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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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What’s Up With Housing?

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Not only is homeownership something to be proud of, but it also offers you and your family the ability to build equity you can borrow against in the future.
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A disaster declaration in the just-expanded 37 Florida counties will aid local gov’ts and allow HUD to help with federal housing needs, such as foreclosure relief.
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Do you know what your house is worth? Have you stayed put because you are nervous you won’t have enough equity to buy your dream home?
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This report gives the results of a survey of REALTORS® on the effectiveness of home staging.


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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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What’s Up With Housing?

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Check out the slideshow for which ZIP codes saw the most homes sell, as well as the average and sale prices for each ZIP code.
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The short answer: No, according to a JPMorgan study. Sharp housing price corrections are rare, they say, even after a large run-up in home prices.
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Tesla Installs First Solar Roofs
The roofs were first announced last October, with online orders beginning in May. The carmaker’s new solar roof tiles are made to resemble regular roofing.
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Homeownership Rate Rebounds from 50-Year Low
Good news for Real Estate… The U.S. homeownership rate may have finally bottomed out, as the share of Americans who own homes is steadily climbing.
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Florida Consumer Confidence Rises 1.5 Points in July
Consumer sentiment among Floridians hit its second-highest level since 2002. Of the five components that make up the index, three increased and two decreased.

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http://www.TitleSecurityFL.com

 


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Top 10 Issues Facing the Real Estate Industry in 2017

Biggest Issues in Real Estate

The No. 1 challenge? Polarization and political uncertainty.

Key Takeaways:

  1. Political uncertainty affects trade, consumer prices, home prices and mortgage interest rates.
  2. Big baby boomer and millennial populations (who want different things in their homes) are causing generational disruption and housing mismatch.
  3. The proliferation of real estate technology is also going to have a big impact on consumers, agents and brokers.

[Inman News] DENVER — Every year, the Counselors of Real Estate (CRE) surveys its members to discover what the most pressing issues facing the real estate industry might be.

Yesterday, at the National Association of Real Estate Editors (NAREE) conference in Denver, CRE chair Scott Muldavin unveiled a list of the 10 challenges the industry will face.

“As real estate agents, we’re all futurists,” said Muldavin, pointing out that purchasing a home, securing a mortgage and even signing a lease are all activities that require some thought about the future.

In a departure from previous years, Muldavin started the list with the item that CRE members think is the most pressing one for the industry to face right now.

1. Political polarization and global uncertainty

“Today we’re going to start at the top because political polarization and global uncertainty is an issue that permeates almost all the other issues,” Muldavin explained.

He noted that resurging nationalism, threats to the European Union and the possibility of war with Iran or North Korea — plus uncertainty relative to trade deals — are all contributing to this challenge.

“There are a lot of unintended consequences,” he noted.

Political polarization and global uncertainty have a particular impact on trade, so port, gateway and coastal communities might find themselves with economic or other problems that they haven’t yet had to tackle.

Add to that the fact that the consumer price index, home prices and interest rates are all rising, mortgages are less affordable and communities are increasingly polarized, and you can see how this issue would affect homeownership on an individual and national scale.

2. The technology boom

“One of the biggest booms today is actually the boom in applications,” said Muldavin, noting that in 2011, $186 million was spent on real estate tech applications, and that number had ballooned to $2.7 billion in 2016.

“This move is going to change every aspect of buying, selling and managing real estate,” he said.

Technology will affect home sales in the following ways:

  • Robotics has come alive — and that means your job might not be safe, which could have an impact on the number of households that can afford to buy a home.
  • Autonomous vehicles are coming sooner or later — Muldavin thinks sooner — and that’s going to mean buildings and parking garages are probably due for some redesign, and builders need to start thinking about that now.
  • Consumers are coming to expect growing sophistication from service providers who leverage technology, so those service providers better be ready to deliver.
  • Smart home devices are becoming increasingly popular.
  • Wireless access and bandwidth are key for residential properties.
  • New modes of transportation and new transportation models could be a boom for the suburbs.

3. Generational disruptions

The two biggest generations in the United States — millennials and baby boomers — have very different challenges and varying priorities and needs when it comes to housing, and that gets especially squirrelly when the two groups need to share living spaces.

This means that office, public and residential living spaces should be designed with the demands of both groups in mind, whenever possible, to meet the needs of this side-by-side generational workforce.

