broward with $14M.
A study released during an NAR virtual Fair Housing event finds new scoring models open doors and boost minority homeownership. Older credit-score models “raised the cost to borrow while limiting access … for minority populations and rural communities,” says NAR President Oppler.
While brokers should still strive to make websites accessible for disabled users, an appeals court ruling suggests that until wording of the current law is changed, websites are not places of public accommodation. The issue remains fluid, but it may bring relief to brokers facing ADA website accessibility lawsuits.
The best marketing tactic to pull in potential customers is not to seem as if you’re marketing to them at all. Start by making it sound like education.
CBRE study: Miami metro area saw a 49.4% gain in San Francisco transplants from 1,190 moves in 2019 to 1,778 in 2020, in part due to the ability to work remotely.
The Legislature permanently cut affordable housing trust funds 50%, up from 33% initially proposed. Florida Realtors will advocate for more during budget reconciliation.
For many homebuyers, property insurance is a detail, a box to be checked off on the way to closing. But details are important and missteps can be expensive.
Higher interest rates help investors, but it’s a big unknown for developers. People are rushing to sweeping conclusions, and “We don’t know which way it’s going to go.”
D.R. Horton sold an entire subdivision of single-family homes to online investor Fundrise LLC, as more yield-chasing investors buy homes to rent out or flip.
It may be possible to buy a home without the help of a Realtor – but it’s hard to see how given today’s multiple bid competitions for a limited number of homes.
Florida Realtors economists: If the home is great but the traffic in the surrounding area is not, the deal might fall through. But a cool traffic tool can empower you to know if traffic in that home’s neighborhood will get the “green light.”
A proposal to cut 66% of Fla.’s housing trust funds led Florida Realtors to object and issue a Call for Action. Lawmakers have now changed their proposal to a 50% cut.
82% of Realtor buyers’ agents say staging helps buyers visualize a property; and 7 out of 10 agents say the pandemic added value to photos, videos and virtual tours.
After warning mortgage servicers not to repeat their Great Recession mistakes, the consumer bureau proposed actual rules to prohibit starting foreclosures before Dec. 31, 2021, with a few possible exceptions – such as proof that they’ve unsuccessfully tried to contact unresponsive owners.
For owners in forbearance, a possible foreclosure is closely tied to whether or not they’re working again. This spring, about 800K owners in forbearance – out of a total of 2.6 million homeowners – hit the 12-month mark, though a six-month extension may still be possible.
Fannie Mae survey: Americans have an ingrained belief that housing investments are almost as safe as savings accounts with the growth potential of a stock investment.
To Floridians, an old home is more than 25 years old. But for New York buyers used to older housing, an older home has unique charms and “character.”
Marcus & Millichap CEO Hessam Nadji says he “saw confidence return fairly quickly in the third quarter … and then really build up to, for us, a record fourth quarter.”
Help make Realtors’ voice in Tallahassee a little louder: Email lawmakers. Ask them not to permanently cut 66% of the housing trust funds many hard-working Floridians need.
FEMA did not release a tool to answer the question on most Fla. homeowners minds: “Will my flood insurance rate go up or down?” But overall, it says 1 out of 5 residents (19.8%) will see a reduction, and 3 out of 4 (76%) won’t see a change higher than $120 more per year.
Fla. claimed Ga. took too much water from the interstate rivers, impacting the Apalachicola River and Gulf oysters, but the court said other factors contributed.
Many buyers and sellers want to “click” with a real estate agent, and tactics that subtly say, “I’m different, and here’s why …” can secure more customers.
While polarized politics makes passage of a proposed infrastructure bill questionable, NAR thanked the administration for including items that will boost housing.
During Great Recession housing foreclosures, some lenders lost paperwork and made excuses. CFPB doesn’t want that again after the current foreclosure ban ends.
Florida Realtors economist: Turning seasons into verbs – “We wintered in Florida” – was once a trait of wealthy retirees. But a newly untethered workforce working at home because of the pandemic is now also considering weather-based migration, albeit a little differently.
Business is often personal, and LinkedIn’s tool may help boost the chances for referrals when profile visitors can hear your elevator speech and watch you smile.
While higher housing costs and mortgage rates will chip away at buyer demand, the sheer volume of current buyers makes the next buyers’ market appear far away.
