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What’s Up With Housing?

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Hurricane Michael’s damage to property in the Florida’s Panhandle region will provide a fresh test of the state’s unusual property insurance market.
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When many of the homes on the Panhandle were built, the state had a patchwork of codes from which some buildings here were exempt.
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As IBM’s Watson adds its computational power to construction sites, tech sees an industry in need of an upgrade.
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This cycle is different, in part because construction never took off and an inventory shortage remains. Worst case scenario: Stagnant prices for a year or two.
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The Neighborhood Assistance Corp. of America is hosting events around the U.S. to help buyers with low credit scores get home mortgages with low interest rates.
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Raise your hand if you’ve seen this: After an inspector has finished a home report, buyers look terrified and seem overwhelmed by supposed flaws that have been found. Recommend they take a deep breath and ask these questions.
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What’s Up With Housing?

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A quarterly survey of 100 real estate economists found that 43% expect a buyer’s market to return in 2020, and 25% think it will happen before the end of 2019. However, 18% predict 2021, 6% pick 2022 and 9% think it will take longer.
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Statewide, home flips accounted for 5.7 percent of all home sales in the period, down 18 percent over the year and the 10th highest rate in the U.S.
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Don’t wait until disaster strikes to find out if your homeowners insurance policy has you covered. Discover the surprising truth about perils that are not included in a standard policy, and learn how to minimize your risk while saving money on premiums.
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Researchers and real estate experts say people are aware of potential risks in smart homes — and are willing to accept them.
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If the right thing for you and your family is to purchase a home this year, buying sooner rather than later could lead to substantial savings.
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Few residents knew that garage doors present a major risk; that generators silently kill; or that cleanup costs can be prohibitive even with homeowners insurance.
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New York, New Jersey and Florida remain the top three states for the risk of mortgage fraud as fraud on mortgage applications ticks up nationally.

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What’s Up With Housing?

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It’s been 10 years since the Great Recession, but most home prices in the Tampa Bay area still haven’t reached their pre-recession peak, according to numbers released by Zillow.
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The CFPB had about 1,200 reverse-mortgage consumer complaints over 3 years. People cited “confusion and frustration over the terms” and loan-servicing problems.
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Home buyers young and old want high-tech features in their homes. Across the board, and across the generations, security and convenience are of primary interest.
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Despite rising prices, Tampa remains one of the best cities in which to flip houses ranking 10th among 172 cities compared on such metrics as median purchase price and average remodeling costs.
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The Senate approved a bill this week, and the president signed it, to keep the National Flood Insurance Program operating for 4 more months.
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Young People Don’t Want Construction Jobs…
Disinterest in construction work is contributing to a labor shortage that has meant fewer homes built and rising prices—possibly for years to come.
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What’s New With Housing?

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Please take action by urging Congress to extend the NFIP and pass meaningful reforms to ensure long-term viability of the program.

 

Freddie Mac: Rates have declined in 5 of past 6 weeks, but a year ago, the average 30-year FRM was 3.96%. Average 15-year FRM slipped to 3.99% this week.
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Whether in a nod to the bold approach of the ’30s or the kitschy flourishes in ’60s design, modern kitchens are finding a fresh new face in the past.
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Apartment renters have come to expect green building features like good indoor air quality and energy efficiency, making them more of a requirement in many markets.
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As a first-time home buyer, where do you even begin? Saving enough cash to cover a down payment is a big enough hurdle to get over, but that’s just the beginning. The entire process can be intimidating and overwhelming. Mortgages, offers and negotiations, inspections, homeowners insurance, property taxes, the list goes on.
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A new report says student loans, high rent, and location preferences are among impediments to Millennial homeownership.
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22 real estate groups and associations – NAR, NAHB, insurers, bankers and others – sent a joint letter to lawmakers pushing them to pass a flood insurance bill.

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What’s Up With Housing?

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Building Permits on the Rise in FloridaFlorida Building Permits Rose 20.8% Year-to-Year.
Home construction continues to lag nationwide, but increases in Fla. and the West are being offset by decreases elsewhere, such as New Hampshire’s 43.1% drop.

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Governor Scott Signs Real Estate-Related Bills Into Law.
New laws will boost flood insurance warnings, tinker with HOA covenant and restriction rules, and change the way Fla. regulates and defines “mortgage lenders.”

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The Pinellas County real estate market is continuing to see higher sale prices and homes moving at a faster rate for both the Single Family and Townhome/Condo markets compared to February 2017.
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As more multifamily developers experiment with modular construction, its use is increasing.
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Did you know that St. Pete offers no-interest loans for qualified first-time home buyers and for qualified homeowners who need help to rehab their houses?
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The premium hikes, which are required by law, will be as little as 2% for some properties and as high as 24% for others. The average increase will be about 8%.


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What’s Up With Housing?

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The National Flood Insurance Program did not expire last Fri. as feared, but Congress extended it for only 2 weeks. Its new expiration date: Dec. 22, 2017.
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Thinking about buying your first home? Before you can unlock the door to homeownership, you have to take some important first steps. From finding the perfect location to financing your purchase, shopping for your first home has challenges that go beyond curb appeal and interior features.
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80% of millennial renters want to buy a home, yet most say they can’t afford it. However, there are ways to get around that problem.
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Some home flipping wisdom for investors who want to make sure they are keeping sharp when it comes to effectively — and profitably — flipping homes.
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Tampa Bay has seen two booms in house flipping – one in the mid-2000s, when prices headed steadily upward, and again from 2011 to 2014 when the market was flooded with cheap foreclosures. But in the three months ended in September, area flippers made an average gross profit of 54.5%, a drop from 66.5% in the same period a year ago.


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Housing News: A Week In Review

Realtors… Please Save This Date: December 12, 2017 – 9:00am to 10:am
Title Security’s Coffee Corner will help you learn how to better navigate the sections of the FR/BAR contract that impact your closings.

The Senate is working on its own legislation so the final outcome remains undetermined.
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Are “smart homes” selling better than their unconnected rivals? Savvy sellers can add smart lighting, doorbell, lock, thermostat and security for about $2,100.
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In his new book, ‘Artemis,’ Andy Weir geeks out on how homes and cities could one day be built on the lunar surface.
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“Rising homeownership rates and limited housing inventory” are two factors driving demand for housing says Robert Dietz with the National Association of Home Builders.
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The 53-acre Water Street Tampa will include two sister residential towers connected by a large commercial space.