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01/11/2019

NAR survey: 1 in 4 real estate sales impacted by shutdown

CHICAGO – Jan. 9, 2019 – On Dec. 21, 2018, the President and Congress failed to an agreement regarding provisions of a Continuing Resolution to fund the federal government. That led to a partial federal government shutdown that affected aspects of federal housing, mortgage and programs that affect the real estate industry.

On Monday, the National Association of Realtors® (NAR) conducted a member survey to find out how the shutdown is impacting Realtors and real estate transactions, and a hefty 75 percent of members said they've seen no affect so far, though shutdown problems tend to get worse the longer the shutdown lasts. Eleven percent reported an impact on current clients and 11 percent on potential clients.

NAR survey findings of Realtors impacted by the shutdown

If respondents reported an impact on current or potential clients, they were asked further details. They were alsoallowed to pick more than one response since they may be working with more than one client.

The most common impact, at 25 percent (6.25 percent of all respondents), was the buyer decided not to buy due to general economic uncertainty, even though they were not a federal government employee; 9 percent had clients who decided not to buy, as their clients are federal government employees.
6 percent had a seller who could not sell because their move was impacted by their employment.
3 percent had a buyer who was unable to buy due to lender rejection based on furlough (federal government employee or contractor).
3 percent had a buyer client who decided not to buy because of lost income or furlough (federal government contractor).
17 percent (4.25 percent of all respondents) had a delay because of a USDA loan, 13 percent (3.25 percent of all respondents) had a delay due to IRS income verification, 9 percent (2.25 percent of all respondents) had a delay due to FHA loans, 6 percent (1.5 percent of all respondents) had a delay due to a VA loan, and 9 percent (2.25 percent of all respondents) did not cite the reason for the delay.
Other Realtors said they lost bids on homes due to the shutdown because: six percent said their buyer was using a FHA loan, four percent buyer a USDA loan, and 3 percent buyer a VA loan.
Members also had contracts terminated due to the shutdown: 2 percent each because their buyer was using a VA loan or USDA loan, an 1 percent with a VA loan.
In past shutdowns, 59 percent of respondents active in real estate and were not impacted. However 13 percent had delayed transactions and three percent had lost transactions.

© 2019 Florida Realtors®


Related Topics: Mortgages

05/15/2018

Single-family rentals ‘stabilizing’ after years of growth

NEW YORK – May 14, 2018 – A new report from the Joint Center for Housing Studies at Harvard University finds that the recent dramatic growth in single-family rentals has slowed.

According to Joint Center analyses of data from the American Community Survey and other sources, the nation's stock of single-family rentals grew from 12.2 million units to 16.1 million units by 2016, with virtually all of the growth (99 percent) occurring between 2006 and 2014.

This 32 percent increase in the single-family rental stock far outpaced the 11 percent increase in the nation's stock of multifamily rental units, which grew from 26 million to 28.9 million between 2006 and 2016.

Single-family homes now represent 34 percent of the rental stock nationwide. In addition, single-family homes accommodated 84 percent of the growth in renter households with children between 2006 and 2016.

Florida impact
Florida also experienced particularly high foreclosure rates and unusually large increases in the number of single-family homes used for rentals rather than homesteaded residents. The state's foreclosure start rate hit a high of 2.8 percent in 2009, and its single-family rentals grew by 50 percent in the decade leading up to 2016.

Source: MBA Newslink (05/11/18) Sorohan, Mike

© Copyright 2018 INFORMATION INC., Bethesda, MD (301) 215-4688

04/24/2018

Fla. housing market: Median prices continue to rise in March 2018

ORLANDO, Fla., April 23, 2018 – Not enough homes for sale continues to influence Florida's housing market, as March's tight inventory constrained sales and put upward pressure on median prices, according to the latest housing data released by Florida Realtors®. The statewide median sales price for single-family existing homes last month was $250,800, up 8.2 percent from the previous year, while the statewide median price for townhouse-condo properties was $183,000, up 7 percent over the year-ago figure.

"As the ongoing supply of for-sale homes continues to tighten, it can create a cycle of frustration for homebuyers, especially those trying to become a first-time homeowner," said 2018 Florida Realtors President Christine Hansen, broker-owner with Century 21 Hansen Realty in Fort Lauderdale. "If move-up buyers can't find a home in their desired price range, then they aren't likely to leave their current home, which in turn makes entry-level properties even more scarce. Buyer demand is high, but the shortfall of inventory – particularly around $250,000 and under – is impacting affordability in many areas.

"Having a Realtor on your side, who knows your local area, can make all the difference when it comes to dealing with today's complex market conditions."

March was the 75th consecutive month that the statewide median sales prices for both single-family homes and townhouse-condo properties rose year-over-year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. The median is the midpoint; half the homes sold for more, half for less.

