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What’s Up With Housing?

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Quartz countertops, induction cooking, and single-level islands are among the design trends that have the potential.
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If the expectations about housing in 2019 can be summed up in one word, it’s this: balanced. After months and months on a runaway track, home prices have started to temper, and will continue to moderate in the upcoming year.
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The administration wants to eliminate professional appraisals on home sale transactions less than $400K.  Critics say the change could push the country back toward the see-no-evil days of mortgage lending that preceded the housing crash.
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Privacy, flexibility and accessibility need to be at the top of the list when planning a household for aging parents or adult children.
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The recklessness that accompanied the build-up in equity prior to the last crash does not exist today. That makes this housing market much more secure than the one we had heading into 2008.
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Naturally, after years of transforming beach homes into their best selves, Marnie Oursler has learned a lot about what works and what doesn’t—and what the next big thing in coastal design really is.
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Though ONE St. Petersburg is not yet finished, some buyers hope to flip their units for hefty profits as Tampa Bay’s luxury condo boom continues unabated.
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What’s Up With Housing?

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Latest Florida Realtors data shows Single-family home sales up 8.5% year-over-year; condo-townhouse sales up 14.1%, due in part to rising inventory of active listings.
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Florida timeshare companies and exit companies are blaming each other for rising default rates, with the timeshare industry now lobbying lawmakers and regulators for policy changes.
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National flood insurance, like the 2018 hurricane season, ended at midnight last evening. Many observers predict another short-term extension for NFIP, but newly elected 2019 lawmakers may be more open to a long-term extension that also keeps rates affordable.
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This move could speed closings and reduce costs, but appraisers warn that automated processes are not as reliable.
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The federal agency that creates conventional loan limits for Fannie Mae and Freddie Mac will raise max amounts 6.9% – to $484,350 for most single-family 2019 loans.
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What’s New With Housing?

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It’s no surprise that with rents rising, more and more first-time buyers are taking advantage of low-down-payment mortgage options.
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34% of those who purchased a home were unfazed by price and rate hikes, 51% didn’t pay above asking price, and 42% only made one or two offers, according to realtor.com.
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If you are one of the many homeowners across the country who hasn’t quite found their forever home, now may be a great time to list your house for sale and find your dream home!
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After designing an incredibly cheap home, the 20K Initiative is now working with Fannie Mae and others to redesign mortgages and other factors that make home ownership so expensive.
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Be sure serious buyers and sellers understand the difference between the competing home price estimators — and recognize how they’re different from an actual appraisal.

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What’s Up With Housing?

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Homeowners associations can institute some ridiculous rules—and some of them can veer into illegal territory.
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Sur Club in St PetersburgSt. Pete’s Newest Emerging Neighborhoods.
Clusters of businesses, housing, academic institutions and agencies focused on marine science, healthcare and innovation are at the center of two emerging neighborhoods.
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Overall, the residential land market in Florida is very strong as a result of the improving economy, combined with the continued influx of almost 1,000 people per day to the state.
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Efforts to reduce costs, increase efficiencies and incorporate innovation, technology and data are expanding the use of alternative valuation methods.
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Respondents claimed their favorite green features were recycling, smoke-free buildings, and walkability, while the most requested green features were recycling and composting, solar panels, and community gardens.


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What’s Up With Housing?

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If buyer demand continues to outpace the current supply of existing homes for sale, prices will continue to appreciate. Nothing nefarious is taking place. It is simply the theory of supply & demand working as it should.
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Home builders report that customers are more cautious than before the crash and prefer smaller, value-packed homes.
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After two months of decline, consumer sentiment among Floridians increased six-tenths of a point in April to 98.1 from a revised figure of 97.5 in March. Among the five components that make up the index, three increased and two decreased.
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Research shows that millennials value organic, unplanned, authentic, and experience-based housing amenities the most. These amenities are generally not expensive.
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“In today’s competitive housing market, understanding what homes may command a premium or attract multiple offers can be hugely beneficial to buyers.”
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A low home appraisal can ruin the sale of a home. You can protect yourself from low appraisals. Here are some suggestions for buyers and sellers.


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What’s Up With Housing?

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Buyers at high-end waterfront properties are sparing no expense for storm-resistant features. They’re paying closer attention to the vulnerability of their current property and future property.
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Zillow panel of housing experts and economists sees dynamics carrying forward into next year, with the exception of interest rate rises. And that might be good.
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Home's Collateral ValueNew Challenges for Determining A Home’s Collateral Value.
Fannie and Freddie plan to waive the requirement for professional appraisal of purchase loans with an LTV ratio of 80% or lower.
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DRC commissioners agreed that the 300-foot-high Bezu would be dramatically out of scale with the neighboring Flori de Leon and other nearby structures.


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Explaining the Appraisal Process to Clients Early is Crucial

Appraisals

It all starts with reasonable pricing, knowing the comparables and advising clients properly.

Inman.com — After a seller and buyer reach a “meeting of the minds,” meaning that they have agreed to a price, terms and conditions so that a sale can move forward, most purchase agreements provide each principal a number of opportunities to re-visit the agreement.

When a problem arises, they can negotiate the issue, renegotiate the purchase offer (specifically, the purchase price), or they reach an impasse that could end the process.

Generally speaking, there are two major events or “contingencies” that stand between two relatively happy parties agreeing to transfer a deed. The two are the property inspection and the mortgage approval.

The property inspection usually occurs within the first week or so, and the appraisal usually occurs within weeks of the proposed settlement date, which makes an appraisal problem tougher on the parties as they are more invested in the process concluding successfully.

The mortgage approval involves a number of activities centered on vetting the buyer and appraising the property. The need for an appraisal is premised upon the concept that a loan is an investment in a buyer.

The lender earns fees for being in a position to make the loan and attempts to protect its investment by making sure that the property is “worth” the risk associated with making a loan to a person who may at some point (for a variety of reasons) become unable or unwilling to continue making the monthly payments to repay the loan.

In addition to whatever has happened to the actual market value of the property compared to the amount loaned, the process of taking the property back is a costly one.

Appraisers evaluate property based on a number of criteria, and the “value” they attach to a specific parcel is based on comparable activity. It is a snapshot that is a moving target.

Markets rise and markets fall so the durability of a given appraisal is not guaranteed. Results from years ago or for purposes other than a sale may be worthless when considered in the present day.

When attaching a marketing price to a listed property and when determining how much to offer a seller, the future appraisal should be given some consideration as no one wants a sale to fail, especially given the timing of the appraisal.

The appraised value is interesting as it purports to suggest a specific whole dollar amount to the “value” of a parcel. I am not an appraiser and respectfully suggest that two or more appraisers will arrive at different valuations.

Further, I would respectfully prefer to see that a sale price was either acceptable (meaning at or below the appraised value) or not rather than seeing a specific number when the value exceeds the offered price.

I have had sellers ask if they could raise the price!

Obviously if a house does not appraise, the parties do need to know the amount to see if they can work it out. As objective as it is meant to be, the result is subjective in that the parties want to still do business but may lack the resources to complete the process.

It all starts with reasonable pricing, knowing the comparables and advising the clients that the appraiser typically has what appears to the final say!

Agents should take time to explain pricing and the appraisal process early in the sale, so that no surprises occur later.

Thank you Inman.com.

via Andrew Wetzel… an associate broker with Long and Foster Real Estate in Havertown, Pennsylvania.