By Jennifer Quinn Fla.’s residential and commercial markets have synergy: Changes in one impact the other. Florida Realtors’ economists will explore their business bond in a Feb. 4 webinar. ORLANDO, Fla – 2020 brought dramatic changes as Americans quickly leveraged technology to connect to office headquarters, stores and to each other. In doing so, we brought much of what was done in formal buildings into our homes. The way we engage with buildings and our homes changed seemingly overnight – and perhaps forever. Now, more than ever, it’s important to connect the dots between commercial and residential real estate. The
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After a short delay, the president signed a COVID relief package that offers financial help to landlords who cannot evict tenants during the pandemic, and $600 payments for many Americans. NAR posted updated info on how the rental-reimbursement program will work. WASHINGTON – On Sunday, Dec. 27, President Donald Trump signed a $900 billion COVID relief package passed by Congress. The package includes rental assistance, individual stimulus checks up to $600, loans for struggling small businesses and more. The president delayed signing the bill for several days after Congress approved the relief package the week after urging Congress to give
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After hitting a new record-low of 2.66% the week before, Freddie Mac said on Thursday that the average rate for a 30-year, fixed-rate mortgage bumped 0.01% higher. MCLEAN, Va. (AP) – U.S. long-term mortgage rates ticked up slightly last week but remain near record lows as the coronavirus pandemic continues wreak havoc on the U.S. and global economies. The average rate on the benchmark 30-year fixed-rate home loan rose to 2.67% from a record-low 2.66% the week before, according to mortgage giant Freddie Mac on Thursday. A year ago, it stood at 3.72% The average rate on 15-year fixed-rate loans,
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By Avi S. Tryson Fla. law says a condo association must maintain limited common elements; a declaration says it does not. Which one wins? Also: A condo board passed a rule that bans pit bulls, but a resident has had one for five years. Would the dog have to go if the board started enforcing the rule? STUART, Fla. – Question: I was under the impression that under the Florida Condo Statute maintenance and repair of common elements including limited common elements were always the responsibility of the association, but my condo’s declaration says that the owner is responsible for
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By Anne Cockayne Realtors pay dues. They adhere to a Code of Ethics. They work together under local MLS rules. But you said in last month’s column that I must work with real estate licensees who aren’t part of the Realtor organization. Why in the world would I willingly do that? ORLANDO, Fla. – Dear Anne: Last month you talked about Article 3 in the Realtors Code of Ethics. It focused on what you should do when a seller tells the listing broker to roll up the welcome mat for a brokerage and refuse to work with them because due
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By Meredith Caruso Print this. Stick it on the fridge. Read it weekly. Realtors often forget or ignore certain issues unless there’s a problem, and then they call Florida Realtors Legal Hotline. While attorneys are here to help, they spend a lot of time explaining these seven oft-asked questions. ORLANDO, Fla. – Florida Realtors’ attorneys are here to help with their advice free as part of your Realtor membership through Florida Realtors Legal Hotline. But certain issues keep coming up over and over again. With the State of Florida welcoming roughly two thousand new real estate licensees each month, questions
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By Kerry Smith It’s the fifth straight month home prices increased. “Extremely low mortgage rates and a limited supply of homes for sale continue to propel price gains.” WASHINGTON – In October, house prices rose nationwide, up 1.5% from the previous month, according to the latest Federal Housing Finance Agency House Price Index (FHFA HPI). Year-to-year, house prices rose 10.2%. FHFA breaks the numbers down into nine census divisions. In a month-to-month comparison, the seasonally adjusted changes (September 2020 to October 2020) ranged from a 0.9% increase in the West North Central and East South Central divisions to a 2.1%
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By Melissa Dittmann Tracey It’s hard to look at 2020 in a positive light, but the real estate industry was uniquely and unexpectedly a beacon of hope for a nation battered by the COVID-19 virus. Home sales boomed, mortgage rates repeatedly hit record lows and rising values bolstered homeowners’ equity. CHICAGO – No doubt, 2020 has been a uniquely challenging year. With unemployment still above pre-pandemic levels, the country coming to terms with longstanding racial inequities, Americans worrying about natural disasters, a contentious national election and the COVID-19 pandemic still raging, people are searching for reasons to feel gratitude as
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By Kerry Smith An ongoing shortage of land, labor and materials pushed new-home sales lower than experts expected – but they were still 20.8% higher year-to-year. WASHINGTON – While buyer demand remains strong, builder challenges – a lack of available land, a shortage of skilled laborers and a rising cost for raw materials – pushed the number of new-home sales in November lower than experts predicted. On a month-to-month comparison, November new home sales were down 11.0% (seasonally adjusted) compared to a revised figure for October, according to data from the U.S. Department of Housing and Urban Development and the
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By Lauren Bowling While 2020 will forever be the year of the pandemic, real estate pros might also remember it as the year when mortgage rates kept dropping to all-new record lows. NEW YORK – 2020 will always be remembered as the year of the coronavirus pandemic. In the future, however, consumers and economists will also look back on 2020 as the year of record-low mortgage rates and an unprecedented mortgage refinance spike. Since Q1 2020, refinance activity is up 200% over where it was in 2019. A coronavirus vaccine entering the market is good news, but with it, a
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