According to the National Association of Realtors®(NAR), the national median sales price for existing single-family homes in February 2018 was $, up percent from the previous year; the national median existing condo price was . In California, the statewide median sales price for single-family existing homes in February was ; in Massachusetts, it was $350,000; in Maryland, it was in New York, it was $260,000.

Sales of single-family homes statewide totaled 25,020 last month, down 3.5 percent compared to March 2017, while statewide closed sales in Florida's townhouse-condo market totaled 10,997 last month, down 1.8 percent compared to a year ago. Closed sales data reflected fewer short sales and foreclosures last month: Short sales for single-family homes dropped 49.3 percent and foreclosures fell 53 percent year-to-year; short sales for townhouse-condo properties declined 51.7 percent and foreclosures fell 41.4 percent year-to-year. Closed sales may occur from 30- to 90-plus days after sales contracts are written.

"Single-family home sales were down 3.5 percent year-over-year in March, the largest such drop in over a year – excluding, of course, last September when Irma briefly shut down the housing market," said Florida Realtors®Chief Economist Dr. Brad O'Connor."Still, year-to-date, single-family home sales are down a little under 1 percent, so it will be important to watch the April numbers very closely when they come out next month. At that point, we'll have a better idea if March was just a blip, or perhaps whether it was the beginning of a very gradual slowdown in sales growth that appears to become more inevitable the longer our statewide housing shortage persists."

March's for-sale inventory tightened even more with a 3.8-months' supply for single-family homes and a 5.9-months' supply for townhouse-condo properties, according to Florida Realtors.

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.44 percent in March 2018, up from the 4.20 percent averaged during the same month a year earlier.

To see the full statewide housing activity reports, go to the Florida Realtors Research & Statistics section on floridarealtors.org. Realtors also have access to local market stats (password protected) on Florida Realtors' website.

© 2018 Florida Realtors®

04/03/2018

Rising rents pushing millennials to become homeowners

SANTA CLARA, Calif. – April 2, 2018 – This year, the typical spring buyer is on the hunt for a three bedroom, two-bathroom home with a garage and up-to-date kitchen, according to a new survey released from realtor.com. The survey also found that family needs and rising rents are motivating millennials to get into the market, while 55+ buyers are looking for privacy and comfort in their new home.

"Although record-low inventory and high prices make this housing market unique, some classic features still top most shoppers' wish lists," says Danielle Hale, chief economist for realtor.com. "At the same time, we found some clear differences in priorities. For instance, older buyers are concerned with privacy and being able to age comfortably, while millennials place more emphasis on family needs, stability and personal expression."

Based on an online survey of more than 1,000 active buyers conducted in early March by Toluna Research, the survey provides insight into both the most sought-after homes as well as the motivations underpinning what shoppers are looking for.

Majority of buyers want space, multiple bathrooms and a garage
The survey found that 44 percent of all respondents said they are looking for a three-bedroom home, and 93 percent of respondents want at least two bathrooms. Additionally, 27 percent of all buyers rate a garage as one of the most important home features, ahead of an updated kitchen (24 percent) and open floor plan (20 percent).

Older buyers want privacy & comfort; millennials favor family & self-expression
More than 20 percent of buyers 55 years and older said that privacy – having a space solely of their own – was their main goal for purchasing a home. That was followed by their motivation for physical comforts (18 percent) and stability (5 percent).

Fulfilling family needs took the top spot for millennial buyers (17 percent), followed by stability (14 percent) and personal expression (13 percent); only 12 percent of buyers younger than 55 cited privacy as their chief priority. However, 9 percent of 35- to 54-year-old buyers and 6 percent of 55+ cited personal expression as a main goal for purchasing a home.

For millennials, the rent is too high
Twenty-three percent of buyers between 18 and 34 years old reported rising rent as a trigger for their desire to purchase a home – more than any other option. This corresponds with steep increases in rents across the country in recent years, especially in many high-cost urban areas that have become magnets for millennials. HUD data shows that rents were up in 85 of the top 100 metro areas, including 9 metros where rents rose by double-digit percentages from a year ago.

Millennials like contemporary and colonial homes; older buyers prefer ranches
Among millennials who expressed a home-style preference – 11 percent didn't – contemporary and colonial homes took the top spots, each favored by 10 percent of respondents. On the other hand, ranches are the most popular home style for buyers 55 and older, favored by 28 percent, followed distantly by contemporary homes at 12 percent. Only 6 percent of millennials favor ranch homes.

© 2018 Florida Realtors®

03/05/2018

U.S mortgage rates up for 8th week; 30-year at 4.43%

WASHINGTON (AP) – March 2, 2018 – Long-term U.S. mortgage rates crept higher this week, marking the eighth straight week that it cost more to borrow to buy a home.

