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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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What’s Up With Housing?

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Zillow maintains that more than half the homes it lists sell within five percent of the home value “Zestimates” it gives for them. The Tampa Bay Times looked at 20 houses for sale on both sides of bay to see if that held up.
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People tend to be too optimistic about rental rates, vacancies, management fees, maintenance costs and home value increases.
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With so many generations to serve in Florida’s increasingly attractive housing market, how can developers be sure their product supply will appeal to their target audience?
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The federal consumer bureau says it’s okay for lenders to share buyers’ Closing Disclosure with agents, and it’s announcing soon the how-to-do-it details.
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Report: The number of homeowners (about 1.8M) who still owe more on a mortgage than their home’s current value has hit its lowest point since 2006.


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Homeowners Confident in Housing Market, While Renters Balk at Future Prospects

Owners and renters view housing market differently.

It’s a good time to own a home, according to Zillow. Values are up, people want to buy, and homes are selling quickly. However, renters are struggling with confidence as they look to the future, the real estate research team says.

Zillow and Pulsenomics, LLC conducted a semi-annual survey over the year to determine confidence among homeowners and potential homeowners across the U.S. The Zillow Housing Confidence Index (ZHCI) bases results off 10,000 surveyed renters and homeowners.

The ZHCI at this point in the year is 67.3, up 0.4 from January and 0.8 from the same time last year.

The ZHCI is made up of three other sub-indexes that include market conditions, housing expectations and homeownership aspirations. Each sub-index rose from the year prior, which ultimately pushed overall confidence up.

Homeowners, renters view the future differently

Homeowner confidence rose to 71.3 in July, up 1 point from January and 1.7 points from the previous year. Renter confidence dropped 0.3 points, to 61.2, signaling a difference in opinion about the future of the housing market.

According to Zillow, the 10.1 points between renter confidence and homeowner confidence is the highest difference since Zillow began conducting the survey at the beginning of 2014.

The index showed Miami had the smallest gap between homeowner and renter opinions about buying and selling a home.

Seattle, on the other hand, had the largest difference in opinions. Rent in Seattle has increased higher than any other metro in the country in the last year, while home values increased 11 percent.

Housing ConfidenceWhen Zillow began monitoring national homeowner and renter thoughts on the market in 2014, 50 percent of owners said it was a good time to sell, and 48 percent of renters thought it was a good time to buy. Now, however, 70 percent of owners think it’s a good time sell, and 38 percent of renters think it’s a good time to buy.

Confidence among those who don’t own a home has waned

San Francisco has the widest gap of any metro in the country when it comes to owner and renter confidence, with 73 percent of homeowners thinking it’s a good time to sell and 13 percent of renters saying it’s a good time buy. Zillow’s records for San Francisco show a median home price of $1.1 million and median rent of $4,450.

On the flip-side of that massive difference is Chicago. The Windy City has the smallest difference between opinions about selling and buying, separated by just 5 percent. In Chicago, 52 percent of owners say it’s a good time to sell, while 47 percent of renters think it’s a good time to buy.

Both San Francisco and New York share a 50/50 split of renter opinions about being able to afford a home.

Zillow concludes that this puts owners and renters in a funny situation: Homeowners know it’s a good time to sell because the demand is so high, but that also means having to find a new home, which is difficult. Renters are struggling to afford what homes are available, and with dropping new construction, inventory shrinks.

via Inman News


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Recent Housing News

Sustainable HomesAnother Inconvenient Truth. It’s time to get past the ‘home buyers won’t pay for it’ mindset when it comes to making homes sustainable … they are paying for it, now or later.

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Number of First-Time Home Buyers FallsNumber of First-Time Home Buyers Falls to Lowest Levels in Three Decades. Figure represents third straight annual decline and lowest percentage since 1987

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Millennials Living at HomMillennials Are Just as Likely to Live With Parents as to Own a Home

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Groovy New Tiny House with Full-Size Appliances Can Sleep 8Groovy New Tiny House with Full-Size Appliances Can Sleep 8.  Remember the Escape Traveler, the fab new mobile tiny home with major amenities like a full-size oven and bathtub? Well, the maker of the Escape Traveler has just launched an even more spacious version.

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Construction Forecast 2016Chief economists for the NAHB, ABC and AIA offer mostly optimistic views for 2016.
*A 7.4% growth in nonresidential construction in 2016  *Big growth in the single-family sector due to pent-up demand.
*Improving job market

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First Time BuyersZillow offers up an analysis of just who exactly today’s First-Time Home buyer is, and finds that they’re typically older, focused on condos, and increasingly able to score a loan with a lower credit score.

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http://www.TitleSecurityFL.com


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Housing News From This Past Week

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New Home SalesThe increase in U.S. new-house sales outstrips forecast…  And now, the housing market is entering what is traditionally its busiest season.

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House-Hunting Using A Watch“Watchful” House-hunting…
New features give home shoppers a more complete snapshot of what it would be like living in a particular neighborhood.

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Smart HomesJust think… your connected home could be cooler than ‘The Jetsons’.  See What They Got Right, and Wrong, About the Connected Home… Pretty Smart.

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Construction Technologies of the FutureThe future of the construction industry: techniques and technologies… This new infographic details the major technology advancements we could see over the next decade, as well as the impacts on our industry as a whole.

 

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Baby Boomers Are Driving the Housing MarketWealth & Health: Baby Boomers Are Driving the Housing Market… New research shows that consumers aged 55 and older will buy more than half of the new U.S. homes in the next five years. 

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3 Financial Reasons to Buy a Home NOW!

I always enjoy following what the KCM Blog has to say about the Real Estate Market.  Earlier this week, they ran a series of posts as to why it makes financial sense to purchase a home now.

Part I – Prices Are Rising at an Accelerated Rate The price of a home is Housing Prices Increasingthe major consideration when deciding whether or not it makes financial sense to purchase a house. Experts are not only projecting that house values will increase in 2013. They are also more optomistic in the level of appreciation they are projecting as the market begins to heat up. Click here for some examples:

Part II – Interest Rates Are Increasing A big component in the cost of a home is the mortgage interest rate a purchaser pays. Understanding where rates are headed will help in making a decision whether to buy now or wait. Click to read more…

Part III – Rents Are Skyrocketing In the current housing environment, there is an increasing demand for residential rental properties. This increase in demand has dramatically impacted rates. Zillow, in their most recent report, revealed that rental rates in the U.S. increased by 4.5% over the last twelve months. Other studies have projected rental rate increases of 4-5% over the next few years. The only way to have control of your housing expense is to buy. Click to read more…

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Zillow’s Awesome TV Commercial

“Find Your Way Home” is Zillow’s new (and first) TV commercial…

“You’re not just looking for a house, you’re looking for a place for your life to happen.”

Love the way it ends with a Contact Agent button.  Well done!!

www.TitleSecurity.net