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Recent Housing News

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Skilled Construction Labor Shortage in FloridaFlorida construction companies struggle to find skilled workers.
Demand for residential construction workers in Florida is projected to jump 40 percent — or 66,000 employees — from 2014 through the end of this year.

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Interest RatesMillennials Fear 5% Mortgage Rates…
47% of all buyers said they’d look for a less expensive house if rates rose by a point or more.  Rates have been below 4% since December, but the thought of rising rates is enough to convince millennials to look for a cheaper house or not buy one entirely.
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Florida's GDPFlorida GDP Outpacing U.S. Thanks to Strong Real Estate, Construction.
Florida’s GDP growth of 2.1% in the 1Q of 2016 not only outpaced the country as a whole, but all of the other top population states and every state in the Southeast but one.

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Money LaunderingFeds expand crackdown on secret real estate deals (money laundering) beyond Miami and Manhattan.
In Florida, if an all-cash real estate deal in Miami-Dade, Broward and Palm Beach counties exceeds $1 million, then buyers’ identities will have to be reported.
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Florida Association of RealtorsHave interest rates hit bottom? Hard to tell.
It seems like the Fed is “as befuddled as the rest of us” and the timeframe for when rates will return to “normal” could be longer than anyone can predict.
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Recent Housing News

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Net WorthDid You Know That A Homeowner’s Net Worth is 45x Greater Than a Renter’s?
Simply put, homeownership is a form of ‘forced savings.’ Every time you pay your mortgage, you are contributing to your net worth. Every time you pay your rent, you are contributing to your landlord’s net worth.
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SuburbiaWhen Will Millennials Move to the ‘Burbs?
It’s a matter of time before millennials start moving out of cities, meaning suburbs will evolve to meet millennials’ uniquely urbanized habits.
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Condo LegislationCondo legislation passes in Senate, offering relief for homebuyers.
The Housing Opportunity Through Modernization Act, will make the Federal Housing Administration’s recertification process much easier, and it will lower the FHA’s current owner-occupancy requirement from 50% to 35%.   Now, it just needs President Obama’s signature.

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Florida Association of RealtorsFlorida’s Existing Home Sale Prices Up in June.
Market sees pent-up demand and paucity of inventory. Florida’s economic growth, rising jobs outlook and acclaimed quality of life continue to draw new residents eager to call the Sunshine State home.

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1% DownpaymentGuaranteed Rate Now Offers 1% Down Payment Program Nationwide.
This program, while new for Guaranteed Rate, isn’t new to the industry. Guaranteed Rate calls its new loan program Double Match, which allows qualified borrowers to put down only 1% and receive an additional 2% grant through the program.
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Interesting Housing News

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Lavish BathroomsThe Master Bathroom is the New Focal Point of the Home.
The mater bathroom continues to become more lavish as homeowners renovate their space. Homeowners are opting to upgrade their master bathrooms over other rooms in the house, even kitchens.
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Housing MarketThis will be the best summer for the housing market in a decade.
Following the strongest spring in 10 years, the residential real estate market should continue to see growth throughout the summer despite some growing economic headwinds.
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Florida Association of RealtorsAll Florida condos need sprinklers or vote to opt-out by January 1st.
The Florida agency regulating condominiums says all condos – not just high rises – must have fire sprinklers installed unless owners vote to opt-out of the requirement before the end of 2016.

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Tampa Bay Housing MarketTampa Bay property values are finally healthy.
Property values are also growing at a safer pace instead of the dangerous double digit annual gains that led to the unsustainable housing peak in 2007.
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Flipping HousesInvestment flips: What to know about a fixer-upper.
Investing requires a leap of faith and a vision. Turning a real estate lemon into lemonade requires skills, a realistic financial outlook and lots of patience.

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Interesting Housing News

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Flood InsuranceAre you knee deep in ‪Flood Insurance‬ questions?
Please join us at this Tuesday’s Coffee Corner when Amy Metz from American Strategic Insurance presents the latest updates and answers all your questions.