Mortgage buyer Freddie Mac said Thursday that the average rate on 30-year fixed-rate mortgages rose to 4.43 percent this week from 4.40 percent last week. The new average for the benchmark rate is the highest since January 2014. The 30-year rate stood at 4.10 percent a year ago.

The rate on 15-year, fixed-rate loans advanced to 3.90 percent from 3.85 percent last week.

Mortgage rates have risen steadily in January and February, as interest rates generally have increased in response to higher levels of government debt and expectations of rising inflation. In addition to discouraging potential home buyers, rising rates also may prompt potential sellers to hold on to their homes, which are financed through lower interest rates.

Mortgage rates closely track the yield on 10-year U.S. Treasury notes, which have climbed to 2.85 percent as of Thursday from 2.46 percent at the start of the year.

Testimony to Congress on Tuesday by the new Federal Reserve chairman, Jerome Powell, conveyed optimism about the economy's strength and held to the Fed's projection of three hikes this year in its key policy rate. Many private economists say they now expect the central bank to boost rates four times this year rather than three.

Home affordability has become increasingly problematic for a growing number of would-be buyers. The recent jump in mortgage rates has increased their monthly costs, limiting how much they can pay for a house. Average home price increases are eclipsing wage growth. And the shrinking number of homes for sale is leaving more of these potential buyers dismayed at not being able to find a property that works for them.

The pace of Americans signing contracts to buy homes fell 4.7 percent in January to its lowest level in more than three years, due to a lack of homes for sale, higher prices and rising mortgage rates, the National Association of Realtors reported Wednesday.

To calculate average mortgage rates, Freddie Mac surveys lenders across the country between Monday and Wednesday each week.

The average doesn't include extra fees, known as points, which most borrowers must pay to get the lowest rates. The fees on 30-year and 15-year fixed-rate loans were 0.5 percent, unchanged from last week. Fees for five-year adjustable mortgages also held steady, at 0.4 percent.

AP Logo Copyright © 2018 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Related Topics: Mortgage rates

02/28/2018

U.S. consumer confidence hits 18-year high

BOSTON – Feb. 27, 2018 – The Conference Board Consumer Confidence Index surged higher in February following a modest increase in January. The Index now stands at 130.8, up from 124.3 in January.

The Present Situation Index increased from 154.7 to 162.4, while the Expectations Index that gauges attitudes about the economy six months from now improved from 104.0 last month to 109.7 this month.

"Consumer confidence improved to its highest level since 2000 after a modest increase in January," says Lynn Franco, director of economic indicators at The Conference Board. "Consumers' assessment of current conditions was more favorable this month, with the labor force the main driver.

"Despite the recent stock market volatility, consumers expressed greater optimism about short-term prospects for business and labor market conditions, as well as their financial prospects. Overall, consumers remain quite confident that the economy will continue expanding at a strong pace in the months ahead."

Current conditions
Consumers' assessment of business conditions was moderately more positive than in January. The percentage saying business conditions are "good" increased slightly from 35.0 percent to 35.8 percent, while those saying business conditions are "bad" decreased from 13.0 percent to 10.8 percent.

Consumers' assessment of the labor market was considerably more favorable. Those claiming jobs are "plentiful" increased from 37.2 percent to 39.4 percent, while those claiming jobs are "hard to get" decreased from 16.3 percent to 14.7 percent.

Short-term outlook
Consumers were also more optimistic about the short-term outlook in February. The percentage of consumers anticipating business conditions will improve over the next six months increased from 21.5 percent to 25.8 percent, while those thinking that business conditions will worsen decreased from 9.8 percent to 9.4 percent.

Consumers' outlook for the job market was also more positive. The proportion expecting more jobs in the months ahead increased from 18.7 percent to 21.6 percent, while those anticipating fewer jobs declined from 12.5 percent to 11.9 percent.

Regarding their short-term income prospects, the percentage of consumers expecting an improvement increased from 20.6 percent to 23.8 percent, however, the proportion expecting a decrease also rose, from 7.9 percent to 8.6 percent.

The monthly Consumer Confidence Survey, based on a probability-design random sample, is conducted for The Conference Board by Nielsen. The cutoff date for the preliminary results was February 15.

© 2018 Florida Realtors®

02/15/2018

Four form changes go into effect Feb. 20

ORLANDO, Fla. – Feb. 14, 2018 – The following form changes were approved at Florida Realtors Mid-Winter meetings in January, and they're scheduled to be released on Feb. 20, 2018, in Form Simplicity and via Florida Realtors other licensed vendors.

For more information about Florida Realtors forms, visit "Tools and Support" on the website.

Breakdown of the changes

1.Exclusive Property Management Agreement form was amended to include email as an option for returning a copy of the agreement to the customer. Additionally, "home phone" was changed to "telephone" to allow for any contact phone to be entered in that spot. Click to see a redline copy that shows the changes.

