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What’s Up With Housing?

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Wall Street is witnessing the best bull market in homebuilder stocks in years.
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71% of prospective homeowners – largely millennials – believe it’s a good time to buy a home, and 63% remain steadfast in their ideal preferences for a home.
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There’s an interesting program being introduced by Lennar Home Builders and Eagle Home Mortgage.
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Amazon.com will now ship a 320-square-foot shipping container home, complete with appliances, bath fixtures and hookups — just add it to your cart.
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Willing to endure things that go bump in the night for a better real estate deal.
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What’s Up With Housing?

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J.D. Power survey: Overall satisfaction with homeowners policies is at an all-time high, but too few people understand what their policy does/does not cover.
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“This place has good bones”: Home buyers are apt to hear this phrase when they’re touring homes. But what does that mean, exactly?
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Described as a collision of rich blue with jewel-toned green, a color that is both accessible and elusive.
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The newly proposed tax plan includes such things as increasing the standard deduction.
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A mortgage with no down payment seems a little bit like scoring a buy-a-home lottery ticket. You get a home loan and keep more money in your pocket.


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What’s Up With Housing?

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According to Freddie Mac’s Outlook for Sept., new homes will be a primary driver of sales and slightly higher mortgage rates will dampen price increases. But “the economic environment remains favorable for housing,” says chief economist.
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While far from new, eco-friendly and affordable, shipping containers are gaining popularity as an alternative to traditional houses.
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Finding out that you’ll need to come up with thousands of dollars right before closing is not a surprise anyone is ever looking forward to.
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As Congress and the Trump Administration release plans for tax reform, NAR says it will fight to make sure any new tax plan doesn’t discourage homeownership.
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Both on 4th Ave N, The Bezu, is a 24-unit tower close to Beach Drive, and 747 North, an 18-unit project several blocks to the west.


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More Than Half Of All Buyers Are Surprised By Closing Costs

Closing Costs

According to a survey conducted by ClosingCorp, over half of all homebuyers are surprised by the closing costs required to obtain their mortgage.

After surveying 1,000 first-time and repeat homebuyers, the results revealed that 17% of homebuyers were surprised that closing costs were required at all, while another 35% were stunned by how much higher the fees were than expected.

“Homebuyers reported being most surprised by mortgage insurance, followed by bank fees and points, taxes, title insurance and appraisal fees.”

Bankrate.com gathered closing cost data from lenders in every state and Washington, D.C. in order to share the average costs in each state. The map below was created using the closing costs on a $200,000 mortgage with a 20% down payment.

More Than Half of All Buyers Are Surprised by Closing Costs | Keeping Current Matters

Keep in mind that if you are in the market for a home above this price range, your costs could be significantly greater. According to Freddie Mac,

“Closing costs are typically between 2 and 5% of your purchase price.”

Bottom Line

Speak with your lender and agent early and often to determine how much you’ll be responsible for at closing. Finding out that you’ll need to come up with thousands of dollars right before closing is not a surprise anyone is ever looking forward to.

via Keeping Current Matters


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What’s Up With Housing?

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Homeowners in Florida are finding that homes built to the stricter building codes seem to have fared better during Hurricane Irma.
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NAR’s Call for Action ended Friday. While NAR initially hoped to pass a comprehensive flood bill that lasted years, Harvey aid and Irma’s impending threat last week convinced Congress to postpone major changes. NFIP now expires in December.
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Florida’s housing market continued its positive track in August, with more closed sales, increased pending sales, more new listings and rising median prices.
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FHA loans require a post-disaster inspection in declared catastrophe areas, but a rule that could delay closings has been waived.
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PRO LogoPinellas County Real Estate Statistics for August 2017
Here’s the Stand-Out Stat for August 2017: Median Time to Sale for Single Family Homes was 63 days down 13.7% from 73 days in August 2016.
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Now that the “big one” has finally happened how can you protect yourself?


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Housing News: Financing

Labor Day

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Gone are the days of ‘20% down or no mortgage.’ What could you build with the equity in your house?
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ARMs look very different in 2017 than in 2005, and their popularity is edging back up. Overall, home buyers have preferred FRMs over ARMs in the past decade.
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Reverse mortgages — pitched as a way to ‘age in place’ — are pushing more elderly homeowners into foreclosure
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On Aug. 30, 2017, the Bureau issued a detailed summary of changes and clarifications of the 2017 TILA-RESPA rule . The new summary outlines and explains the changes and clarifications set forth in the 2017 TILA-RESPA Rule.
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Mortgage-buyer Freddie Mac reports that the average rate on a 30-year, fixed-rate mortgage fell to 3.82% this week from last week’s 3.86%.


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What’s Up With Housing?

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With the following apps, you can get organized (whether you plan to buy or sell), save money, learn about the homes in your neighborhood and get inspired for your next renovation project.
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If you are thinking of selling, FSBOing may end up costing you money instead of saving you money.
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The government’s Home Affordable Refinance Program was all set to end next month, September 30, to be exact, but that’s not the case anymore.
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Could those dramatic gains in Tampa Bay home prices really be slowing down? July sales figures hint that the long-running sellers’ market might be shifting more in favor of buyers.
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Gen Y HomebuyersWill the Generation After the Millennials Own Homes?
“Given Generation X has a high homeownership rate and Generation Y is expected to as well I would expect nothing different from the youngest generation”
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