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Negative EquityNegative Equity Highest Among Bottom-Tier Homes…
Owners of the least-expensive homes were roughly 3x more likely to be underwater on their mortgage than owners of the most-expensive homes.
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Credit ScoreMore Home Insurance Companies Look at Credit Scores.
Credit scores don’t just impact mortgage rates. More and more property insurers now quote cheaper property insurance rates to owners with high credit scores.
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Millennial HousingBoomers Are Moving In on Millennial Housing Stock.
As boomers retire and millennials start families, they’re buying the same houses for very different reasons. Boomers are in the process of downsizing and getting rid of junk, and millennials don’t have junk.

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Housing ForecastHousing Forecast: What To Expect In The Second Half Of 2016.
We’ve heard about how there’s been too much demand and not nearly enough supply to keep pace. The forecast focuses on such topics as the low inventory as well as new construction. And don’t forget Brexit.
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Interesting Housing News

 

Independence Day

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Quicken LoansDid you know that Quicken Loans now offers 1% down mortgages?
They’ve been flying under the radar with its 1% down mortgage, which it began nearly six months ago.
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Florida Association of RealtorsHave a Lower Credit Score?  Apply For a Mortgage.
It seems illogical: Lenders say they’ll now approve loans to buyers with lower credit scores, but the average score of people actually approved continues to rise.
There’s no reason to be a no-show in the home purchase market if you know where to target your application.
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BREXITBREXIT: What’s the FIXIT for U.S. Home Buyers and Sellers?
The UK’s exit from the EU almost certainly guarantees interest rates will remain low (and possibly go lower) over the next few months. The cost of money may never be better for a potential buyer.
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Vacation Home BuyersWhy 2016 could be the year Canadians start buying more US vacation homes…
Home prices are rising faster in Canada than they are in the US, and the National Association of REALTORS® says more Canadian buyers will snap up stateside vacation properties as a result.
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Rent or Buy?The Age Old Question: Rent or Buy?
Potential home buyers must decouple “investment” from “consumption” in order to make the best decision for themselves.

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Interesting Housing News

New Home Labor CostsHigh New-Home Costs: It’s Labor, Not Materials…
The cost of raw materials – asphalt, iron, steel and diesel – has fallen, but total new-home construction prices are up 1.8% because labor costs are soaring.

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What Moms Want in Their HomeWhat Do Moms Want in a House?
With Father’s Day past us, the focus shifts back to the moms and what they look for when buying a house… Open floor plans, large kitchen, and an office so parents can keep tabs on their kids.

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30 Year MortgagesWhy a 30-Year Mortgage May Leave Buyers House Poor.
First-time buyers may want to be more cautious when it comes to 30-year home mortgages. If a buyer can afford it, they may save much more money by opting for a 15-year financing plan.

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State of Nation's HousingHousing Healthy Enough to Start Driving Economy…
Harvard JCHS: Still, market is hampered by tight credit, sluggish income growth and the inventory shortage.
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Florida Association of RealtorsMore Homebuyers Have Renovation in Mind.
Houzz Survey: Many buyers decide to renovate instead of buying a “perfect” home because they think it’s more affordable or offers a better return on investment.
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Brexit and FloridaHere’s how Brexit will affect Florida and the Tampa Bay area.
From trade to travel, tourism to real estate, the ties between Florida and the fifth-largest economy in the world run deep.
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Interesting Housing News

Happy Fathers Day

 

GentrificationWhich Came First, Gentrification or Rent Surges?
Renters who move further from the city’s core in search of affordability but stay within the city are driving up prices, i.e. gentrification.
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Banking Institutional DistrustFaulty Mortgage Practices Continue to Cause Institutional Distrust…
It’s not just foreclosures and lost property values, but also a lack of trust in institutions left after the housing crisis.
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Energy Efficient HomesConsumers in the market for a new home prioritize energy-efficient features over luxury items.
Home buyers say they would rather have Energy Star appliances than a pool or home theater.
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Housing EconomistsHousing economists: Expect a mixed picture over the coming year, with slower price growth.
It’s murky: Some signs point to a strong real estate boom, said experts at a recent convention of real estate editors. But other signs suggest potential problems.
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Rate Hike & Job MarketYellen: ‘We’ll Be Watching Job Market Carefully’ …Weaker-than-anticipated.
May job growth provided “an opening to withhold a rate hike this month and delay action.

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