And while young renters and buyers have income limits and are marrying and moving to the suburbs later in life, older owners are downsizing and selling so they can move back to the cities.

4. Retail disruption

“This is not exactly a new issue that the retail markets are having a problem,” said Muldavin.

“Between 1970 and today, malls grew at twice the rate of the population.” He noted that the United States has 40 percent more retail space than Canada, five times more than the United Kingdom and 10 times more than Germany. That’s…a lot, especially when you combine it with the wonders of shopping online.

So is it any surprise that so many retail storefronts are closing up shop?

“Retail’s not dying,” assured Muldavin, “but people like experiences” — so current retail stores might be converted to climbing gyms, offices or what Muldavin calls “omnichannel” stores.

And this will all roll up to impact residential real estate; properties within walking distance will be within high demand, and retail disruption can be a residential value determinant, so it’s unwise to ignore it.

5. Infrastructure investment

“Infrastructure is a long-term problem relative to our competitiveness,” said Muldavin, and it’s another one we can’t ignore — it won’t fix itself and it’s only going to keep deteriorating.

He discussed the the infrastructure plan outlined by the Trump administration and said it would push funds into public transportation and other important infrastructure projects.

However, infrastructure projects of this scope are typically taken on when unemployment is relatively high — which it is definitely not right now; we’re at an unemployment rate of 4.3 percent in the U.S., the lowest since 2001.

So where are those infrastructure workers going to come from, and how much will they need to be paid?

There are commercial opportunities for fund management, plus advantages for ports and communities that support global transportation routes, and more infrastructure likely means more jobs (and therefore more money to buy a home), better access to housing and work and other necessary places, improved utilities, improved delivery of goods and more.

“The losers are going to be rural areas, water, electrical grids, parks — anything that doesn’t have a direct public source,” Muldavin said.

6. Housing: The big mismatch

“Affordability is a big issue, but in Cleveland you can still buy a house for $80,000,” Muldavin noted. “So affordability’s not a problem everywhere. The places where jobs are being created, you have huge affordability issues. What they really need to do is get jobs moving to where we have housing that’s affordable.”

This is just one example of the big housing mismatch. Others include:

  • Boomers want large apartments for their downsizing plans while developers have been building much smaller units for millennials.
  • There are far too few starter homes to meet demand in most markets.
  • The poor demand for old, large homes in the suburbs can also hinder move-up or downsizing buyers seeking a change.

7. Lost decades of the middle class

Middle class wages haven’t grown in 20 years, Muldavin noted.

“We have a real challenge in this and it has significant implications for real estate relative to homebuying.”

Is it any surprise that homeownership rates have dropped? Muldavin said that they’re forecasted to go even lower — to 60 percent or below. “We’re not expecting a homebuying boom,” he said.

8. Real estate’s emerging role in health care

Is anyone in the U.S. (aside from perhaps pharmaceutical companies) happy with the state of health care? Muldavin noted that we spend $3 trillion on health care every year in this country, and our outcomes rank 50 out of 55 developed countries surveyed. “We’re not getting a lot done,” Muldavin said, “and real estate has a key role in turning this around.”

That includes both increased health care infrastructure — urgent care centers, ambulatory care centers, clinics and other health care-related locales are popping up to help alleviate the burden from hospitals — and buildings themselves can help enhance and promote our health.

There are programs that can control carbon dioxide and lighting levels, for example, to promote alertness and align with circadian rhythms for better sleep.

9. Immigration

“The problem with immigration and the polarization is we don’t have a comprehensive strategy,” said Muldavin.

There are, of course, implications of toughening the borders against immigration:

  • It blocks access to skilled workers.
  • It impacts innovation.
  • It hampers multifamily development, rents and home sales.
  • It impacts home and rental unit size, as immigrant families are often larger.
  • There will be fewer new household formations, fewer renters and fewer buyers.

10. Climate change

Muldavin explained that whether or not you believe in rising sea levels and climate change, it’s going to affect real estate — because new scientific algorithms might convince other people that your property will soon be (literally) underwater.

“It doesn’t even have to be true for it to affect real estate,” he said.

Muldavin lives in the San Francisco Bay Area by the water, and he explained that his big concern is less about his property and more about how he gets there (and leaves).

“If the access road floods now, I can’t get to my house today,” he said. If it gets worse….

“Even if it’s wrong, the perceptions can affect values a lot,” he said “and particularly for baby boomers when your home is such a huge part of your equity and investment, are you going to take a huge risk and not sell or move?”