2.Contract for Residential Sale and Purchase (CRSP) Addendum I, FIRPTA, was amended to incorporate similar language from the Florida Realtors/Florida Bar (FR/Bar) Contracts. Click to see a redline copy that shows the changes.

3.Community Development District (CDD) Addendum was updated to add introductory language as to when the form is to be used in a transaction. The signature line was moved from the bottom to right below the disclosure statement, and the disclosure itself was put in all caps. Click to see a redline copy that shows the changes.

4.Contract for Residential Sale and Purchase (CRSP) Addendum L, Inspections, reverted back to previous language to allow the buyer the optionto cancel or obligate the seller to make repairs per the contract. Click to see a redline copy that shows the changes.

© 2018 Florida Realtors®

12/14/2017

Pa. Realtors report realtor.com scam offering leads

HARRISBURG, Pa. – Dec. 13, 2017 – Realtor.com doesn't text or email agents in an attempt to sell them leads, but an apparent scammer makes it appear that they do.

Florida Realtors has not received any reports from members about the scam, and it appears the scammer is currently contacting agents in the Northeast with most reports coming out of Delaware County in Pennsylvania. However, successful scams tend to spread and grow.

According to Patti Rodgers Morrisette, a Realtor in Delaware County, several Realtors in her office received text messages or emails that seem legit. "It appears to be from realtor.com and sends you a buyer lead," Morrisette said, according to the Pennsylvania Association of Realtors' "Just Listed" daily email. "The text looks to be real and authentic, but it is not."

After Morrisette posted the scam info within a Facebook group, she found that other Realtors had received similar emails and texts.

Morrisette says the link tells agents that they can get a $600,000 buyer lead for $10 or a similar kind of deal.

"We are aware of a new text message scam that impersonates realtor.com, offering leads and requesting payment," says Christie Farrell, director of corporate communications for Move Inc. "This message is not coming from realtor.com. We do not provide leads via text, and we do not request payment via text. We are working with authorities to investigate the issue. Our customer care team is standing by 24/7 to assist you and to answer any questions you have."

Farrell suggests that Realtors who receive unsolicited offers such as leads should always contact the trusted service provider for confirmation before taking any kind of action.

In the past, scammers have also sent fake communications that appeared to be from Zillow.

Source: Pennsylvania Association of Realtors, Just Listed, Dec. 13, 2017, Kelly Leighton

© 2017 Florida Realtors

11/03/2017

U.S. House releases tax reform plan: Housing takes a hit

NAR Call for Action

NAR wants Realtors to send Washington lawmakers a message: “Keep the federal tax system homeownership-friendly.” It only takes a few seconds using NAR’s automated email system. Contact your personal lawmakers now.

WASHINGTON – Nov. 2, 2017 – House Republicans on Thursday released their highly anticipated plan to reform the U.S. tax code – which aims to cut the corporate rate and reduce the number of tax brackets.

It is the first tax code revamp since 1986.

The bill would cut the corporate tax rate from 35 to 20 percent, double the standard deduction, increase the child tax credit to $1,600 and eliminate the estate tax. It does not, however, change the rates for 401(k) and Individual Retirement Accounts.

Also, the cap on the mortgage deduction would drop from $1 million to $500,000 – and it would cap the state and local tax deduction at $10,000. Republicans in high-tax states, including New York and California, had been opposed to SALT (state and local tax) changes.

The plan retains the top individual income tax rate of 39.6 percent but cuts the number of brackets from seven to four. The highest bracket's plan is for individual income of more than $500,000 compared with the current rate of $418,000. For those married filing jointly, the cutoff is more than $1 million from the current $470,000.

The other new brackets are 12 percent, 25 percent and 35 percent.

The lowest individual bracket is $45,000 from the current lower rates of 10 percent up to $9,325 and 15 percent up to $37,950. For married filing jointly, the lowest bracket proposal is up to $90,000 from the 10 percent of up to $18,650 and 15 percent up to $75,900.

The other brackets are 25 percent (up to $200,000 for individuals and $260,000 for married) and 35 percent ($500,000 for individuals and $1 million for married).

The standard deduction increases from $6,350 to $12,200 for single filers, $12,700 to $24,400 for married couples and $9,250 to $18,300 for head of household.

For an average family of four making $60,000, The Wall Street Journal estimates their tax bill will drop from $1,608 to just $472.

House Republicans delayed revealing the plans from Wednesday to Thursday as they worked on parts of the plan.

Republicans in the House hope to get the legislation passed before Thanksgiving and advance it to the Senate before the end of the year. President Donald Trump said he wants to sign the bill before Christmas.

The House of Representatives narrowly passed the 2018 $4 trillion budget resolution last week in preparation of moving toward tax reform. The budget allows Republicans to pass a tax overhaul that adds up to $1.5 trillion to the deficit.

Copyright © 2017 United Press International, Inc. (UPI). Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Related Topics: NAR

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