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What’s Up With Housing?

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Half the mortgage rate gain observed since the start of January has since been erased, according to Zillow.
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But for all the enthusiasm, the tiny-house movement isn’t moving very fast. Financing, zoning laws and entrenched attitudes have conspired to limit tiny houses to a tiny percentage of the nation’s housing stock.
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The Pinellas County housing market hasn’t shown any let down in the year-over-year median sale price and median time to sale for Single Family Homes and Townhome/ Condos. $266,375 in June 2018 versus $248,450 in June 2017
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There are 7 factors that you should consider when choosing your retirement dream home. Evaluating your current house for its ability to adapt with you as you age can be the first step to guaranteeing your comfort in retirement.
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The Top U.S. Migration Pattern? New Yorkers Moving to Florida.
Florida was also the top destination for out-of-state movers from New Jersey, Pennsylvania, Michigan and Illinois, though a handful of Floridians moved to Texas.
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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 This Week?

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Flood InsuranceNeed Flood Insurance? It Expires in 6 Months.
On Sept. 30, the national flood insurance program officially ends, which could create a dilemma for homeowners and buyers. The National Association of REALTORS® is working with federal regulators to extend and improve the program, but challenges lie ahead.

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Labor ShortageTampa Bay contractors expect uptick in projects but scarce labor…
81% of contractors in Hillsborough and Pinellas counties anticipate an uptick in sales over the next six months, but just under 23 percent are confident they can find labor to complete projects.
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Florida Consumer ConfidenceConsumer Confidence Among Floridians Rises to 15-year High.
Florida Consumers last month were the most confident that they have been since 2002, long before the onset of the Great Recession triggered a prolonged slump.
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Mortgage Rates FallThe Average 30-year Mortgage Rate Falls to 4.10%.
Long-term U.S. mortgage rates fell for a 3rd straight week and are approaching low points for the year. Most experts predict rates will remain steady.

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Homebuyers and SustainabilityBuyer Interest in Sustainability is Rising.
More than half of Realtors find that consumers have interest in real estate sustainability issues and practices. As this interest grows, Realtors understand the necessity of promoting sustainability in their real estate practice, such as marketing energy efficiency in property listings to home buyers.

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Recent Housing News

Where Are The Sellers?Where Have All the Sellers Gone? 6 reasons for low inventory.  Factors influencing the lack of homes on the market include homeowners who are still underwater on their mortgages and not enough new-home construction.

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Housing CrisisHas Housing’s Crisis Ended?  Supply of entry-level homes continues to plague the market.
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Home Equity PostHome equity surges by more than $1 trillion.  CoreLogic: American homeowners now have about $1.2 trillion dollars more than they had a year ago thanks to rising home values – double the amount since 2011.

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Mortgage Interest RatesMortgage Rates Continue Falling…  30-year drops to 3.83%; jumbo down to 3.76%.  At the current average 30-year fixed mortgage rate of 3.83 percent, the monthly payment for a $200,000 loan is $935.33.

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Millennials are showing signs of financial prudence.Millennials Saving More than Older Cohorts.  Only half of adults 30 and older save more than 5% of their income annually, but 3 in 5 millennials are doing so, according to a study… Millennials are showing signs of financial prudence.

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