By AMBER TAUFEN Staff Writer, Inman News


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What’s Up With Housing This Week?

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Dodd-FrankDodd-Frank Law Is Falling Short…
New evidence shows that on a few key measures, the Dodd-Frank law hasn’t put new market pressure on large banks, and that it’s also failed to protect consumers.
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Mortgage MathMortgage math doesn’t have to be intimidating!
Here are the numbers you need to know, broken down into simple terms:
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Ex Fed Chairman GreenspanGreenspan: Axe Dodd-Frank and Watch Economy Soar
“If you get rid of Dodd-Frank, it’s going to have a very significant positive impact on the economy,” ~Greenspan
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Lower Mortgage RatesCheaper Mortgages Could Spur Housing Market.
Will the drop to 3.97% for a 30-year fixed-rate mortgage encourage home buyers?
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Seller's MarketHomes are flying off fast this spring in the ‘strongest seller’s market ever’
Spring homebuyers are pounding the pavement at a furious pace, but the pickings are getting ever slimmer.

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http://www.TitleSecurityFL.com 

 


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Help Your Buyers Avoid Stress During Move-In

New York Times’ Moving Checklist

TWO MONTHS

• Take a deep breath. Moving is a big step with a bigger transition to follow.

Moving Checklist• Decide how you’ll manage the move. If you’re hiring a moving company, get quotes from at least three places, and check them out. If you’re moving far, arrange for transporting your car. If you’re going to do it yourself, figure out where you will get a truck and how much advance notice will be needed.

• Start pruning. What will stay? What will go? Start as far ahead as you can so that you will sort through the stuff instead of throwing it into a box and taking care of it at your new space. If you’re hiring someone to do the packing, ask them how they would prefer things to be sorted, if at all. This will give you an idea of what you will be trying to sell, too.

• Get packing materials. You can buy boxes, Bubble Wrap and packing tape, but keep an eye on your local Freecycle Network and the free section of Craigslist for people who have recently moved and are giving away boxes.

• If you’re selling a home, attack the inspection repair list. If you don’t have a regular plumber, contractor and/or electrician, it will take time to hire professionals. Closing day comes quickly. Keep all receipts for work in case the buyer asks for them at the closing.

ONE MONTH

• Change magazine subscriptions.

• Keep packing. There is more stuff than you will expect.

• If you’re moving into an apartment building, find out where the truck can park and if you need to make arrangements or reserve an elevator.

• If you’re selling furniture, make a plan for when and where to list the items for sale. You can probably live without that hutch if it sells on Craigslist in a flash, but not your bed.

TWO WEEKS

• Schedule your change of address at the post office or at moversguide.usps.com.

• Change the address for whatever paper bills you get in the mail.

• Arrange to stop or transfer utilities. Whether you’re selling or buying, ask your broker what the title company will handle and what you should do yourself.

• Arrange for sitters for young children and pets on moving day.

ONE WEEK

• Other addresses to change: driver’s license and insurance cards (for yourself and your car if you have one). Also, make sure your prescriptions are changed to a local pharmacy or will be delivered to your new address if you get them by mail.

• Keep packing, but make sure to leave out what you’ll need on moving day, and anything else essential if it will take a while for you to be reunited with your stuff. Also, make sure those items are in luggage or boxes clearly marked “DO NOT MOVE.”

• Change or halt newspaper delivery and any other regular deliveries.

• Confirm the date and time of the move; discuss any changes because of possible bad weather, and what the company will and won’t take (plants are rarely moved, and they probably won’t take your fireworks either). If you’re moving into a building, confirm the elevator and parking situation.

ONE DAY

• Pack up the food you’re taking with you. (For nonperishables you’re not bringing, donate them to a local food bank.

• Make sure your luggage and the “DO NOT MOVE” boxes are far from what the movers are taking.

ZERO DAYS

• If you can, plan to be with the movers while they load the truck. Take whatever you consider nonreplaceable or too valuable to move with you (jewelry, wedding photos, your children), along with the documents you will need at the closing or move-in and the payment for the movers, plus tip. The American Moving and Storage Association recommends $10 a person for a half-day move and $20 per person for a full day.

• Sweep up behind you, and do one more check of the house, including the basement and attic.

A version of this article appears in print on April 2, 2017, on Page RE10 of the New York edition with the headline: Counting Down to Moving Day.