A slow by steady increase in average mortgage rates appears to have slowed this week, with the average 30-year, fixed-rate loan at 3.18% compared to last week’s 3.17%.
All five components rose too. UF economist: “Consistent with the vaccination rollout …, the gain in confidence came from consumers’ future expectations.”
Big mistakes are often the easiest to make, and Florida Realtors Legal Hotline has had a number of calls recently asking what happens if a contract box is checked saying a rider is attached but there is, in fact, no rider attached.
Realtor A had a listing, a buyer, and a bona fide offer two weeks after the listing expired. The seller had re-listed by then, but A contacted the seller directly, went to closing and earned the full commission. How can the new did-nothing listing agent file a Code of Ethics complaint?
A “rec lease” occurs when recreational facility ownership is separate and not under a condo association’s control. Over the years, many boards took over these facilities – but not all.
Realtor leaders also traveled to Tallahassee Wednesday to testify before state lawmakers on the critical need for maximum funding of Fla.’s housing trust funds, urging them to vote no on House Bill 5401 and its companion bill, Senate Proposed Bill 2512.
A bridge loan gives homeowners the freedom to close on another home even if they don’t yet have down payment funds from the sale of their current home.
This year’s Leadership Academy participants will learn how to be future committee chairs, Realtor association officers and community leaders.
Pandemic-era demand has risen for pools and hot tubs. Zillow says “pool” was last year’s most common search term, and pool homes tend to get about 1% more than expected.
It’s the highest level since the pandemic began, with a notable uptick in interest for big-ticket items. Of note: The component measuring current conditions improved significantly, suggesting the economy will continue to expand at least until summer.
In a quarterly report to Congress, HUD said it has no “near term” plans to change FHA mortgage insurance premiums, citing delinquencies and its “duty to manage risks.”
NAR survey: For 3 out of 5 Realtors, self-initiative drove them into real estate. Of residential Realtors, 21% made more than $100K in 2020; 66% for commercial Realtors.
S&P CoreLogic Case-Shiller: Prices rose 11.1% year-to-year in Jan., the biggest gain since March 2014. Prices rose in all 20 cities included in the report.
Florida Realtors economist: Buyers and sellers need Realtors for their buying and selling journey. Opportunities exist via connections to past clients and new-home buyers.
Gov. DeSantis quickly signed SB 72 after the Florida Legislature passed it, giving Fla. businesses new protection against lawsuits filed over COVID-19 claims. Florida Realtors supported the change to help brokers and clients avoid unknown legal risks.
An 80% year-to-year increase in lumber prices hurts buyers, but it’s also starting to put some builders in a precarious situation due to construction delays and higher costs.
Received an email asking Realtor members to help “Rory” pay his hospital bills? It’s a scam. It’s not from Florida Realtors and Rory isn’t real.
Along with Florida Realtors, environmental groups oppose changes to the housing trust funds, saying attainable homes are “an essential element of a sustainable community.”
Along with Florida Realtors, environmental groups oppose changes to the housing trust funds, saying attainable homes are “an essential element of a sustainable community.”
While sellers likely won’t go through a foreclosure crisis as they did during the Great Recession, RBC Capital Markets’ Mike Dahl predicts an “affordability crisis,” where rising home prices and interest rates make homeownership unaffordable for the average American homebuyer.
Median-wage geriatric nurses, cardiac technicians and long-haul truck drivers can afford only a modest two-bedroom apartment in more than 50% of the regions analyzed.
Savvy agents once impressed sellers with the things they could do digitally, from marketing to closing. But thanks to the pandemic, clients now expect digital services.
Service members moving to a new area often ask current residents to recommend a local Realtor, but this group has unique needs they expect their agent to understand.
Study: Younger adults have the same hopes and dreams as older adults. While homeownership is a smart financial investment, it’s not always the top reason people buy a home. Millennials want to be part of a community and neighborhood, and have a place their family can call home.
That’s up from 3.09% last week – a year ago, it was 3.5%. While rising, rates are still near historic lows as the Fed keeps interest rates near zero for now.
Also: If a condo association changes rules, grandfathering protects residents – but that grandfather benefit can disappear if the protected item changes slightly.
Condo sales have spiked thanks to a steady influx of new residents, an ultra-tight inventory of single-family homes and more optimistic attitudes due to the vaccine.
Fla.’s House speaker and Senate president proposed a permanent two-thirds decrease in the state’s affordable housing trust funds. Florida Realtors immediately objected.
An idea proposed in Calif.: The government buys at-risk coastal homes, rents them out, makes money over time, and then razes them if/when they’re no longer habitable.
Vacancies, deterioration, racism and discrimination are tied together, says NAR partner. Its six-part webinar series will explore the problem and discuss solutions.
The Federal Reserve is studying the benefits of digital dollars, but the chair says is too volatile and “essentially a substitute for gold rather than for the dollar.”
Florida Realtors economist: The most often discussed form of stimulus from the government? Direct payments to qualifying Americans. But low interest rates offer another form of stimulus for homeowners who are able to refinance.
A husband signed the rental-property deeds over to his ex-wife, but the mortgage is still in both of their names. How does he get those switched over to her?
An Oklahoma agent attached wires to willing buyers and found that their top-of-mind thoughts often don’t match how they really feel about a home.
New-home market problems aren’t new – rising prices for supplies and a tight workforce. But pending sales continue to be high, and many builders are pausing to complete a backlog of projects. In top-listed Jacksonville, pending new-home sales are up 80.5% year-to-year.
Survey: In Nov. 2020, 71% of renters worried about making their monthly payment. But things are getting better: In Feb. 2021, it dropped to 63%.
Direct referrals from past clients and others is the No. 1 way to get new business, but in a 2020 study, 44% of agents surveyed got at least one client via social media.
Florida Realtors’ data: Single-family home sales rose 15.7% year-over-year, median sales price up 16.6%; condo sales up 28.7%, median price up 16.6%. Chief Economist O’Connor: Fewer new listings and a tight inventory means a strong seller’s market.
In a strong statement, NAR Pres. says the current commission structure “ensures greater equity and equality for first-time, low-income, and many other homebuyers.”
The new national focus on discrimination convinced some businesses to take assertive, tangible steps to boost housing equality, such as creating new company policies.
While the pandemic hit the hospitality industry hard, it expects a big rebound if newly vaccinated Americans over-compensate for vacations they lost out on in 2020.
The 2020 real estate market wasn’t ideal for home flippers who buy homes, fix them up and resell. ATTOM’s 2020 report found that fewer home flips were funded by fewer mortgages. And while gross profits went higher, profit margins dipped for the third straight year.
Pandemic relocation numbers aren’t out yet, but agents across Fla. report a higher number of new clients are Californians looking for a less expensive lifestyle.
While lumber costs deserve a lot of the blame for the rising price of new homes, other things – crude oil (paint), drywall, ceramic tile – are also more expensive.
Survey: 2 out of 5 (38%) buyers say they rejected a listing because it didn’t feel quite right – and 50% would blow their budget for one that felt lucky.
Can a delinquent owner’s name be included in the minutes? Can a board ban recordings? Must board members’ names be recorded on how they voted?
Homeowners with a mortgage – 62% of all U.S. owners – made an average $26,300 last year as equity skyrocketed. It’s the highest one-year equity increase since 2013.
Faced with a strengthening economy, some observers expected the Fed to tighten the timeframe for interest rate hikes, but it stuck to 2023 after a meeting this week.
Rates broke the 3% barrier two weeks ago and have increased each week since, leading Freddie Mac’s chief economist to call buyer competition “a challenging reality.”
Even with eviction and foreclosure bans in place, HUD’s 2020 report found an overall 2.2% increase in homelessness last year and no improvement for homeless veterans.
Government-owned Fannie Mae and Freddie Mac must be reformed, yet if done badly, it could threaten the U.S. housing market and possibly make 30-year mortgages obsolete. But a Senate Banking Committee member issued “guiding principles” that have been backed by NAR.
About 40% of a new-home build can be completed in eight days or less with a (really big) 3D printer; it sells for a least 20% less than a comparable non-3D home.
Florida Realtors economist: Knock it out of the park through 2025. What can you do now to prepare for the buyers and sellers entering the market? Utilize digital tools, understand smart home features and attract remote workers to your market.
The new 2021 Generational Trends Report found that one in five millennial buyers (20%) and boomers (22%) are unmarried. And Gen Z is now 2% of all buyers and growing.
Starts hit a 14-year high in Dec. before seeing an unexpected drop (5.1%) in Jan. and then 10.3% in Feb. Building permits – a sign of future activity – also declined.
Any work change has major implications for commercial (where to invest) and residential (where to live) real estate, and new job ads suggest it’s a permanent trend.
After April 1, Fannie and Freddie will buy fewer second-home mortgages. That increases lenders’ risks and will likely translate into higher fees and/or interest rates.
March confidence remained strong for buyer traffic, but late deliveries coupled with higher prices, notably for lumber, bumped builders’ confidence index down 2 points.
First-timers may have more flexibility than buyers who must sell a home first, plus access to more financing options like grants or down payment assistance.
National flood insurance will undergo a seismic change for homebuyers on Oct. 1, 2021, and for existing homeowners on April 1, 2022. Under “Risk Rating 2.0,” policy rates will be individualized based on a specific home rather than a general blanket rate based on flood zones.
Cast a vote every day this week to help one of our own become the 2021 Web Choice Award winner to be featured in the May/June issue of NAR’s REALTOR Magazine.
Study: Redlined neighborhoods – metro areas once relegated to Blacks or other minorities – are less appealing geographically than nearby white neighborhoods. But Fla. is the exception, where a home’s desirability is often based on proximity to the beach – an obviously high-risk flood area.
Are landlords leaving apartments empty and waiting for the eviction ban to end? They are in New York City, and lawmakers say the drop in supply is causing problems.
Once an established agent has a fair share of local customers, the next step is to advertise their services to the external buyers who are most likely to move in.
Many owners were underwater (owing more than their home’s value) during the Great Recession, in part due to cash-out refis, but it’s not a problem now – at least yet.
Is it illegal to discriminate based on applicant’s sexual orientation? Yes – but one year ago, the answer could have been yes, no or sometimes.
Fla.’s Insurance Consumer Advocate created a new sharable educational resource to help homeowners identify fraud and avoid becoming a victim.
The Realtor marketing tool that generates reports for buyers and sellers has been completely redesigned based on member feedback, according to NAR.
U.S. News & World Report ranked Fla. No. 10 this year as overall best state, up from 13 last year. Created via a survey of residents, the list covers 8 categories.
Fla.’s luxury market saw significant growth last year, but the number of people moving in was offset by more moving out, many of whom returned to their home state.
Pent-up demand, consumer savings and widespread vaccinations will spark broad commercial expansion this year, according to economists attending NAR’s Wed. webinar.
Many Americans will get a $1,400 stimulus check, unemployment at $300 per week runs to Sept. 6, and landlords can now tap into a bigger pot of money. Plus child tax credits – $300-or-more paid weekly – could be enough for some rental families to decide it’s time to buy a home.
This week’s 3.05% for an average 30-year, fixed-rate mortgage is only slightly higher than last week’s 3.02%, but it’s the second week in a row to top the 3% mark.
Couples with a 2.7% mortgage may want to downsize after children leave yet find it cheaper to stay put. If so, it would further limit the tight home-sale inventory.
Equifax, TransUnion and Experian will provide free credit reports weekly through April 20, 2022. Complaints about credit-scoring issues doubled during the pandemic.
The time “springs forward” at 2 a.m. Sunday, but lawmakers still want Fla. to keep it year-round so visitors can enjoy an extra hour of evening daylight all winter.
A University of Chicago study found that property valued in the bottom 10% in a metro generally averaged an effective tax rate double of those in the top 10%.
FHFA extended mortgage-approval changes added during the pandemic – such as alternatives to appraisals and alternate methods to verify income and employment – through April 30. But the agency said that’s likely the last time it will do so, at least for some of the temporary easements.
An analysis of 52 U.S. commercial markets identified the top 10 based on market strength, and the SW Fla. community is “holding up to the pandemic’s negative impact.”
A shortage of home appliances continues, and 90% of builders have trouble stocking new homes. Why? The pandemic spurred people to wash more often and stock up on food.
Tenants who don’t pay their water bill or power bill get it shut off, says one Orlando landlord. “But we are the one service they can get away with not paying for.”